Core Viewpoint - Citigroup has significantly reduced its positions in major AI-related tech stocks, reflecting concerns over an "AI bubble" and the sustainability of the AI investment trend, while simultaneously increasing positions in certain ASIC leaders like Broadcom [1][2]. Holdings Summary - Citigroup's total holdings value reached approximately $224 billion in Q3, up 10% from the previous quarter, with 826 new stocks added and 3,028 stocks reduced [1]. - The top ten holdings accounted for 19.48% of Citigroup's total U.S. stock market value, indicating a high concentration in these positions [1]. Major Stock Adjustments - Significant reductions were made in holdings of Nvidia, Microsoft, Apple, and Amazon, with Nvidia being the largest holding but reduced by 28.22% to approximately 33.39 million shares valued at $6.2 billion [2][3]. - Citigroup increased its position in the Russell 2000 ETF put options, reflecting a bearish outlook on small-cap stocks [3]. Specific Stock Positions - The second-largest holding was in Russell 2000 ETF put options, with approximately 23.99 million shares valued at $5.8 billion, an increase of 12.26% [3]. - Microsoft was the third-largest holding, with about 9.56 million shares valued at $5 billion, down 19.55% from the previous quarter [3]. - Tesla put options ranked fourth, with about 10.43 million shares valued at $4.6 billion, showing a slight increase of 6.84% [3]. Additional Insights - Citigroup's strategy included a significant reduction in positions in Apple and Amazon by 33% and 30% respectively, while increasing its stake in Broadcom, which is seen as a competitor to Nvidia in the AI GPU market [4]. - The firm also increased its holdings in Nasdaq 100 ETF put options by 81%, indicating preparation for potential declines in AI-related stocks [4][5]. - The top five sell-offs included Nvidia, Meta, Amazon, Microsoft, and Apple, further emphasizing Citigroup's cautious stance on the AI investment trend [5].

Core Insights - Nomura Holdings has significantly increased its investment in AI applications, particularly through options trading on Tesla and Meta, reflecting a bullish outlook on these companies amid market volatility [1][2][4] Group 1: Nomura's Q2 Holdings - Nomura's total U.S. stock holdings reached approximately $60.5 billion in Q2, a 13% increase from the previous quarter's $53.6 billion [1] - The firm added 509 new stocks, increased holdings in 507 stocks, reduced holdings in 573 stocks, and completely exited 447 stocks during the quarter [1] - The top ten holdings accounted for 32.05% of Nomura's total portfolio, indicating a concentrated investment strategy [1] Group 2: Major Investments - Meta Platforms (META) was the largest holding, with approximately 5.77 million shares and a market value of about $4.3 billion, representing 7.04% of the portfolio, up 10.98% from the previous quarter [2] - Tesla's put options were the second-largest holding, with about 10.68 million shares valued at approximately $3.4 billion, making up 5.61% of the portfolio, a significant increase of 158.39% [2] - The Nasdaq 100 put options ranked third, with around 4.8 million shares valued at approximately $2.6 billion, representing 4.38% of the portfolio, up 68.06% [3] Group 3: Trading Strategy - Nomura's strategy involved a combination of long and short options on Tesla, indicating a "long volatility + dynamic hedging" approach to capitalize on expected price fluctuations [4] - This strategy aligns with the high uncertainty surrounding Tesla's performance, driven by various market factors [4] - The firm also increased its holdings in Microsoft call options by 110%, reflecting confidence in the ongoing AI application trend [7]

Core Viewpoint - Citigroup's second-quarter 13F filing reveals a total market value of $204 billion, reflecting a 4.08% increase from the previous quarter's $196 billion, with significant changes in stock positions [1][2]. Holdings Summary - Total market value increased to $204 billion from $196 billion, a rise of approximately 4.08% [1][2]. - New purchases amounted to 520 stocks, while 1,720 stocks were added to existing positions, 3,015 stocks were reduced, and 427 stocks were completely sold out [1][2]. - The top ten holdings represent 19.82% of the total market value [1][2]. Top Holdings - Nvidia (NVDA) is the largest holding with 46.52 million shares valued at approximately $7.35 billion, accounting for 3.61% of the portfolio, with a decrease of 9.35% in shares held [3][5]. - Microsoft (MSFT) follows with 11.89 million shares valued at about $5.91 billion, making up 2.90% of the portfolio, down 9.66% in shares held [3][5]. - Apple (AAPL) ranks third with 231.26 million shares valued at around $4.74 billion, representing 2.33% of the portfolio, with a decrease of 5.14% in shares held [3][5]. - iShares Russell 2000 ETF put options (IWM) are fourth, with 21.37 million shares valued at approximately $4.61 billion, increasing by 9.47% in shares held [3][5]. - Amazon (AMZN) is fifth with 19.34 million shares valued at about $4.24 billion, accounting for 2.08% of the portfolio, with a slight decrease of 0.61% in shares held [3][5]. Notable Changes - Tesla put options (TSLA) saw a significant increase of 38.77% in holdings during the second quarter [4][5]. - The top five new purchases included Meta put options (META), Tesla put options (TSLA), Microsoft put options (MSFT), iShares 7-10 Year Treasury ETF call options (IEF), and Carvana put options (CVNA) [5][7]. - The top five sales included Invesco QQQ Trust put options (QQQ), SPDR Gold Shares ETF call options (GLD), iShares 20+ Year Treasury ETF call options (TLT), Apple (AAPL), and iShares iBoxx High Yield Corporate Bond ETF put options (HYG) [6][7].

Core Viewpoint - Nomura's first-quarter holdings report for the period ending March 31, 2025, shows a significant decrease in total market value, dropping from $74.1 billion to $53.6 billion, a decline of approximately 28% [1][2]. Holdings Summary - Total market value of Nomura's holdings is $53.6 billion, down from $74.1 billion [1][2]. - The fund added 377 new stocks, increased holdings in 487 stocks, reduced holdings in 750 stocks, and completely sold out of 799 stocks [1][2]. - The top ten holdings account for 35.01% of the total market value [1][2]. Top Holdings - The largest holding is Coinbase bonds (DEBT-COIN) with a market value of approximately $4.095 billion, representing 7.65% of the portfolio, showing a substantial increase of 879.53% in shares held [3][5]. - The second largest holding is Meta call options with a market value of about $2.995 billion, accounting for 5.59% of the portfolio, with a decrease of 35.53% in shares held [3][5]. - The third largest holding is iShares Russell 2000 put options with a market value of approximately $2.371 billion, representing 4.43% of the portfolio, with an increase of 98.99% in shares held [3][5]. - Other notable holdings include Nvidia call options, SPDR S&P 500 put options, and Tesla [3][4]. Changes in Holdings - The top five purchases by percentage change include Coinbase bonds, iShares Russell 2000 put options, SPDR S&P 500 call options, Nike, and Electronic Arts put options [5][7]. - The top five sales by percentage change include Tesla put options, Nvidia put options, Tesla call options, Tesla, and Invesco QQQ Trust put options [6][7].

Core Insights - Morgan Stanley's first quarter 13F filing shows a total market value of $1.37 trillion, up from $1.34 trillion in the previous quarter, indicating a growth of 6.05% in inflows [1][2] - The fund added 605 new stocks, increased holdings in 2,772 stocks, reduced holdings in 3,431 stocks, and completely sold out of 691 stocks, with the top ten holdings accounting for 22.67% of the total market value [1][2] Holdings Overview - The top five holdings include Microsoft (MSFT) with 142 million shares valued at approximately $53.31 billion, Nvidia (NVDA) with 421 million shares valued at about $45.64 billion, Apple (AAPL) with 199 million shares valued at around $44.15 billion, Amazon (AMZN) with 200 million shares valued at approximately $38.10 billion, and Meta (META) with 58 million shares valued at about $33.54 billion [3][4][5] - The top ten holdings also feature SPDR S&P 500 ETF (SPY), Mastercard (MA), Google (GOOG), Broadcom (AVGO), and Vanguard S&P 500 ETF (VOO) [4][5] Trading Activity - The top five purchases by percentage change in the portfolio include Visa (V), Walmart (WMT), Johnson & Johnson (JNJ), Philip Morris (PM), and Meta [6][7] - The top five sales by largest value include Tesla put options, SPDR S&P 500 ETF put options, Taiwan Semiconductor (TSM), SPDR Gold Shares ETF put options, and Honeywell (HON) [6][7]