桥水，狠砍2/3英伟达持仓

Core Insights - Bridgewater's overall holdings reached $25.5 billion as of September 30, 2025, an increase from $24.8 billion at the end of the previous quarter [3] - The fund increased its positions in 325 securities, reduced its holdings in 194, initiated 493 new positions, and completely exited 64 positions during the third quarter [4] Holdings Overview - The concentration of Bridgewater's top ten holdings was 32.54%, with iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF (SPY) remaining the top two positions [5] - The top holdings included IVV with a market value of approximately $2.71 billion (10.62% of the portfolio) and SPY valued at about $1.71 billion (6.69% of the portfolio) [6] Notable Changes in Holdings - Nvidia's shares were reduced by 4.72 million, dropping from 7.23 million to 2.51 million, a decrease of 65.3% [7] - This reduction in Nvidia's position indicates a cautious outlook from Bridgewater regarding the stock's future performance [8] Market Performance - Nvidia's stock price increased by 46% and 18% in the second and third quarters of the year, respectively, but only saw a slight increase of 0.15% in the most recent quarter [9] Top Sells and Buys - Significant reductions were also made in iShares Core MSCI Emerging Markets ETF (IEMG), Alphabet Inc. (GOOGL), SPDR Gold Shares ETF (GLD), and Microsoft [11] - The top buys for the third quarter included IVV, Lam Research Corp (LRCX), Adobe, Sea Ltd, and Reddit Inc, with IVV seeing a 4.83% increase in portfolio allocation [13] Economic Outlook - Ray Dalio warned that the U.S. economy may be entering the later stages of a "big debt cycle," with potential bubbles forming due to the Federal Reserve's loose monetary policy [11] - He believes that the current bull market driven by tech stocks will continue in the short term, primarily fueled by ongoing interest in artificial intelligence [12]