Jpmorgan Chase & Company 13F Portfolio

Look at the biggest dollar adds table and a simple pattern jumps out: AI infrastructure everywhere you turn. Micron and AMD are the two largest incremental buys, with Micron up 63.8% in shares and AMD up 66.2%, together adding roughly $20.2B in exposure to high-bandwidth memory and alternative AI compute.

Alphabet’s GOOG and GOOGL lines are both meaningfully increased, up 15.0% and 29.6% in shares, respectively, adding about $13.8B. That is a direct bet that hyperscale AI monetization — search, cloud and productivity — still has room to surprise on earnings despite strong prior gains.

The second cluster is the capital equipment and components that make AI capacity possible. Applied Materials is up 182.0% by share count, Lam Research up 38.5%, Corning up 203.4% and SanDisk (flash/storage) up 175.8%, each with multi-billion-dollar dollar adds. The message is that the fund wants to own wafer tools, glass, storage and other bottleneck inputs, not just GPUs.

Even Intel, long a value debate, sees a 54.0% share increase, and Palo Alto Networks is boosted 61.2%, tying the AI compute wave to secular demand for cybersecurity. This is a broad, integrated AI stack thesis: chips, tools, memory, storage, hyperscalers and security all moving higher together.

The trims are not random profit-taking; they are a systematic harvest of mature, lower-growth winners to fund higher-octane infrastructure bets. The biggest dollar cuts include Walmart, down 21.4% in shares (about $3.0B freed), and Exxon Mobil, slashed 24.7% (roughly $2.9B out), both classic inflation and energy-cycle defensives.

Health care stalwarts are also being clipped. AbbVie is cut 15.6%, Eli Lilly 8.0% and Johnson & Johnson 7.6%, all with substantial embedded gains. This looks like a recognition that GLP‑1 and pharma rerating are now consensus and better recycled into earlier-stage growth drivers.

Within tech, they are not abandoning the theme, just refining it. Meta is trimmed 8.4% and Texas Instruments 15.5%, while Nvidia, Microsoft, Alphabet, AMD and Micron are all increased — rotating from broad megacap and analog exposure into more direct AI volume plays. Mastercard is reduced 13.6%, and broad S&P ETFs IVV and VOO are each cut by around 12–13%, signaling that index beta is a funding source for concentrated AI infrastructure and select single-name financials.

Even XLF, the financial sector ETF, is down 14.4%, while individual banks like Goldman Sachs and Morgan Stanley are added to. Jpmorgan is effectively saying it prefers handpicked capital-markets beneficiaries of AI and higher market activity over owning the sector in aggregate.

Sector data shows a deliberate tilt of the active risk budget toward technology and industrials tied to capex. Technology rises to 57.01% from 53.43%, driven not by more Apple or Amazon, which are slightly reduced, but by outsized adds in semiconductors, equipment and AI-exposed software like Alphabet and Palo Alto Networks.

Industrials quietly step up from 3.98% to 4.73%. That move is all about the real-world buildout behind digital trends: Caterpillar’s position is boosted 149.1% in shares, while Corning more than triples and remains classified here via telecom and optical components. Together with RTX and Tesla, this reflects a belief that infrastructure, energy transition hardware and manufacturing capacity still have a cycle left.

On the other side, consumer discretionary slips from 9.77% to 8.69% as Walmart, McDonald’s, Lowe’s and Disney are all reduced. Health care falls from 7.90% to 6.93% after trims in AbbVie, Lilly, J&J and Philip Morris, while energy drops from 1.41% to 1.01% largely on the Exxon cut. The “Unclassified” bucket — mostly broad ETFs like SPY, VOO, IVV, BND and regional BetaBuilders — shrinks from 16.38% to 15.15%, confirming the move from generic beta toward specific growth and capex themes.

Taken together, this quarter’s changes sketch a clear forward view: Jpmorgan expects AI capex and its knock-on effects to remain the market’s primary earnings engine. The fund is willing to sacrifice some ballast in health care, consumer staples-like retail and energy to add duration and cyclicality in AI infrastructure.

The big adds in Micron, AMD, Applied Materials, Lam Research, Intel and storage/glass suppliers like SanDisk and Corning suggest they see the constraint moving away from headline GPUs toward memory bandwidth, manufacturing tools, optics and storage. If that read is right, these are the stocks with the operating leverage to the next wave of AI demand.

At the same time, the reduction in broad S&P and financial sector ETFs, coupled with single-name adds in Goldman Sachs, Morgan Stanley, American Express and UnitedHealth, shows a preference for idiosyncratic earnings stories over pure factor exposure. They are not de-risking; they are concentrating.

The risk in this setup is obvious: if AI capex normalizes faster than expected or margins compress along the supply chain, this book underperforms a more defensive, healthcare-and-energy heavy alternative. But if AI continues to drive multi-year capex, and if banks and industrials benefit from that capital formation, this positioning should keep Jpmorgan’s already-strong 3‑ and 5‑year performance compounding.