George Soros's Soros Fund Management has disclosed its first-quarter 13F holdings report. The filing reveals the fund continues its heavy investment in the AI chip sector, significantly increasing its stake in NVIDIA (NVDA) while establishing new positions in Berkshire Hathaway (BRK.B) and the online mental health platform Talkspace (TALK).
The fund maintained its bullish stance on the semiconductor industry. In Q1, it raised its NVIDIA holdings from approximately 666,000 shares to 1.07 million shares, an increase exceeding 60%. Based on NVIDIA's average price during the quarter, this purchase was valued in the hundreds of millions of dollars. Furthermore, the fund substantially increased its position in Taiwan Semiconductor Manufacturing (TSM), demonstrating a comprehensive strategy to cover the global AI chip supply chain. With AI computing demand persistently rising, NVIDIA and TSMC, as core players in the industry chain, have become focal points for many institutional portfolios this quarter.
The fund also initiated several new positions this quarter, most notably in Berkshire Hathaway Class B shares (BRK.B), marking its first investment in the Warren Buffett-led conglomerate. Analysts suggest this move could signal a partial return to a "value investing" style or be motivated by defensive portfolio considerations.
Other new positions include: Talkspace (TALK): The online mental health service platform, with a purchase of 2.77 million shares. The company currently trades at a price-to-earnings ratio exceeding 500, indicating a significant valuation premium. Cemex (CX): The Mexican building materials giant, with a new position of 2.99 million shares. Additionally, the fund initiated positions in alternative asset management leader Blackstone (BX), industrial gas giant Linde (LIN), enterprise cloud service provider ServiceNow (NOW), and specialty healthcare provider Select Medical Holdings (SEM).
Beyond NVIDIA and TSMC, the fund also notably increased its holdings in several other stocks.
On the reduction side, Soros Fund Management acted decisively, slashing its stake in residential solar company Sunrun (RUN) from about 2.23 million shares to roughly 20,000 shares, a reduction of approximately 99%. The fund had already reduced its Sunrun holding by about 83% in Q4 2025. This near-total exit reflects a cautious stance on the near-term prospects of the renewable energy sector.
Other significant reductions include: Ally Financial (ALLY): Reduced from 1.69 million shares to 725,000 shares, a cut of about 57%. Other companies facing reduced positions include Datadog (DDOG), Amazon.com (AMZN), Salesforce (CRM), Figure Technology Solutions (FIGR), and Disney (DIS).
In the first quarter, the fund completely exited its positions in the following companies: Take-Two Interactive Software (TTWO): The renowned video game developer, known for franchises like "Grand Theft Auto." Indivior Pharmaceuticals (INDV): A UK-based pharmaceutical company. DigitalBridge Group (DBRG): A digital infrastructure investment company.
Investment Strategy: AI Remains Core, Balancing Defense and Growth An analysis of the fund's Q1 adjustments reveals three primary strategic themes: 1. Heavy Bet on AI Compute: Increasing stakes in NVIDIA and TSMC, and initiating a position in ServiceNow demonstrates a continued focus on AI infrastructure and software applications. 2. Bolstering Defensive Allocations: The new position in Berkshire Hathaway, alongside increased exposure to healthcare (Talkspace, Select Medical) and consumer staples, suggests an effort to reduce cyclical exposure. 3. Cooling on Consumer Discretionary and Renewables: Significant reductions in Sunrun, Amazon.com, and Disney, coupled with the full exit from game stock Take-Two, indicate a pullback from non-essential consumer and renewable energy sectors.
It is important to note that 13F filings only reflect long equity holdings in U.S. stocks at the quarter's end and do not include short positions or non-U.S. assets, which may differ from the fund's overall strategy. The valuation of Talkspace, with its P/E ratio over 500, warrants attention to its progress in improving profitability.
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