Asset management giant, ramping up AI investments!

Recently, asset management giant BlackRock submitted its Q4 2025 U.S. stock holdings report (13F) as of December 31, 2025.

This asset management giant, with an asset management scale of approximately $14 trillion, has ETF products that are one of the important sources of passive funds in the U.S. stock market. Therefore, BlackRock’s 13F holdings largely reflect changes in the market capitalization structure of U.S. stocks, and its movements are often seen as a market indicator.

Data shows that by the end of 2025, BlackRock’s total U.S. stock holdings reached $5.92 trillion, an increase of about $210 billion from the previous quarter, a quarter-on-quarter increase of 3.67%.

Against the backdrop of accelerated development in the AI industry, BlackRock’s holdings weight has further tilted toward the AI supply chain, with significant increases in AI-related assets from storage to computing.

In Q4 2025, BlackRock initiated positions in 247 U.S. stocks, increased holdings in 3,309 stocks, and sold out of 165 stocks, reducing holdings in 1,546 stocks.

Ranking by change in weight, the top five increased holdings for the quarter are Google-A, Google-C, Eli Lilly, Micron, and Apple. In the semiconductor sector, BlackRock’s holdings in Micron increased by 7.33%, AMD holdings grew by 8.17%, and Oracle holdings increased by 5.82%. The AI computing power industry chain received comprehensive boosts.

In terms of reductions, the top five decreased holdings are S&P 500 ETF-SPDR call options, ServiceNow, Strategy, AT&T, and Kellanova. Among them, the S&P 500 call options saw the largest decrease in weight, while holdings in ServiceNow, Strategy, and AT&T also declined slightly.

As of the end of 2025, BlackRock’s top ten holdings remained relatively stable, comprising Nvidia, Apple, Microsoft, Amazon, Google-A, Broadcom, Google-C, Meta, Tesla, and Eli Lilly, accounting for 30.41% of its total market value.

Nvidia continues to dominate with over 6% of the portfolio weight, holding more than 1.9 billion shares, with a market value of approximately $362.5 billion at the end of the quarter, an increase of about 14.55 million shares from the previous quarter. Apple and Microsoft rank second and third, with market values of approximately $313.9 billion and $291 billion, respectively.

In its 2026 annual outlook, BlackRock clarified its mid- to long-term view on AI.

BlackRock states that artificial intelligence, as a technological revolution reshaping productivity and production relations, is still ongoing. BlackRock expects that the structural trend in AI in 2026 will continue and gradually spread from hardware infrastructure to more traditional industries and emerging sectors applying AI technology. For growth sectors like AI and other tech stocks, investors should closely monitor valuation levels and the alignment of company fundamentals and cash flow improvements to identify “true growth.” Although some assets were overvalued in 2025, since AI’s transformation across industries is far from complete, it will be difficult in 2026 to fully confirm or disprove the long-term cash flow expectations supporting high valuations. Therefore, despite potential volatility risks, AI-related themes are expected to remain active.

(All images in the article are from WhaleWisdom.com)