CORRECTION & UPDATE—May 15, 2024: A previous version of this article misstated the number of shares and the value of the stakes Bridgewater Associates held in Nvidia, AMD, KLA Corp, Alphabet, Meta, Apple, Microsoft, Amazon, Cisco, Coca-Cola and PDD Holdings.
Key Takeaways
- Asset management company Bridgewater Associates more than doubled its position in AI hardware leader Nvidia in the first quarter, per the firm’s 13-F.
- Bridgewater, founded by billionaire Ray Dalio, ended the first quarter with 704,599 shares of Nvidia worth about $636.6 million.
- The firm also invested in other AI hardware leaders, including Advanced Micro Devices and KLA.
- Bridgewater’s other major bets in the first quarter were mostly in the tech space. The firm added 3.3 million Class A shares of Alphabet, nearly 1.84 million shares of Apple, and almost 328,000 shares of Meta Platforms.
Bridgewater Associates, the hedge fund founded by Ray Dalio, more than doubled its stake in Nvidia (NVDA) during the first quarter of the year in tandem with stake increases in several other tech giants, according to the firm’s 13-F form filed Tuesday.
Big Investments in AI Leaders
Dalio’s asset management firm increased its Nvidia position to 704,599 shares worth $636.6 million at the end of the first quarter. That compared with the 268,489 shares the fund owned in the chipmaker at the end of 2023.
Nvidia is a major player in AI because of the popularity of its hardware products, and AI is one of the biggest investment trends of the year. Dalio’s firm also made big bets early in the year on other companies related to AI.
For example, Bridgewater entered a position in Advanced Micro Devices (AMD), another leading chipmaker, totaling 679,454 shares, worth $122.6 million as of the end of the quarter. It also significantly boosted its position in semiconductor and nanotechnology company KLA (KLAC), adding about 96,000 shares for a total of 117,012 shares by the end of March.
Focus on Tech Titans
Bridgewater made big bets on other tech firms that are poised to benefit from AI integration without providing AI hardware. Of these, the most notable shift was in Alphabet (GOOGL). Bridgewater bought almost 3.3 million Class A shares of Google’s parent company during the first quarter, bringing its position to 5.37 million shares by the end of that period.
The fund also added about 1.84 million shares of Apple (AAPL), almost 328,000 shares of Meta Platforms (META), and 381,000 shares of Microsoft (MSFT) in the first three months of 2024.
Dalio also entered a 1.04 million-share position in Amazon.com (AMZN) worth $189 million at the end of first quarter.
Sales of Cisco, Coca-Cola, PDD
The first quarter wasn’t exclusively a buying spree for Bridgewater, as the firm also trimmed many of its existing positions and exited several others. Among the largest sell-offs in the first quarter were about 1.8 million shares of Cisco Systems (CSCO), roughly 1.7 million shares of Coca-Cola (KO), and 892,158 shares of PDD Holdings (PDD).