Goldman Sachs Group 13F Portfolio

The biggest adds table confirms that rising conviction is centered on the physical build-out of AI and the extension of health-span. This isn’t a marginal tweak; it’s a size decision in some of the most cycle-sensitive parts of the market.

On the AI hardware side, the moves are aggressive:

• Micron is lifted by +44.0%, adding about $6.38B and pushing it to 2.19% of the book. That is a direct bet that AI-era memory demand is only just starting to hit earnings.
• Taiwan Semiconductor is boosted +71.5%, a roughly $3.21B increase, signaling confidence in the choke point of global advanced foundry capacity.
• Nvidia, already a giant at 4.03%, still gets another $2.25B; you do not add to a 4% position lightly.
• AMD, Marvell, Intel, and equipment names like Lam Research, Applied Materials, and KLA all see double‑digit percentage share increases, rounding out the full stack from logic to memory to tools.

The other clear pillar is premium healthcare and weight-loss/diabetes economics:

• Eli Lilly is up +20.7%, around $1.57B of incremental capital, making it a top health-care line item.
• Staples pharma compounds Johnson & Johnson and AbbVie are both increased mid‑single digits, reinforcing the drug-pricing cash-flow ballast around that growth engine.

Beyond those, they quietly top up platform tech — Apple, Microsoft, Alphabet (both share classes), and Meta all see higher share counts — and selectively grow structural franchises like Walmart, Costco, and Coca-Cola. The message: own the rails, own the behavior, and own the silicon that makes the next decade’s workloads possible.

If the buys are about owning the picks and shovels of the next cycle, the trims are about exiting anything that looks like undifferentiated beta or capped upside. The largest cash source is SPY, cut -13.9% for about $3.80B; IVV and IWM are also reduced by -12.7% and -6.9%, respectively.

That trio alone marks a conscious decision to stop paying active-fee attention to passive allocation. In the same bucket, they shave style and factor vehicles like IWF, and keep EM and EAFE ETFs (EMXC, EFA, IJH) closer to steady — a sign that broad international diversification stays, but US core index beta is less needed when you’re this overweight the leaders themselves.

Inside single stocks, the selling looks like risk recycling rather than fear. UnitedHealth is cut -11.0%, roughly $358.7M, in stark contrast to the add in Lilly; Goldman is clearly choosing GLP‑1 growth over managed-care reimbursement complexity. Morgan Stanley and Bank of America both see mid‑single-digit trims despite strong gains vs cost, and Visa/Mastercard are gently nudged down, not abandoned. Even high‑flyers in storage — SanDisk, Seagate, Western Digital — are clipped, especially SanDisk at -29.1%, harvesting massive gains while keeping the AI-adjacent memory bet concentrated in Micron instead.

On a sector view, the book edges further toward technology while dialing back the places you’d hide if you didn’t know what you wanted to own. Technology moves from 55.31% to 57.09% of disclosed assets, powered not just by the obvious names (Nvidia, Apple, Microsoft) but by a broad build-out in semiconductors and equipment.

The flip side is the drop in unclassified holdings from 19.96% to 18.18%, almost entirely ETF-driven. Cutting SPY, IVV, and IWM while adding QQQ and keeping VOO up modestly shows a tilt from generic market exposure toward concentrated growth and tech-heavy baskets.

Health care inches up to 5.1% from 4.96%, but the internal mix matters more than the headline. Capital is flowing from lower-growth, policy‑sensitive UnitedHealth toward drug innovators and large-cap pharma where pricing power and obesity/diabetes demand drive the narrative. Energy climbs from 1.84% to 2.11% as ExxonMobil and Bloom Energy both grow, pairing cash‑flowing hydrocarbons with higher‑beta transition hardware. Finance and real estate (payment networks) both slip a little, signalling that, for now, they are support acts in a book whose center of gravity is AI, chips, and healthcare innovation.

Taken together, these moves say Goldman Sachs is willing to ride the AI and health-span trades through volatility rather than trade around them. A 22.6% top‑10 concentration inside a trillion‑dollar 13F book, with semis and megacap tech clustered at the top, is not a neutral stance on how the next 3–5 years play out.

The incremental de‑emphasis of banks, broad S&P beta, and traditional managed care implies less reliance on interest-rate calls and macro forecasting, and more on microeconomics: wafer supply, memory pricing, data-center capex, and GLP‑1 scripts. If those engines keep compounding, this portfolio is set up to outrun a simple S&P tracker; if they stumble, there is nowhere to hide inside this disclosed slice.

The quiet build in energy transition (Bloom, GE Vernova, Caterpillar as grid/infra proxy) and staples/costco‑style retailers suggests a risk buffer: own the demand created by these technologies, and the power and hardware they require. But the hierarchy is clear. This quarter, Goldman Sachs is effectively saying: own the compute, own the drugs that change human behavior, and let the index funds and diversified financials fund that bet.