Nvidia, gold and Dell: what the Dalio-founded fund bet on in the midst of the bubble controversy

Bridgewater Associates, a hedge fund founded by Ray Dalio, said in a fourth-quarter 2025 report that it increased its stake in Nvidia as the market debated the overheating of the tech sector. At the same time, Bridgewater bought shares of gold mining giants Newmont and Barrick Mining Corp. amid rising precious metals prices. What other deals did the fund, which now operates without the participation of its founder, make?

- S&P 500. According to the latest report, Bridgewater bought 1.9 million shares of SPY exchange-traded fund and 136,000 shares of a similar fund, IVV, in the fourth quarter of 2025. These two funds on the S&P 500 account for more than 21% of the value of his portfolio.

- Nvidia. Last quarter, Bridgewater increased its stake in the world's most expensive company by 54%, having bought 1.36 million shares. Now his stake in the chipmaker is valued at $720.9 million, making Nvidia the largest individual stock in the portfolio (2.6%).

- Micron. Bridgewater has aggressively increased its stake in the company, which makes computer memory and data storage products. The position grew from 1.7k to 889.6k shares and is valued at $253.9 million.

- Bridgewater expanded its presence in companies providing cloud and server base for neural networks. The stake in Amazon, which is among the top 10 assets of the fund, increased by 823,300 shares to 1.9 million and is valued at $449.7 million (1.6% of the value of the entire portfolio). The position in Oracle increased 4.6 times to 1.9 million shares ($365 million). The stake in Broadcom was increased by a third to 1.2 million shares.

- At the same time, Bridgewater increased its exposure to shares of gold miners. The stake in the American gold mining giant Newmont Corporation grew almost sixfold to 2.3 million shares worth $230 million. The stake in Canadian gold and copper producer Barrick Gold grew fourfold to 2.5 million shares ($108.29 million).

- Bridgewater opened new positions in machinery giant Caterpillar, buying 62.2k shares, and in Dell Technologies, adding 156.3k securities to its portfolio.

- Shares in fintech Block have grown more than 10-fold - Bridgewater's portfolio now includes 1.33 million shares valued at $86.6 million. The fund has also built up a position in payment giants Mastercard and PayPal and energy equipment company GE Vernova.

- The Magnificent Seven. Bridgewater sold 1 million shares of Alphabet, leaving in the portfolio a package of 1.6 million shares worth $498 million. The stake in Microsoft decreased from 1.1 million to 984 thousand shares worth $568 million. These two companies are in the top 10 of the fund's portfolio. Bridgewater also almost halved its investment in Meta Platforms - to 417 thousand shares worth $306 million.

- Bridgewater also sold shares of semiconductor manufacturing equipment and services provider Lam Research and CRM system developer Salesforce. Both companies are still among Bridgewater's top 5 assets.

- Bridgewater has exited entirely from telecom giant AT&T, fintech platform Affirm Holdings and chip testing systems maker Aehr Test Systems.

- The fund reduced its stake in Uber by two-thirds to 1.3 million shares. Stakes in media giant Comcast, financial group Wells Fargo and insurance company Cigna Group were almost halved. The stake in chip equipment manufacturer KLA Corp decreased by a third, and in Johnson & Johnson and Visa by a quarter.

The last quarter of 2025 marked the second time Bridgewater Associates has operated without its founder Ray Dalio. The leadership change, which began in 2022, culminated in the summer of 2025 with Dalio stepping down from the board. The foundation is now led by Nir Bar Dea. He began his career at Bridgewater in the research department and then managed the investment committee, which sets the fund's investment policy.

This article was AI-translated and verified by a human editor