Susquehanna International Group leans harder into AI, health, and hard assets

Rising conviction is overwhelmingly about AI infrastructure and the software and health names that monetize it. Susquehanna isn’t nibbling; they’re using size and step‑function adds to express that view.

On the AI hardware side, the book is being rebuilt around foundry and memory as much as GPUs.

• QQQ was boosted by +107.8% (about $2.52B added), reinforcing NASDAQ growth as a core chassis for the whole portfolio.
• TSM jumped +1341.3% in shares (about $1.22B added), signaling a decisive bet that advanced foundry economics sit at the center of the AI buildout.
• MU was lifted +206.3% (roughly $825.1M added), a massive vote that high‑end memory remains structurally under‑owned despite a +249.2% mark‑to‑cost gain.

In software, they’re willing to average into weakness, not just ride winners.

• MSFT saw a +129.6% share increase (about $974.4M added) even though gains vs cost are only 2.2%, suggesting they view Azure/AI exposure as early rather than late cycle.
• ADBE was increased +138.8% (around $252.4M added) despite being down -28.2% versus average buy, implying they see a mispriced AI-enabled content and marketing stack.
• NOW jumped +400.8% (roughly $195.6M added) with a -31.2% gain vs cost, classic Susquehanna behavior when they think secular SaaS winners are being treated like cyclicals.

The second big leg of rising conviction is health care.

• UNH was scaled up +445.6% (about $702.8M added) into a 1.11% position, a clear preference for predictable cashflows and data‑rich care platforms.
• NVO exploded +808.8% (roughly $363.2M added) even with a small mark‑to‑cost loss, reinforcing their belief that obesity and diabetes franchises are still early in monetization.

They are also quietly upgrading their AI plumbing: modest but broad-based adds in NVDA, AMD, INTC, MRVL, ASML, and even legacy storage via SNDK (+769.9%, about $554.6M added) show a full-stack view of the semis ecosystem rather than a one‑ticker bet.

If the adds tell you what they want to own for the next leg, the trims tell you what they’re done renting. Susquehanna is recycling capital from consumer internet, megacap ad platforms, and a mature financials trade into AI, health, and hedges.

The most aggressive funding source is high‑beta consumer growth.

• NFLX was slashed -59.9% (about $632.7M out) and still sits at a -14.5% gain vs cost — this looks more like risk management than profit‑taking.
• AMZN was cut -18.9% (roughly $162.6M out) after a +51.8% run vs cost, classic Susquehanna style of clipping winners when they no longer offer asymmetric upside.
• WMT was reduced -11.1% (around $64.1M trimmed), signaling less appetite for low‑vol U.S. consumer defensives in favor of other kinds of safety.

They are also redistributing inside Big Tech rather than blindly adding.

• GOOGL was trimmed -27.4% (about $340.6M out) even as the position shows a +141.8% gain, while the non‑voting GOOG line was increased; that looks like share‑class and concentration management rather than a view that search is broken.
• AVGO was cut -44.8% (roughly $597.5M out) despite a +78.3% gain, suggesting they think Broadcom’s AI re‑rating is largely priced in relative to more underappreciated semis.

On the macro side, they trimmed LQD by -16.4% (about $116.1M out) and reduced GS by -20.9% (around $70.6M), dialling back pure rate/bank exposure. Those dollars are visibly resurfacing in TLT, precious metals, and global equity beta rather than in more loans and credit.

The sector chart makes the rotation unambiguous: technology and health care are up, consumer and finance are down, with a meaningful overlay of macro hedges. Technology’s weight stepped up from 32.51% to 34.95%, while health care jumped from 0.73% to 3.21% — a large move in one quarter for an $893.3B 13F universe.

Consumer discretionary went the other way, dropping from 10.05% to 5.69%. Cuts to NFLX, AMZN, and WMT, even as NKE and JD are increased, show a pivot from U.S. consumer platforms to more idiosyncratic or international consumer exposure rather than a blanket bet on American spending.

Finance shrank from 1.22% to 0.68% almost entirely via GS, effectively saying they don’t need large money‑center beta to play the cycle. Industrials (dominated by TSLA at 4.52%) nudged down from 5.15%, a marginal de‑risk on one of the most sentiment‑driven names in the book despite a +31.9% gain vs cost.

The more interesting rotation lives in the “unclassified” bucket: index, gold, and factor ETFs. There’s a clear build in hard-asset and rate‑sensitive hedges: GLD (+104.1% shares), SLV (+469.8%), GDX (+37.5%), even as SILJ is trimmed. At the same time, EM and international equity exposure via VXUS, IEMG, and EFA is ramping sharply, shifting some upside away from pure U.S. megacap concentration.

Pull the moves together and Susquehanna is signaling a very specific regime view: AI continues to compound, U.S. consumer growth is maturing, and macro volatility is underpriced. The quarter’s -6.93% performance didn’t push them into cash; they leaned into their highest‑conviction themes instead.

On growth, they’re upgrading the quality and depth of AI exposure, moving from a narrow GPU trade to a diversified stack across foundry, memory, networking, and enterprise SaaS. That’s what the outsized adds in TSM, MU, MSFT, and a cluster of software names actually represent.

On defense, they’re rotating away from “defensive” consumer and financials toward health care and gold. UNH and NVO as core holdings, plus GLD, GDX, and SLV, suggest they expect a choppy macro tape where earnings resilience and real assets matter more than pure multiple expansion.

Finally, the surge in broad beta (SPY, QQQ, VOO), small caps (IWM), and EM/international ETFs (VXUS, IEMG, EFA) hints they see a wider participation phase after a narrow megacap rally. For anyone tracking this book, the message is clear: Susquehanna is positioning for an AI‑driven, more globally diversified market with higher macro noise, not a simple replay of the last three years.