Bridgewater Cut Nvidia 18% and More Than Doubled Vistra. Is It Rotating From Chips to Power?

September 3, 2026 - 08:47

Bridgewater Associates made a notable pair of moves in the second quarter, according to its latest regulatory filing. The hedge fund cut its Nvidia holdings by 18 percent, bringing the position down to roughly 3.87 million shares. At the same time, it more than doubled its stake in Vistra, a power generation company, to about 752,000 shares.

The shift has drawn attention because both companies sit at the center of the artificial intelligence boom, but in different ways. Nvidia makes the chips used to train and run AI models, while Vistra operates natural gas and nuclear plants that supply electricity to data centers. On the surface, the trades suggest a rotation away from semiconductor hardware and toward the energy infrastructure that powers it.

But a 13F filing only shows what was bought and sold at the end of the quarter. It does not reveal the reasoning behind the trades, and the filing may not reflect current positions since it was submitted in mid-August. Bridgewater could have changed its portfolio significantly since June 30.

The filing also showed other adjustments. The firm increased its stake in Oracle and added to positions in several utility companies. It trimmed some other tech names as well, though Nvidia was the most visible cut. Whether this signals a broader shift in Bridgewater's AI thesis or simply a portfolio rebalancing remains unclear. What is clear is that power demand from data centers has become a major theme for investors, and Vistra has been one of the biggest beneficiaries of that trend this year.