桥水最新持仓曝光！AI仍是核心，增持黄金股

Core Insights - Bridgewater, the world's largest hedge fund, disclosed its U.S. stock holdings report (13F) as of the end of 2025, showing significant investments in technology stocks and gold mining companies while reducing positions in major tech firms like Google and Microsoft [1][6]. Holdings Overview - As of the end of 2025, Bridgewater's U.S. stock portfolio was valued at approximately $27.4 billion, reflecting a growth of over 7% from $25.5 billion at the end of Q3 2025 [1][6]. - The top holdings included SPDR S&P 500 ETF (SPY), iShares S&P 500 ETF (IVV), NVIDIA, Lam Research, Salesforce, Google (GOOGL), Microsoft, Amazon, Adobe, and GE Vernova, indicating a strong focus on AI and technology sectors [2][4]. Investment Actions - In Q4 2025, Bridgewater significantly increased its holdings in SPY by 1.89 million shares, NVIDIA by approximately 1.36 million shares, Amazon by 0.82 million shares, Oracle by 0.15 million shares, and Micron by 0.89 million shares [4][9]. - The fund also made substantial investments in gold mining companies, acquiring about 1.92 million shares of Newmont Mining and 1.88 million shares of Barrick Mining, both of which saw significant stock price increases in Q4 2025 [4][10]. Economic Outlook - Bridgewater's report highlighted that the capital expenditure surge in artificial intelligence (AI) is expected to provide crucial support for U.S. economic growth in the coming years, with many secondary effects not yet fully priced in by the market [10]. - Looking ahead to 2026, the firm believes that the impact of AI capital expenditure on the macroeconomic environment is one of the most underestimated changes, affecting specific sectors through pathways like electricity, core components (e.g., storage chips), and raw materials (e.g., copper, aluminum) [5][10].