Morgan Stanley Q3 US stock holdings released: Microsoft firmly holds the top position in major holdings, while popular AI chip stocks like AMD have seen reductions in holdings

Zhitong
2024.11.15 11:15
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JP Morgan released its third-quarter U.S. stock holdings report as of September 30, 2024, with a total market value of $1.31 trillion, an increase of approximately 7% quarter-over-quarter. Among the top ten holdings, Microsoft remains in the first position, with a holding market value of about $59.1 billion. In the third quarter, Morgan Stanley increased its positions in 582 stocks and reduced its positions in 2,465 stocks, indicating a continued optimism towards technology stocks, especially AI-related companies

According to the disclosure by the U.S. Securities and Exchange Commission (SEC), Wall Street financial giant JP Morgan submitted its third-quarter U.S. stock holdings report (13F) for the period ending September 30, 2024.

The latest statistics show that the total market value of JP Morgan's U.S. stock holdings in the third quarter was USD 1.31 trillion, up from USD 1.22 trillion in the previous quarter, representing a quarter-on-quarter increase of approximately 7%. The institution added 582 new stocks to its U.S. stock portfolio in the third quarter, increased holdings in 3,608 stocks, reduced holdings in 2,465 stocks, and completely exited 531 stocks. The top ten holdings in the third quarter accounted for 23.48% of JP Morgan's total U.S. stock holdings.

In JP Morgan's top ten holdings for the third quarter, there is a concentration in U.S. tech giants, indicating that JP Morgan bets that global funds will continue to cluster around these U.S. tech giants that benefit from the AI investment boom and have exceptionally strong fundamentals. Among them, Microsoft, NVIDIA, and Amazon saw varying degrees of increased holdings by JP Morgan in the third quarter, while Apple, Meta, and Google were slightly reduced. Additionally, the S&P 500 Index ETF, UnitedHealth, and Mastercard were also increased.

In JP Morgan's top ten holdings, Microsoft (MSFT.US) remains firmly in first place, with approximately 137 million shares held, a market value of about USD 59.1 billion, accounting for 4.51% of the portfolio, an increase of 3.64% from the previous quarter. Leveraging its status as a major shareholder of OpenAI, Microsoft has embedded OpenAI's flagship GPT-4 AI model into several flagship applications, including the Office suite and Microsoft Azure cloud service platform, becoming the absolute leader in AI applications globally. Its performance and stock price have been continuously growing since 2023, at one point securing the title of "the world's highest market capitalization publicly traded company." However, recently, its stock price has weakened due to unclear prospects for AI monetization and the continuous upward pressure from rising U.S. Treasury yields, currently lagging behind NVIDIA and Apple in the global stock market capitalization rankings.

NVIDIA (NVDA.US) ranks second, with approximately 407 million shares held, a market value of about USD 49.4 billion, accounting for 3.76% of the portfolio, an increase of 4.08% from the previous quarter.

Apple (AAPL.US) ranks third, with approximately 179 million shares held, a market value of about USD 41.7 billion, accounting for 3.18% of the portfolio, a slight decrease of 1.09% from the previous quarter.

Amazon (AMZN.US) ranks fourth, with approximately 180 million shares held, a market value of USD 33.5 billion, accounting for 2.55% of the portfolio, an increase of 3.87% from the previous quarter SPDR S&P 500 ETF (SPY.US) ranks fifth, holding approximately 56.68 million shares, with a market value of $32.5 billion, accounting for 2.48% of the portfolio, a slight increase of 0.62% compared to the previous quarter.

Among the top ten heavy holdings, the sixth to tenth heavy stocks of JP Morgan are: Facebook's parent company Meta (META.US), weight loss drug leader Eli Lilly (LLY.US), Google (GOOGL.US), UnitedHealth (UNH.US), and Mastercard (MA.US). The latter two were increased by JP Morgan in the third quarter, while the others were slightly reduced.

From the changes in holding ratios, JP Morgan's top five buying targets are: McDonald's (MCD.US), iShares Broad USD High Yield Corporate Bond ETF (USHY.US), SPDR S&P 500 ETF call options, UnitedHealth, and a significant increase in holdings of Berkshire Hathaway B (BRK.B.US), owned by "stock god" Warren Buffett. The top five selling targets are: AMD (AMD.US), Google (GOOG.US), Eli Lilly, Broadcom (AVGO.US), and iShares New York Municipal Bond ETF (NYF.US).

It is noteworthy that JP Morgan's enthusiasm for investing in "hot AI chips," which have been leading the entire U.S. stock market since 2023, seems to have significantly cooled in the third quarter, possibly due to profit-taking at historical highs. Broadcom saw a reduction of about 20% in holdings by JP Morgan in the third quarter, while TSMC (TSM.US), the "king of chip foundries," was reduced by about 17%. The overall holding of AMD, which is striving to challenge NVIDIA's AI chip monopoly, was significantly reduced by about 45% compared to the previous quarter. Berkshire Hathaway B, owned by Warren Buffett, saw a significant increase in holdings by JP Morgan in the third quarter, with a substantial increase of 32% compared to the previous quarter

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