BlackRock Q2 Holdings: Heavy Bet on Full AI Supply Chain, Micron, AMD, and Equipment Stocks as Key Focus

BlackRock (BLK-US), the world's largest asset management firm, reported its Q2 2026 13F holdings, showing total assets under management reached approximately $6.73 trillion as of June 30, up about 18% from $5.72 trillion in Q1. The investment portfolio covers nearly 50,000 individual stocks. During Q2, BlackRock added 274 new positions, increased stakes in 3,606 stocks, reduced holdings in 1,322, and fully exited 263 positions. The top 10 holdings accounted for 28.01% of the total portfolio, up from 26.85% in the previous quarter, indicating further concentration of capital into core growth stocks.

From the Q2 rebalancing direction, BlackRock clearly increased exposure to artificial intelligence (AI) computing power and the semiconductor supply chain, investing across GPUs, ASICs, HBM and DRAM, semiconductor equipment, cloud computing, and AI applications. Meanwhile, it reduced allocations to traditional defensive sectors such as consumer goods, financials, healthcare, industrials, and telecommunications, reflecting a clear tilt toward technology growth equities.

Among the top 10 holdings, NVIDIA (NVDA-US) ranked first with a market value of $388.558 billion, representing 5.77% of total holdings. Apple (AAPL-US) followed with $336.525 billion (5.00%), and Microsoft (MSFT-US) with $226.560 billion (3.37%). Amazon (AMZN-US), Alphabet Class A, Broadcom (AVGO-US), Alphabet Class C, Micron Technology (MU-US), Meta Platforms (META-US), and Tesla (TSLA-US) ranked 4th to 10th.

By sector allocation, BlackRock’s top 10 holdings are now almost entirely dominated by technology growth stocks, covering AI computing chips, consumer electronics, cloud computing, online platforms, memory, and smart electric vehicles. No traditional defensive stocks made it into the top 10.

Notably, BlackRock is not simply betting on a single AI chip leader but is making comprehensive investments along the AI infrastructure supply chain—from upstream GPUs, memory, and semiconductor equipment, to midstream networking chips and high-speed interconnects, and extending to downstream cloud computing platforms—forming a relatively complete AI capital expenditure investment chain.

In the semiconductor sector, BlackRock significantly increased its stakes in Micron Technology, AMD (AMD-US), Applied Materials (AMAT-US), Marvell Technology (MRVL-US), and KLA (KLAC-US) during Q2. This indicates that BlackRock not only sees strong potential in GPUs and AI accelerators but also anticipates sustained benefits for memory demand and semiconductor equipment capex from AI data center construction.

Micron Technology became the most heavily增持 semiconductor stock in Q2, with a holding value of $121.001 billion, up 1.19% quarter-on-quarter. AMD’s holdings reached approximately $87.3 billion (+0.78%), Applied Materials $58.0 billion (+0.39%), Marvell Technology $25.5 billion (+0.27%), and KLA $38.1 billion (+0.24%).

BlackRock’s top 10 semiconductor holdings in Q2 2026 were:

1. NVIDIA (NVDA): $388.6 billion (+0.85%) 2. Broadcom (AVGO): $150.4 billion (+3.18%) 3. Micron Technology (MU): $121.0 billion (+1.19%, largest增持) 4. AMD (AMD): $87.3 billion (+0.78%) 5. Intel (INTC): $59.5 billion (-4.71%, largest减持) 6. Applied Materials (AMAT): $58.0 billion (+0.39%) 7. Lam Research (LRCX): $57.5 billion (-0.09%) 8. KLA (KLAC): $38.1 billion (+0.24%) 9. Marvell Technology (MRVL): $25.5 billion (+0.27%) 10. Texas Instruments (TXN): $24.6 billion (—)

Based on these holdings, BlackRock’s investment in just the top 10 semiconductor stocks exceeds $1 trillion. From GPUs, ASICs, HBM and DRAM, to semiconductor equipment and high-speed interconnects, the AI computing supply chain has become the most prominent capital allocation theme in Q2.

This adjustment occurred amid a market environment where the AI hardware sector experienced profit-taking and a reassessment of capex returns. Goldman Sachs (GS-US) data showed that as of early July, U.S. hedge funds had net sold information technology, semiconductor, and hardware stocks for four consecutive weeks, with the Philadelphia Semiconductor Index down 4.2% for the week. Amid growing skepticism about whether AI capex can generate sufficient returns and whether the memory price cycle is nearing its peak, BlackRock instead increased its allocation to the AI computing supply chain, signaling a strategic focus on long-term industry trends rather than short-term market sentiment.

For core tech stocks, BlackRock did not significantly exit large-cap tech companies due to short-term volatility but maintained core holdings with structural fine-tuning. Share counts for NVIDIA, Apple, Microsoft, and Amazon all increased, and both Alphabet Class A and Class C shares were增持, indicating that BlackRock has not abandoned its core allocation to large-cap tech firms.

NVIDIA’s Q2 holdings increased by approximately 16.3852 million shares, but its portfolio weight dropped from 5.87% to 5.77%. This does not indicate a major减持 by BlackRock but rather reflects dilution due to the overall portfolio expansion in Q2.

In contrast, Apple’s weight rose from 4.89% to 5.00%, Microsoft from 3.24% to 3.37%, Amazon from 2.58% to 2.65%, Alphabet Class A from 2.33% to 2.45%, and Broadcom from 2.11% to 2.24%, showing continued concentration of capital in large-cap tech companies with AI and cloud growth potential.

From the perspective of the AI computing value chain, BlackRock’s Q2 strategy was not a single bet on GPUs but a layered investment approach along the 'GPU/ASIC – HBM & DRAM – semiconductor equipment – data center high-speed interconnect – cloud computing infrastructure' chain.