It is interesting to see how the team at Bridgewater Associates is balancing their book today, especially when you look at the $2.83 billion SPY position sitting alongside a much smaller, yet freshly minted, $363.99 million stake in TSM. While the SPY position—accounting for 12.66% of the portfolio—saw a notable decrease, the fund is clearly shifting its resources toward specific structural themes rather than broad beta.

The Amazon paradox Bridgewater has a dual approach to Amazon.com Inc (AMZN) that catches the eye immediately. On one hand, they reduced their primary AMZN holding to a $1.75 billion position, representing 7.81% of the total $22.4 billion portfolio. Yet, they simultaneously increased a secondary AMZN bucket to $914.03 million, or 4.07% of the book. It is a classic move to trim the fat while keeping a massive amount of dry powder in a name they clearly aren't ready to abandon. You can track these moves on the [whale page](https://13fwhale.assettrendreports.com/en/whale/bridgewater) to see how this evolves over the next quarter.

Why the tech bias is growing Beyond the Amazon maneuvering, the portfolio is leaning heavily into the semiconductor and AI infrastructure ecosystem. NVIDIA Corp (NVDA) is a major beneficiary of this capital allocation, sitting at $818.45 million with a clear "Increased" flag attached to it. Alphabet Inc (GOOGL) followed a similar path, with the firm bumping that position up to $574.45 million, or 2.56% of their assets. Broadcom Inc (AVGO) also saw an increase, landing at $568.06 million, while Micron Technology Inc (MU) was pushed to $498.55 million. Microsoft Corp (MSFT) rounds out this specific cluster of high-conviction growth names, now sitting at $401.62 million, representing 1.79% of the firm's total weight. If you want to see how these names compare to other [institutional holdings](https://13fwhale.assettrendreports.com/en/screener), the data is quite telling.

Fresh faces in the portfolio The new positions are where the real story is for those who look closely at the activity. Taiwan Semiconductor Manufacturing (TSM) arrived as a new entry worth $363.99 million. Joining it are several other strategic bets: * EWY (iShares MSCI South Korea ETF) at $217.26 million. * MRVL (Marvell Technology) at $193.04 million. * AMAT (Applied Materials) at $191.37 million. * META (Meta Platforms) at $166.87 million.

These new entries show a deliberate effort to capture the semiconductor supply chain, from the foundries like TSM and AMAT to the chip designers like MRVL, while using EWY to gain broader exposure to that regional manufacturing intensity.

Tapering off the legacy bets The portfolio isn't just about what they are buying; it is about what they are shedding. While SPY took the biggest hit, other significant names were trimmed to make room for the new tech-heavy focus. General Electric Vernova (GEV) saw a decrease to $379.62 million. Lam Research (LRCX) was dialed back to $335.70 million. Advanced Micro Devices (AMD) also faced a reduction, landing at $262.98 million. These moves are a sharp reminder that even a firm with 20 distinct holdings is constantly pruning the edges to keep the core concentration focused on their current thesis. Seeing nearly $22.4 billion in assets managed this way really highlights the difference between betting on the market and betting on a specific industrial shift.

This information is for educational purposes only and does not constitute investment advice; 13F filings are delayed by up to 45 days.