U.S. Stock Market Q2 Institutional Holdings Major Moves: Intensifying Divergence in Tech Stocks, Strategies of Giants Vary

According to Zhitong Finance APP, as the Q2 2025 U.S. stock holdings report (13F) is intensively disclosed, the adjustment trajectories of top global institutions such as UBS, Wells Fargo, Nomura, and Soros Fund are gradually becoming clear. Against the backdrop of the AI boom and market volatility, there are significant divergences in the attitudes of these giants towards technology stocks: some are reducing positions for safety, some are increasing positions against the trend, and others are making big bets on volatility through options. These actions not only reflect institutions' judgments on the current market but may also indicate the main investment line for the next stage.

UBS: Reducing Holdings in Tech Giants, Betting on Nasdaq Correction

As a leader in international wealth management, UBS's changes in holdings have always been seen as a market barometer. In Q2, the total market value of UBS's U.S. stock holdings increased by 7% quarter-on-quarter to $580 billion, but its attitude towards technology stocks has turned cautious.

Among the top ten holdings, UBS reduced its positions in major U.S. tech giants such as Microsoft, Nvidia, and Apple across the board: Apple saw a reduction of 10.86%, Nvidia 5.16%, and Microsoft 3.95%. At the same time, UBS significantly increased its holdings in Nasdaq 100 index put options (QQQ PUT), with the number of contracts surging by 84.21%, making it the ninth largest holding.

This combination of "reducing tech stocks + increasing hedge positions" highlights UBS's defensive posture. Amid the AI boom driving the Nasdaq 100 index and S&P 500 index to new highs, UBS chose to take profits and "insure" against a possible correction in the Nasdaq through put options. Its strategy is not to be bearish on the entire U.S. stock market but to target a "relative pullback" in tech stocks—after all, the S&P 500 index ETF (SPY) was reduced by 19.76%, while S&P 500 call options were increased, indicating a neutral stance on the broader market.

Wells Fargo: Betting on the Market and AI Leaders, Balancing Offense and Defense

In contrast to UBS's caution, Wells Fargo demonstrated strong confidence in the U.S. stock market in Q2. Its total market value of holdings increased by 9.77% quarter-on-quarter to $483 billion, with the S&P 500 index ETF (SPY) being increased by 47.29%, rising to the second largest holding with a market value of $12.38 billion.

Within the tech sector, Wells Fargo exhibited a "structural increase" characteristic: Microsoft remains the top holding with a market value of $16.46 billion, increased by 0.81% quarter-on-quarter; Google was significantly increased by 30.89%, while Apple only saw a slight increase of 0.56%, reflecting caution regarding the recovery of consumer electronics. Notably, AI chip leader Broadcom (AVGO) entered the top ten holdings for the first time, highlighting a continued commitment to the AI supply chain.

On the risk hedging front, Wells Fargo is also "prepared on both fronts": on one hand, it increased its holdings in bond ETFs (AGG) by 3.36% to enhance volatility resistance, while on the other hand, it aggressively increased its holdings in Nasdaq 100 index put options (QQQ PUT) by 92.25%, forming a hedge against a 30.66% reduction in the Nasdaq 100 ETF (QQQ), indicating a positive outlook on the long-term value of tech stocks while remaining cautious about short-term high valuation correction risks Nomura: Betting on the AI Application Wave, Big Gamble on Tesla Volatility

Japanese financial giant Nomura's second-quarter holdings can be described as "representative of the aggressive faction." Its total market value of U.S. stock holdings grew by 13% to $60.5 billion, with a high concentration of 32.05% in its top ten holdings, particularly highlighting its bets on AI applications and individual stock volatility.

Nomura listed Meta call options (META CALL) as its top holding, with a market value of $4.3 billion, increasing its position by 10.98% quarter-on-quarter. Meta's stock price has risen 35% this year, thanks to its "AI + digital advertising" model, and Nomura's increased holdings clearly bet on the continued realization of its leadership in AI applications. At the same time, Nomura significantly increased its holdings in Microsoft call options (MSFT CALL) by 110%, pushing it to the thirteenth largest holding, forming a "dual core" layout in AI applications alongside Meta.

Even more noteworthy is the "fancy operation" on Tesla: simultaneously increasing holdings in Tesla put options (TSLA PUT) by 158.39%, call options (TSLA CALL) by 151.73%, and the underlying stock by 44.64%. This "buying both up and down" strategy essentially aims to "go long on volatility"—amid uncertainties such as declining sales and management controversies for Tesla, it seeks to profit from significant stock price fluctuations through a long straddle options strategy, dynamically hedging with the underlying stock, representing a classic approach for institutions dealing with "highly controversial targets."

Showdown Among Giants: From Bearish to Bottom Fishing, Clear Style Divergence

In addition to large institutions, the operations of hedge fund giants are equally intriguing.

Bill Ackman of Pershing Square chose to "focus on consumption": in the second quarter, he established a new position in Amazon, with a market value of $1.3 billion, ranking as the fifth largest holding; at the same time, he significantly increased his holdings in Alphabet (GOOGL) by 20.84%, liquidated Canadian Pacific Railway, and shifted the focus of his portfolio towards e-commerce and technology consumption sectors.

The Soros Fund continued its "cautious defense": significantly increasing holdings in S&P 500 index put options (SPY PUT) by 168.75% and Russell 2000 put options (IWM PUT) by 320%, while also establishing new positions in Nasdaq 100 call options (QQQ CALL), reflecting concerns about small-cap stock volatility and selective optimism towards tech leaders.

The most dramatic shift was that of "big short" Michael Burry: after shorting Chinese concept stocks and Nvidia in the first quarter, he completely "flipped to long" in the second quarter—establishing new positions in UnitedHealth call options (UNH CALL) worth $190 million, betting alongside Buffett on a healthcare recovery; buying call options in Meta, ASML, and even reversing to purchase call options in Alibaba and JD.com, contrasting sharply with his previous shorting strategy. This shift coincided perfectly with the rebound of U.S. stocks in the second quarter, with the S&P 500 and Nasdaq rising by 10.57% and 17.75%, respectively.

Three Major Signals Behind Institutional Movements Analyzing the institutional holdings in the second quarter, three major market signals can be summarized:

The differentiation of technology stocks has become a foregone conclusion: UBS has reduced its holdings, Wells Fargo has structurally increased its positions, and Nomura is betting on AI applications, reflecting that the internal dynamics of technology stocks have shifted from "broad-based gains" to "differentiation"—hard technologies like AI chips and cloud computing are favored over application layers such as AI advertising and enterprise services, while consumer electronics face divergence.

Hedging tools have become "standard": From UBS's bearish outlook on the Nasdaq to Wells Fargo's "QQQ PUT + QQQ" hedge, and Nomura's long straddle on Tesla, options tools have become the core means for institutions to cope with volatility. This indicates that the market has transitioned from a "one-sided rise" to a "volatile market," with institutions placing greater emphasis on controlling risks through derivatives.

A coexistence of defense and offense: Soros's put options and Wells Fargo's bond ETFs represent defense, while Nomura's AI bets and Barli's bottom-fishing strategies represent offense. This "balance of attack and defense" strategy suggests that institutions are neither blindly optimistic nor extremely pessimistic about the subsequent market, but are more inclined to seek structural opportunities amid volatility.

For ordinary investors, changes in institutional holdings are not a "copying homework" guide, but can serve as an important reference: focus on the differentiation opportunities in the AI industry chain, be wary of the correction risks of overvalued technology stocks, and learn to use diversified tools to balance portfolio volatility—after all, in a complex market environment, "surviving" is more important than "making quick money."