According to a 13F filing disclosed with the U.S. Securities and Exchange Commission (SEC), JPMorgan Chase (JPM.US) reported its portfolio holdings for the third quarter ended September 30, 2026.
The total market value of JPMorgan's 13F-reported holdings for the quarter was approximately $1.84 trillion, up from about $1.81 trillion in the prior quarter, a quarter-over-quarter increase of 1.66%.
During the quarter, the bank added 1,067 new positions and fully exited 559 positions; it increased holdings in 3,774 positions and reduced holdings in 2,712 positions. The top ten holdings accounted for 27.89% of the portfolio, and the top ten positions have been held for 30 consecutive quarters.
Among the top five holdings, AI training and inference chip leader NVIDIA (NVDA.US) ranked first, with approximately 462 million shares held, a market value of about $105.008 billion, representing 5.70% of the portfolio. The share count rose 2.84% from the previous quarter.
Enterprise software and cloud computing giant Microsoft (MSFT.US) ranked second, with approximately 158 million shares held, a market value of about $80.402 billion, representing 4.36% of the portfolio. The share count increased 16.87% from the previous quarter, and its portfolio weight rose from 2.76% to 4.36%, the largest increase among the top ten holdings.
Consumer electronics and in-house chip giant Apple (AAPL.US) ranked third, with approximately 225 million shares held, a market value of about $74.016 billion, representing 4.02% of the portfolio. The share count decreased 1.78% from the previous quarter. Despite the 1.78% decline in shares, its portfolio weight still rose from 3.57% to 4.02%, reflecting that weight is also affected by changes in individual stock prices and total portfolio market value.
Search advertising and cloud computing giant Alphabet (GOOG.US) ranked fourth, with approximately 138 million shares held, a market value of about $46.575 billion, representing 2.53% of the portfolio. The share count increased 0.17% from the previous quarter. Although the portfolio weight fell from 2.68% to 2.53%, the share count actually rose slightly, indicating that the position was retained rather than trimmed due to the weight decline.
E-commerce and cloud computing giant Amazon.com (AMZN.US) ranked fifth, with approximately 179 million shares held, a market value of about $44.258 billion, representing 2.40% of the portfolio. The share count increased 6.81% from the previous quarter.
The other major holdings ranked sixth through tenth were: the SPDR S&P 500 ETF (SPY.US), Meta Platforms (META.US), Broadcom (AVGO.US), Alphabet (GOOGL.US), and Micron Technology (MU.US). Among them, share counts for Broadcom and Alphabet Class A increased 0.09% and 2.39%, respectively, while their portfolio weights fell from 1.96% and 1.80% to 1.83% and 1.74%, respectively; Micron's share count decreased 13.17%, and its weight fell from 1.64% to 1.30%, moving in the same direction.
In terms of changes in portfolio proportions, the top five buys were: Microsoft (MSFT.US), NVIDIA (NVDA.US), Meta Platforms (META.US), the SPDR Gold ETF (GLD.US), and Palantir (PLTR.US). The top five sells were: Micron Technology (MU.US), the iShares S&P 500 ETF (IVV.US), Western Digital (WDC.US), Tesla Motors (TSLA.US), and the Vanguard S&P 500 ETF (VOO.US).
Overall, JPMorgan's semiconductor holdings changes in the third quarter were split in two: the highly cyclical end was systematically reduced, while the compute core end was left almost untouched. In the memory chain, Micron Technology (MU.US), Western Digital (WDC.US), and SanDisk (SNDK.US) were all trimmed; equipment and materials contracted in tandem, with Applied Materials (AMAT.US), Corning (GLW.US), and Ciena (CIEN.US) also reduced; foundry and analog segments were not spared either — Taiwan Semiconductor (TSM.US), Texas Instruments (TXN.US), and Analog Devices (ADI.US). On the other side, core AI compute leaders such as NVIDIA (NVDA.US) and Broadcom (AVGO.US) were increased.
Actions in the consumer sector can be summarized as "reduce retail, reduce discretionary": Walmart (WMT.US), McDonald's (MCD.US), Lowe's (LOW.US), Tesla Motors (TSLA.US), and Disney (DIS.US) were all trimmed.
Healthcare appeared to be an overall underweight, but was actually a swap of holdings: UnitedHealth (UNH.US), AbbVie (ABBV.US), and Merck (MRK.US) were reduced. The freed-up positions were shifted into leaders with higher certainty: Johnson & Johnson (JNJ.US) and Eli Lilly (LLY.US) were increased. What was cut was policy pricing risk and the patent cliff; what was brought in were two companies with more predictable cash flow and pipelines.
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