Inside JPMorgan’s Portfolio

JPMorgan Chase is more than America’s biggest bank — it is one of the most influential forces in global markets. Every quarter, its massive equity disclosures offer a rare window into how one of the world’s most sophisticated financial institutions is positioning for the future. And right now, that window reveals something unmistakable: JPMorgan is concentrating billions into a select group of companies powering the next wave of technology, data, and digital infrastructure.

From AI chips to cloud platforms to the payment networks that move money around the world, the bank’s latest 13F filing shows a portfolio built around a small circle of dominant winners, anchored by broad ETF exposure and balanced with defensive blue-chip giants. This isn’t a scattershot approach to diversification — it’s a highly intentional map of where JPMorgan believes long-term growth will be created.

What follows is a deep examination of those positions: the stocks JPMorgan owns the most, the sectors it’s emphasizing, how its bets are shifting quarter to quarter, and what this reveals about its view of the next phase of the global economy.

Note: All holdings here are based on JPMorgan Chase & Co.’s most recent Form 13F for Q3 2025, which reports positions as of September 30, 2025, filed on November 7, 2025. Values are approximate and move with market prices. This is information, not investment advice.

1. What we’re actually looking at: a $1.67 trillion equity snapshot

JPMorgan Chase is America’s largest bank by assets, with well over $3 trillion on its balance sheet and topping U.S. rankings by asset size. But the 13F filing we’re studying is narrower:

• It covers publicly traded U.S. stocks and certain ETFs held by JPMorgan Chase & Co. and subsidiaries.

• It does not include:

  • Cash

  • Bonds and loans

  • Most derivatives and short positions

  • Non-U.S. stocks not reportable on Form 13F

  • Many client assets structured in non-reportable accounts

Still, it’s huge. In the latest filing:

• Reported 13F equity portfolio value: about $1.67 trillion

• Number of reportable positions: ~7,377

• Top 10 holdings concentration: ~26.4% of the entire 13F portfolio

That last number is telling. For all the talk about diversification, the bank’s disclosed public equity book is very top-heavy in a small group of giants.

On top of that, the filing aggregates positions across multiple internal “other included managers” inside JPMorgan’s platform, giving us a combined look at how the institution is exposed to U.S. stocks on behalf of clients and its own accounts.

2. The top of the stack: what JPMorgan owns the most of

Using public portfolio trackers built on the 13F data, we can see the detailed breakdown of JPMorgan’s largest positions. One of the clearest layouts comes from TickerTracker, which lists the top holdings by value.

Table 1 – JPMorgan’s top 10 stock & ETF positions (Q3 2025, 13F data)

Approximate values as of the Q3 2025 filing; all figures rounded.

Source: TickerTracker compilation of JPMorgan Chase & Co.’s Q3 2025 Form 13F holdings.

A few things jump out immediately:

• Nvidia is now JPMorgan’s single largest equity position, slightly ahead of Microsoft, with roughly $91B at stake and close to 489 million shares.

• The top of the portfolio is dominated by the “Magnificent Seven” tech names plus SPY, the S&P 500 ETF.

• Even within this elite group, JPM is actively adjusting, significantly adding to Nvidia, Apple, Tesla and Broadcom while trimming Amazon, Meta, SPY, Netflix and others.

3. How JPMorgan’s portfolio is structured at the macro level

Beyond the top 10 names, it helps to zoom out.

TickerTracker’s sector breakdown of the same 13F portfolio shows:

• Technology: ~$424B

• ETFs: ~$281B

• Financial services: ~$152B

• Consumer cyclical: ~$149B

• Communication services: ~$127B

• Healthcare: ~$114B

• Industrials: ~$96B

• Consumer defensive: ~$52.5B

• Other categories: ~$116B

So, in very rough terms:

1. Pure tech + AI + digital infrastructure (Technology + big chunks of Comms & Consumer Cyclical)
   Together, these dominate the upper tier of the portfolio, both in the top 10 and in the wider book.

2. Broad ETFs as a core allocation
   Names like SPY, VOO, IVV, BND, BNDX and other ETF tickers collectively account for hundreds of billions in exposure, giving JPMorgan a low-friction, instantly diversified core to sit underneath its individual stock bets.

3. Classic “quality compounders” in every major sector
   Outside tech, JPM stacks serious capital into:

   • Walmart (WMT) and Coca-Cola (KO) in defensives

   • Exxon Mobil (XOM) in energy

   • Johnson & Johnson (JNJ), Eli Lilly (LLY) and others in healthcare

   • Bank of America (BAC), Wells Fargo (WFC), Goldman Sachs (GS) in financials

This setup tells you something about how America’s biggest bank thinks of the equity market:

• Alpha is concentrated in a few secular winners, especially in AI and digital platforms.

• Beta (plain market exposure) is packaged in ETFs for efficiency and risk control.

• Everything else is carefully diversified across blue-chip leaders in each sector.

4. The AI supercluster at the top: Nvidia, Microsoft and Apple

4.1 Nvidia: from chip company to center of gravity

That Nvidia is JPMorgan’s largest disclosed equity holding is not some minor footnote – it’s the single clearest statement of what the bank thinks matters most right now.

• Around 489 million NVDA shares worth about $91B are on the books.

• The position was raised by more than 5% in portfolio share terms from Q2 to Q3, according to independent analysis of the 13F moves.

Why this matters:

1. AI infrastructure is the bottleneck.
   Nvidia controls the dominant platform for training and deploying cutting-edge AI models. With hyperscalers and enterprises racing to build AI capacity, demand for Nvidia’s GPUs has become a macro driver in itself.

2. Nvidia is a leveraged bet on cloud, data and AI – all at once.
   The company’s chips and software stack plug directly into data centers, cloud platforms, autonomous systems and even future edge devices.

3. JPMorgan appears comfortable leaning into that concentration risk.
   Having its single largest disclosed equity exposure in one high-beta tech name signals strong conviction that the AI capex boom is not over – and that Nvidia’s pricing power and ecosystem advantages justify the risk.

4.2 Microsoft: the “operating system” of cloud + AI

Microsoft, now JPMorgan’s second-largest equity position, is almost as important strategically:

• Roughly 159 million shares worth $82B+ are held across the platform.

• The bank added nearly 12% to its MSFT stake in Q3, even while Nvidia took the #1 slot.

Where Nvidia sells the picks and shovels, Microsoft is the landlord, toll-collector and software layer:

• Azure powers cloud workloads, including AI compute.

• Copilot and Office 365 embed AI directly into productivity.

• GitHub, LinkedIn, Dynamics and gaming (Xbox) give it tentacles across business and consumer ecosystems.

For a “fortress balance sheet” institution like JPMorgan, Microsoft offers:

• AI upside

• Recurring cash flow and massive free cash generation

• A strong dividend and buyback profile

So it makes sense the bank treats MSFT as a core cornerstone, not just a tactical trade.

4.3 Apple: hardware, ecosystem, and late-cycle AI

Apple is JPMorgan’s third-largest stock, with around 237 million shares valued at roughly $60B.

Critically, JPMorgan increased its Apple position by roughly 10–19% in Q3, depending on how you measure (share count vs. portfolio weight).

Why lean in now?

• Apple gives exposure to premium consumer demand even in choppy macro conditions.

• Its ecosystem – iPhone, Mac, Watch, Services – locks in users and monetization opportunities.

• The market increasingly sees Apple as a platform for on-device AI, privacy-preserving compute and AR/VR integration.

JPMorgan’s behavior suggests it views Apple as:

• A defensive growth anchor

• A quiet AI derivative play that doesn’t carry the same volatility as pure GPU or cloud names

5. Platforms and digital demand: Meta, Amazon, Alphabet, Tesla

The rest of JPMorgan’s top 10 reveals a second layer of conviction: platform companies tied to advertising, e-commerce, and digital services, plus one very polarizing EV name.

5.1 Meta & Alphabet: advertising, attention and AI

Meta and Alphabet (Google’s parent) both sit near the top of the portfolio, with stakes of roughly $40B in Meta and around $24B in Alphabet Class C (GOOG) in the top holdings table, plus additional Alphabet Class A (GOOGL) exposure elsewhere.

In Q3 2025, JPMorgan:

• Trimmed Meta slightly (a tiny decrease in portfolio weight).

• Added to Alphabet (particularly GOOG and GOOGL were among the top five new buys by dollar value).

You can read this as fine-tuning, not abandoning:

• Both firms are cash machines tied to global ad spending.

• Both are building massive AI capabilities – Meta in recommendation and generative models for feeds and ads; Alphabet in search, cloud and foundation models.

• Alphabet’s valuation and growth mix may look slightly more attractive at the margin, hence the incremental tilt that the Q3 moves show.

5.2 Amazon: still huge – but being trimmed

JPMorgan’s Amazon position is enormous – over 182 million shares, with a value just above $40B, putting it in the top five holdings.

But unlike Nvidia and Apple, Amazon was reduced in Q3, both in share count and in its share of the portfolio (down roughly 5–9% depending on metric).

Possible reasons:

• After a big run, Amazon may have looked less mispriced versus other AI-exposed names.

• The bank might be harvesting gains while still maintaining a huge core position in AWS-driven secular growth.

• Some e-commerce cyclicality and margin sensitivity to the macro environment could justify taking a bit off the table.

5.3 Tesla: a high-beta satellite, not a core

Tesla is inside the top 10, but at the bottom of it, with roughly $20B in value and ~45M shares.

Interestingly, JPMorgan added more than 13% to its TSLA stake in Q3.

That suggests:

• The bank still sees Tesla as a meaningful proxy on EV penetration and energy storage, and possibly on AI/robotics optionality.

• But the position is kept relatively small compared with Nvidia or Microsoft, likely reflecting more volatile fundamentals, regulatory risks, and valuation swings.

In other words, Tesla is a satellite growth bet, not a core foundational asset like MSFT or AAPL.

6. SPY and the ETF core: buying the whole market

One striking feature of JPMorgan’s portfolio is how prominently broad ETFs appear near the top.

6.1 SPY: the S&P 500 in one line item

SPY, the SPDR S&P 500 ETF, is JPMorgan’s sixth-largest holding, with about 49.7 million units worth $33.1B.

In Q3 2025, the bank trimmed the SPY position by around 14%.

Why might they do that while still holding so much?

• SPY provides instant U.S. market exposure – very useful for:

  • Overlay strategies

  • Interim cash deployment

  • Hedging or tactical beta adjustments

• Trimming SPY while adding to specific names like Nvidia, Apple, Alphabet and Palantir suggests a shift from pure beta to targeted alpha bets – picking winners rather than just owning the whole index.

6.2 Other ETF heavyweights

Beyond SPY, the same 13F filing and trackers show large positions in:

• VOO – Vanguard S&P 500 ETF

• IVV – iShares Core S&P 500 ETF

• BND / BNDX – Vanguard bond ETFs

• XLF, BBJP, BBCA – sector and BetaBuilders ETFs, including some JPMorgan-branded funds

In Q3, JPMorgan:

• Added significantly to BND and BNDX, increasing fixed-income ETF exposure.

• Reduced IVV and some other equity ETFs, again consistent with shifting some capital into targeted stock names.

The ETF usage shows a two-tier structure:

1. A low-cost, low-friction core based on broad indexes.

2. High-conviction overlays in individual stocks – especially AI, platforms, payments and select healthcare/industrial leaders.

7. Mastercard, payments rails and the financial plumbing of the world

The only pure financial in the top 10 is Mastercard (MA), at about $17.9B and over 31M shares, with JPMorgan modestly adding in Q3.

This is revealing:

• JPMorgan is itself a global banking and payments powerhouse, yet its stock portfolio chooses to allocate a top-10 slot to card networks – effectively the “toll roads” of global consumer and merchant payments.

• Mastercard and its peer Visa (just outside the top 10 but a major holding that JPM notably added to by several billion dollars over recent periods) represent structural growth in digital payments that is less tied to credit spreads and traditional banking cycles.

By giving Mastercard such prominence, JPMorgan is signaling:

• A strong belief that cash-to-digital migration still has a long runway.

• Confidence that global transaction volumes and fee economics will keep compounding despite competition from fintech’s and local payment rails.

8. How JPMorgan is changing the portfolio: Q3 2025 moves

Looking at changes quarter-over-quarter turns this from a static snapshot into a story.

Tiger Brokers’ analysis of the Q3 13F movements highlights some key themes:

8.1 The biggest increases

JPMorgan’s top five buys in Q3 (by dollar amount) were:

1. Apple (AAPL)

2. Nvidia (NVDA)

3. Alphabet Class C (GOOG)

4. Alphabet Class A (GOOGL)

5. Palantir (PLTR)

On top of that, TickerTracker shows large percentage increases in holdings like Tesla, Oracle, Walmart, Disney, Palantir and others.

Interpretation:

• They’re doubling down on AI winners (Nvidia), AI enablers (Apple, Alphabet) and data platforms (Palantir).

• The bank is also leaning into quality growth outside pure tech, such as:

  • Oracle (enterprise software + cloud)

  • Walmart and Disney (consumer + IP)

  • Financials like American Express and Schwab

In other words, JPMorgan is not just passively sitting on an AI pile; it’s actively rotating more capital into that theme and into select non-tech compounders.

8.2 The biggest trims

The same Q3 review shows JPMorgan’s top five sells as:

1. Amazon (AMZN)

2. iShares Core S&P 500 ETF (IVV)

3. Meta (META)

4. Netflix (NFLX)

5. Visa (V)

Plus, SPY itself was reduced by ~14%.

Possible reading:

• Still bullish on U.S. stocks overall, but:

  • Less reliant on broad S&P ETFs for exposure.

  • More targeted in which tech and platform names get the biggest weight.

• Some of the “mature” tech names and streaming (e.g., Netflix) may be seen as having less attractive risk/reward at current prices versus AI hardware and infrastructure plays.

9. What all this says about JPMorgan’s macro view

Pulling it together, JPMorgan’s portfolio signals several high-level convictions.

9.1 AI is not a fad – it’s the new infrastructure layer

The scale of exposure to Nvidia, Microsoft, Apple, Alphabet and Meta makes it clear:

• JPMorgan sees AI as an enduring investment theme, not a transient hype cycle.

• The bank is betting that:

  • AI spending will remain elevated for years.

  • A small group of platform companies will capture an outsized share of the economics.

  • Hardware (GPUs, networking), cloud platforms, and foundation-model companies will form an interlocking ecosystem.

This is not a “spray and pray” AI basket – it is heavily concentrated in the largest, most dominant players.

9.2 U.S. mega-caps remain the core of global equity exposure

Despite global diversification opportunities, JPMorgan’s top holdings list is overwhelmingly U.S. large-caps:

• U.S. tech and platform names

• U.S. ETFs (S&P 500, sector ETFs)

• U.S. financials, healthcare and consumer leaders

Given JPMorgan’s own research and global client base, this likely reflects a view that:

• U.S. markets still house the deepest, most liquid and most innovative corporate ecosystem.

• The S&P 500 plus a handful of AI/platform giants remains the default home for long-term equity capital.

9.3 ETFs as “liquidity rails” and risk-management tools

The heavy use of SPY, VOO, IVV and bond ETFs suggests:

• JPMorgan is using ETFs to quickly scale exposure up or down, and to move between stocks and bonds without having to trade hundreds of underlying names.

• Trimmed positions in SPY/IVV alongside increased allocations to select stocks and bond ETFs hint at a mild de-risking of equity beta while tilting toward specific secular winners and fixed-income carry.

9.4 A balanced barbell: growth engines + defensives

Outside top tech names, the portfolio shows substantial weight in:

• Healthcare (JNJ, LLY, ABBV) – defensive growth and pricing power

• Consumer defensives (KO, WMT, PM) – staples and big-box retailers

• Energy (XOM) – cash-generating commodity exposure

That looks like a barbell strategy:

• On one end: AI and platforms with high growth and higher volatility.

• On the other: defensive compounders that can help stabilize returns if risk assets wobble.

10. How an individual investor might use this information (and its limits)

Watching what America’s biggest bank does with its equity portfolio can be fascinating – but there are some important caveats before anyone tries to mimic it.

10.1 What you can reasonably learn

From JPMorgan’s 13F, you can:

• Identify which sectors and themes the institution is most committed to (AI, big tech, broad U.S. equity exposure, digital payments, healthcare).

• See how it adjusts positions over time – e.g., adding to Apple/Nvidia/Alphabet, trimming Amazon/Meta/SPY in Q3 2025.

• Understand how ETFs are used as building blocks for core allocation.

• Infer something about how large, sophisticated investors balance concentration risk vs. diversification.

That’s valuable for idea generation and context, even if you don’t copy any trades.

10.2 Why it’s dangerous to just copy the trades

There are several big limitations:

1. Time lag

   • 13F data is as of quarter-end, and filed up to 45 days later. By the time you see it, JPMorgan may already have changed positions.

2. Different constraints and objectives

   • JPMorgan is managing trillions of dollars across clients with varied mandates, regulations, tax considerations and risk tolerances.

   • An individual investor’s situation is completely different – what works at JPM’s scale may not be appropriate for a personal portfolio.

3. Hidden exposures

   • 13Fs omit short positions, derivatives, private equity, loans, structured notes and non-reportable assets.

   • The true economic exposure could be very different from what the long-only 13F snapshot implies.

4. Size & liquidity

   • JPMorgan can own tens of billions in a single mega-cap without liquidity concerns.

   • A smaller investor might be better served by more diversified, smaller-risk allocations, depending on goals and risk tolerance.

So the better use of this information is not “copy the portfolio,” but rather:

• Ask: Which themes does JPMorgan clearly think are durable?

• Ask: How do they blend broad ETFs with high-conviction names?

• Ask: How do they balance growth vs. defensive sectors?

Those are questions you can adapt to your own strategy – ideally with your own research or professional advice.

11. The big picture: what JPMorgan’s top stocks tell us about the future

To sum it up, JPMorgan’s latest 13F paints a very clear picture:

• The core bet is that AI, cloud, and digital platforms – led by Nvidia, Microsoft, Apple, Alphabet and Meta – will continue to drive market returns.

• The bank backs that up with enormous, highly concentrated positions in those names, while trimming some more cyclical or fully-priced areas (Amazon, Meta, Netflix, broad S&P ETFs).

• ETFs provide a flexible backbone, allowing JPMorgan to keep broad U.S. exposure and bonds in the mix while reallocating around the edges.

• Underneath the tech story is a classic diversified bedrock – healthcare, consumer defensives, financials, energy – reflecting the reality that even in an AI-driven world, household brands and cash-rich incumbents matter.

Taken together, inside JPMorgan’s portfolio you’re seeing the view from the top of the financial system:

The next era of markets will likely be led by a handful of AI-enabled platforms and infrastructure providers, but it will still be underpinned by broad U.S. equity exposure and resilient global franchises.

And at least for now, America’s biggest bank is betting tens of billions of dollars that this combination – AI super-winners on top of an ETF-powered, blue-chip core – is the safest way to ride it.