JPMorgan Chase has disclosed its second-quarter holdings report for the period ending June 30, 2026, according to a filing with the U.S. Securities and Exchange Commission.
The total portfolio value stood at $1.81 trillion, up 16% from $1.56 trillion in the previous quarter. During Q2, the investment firm added 832 new positions, increased holdings in 3,207 stocks, reduced positions in 3,012 stocks, and fully exited 609 positions. The top ten holdings accounted for 24.86% of the total portfolio value.
NVIDIA remained the top holding, with 450 million shares valued at approximately $876.20 billion, representing 4.85% of the portfolio (up from 4.75% in the prior quarter). Apple came in second with 229 million shares worth $644.51 billion, making up 3.57% of the portfolio (down from 3.67%). Microsoft ranked third, holding 135 million shares valued at $498.21 billion, or 2.76% of the portfolio (down from 2.93%). Alphabet (Class C) was fourth with 138 million shares worth $484.18 billion, accounting for 2.68% (up from 2.10%). Amazon placed fifth with 168 million shares valued at $403.39 billion, representing 2.23% (up from 2.18%). The sixth through tenth spots were filled by Broadcom, the SPDR S&P 500 ETF Trust, Alphabet (Class A), Micron Technology, and Meta Platforms.
Looking at changes in portfolio allocation, the top five bought positions were Micron Technology, Advanced Micro Devices, Lam Research, Alphabet (Class C), and Alphabet (Class A). The top five sold positions were Exxon Mobil, Walmart, SPDR S&P 500 ETF put options, Meta Platforms, and Intuit.
Increasing Exposure to Semiconductors and AI Hardware
Micron Technology was the largest addition, with its portfolio share soaring from 0.33% in the prior quarter to 1.64%, a jump of 1.31 percentage points that propelled it directly into the ninth spot among top holdings. This signals strong conviction in the recovery of memory chips and surging AI demand. Beyond NVIDIA, whose largest position saw its share continue rising to 4.85%, both Advanced Micro Devices and semiconductor equipment leader Lam Research ranked among the top three by buy ratio.
Structural Divergence Among Tech Giants
Holdings of Alphabet Class C and Class A shares increased by 0.58% and 0.55% respectively, combining for a total addition of over 1.1% of the portfolio. Both classes moved into the top ten holdings, ranking fourth and eighth. Among the top five reduced positions, Meta Platforms saw its share decline by 0.30%, indicating a clear rotation among technology giants.
Tech Dominance in Top Holdings
Except for the SPDR S&P 500 ETF Trust, all nine remaining slots in the top ten holdings were occupied by technology and communication services giants. The top five positions combined accounted for 16.09% of the portfolio, reflecting a heavy reliance on technology fundamentals.
Reducing Defensive Positions, Rising Risk Appetite
Energy giant Exxon Mobil and consumer staples leader Walmart were the top two sold positions, suggesting profit-taking or position reallocation from defensive sectors. The SPDR S&P 500 ETF put options ranked third among sold positions, with a 0.34% reduction in share, indicating decreased hedging demand against tail risk in the U.S. stock market and a general uptick in risk appetite.
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