In the second quarter, the three U.S. asset management giants-JPMorgan Chase, Vanguard Group and BlackRock-swept through large technology stocks such as Nvidia.

On August 13, according to the latest disclosed 13F position report by the U.S. Securities and Exchange Commission (SEC), the three giants collectively increased their positions in the technology sector, especially the concentrated bet on artificial intelligence hardware leader Nvidia, which became the most significant flow of funds this quarter. One of the signals.

In the past six quarters, Nvidia has always ranked among the top three in the top ten positions of the three major institutions, and the growth rate of the market value of its positions is significantly higher than that of established technology stocks such as Microsoft and Apple.At the end of 2023, Nvidia's share of BlackRock's investment portfolio was still less than 3%. By the second quarter of 2025, this proportion was close to 7%, and its shareholding climbed to an all-time high of 1.910 billion shares.

JPMorgan's operations during the quarter reinforced this trend.Its 13F data shows that as of June 30, 2025, the market value of its U.S. stock portfolio reached US$1.53 trillion, a month-on-month increase of 11.7%. The increase was mainly due to the cumulative effect of the increase in valuation of the technology sector and active additional positions.The top ten heavy positions accounted for 25.16%, while AI-related companies such as Nvidia, Microsoft, and Broadcom are all at the top of the list of additional positions.It is worth noting that JPMorgan Chase also bought a large amount of put and call options on the S & P 500 Index ETF. This "two-way layout" reflects its prediction that technology stocks will be optimistic for a long time but will have higher short-term volatility.

Vanguard Group's strategy is more straightforward.Among the US$6.18 trillion U.S. stock portfolio, the top ten positions account for 28.81%. NVIDIA, Microsoft, Apple, Amazon, and Meta constitute a typical AI and cloud computing combination.In the second quarter, Vanguard Group added 39.4657 million shares to Nvidia and 13.6916 million shares to Microsoft. This is one of the largest quarterly additions by the agency in a single technology company in recent years.

BlackRock made structural adjustments within the technology sector.Although its position in Nvidia hit a record high, it reduced its holdings of Microsoft by 1.7079 million shares and slightly reduced Meta.This approach is consistent with its industry rotation strategy starting in the second half of 2024-while maintaining a heavy position in core assets, it frees up funds for hardware and infrastructure technology companies by reducing the weight of some highly valued software companies.

Looking at the 13F data over the past three quarters, we can find a clear trend: the concentration of core technology leaders is increasing.At the beginning of 2024, the total proportion of JPMorgan's top ten positions was only 21.4%, and by the second quarter of 2025, it had risen to more than 25%; the concentration increase between Vanguard and BlackRock was also about 3 percentage points.This means that the world's largest money managers are concentrating their firepower on a few companies with technical barriers and economies of scale, while other industries are playing more defensive and balancing roles.

From a macro perspective, the overall performance of the U.S. stock market in the second quarter of 2025 was driven by multiple factors: the Federal Reserve's signal to cut interest rates, inflationary pressures eased, corporate financial reports generally exceeded expectations, especially the continued strong profitability and cash flow performance of the technology sector.Driven by artificial intelligence-related demand, the capital expenditure cycle for semiconductors, cloud computing and high-performance computing infrastructure is expected to continue into 2026.