From GPUs to storage to semiconductor devices and cloud computing! Asset management giant BlackRock Q2 increases AI computing power and accurately predicts the rise of cloud giants

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Wall Street's largest asset management giant BLACKROCK (BLACKROCK) submitted a US stock market position report (13F) for the second quarter ending June 30, 2026.

According to statistics, the total market value of BlackRock's holdings in the second quarter was 6.73 trillion US dollars, and the total market value of the previous quarter was 5.72 trillion US dollars, which means that BlackRock's US stock holdings at the trillion-dollar level increased sharply by 18% over the second quarter, when the stock market settled profits and the pressure heated up. The agency added 274 new positions to its portfolio in the second quarter, increased its holdings by 3606 shares, reduced its holdings by 1,322 shares, and cleared 263 stocks. Among them, the top ten positions account for 28.01% of the total market value, reflecting the relatively high total weight of BlackRock's top ten positions.

Among BlackRock's top ten major stock positions in the second quarter, the asset management giant sent a very clear signal of “continuing to increase AI computing power infrastructure and cloud computing giant”. BlackRock's new positions were not concentrated on a single GPU leader, but rather spread significantly along the entire “GPU/ASIC-HBM and DRAM - semiconductor equipment - data center high-speed optical interconnection - cloud computing infrastructure”. In particular, it increased its holdings of AMD, Broadcom, Micron and Applied Materials, Ke Lei, and cloud computing leaders such as Amazon, Google, and Micro (these cloud giants have since seen a sharp rise in stock prices in the third quarter), which is enough to show that BlackRock's huge capital did not reject the entire Capex Capex AI due to fluctuations in hardware AI The (AI capital expenditure) cycle and the global AI computing power demand surge cycle led by Anthropic and OpenAI continue to hold and increase the multi-level computing power demand exposure of the “AI computing power production capacity bottleneck.”

The 13F submitted by BlackRock is a consolidated declaration at the group level, covering many of its investment management entities and product holdings with investment discretion, including a large number of customer assets such as iShares ETFs, index funds, mutual funds, and active management accounts. It mainly reflects BlackRock's comprehensive customer fund/fund product holdings as an asset manager.

Looking at the market structure, the background of BlackRock's latest increase in holdings is particularly noteworthy: from the end of the second quarter to the beginning of July, AI hardware and semiconductors are experiencing obvious deleveraging and profit settlement. According to Goldman Sachs Prime data, as of the beginning of July, US hedge funds had been net selling information technology and semiconductor/hardware stocks for the fourth week in a row. The “AI computing power weather vane” SOX (Philadelphia Semiconductor Index) fell 4.2% in the week ending July 3; at the same time, the market repeatedly questioned whether AI capital expenditure could deliver returns, whether storage price increases peaked, and whether high valuations would overdraft the future. It is in this environment where risk appetite is shrinking, yet BlackRock's holdings continue to increase the number of “sellers” in the AI era, such as Nvidia, Broadcom, AMD, Micron, Applied Materials, and Kelei.

More importantly, this configuration logic is highly consistent with BlackRock's 2026 mid-term investment outlook: BlackRock Investment Institute, a research institution under BlackRock, BlackRock Investment Institute clearly suggests that investors continue to gain exposure to AI computing power infrastructure through overallocation of US stocks, and emphasizes that what is really scarce in the current AI boom is not a big AI model, but rather covers AI GPU/AI ASICs, data center high-performance CPUs, DRAM/NAND/HBM storage, AI PCBs, AI data center delivery process with a complete chain of liquid cooling systems, data center optical interconnection systems, ABF carrier boards/glass substrates, MLCC, advanced electronic cloth, extensive foundry, advanced packaging, etc.

At a time when short-term capital deleveraging, AI hardware and semiconductors are under extreme bullish positions and valuation compression, the world's largest asset management platforms sell off leading consumer market openers and value giants such as typical value stocks such as Berkshire Hathaway and AT&T, while still steadfastly maintaining and increasing their structural holdings in AI physical infrastructure. What is particularly noteworthy is that BlackRock is not only adding to Nvidia, but is also adding AMD, Broadcom, Micron, Applied Materials, Kelei, and North American cloud computing giants. This AI theme configuration method “spans technology sectors such as cloud computing, networking, AI chips, storage, and semiconductor devices” is more like betting that the entire AI capital formation cycle is still in the middle and early stages.

Specifically, the “AI chip hegemon” Nvidia (NVDA.US) stock still ranks among BlackRock's largest holdings, holding about 1,942 billion shares, with an overall market value of about US$388.558 billion, accounting for 5.77% of the portfolio, an increase of 0.85% over the previous quarter.

US consumer electronics giant Apple (AAPL.US) shares are BlackRock's second-largest holdings, holding about 1,163 billion shares, with a market value of about US$336.525 billion, accounting for 5.00% of the portfolio, an increase of 1.60% over the previous quarter.

Microsoft (MSFT.US) stock, one of the cloud computing giants, is BlackRock's third-largest holding, holding about 607 million shares, with a market value of about US$226.56 billion, accounting for 3.37% of the portfolio, an increase of 2.37% over the previous quarter.

Amazon (AMZN.US) shares, the world's largest cloud computing leader, ranked BlackRock's fourth largest holdings, holding about 748 million shares, with a market value of about US$178.374 billion, accounting for 2.65% of the portfolio, an increase of 1.75% over the previous quarter.

Another cloud computing giant, Google Class A (GOOGL.US) shares, ranked BlackRock's fifth largest holdings, holding about 461 million shares, with a market value of about US$164.738 billion, accounting for 2.45% of the portfolio, an increase of 3.13% over the previous quarter.

Among the top ten major stocks, the stocks ranked 6-10 in BlackRock's positions up to the end of the second quarter were: Broadcom (AVGO.US), Google C shares (GOOG.US), Micron Technology (MU.US), Facebook parent company Meta Platforms (META.US), and Tesla (TSLA.US). Among them, Broadcom held positions of about 398 million shares, with a market value of about US$15.425 million, accounting for 2.24% of the portfolio, an increase of 3.18% over the previous quarter; Google Class C shares held about 370 million shares, with a market value of about US$13.705 billion, accounting for 1.94%, and the number of holdings increased by 1.42%; Micron Technology held about 105 million shares and a market value of about US$121.01 billion, accounting for 1.80%, and the number of holdings increased by 163%; Meta held about 173 million shares and a market value of about US$97.673 million. It accounted for 1.45%, and the number of positions increased by 2.70%; Tesla held about 214 million shares, with a market value of about US$90,60 million, accounting for 1.34%, and the number of positions increased by 2.90%. It is worth noting that BlackRock's latest top ten holdings have all increased compared to the previous quarter. Among them, AI computing power and cloud computing core assets such as Nvidia, Microsoft, Amazon, Google, Broadcom, and Micron still occupy the most important position in the portfolio.

Judging from changes in position ratios, BlackRock's top five buyers in the second quarter were: Micron, AMD, Applied Materials, Maywell Technology, and Colei; BlackRock's top five sales targets in the second quarter were: Cost.US (COST.US), Honeywell (HON.US), Berkshire Hathaway B (BRK.B.US), AT&T (T.US), and Johnson & Johnson (JNJ.US).

BlackRock's latest stock increase is highly focused on AI computing power infrastructure and semiconductor capital expenditure chain: Micron corresponds to HBM/DRAM storage bottlenecks, AMD corresponds to AI GPUs and server computing clusters, application materials, and WFE advanced semiconductor equipment required for advanced manufacturing processes and storage expansion, and Maywell directly benefited from AI data center high-speed optical interconnection and customized AI ASIC and optical communication requirements, which is enough to highlight BlackRock's overall holding structure in the semiconductor sector in the second quarter, at a time of intense deleveraging and valuation compression Strong preferences for investing in AI physical infrastructure such as “GPU+storage+WFE+ interconnection” are still being further strengthened.

Unlike the top five purchases, which were almost entirely focused on semiconductors and AI infrastructure, BlackRock's funding cuts spanned traditional defense and value sectors such as consumer necessities, industry, finance, telecommunications and medical care, further reflecting a sharp contrast in BlackRock's asset allocation structure in the second quarter — when AI-related technology assets experienced severe pressure, the combination did not take refuge on the traditional defense sector on a large scale; on the contrary, it relatively increased the weight of the key “sellers” of the AI computing power industry chain, showing a clear “reduction in defense and addition of AI computing power infrastructure” Relative configuration tendencies.