Billionaire investor Ray Dalio built Bridgewater Associates into one of the most successful hedge funds in history, overseeing roughly $150 billion in assets at its peak and earning a reputation as one of Wall Street’s top macro thinkers. While Bridgewater is best known for its diversified, risk-balanced portfolio construction, the firm’s latest equity holdings reveal a growing conviction in the major long-term theme of artificial intelligence.
Bridgewater has built meaningful positions in four technology companies tied to different parts of the AI ecosystem, including NVIDIA (NASDAQ:NVDA), Lam Research (NASDAQ:LRCX), Salesforce (NYSE:CRM), and Alphabet (NASDAQ:GOOGL).
Here’s why Bridgewater is betting big on each and what investors should know about these companies.
NVIDIA Remains Bridgewater’s Largest AI Bet
Bridgewater’s biggest individual technology holding is NVIDIA Corporation, which makes up roughly 2.6% of the firm’s portfolio after the fund increased its position by more than 54% last quarter. The move signals growing conviction in the company still viewed as the clear leader in AI chip infrastructure.
The business continues to deliver exceptional growth. NVIDIA reported fourth-quarter fiscal 2026 revenue of $68.13 billion, up 73% year over year, while data center revenue climbed to $62.31 billion. CEO Jensen Huang described the current moment as an “Agentic AI inflection point.” NVIDIA’s Q1 FY27 guidance of approximately $78B in revenue suggests demand remains extremely strong despite concerns around an eventual slowdown.
For Bridgewater, NVIDIA represents the highest-conviction pure-play AI infrastructure bet in the portfolio. While shares are up 77% over the past year, Bridgewater’s aggressive buying suggests the firm believes the long-term AI runway remains far from over.
Lam Research Gives Bridgewater Exposure to the Semiconductor Supply Chain
Bridgewater’s second-largest individual technology position is Lam Research Corporation, which accounts for roughly 1.9% of the portfolio despite the fund trimming the position by about 12% last quarter. Lam Research may not receive as much attention as NVIDIA, but it plays a critical role in the semiconductor ecosystem by manufacturing the equipment used to produce advanced chips. As AI demand drives more semiconductor production globally, companies like Lam stand to benefit from rising manufacturing investment.
CEO Tim Archer called the AI infrastructure buildout a “sustained multi-year growth catalyst.” Lam’s stock has risen 56.35% year to date and 299.05% over the past year, suggesting the market is pricing in that multi-year runway aggressively. The company recently reported fiscal second-quarter 2026 revenue of $5.34 billion, up 22% year over year.
Although Bridgewater reduced its stake modestly, the firm maintaining such a large position suggests it still sees significant upside in the broader semiconductor buildout.
Salesforce Represents a More Contrarian AI Software Play
Bridgewater also holds a sizable position in Salesforce, which makes up approximately 1.8% of the portfolio after the fund trimmed its holdings slightly during the quarter. Unlike NVIDIA and Lam Research, Salesforce gives Bridgewater exposure to the software side of the AI theme. The company has been aggressively rolling out its Agentforce platform, which helps enterprises deploy AI-powered digital workers and automation tools.
Momentum appears strong so far. Salesforce reported fourth-quarter fiscal 2026 earnings per share of $3.81, beating estimates, while Agentforce annual recurring revenue surged 169% year over year to $800 million. The company beat Q4 FY26 EPS estimates, with Agentforce ARR reaching $800M, up 169% YoY, and 29,000 deals closed. Management raised its FY30 revenue target to $63B and authorized a new $50B buyback program. Despite that strength, CRM shares trade at about $180 after falling 30% year to date, which represents significant upside to analysts’ consensus price target of $273.73.
What may make Salesforce particularly attractive today is valuation. Shares remain well below recent highs despite improving fundamentals, potentially giving investors a more reasonably priced way to gain exposure to enterprise AI adoption.
Alphabet Adds Cloud and AI Platform Exposure
Finally, Bridgewater maintains a major position in Alphabet Inc., with the stock representing roughly 1.8% of the portfolio even after the fund reduced its holdings by 40% last quarter. Despite the trim, Alphabet remains one of Bridgewater’s larger technology bets and gives the portfolio exposure to both cloud computing and consumer-facing AI applications.
Google Cloud revenue jumped 48% year over year to $17.66 billion in the company’s most recent quarter, while the Gemini app has reportedly surpassed 750 million monthly active users. Alphabet also plans to spend between $175 billion and $185 billion in capital expenditures during 2026 as it continues investing heavily in AI infrastructure. Even after trimming the stake, Bridgewater’s sizable position suggests the firm still sees Alphabet as one of the strongest long-term beneficiaries of the AI and cloud computing boom.
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