In this article, we will take a look at 13 Stocks to Buy According to Billionaire Ray Dalio’s Bridgewater Associates.
“Expect deeper structural problems”. That was the sentiment echoed by Ray Dalio, the founder of the world’s largest hedge fund by assets under management, Bridgewater Associates. The billionaire investor made the remarks as US President Donald Trump unleashed a wave of chaos in the markets by reigniting trade tensions.
“We’re seeing a classic breakdown of the major monetary, political and geopolitical orders,” Dalio wrote in response to the US waging a tariff war against some of its biggest allies.
Dalio is a firm believer that the global economic order is breaking down due to unsustainable debt and deep trade imbalances. Likewise, he has warned of the risk that political democracies will break under the weight of significant gaps in people’s educational attainment, income, and opportunities. Similarly, soaring tensions amid new international geopolitical orders pose a substantial threat to equity markets.
Amid the uncertainty, the legendary investor has highlighted the importance of diversification to protect a portfolio from ongoing risks. Dalio insists on the need for gold as a standard market hedge.
“People don’t have, typically, an adequate amount of gold in their portfolio,” he said. “When bad times come, gold is a very effective diversifier.”
While Dalio insists that a well-diversified portfolio should allocate between 10% and 15% to gold, Bridgewater Associates has sought to spread risk across various sectors. Consequently, the hedge fund has significant holdings in the technology sector; it has also diversified into services, financials, healthcare, and basic materials, among others.
Diversification was the catalyst behind Bridgewater Associates’ flagship fund, Pure Alpha, which returned 11.2% in 2024, while the China Total Return fund returned 35%. The flagship fund returned 9.9% in the first quarter of 2025, even as Bridgewater Associates slashed its assets under management by 18.1% last year.
The 50-year-old fund, which has been in a reboot since Nir Bar Dea took over from Ray Dalio in 2023, is on track for its biggest gain since 2010. Its flagship fund climbed 26.4% in the first nine months of the year, bolstered by surging US stocks and volatility in bond and currency markets.
While Dalio gave up control of Bridgewater Associates upon stepping down as co-chief investment officer, the fund continues to make waves with its robust, diversified portfolio. With that in mind, let’s take a look at the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates.
Ray Dalio of Bridgewater Associates
Our Methodology
We analyzed Bridgewater Associates’ 13F holdings for Q2 2025 to identify its latest top stock positions. We considered the fund’s stake in each company based on data from Insider Monkey’s Q2 2025 13F filings database. We have also added the performance of each stock from the end of Q2 2025 (June 30) to October 10 to give readers insight into whether the hedge fund was right or wrong about betting on the stocks. Finally we ranked the stocks in ascending order based on the value of Bridgewater Associates’ equity stake in each stock.
Why are we interested in the stocks that hedge funds pile into? The reason is straightforward: our research has demonstrated that we can outperform the market by replicating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
Stocks to Buy According to Billionaire Ray Dalio’s Bridgewater Associates
13. Fiserv, Inc. (NYSE:FI)
Bridgewater Associates Stake: $217,559,524
Stock Performance Since Q2 2025: -26.94%
Number of Hedge Fund Holders: 94
Fiserv, Inc. (NYSE:FI) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 8, Fiserv, Inc. (NYSE:FI) launched the Roughrider coin in partnership with the Bank of North Dakota. Roughrider is a stablecoin – fully backed by US dollars – and will be available to credit unions and banks in North Dakota starting in 2026. It is also North Dakota’s first stablecoin.
The stablecoin will run on Fiserv’s digital asset platform, which was announced in June alongside its “white-label” stablecoin called FIUSD. The platform targets regulated banking environments, where users want secure, efficient, and interoperable payment flows. The coin is interoperable with other stablecoins to help create a modern digital payments ecosystem for financial institutions. The initiative is intended to enable secure bank-to-bank transactions, support global money movement, and drive merchant adoption within North Dakota.
The Roughrider Coin is named after Theodore Roosevelt’s military unit and honors the Bank of North Dakota’s historic role as the only state-owned bank in the nation. Since the launch, North Dakota has become the second US state to issue a government-backed stablecoin.
Fiserv, Inc. (NYSE:FI) is a financial technology company. It provides digital banking, payment processing, merchant acquiring, and financial services solutions to banks, credit unions, and businesses worldwide. The company’s key platforms include Clover and Carat.
12. PayPal Holdings, Inc. (NASDAQ:PYPL)
Bridgewater Associates Stake: $233,925,247
Stock Performance Since Q2 2025: 1.92%
Number of Hedge Fund Holders: 89
PayPal Holdings, Inc. (NASDAQ:PYPL) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 7, PayPal Holdings, Inc. (NASDAQ:PYPL) launched PayPal Ads Manager, a new platform that lets small businesses using the PayPal service display targeted ads on their websites and apps. This way, the companies can earn ad revenue directly from their store traffic. The platform is zero-cost for merchants, with no upfront costs or minimum commitments required to participate.
Small businesses can opt in, quickly integrate PayPal’s SDK into their websites, and select advertising preferences. Ads Manager uses PayPal’s purchase data and AI-driven tools to match ads with high-intent shoppers. Performance can be managed through the familiar PayPal Merchant Portal. And ad revenue is deposited directly into PayPal merchant accounts, which businesses can use to fund operations, marketing, or other expenses.
The service rolls out in the US in early 2026, with expansion to the United Kingdom and Germany planned.
PayPal Holdings, Inc. (NASDAQ:PYPL) is a global digital payments company. It operates a technology platform that enables consumers and merchants to send, receive, and manage payments across nearly 200 markets and in over 100 currencies. Its core services include PayPal, Venmo, Braintree, and Xoom.
11. Palo Alto Networks, Inc. (NASDAQ:PANW)
Bridgewater Associates Stake: $313,772,875
Stock Performance Since Q2 2025: 5.15%
Number of Hedge Fund Holders: 77
Palo Alto Networks, Inc. (NASDAQ:PANW) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 2, KeyBanc Capital Markets maintained its “Sector Weight” rating on Palo Alto Networks, Inc. (NASDAQ:PANW) stock after a recent review of the company’s operations. The firm focused its analysis on the advantages of Palo Alto Networks’ multi-platform security solutions and operational workflow, as well as the broader themes impacting the company’s outlook.
The analysts highlighted the simplicity and efficiency in workflow that Palo Alto Networks brings when security platforms are consolidated. KeyBanc noted that automation, especially through AI agents, is a strong future opportunity for operational improvements in security management. The firm expressed a somewhat more positive stance on Palo Alto Networks after field observations, yet retained some concerns over the company’s recent acquisition of CyberArk Software Ltd. The analysts plan to meet with Palo Alto Networks’ investor relations team to discuss recent developments in more detail.
Palo Alto Networks, Inc. (NASDAQ:PANW) is a global cybersecurity company. It provides next-generation firewall appliances, cloud security, and AI-driven threat intelligence through platforms such as Prisma Cloud and Cortex. The company also offers subscription services for threat prevention, malware protection, and secure access across hybrid and multi-cloud environments.
10. Broadcom Inc. (NASDAQ:AVGO)
Bridgewater Associates Stake: $317,826,380
Stock Performance Since Q2 2025: 25.17%
Number of Hedge Fund Holders: 156
Broadcom Inc. (NASDAQ:AVGO) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 8, Bernstein SocGen Group reaffirmed its “Outperform” rating on Broadcom Inc. (NASDAQ:AVGO). The firm also kept the $400 price target for the shares, citing confidence in the company’s future growth path. This decision draws on insights from a virtual meeting with Broadcom’s CEO and CFO, highlighting exceptionally strong compute demand and positive growth prospects.
The firm noted that frontier large language model (LLM) developers and hyperscalers are experiencing exponentially growing compute needs. This, Bernstein said, is supported by Broadcom’s near-28% revenue growth over the last year and industry-leading gross profit margins of 77.19%. Executives at Broadcom expressed high confidence in hitting a $90 billion revenue target by 2030, saying it is “easily achievable” with just four current customers, and potentially $120 billion with existing relationships. Broadcom CEO Hock Tan affirmed expectations for $10 billion in OpenAI-related revenue in Q3 2026, commenting that additional orders from OpenAI are “highly likely”.
Bernstein anticipates that Broadcom’s robust AI trajectory in 2025 will gather speed through 2026. This will be driven by innovative software products, cash management, superb margins, and free cash flow.
Broadcom Inc. (NASDAQ:AVGO) is a global technology company. It designs, develops, and supplies semiconductor and infrastructure software solutions. Its products span networking, broadband, wireless, storage, and industrial markets.
9. Fortinet, Inc. (NASDAQ:FTNT)
Bridgewater Associates Stake: $335,572,618
Stock Performance Since Q2 2025: -18.47%
Number of Hedge Fund Holders: 46
Fortinet, Inc. (NASDAQ:FTNT) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 7, Fortinet, Inc. (NASDAQ:FTNT) expanded its partnership with Armis, where Armis Centrix will be integrated into the Fortinet Security Fabric through more than eight joint solutions. The company stated that the goal of the extended collaboration is to provide unified asset visibility, management, and automated policy enforcement. This will help organizations eliminate blind spots, detect and contain threats faster, and streamline their security operations.
Armis’ technology brings deep contextual insights into network-connected assets and their risks. As such, Fortinet can offer targeted recommendations to secure vulnerable assets and automate the enforcement of protective measures. Both companies emphasize that this alliance addresses the complexity and fragmentation in cybersecurity tools. The result, they said, is a more cohesive and proactive approach to managing and securing digital infrastructure. The combined solution supports real-time risk assessment, faster incident response, and helps organizations comply with increasingly complex security requirements.
Armis’ asset intelligence – which covers monitoring for more than 6.5 billion devices across IT, OT, IoT, and cloud – is now integrated with Fortinet’s core security offerings. This includes FortiGate, FortiNAC, and FortiManager.
Fortinet, Inc. (NASDAQ:FTNT) is a global cybersecurity company. It develops and sells network security appliances, endpoint protection, and cloud-based security solutions. Key products include the FortiGate firewalls, widely used by enterprises and governments.
8. Uber Technologies, Inc. (NYSE:UBER)
Bridgewater Associates Stake: $348,360,648
Stock Performance Since Q2 2025: 2.89%
Number of Hedge Fund Holders: 152
Uber Technologies, Inc. (NYSE:UBER) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 2, Uber Technologies, Inc. (NYSE:UBER) acquired Segments.ai – a Belgian startup – to strengthen its data-labeling unit and advance its AI and autonomous vehicle capabilities. Segments.ai is a Y Combinator-backed startup that specializes in multi-sensor data labeling, including for cameras, lidar, and radar. These services are essential for training AI models, autonomous vehicles, and robotics.
The founders, Otto Debals and Bert De Brabandere, along with all staff, will join Uber’s Uber AI Solutions division. This acquisition means that Uber is doubling down on lidar and multi-sensor data annotation capabilities. As a result, this will expand Uber’s ability to develop and offer advanced AI labeling solutions to global clients. It will also support internal needs for autonomy, mapping, and safety.
Uber has worked on large-scale data annotation for nearly a decade. During this time, it produced billions of labeled data points for autonomy and safety technologies. Acquiring Segments.ai accelerates this progress and boosts the quality and automation of labeled datasets.
Uber Technologies, Inc. (NYSE:UBER) is a global mobility and delivery company. It operates through three main segments: Mobility, Delivery, and Freight. The company has expanded its ecosystem with subscription services like Uber One and investments in autonomous and electric vehicle initiatives.
7. Johnson & Johnson (NYSE:JNJ)
Bridgewater Associates Stake: $348,657,832
Stock Performance Since Q2 2025: 25.09%
Number of Hedge Fund Holders: 95
Johnson & Johnson (NYSE:JNJ) is one of Ray Dalio’s latest top stock positions. On October 7, a Los Angeles jury ordered Johnson & Johnson (NYSE:JNJ) to pay $966 million to the family of a California woman who died from mesothelioma. This was after the jury found the company’s talc-based baby powder caused the woman’s cancer. The victim, Mae Moore, died in 2021 after developing mesothelioma, a rare cancer associated with asbestos exposure. The jury awarded $16 million in compensatory damages and $950 million in punitive damages to the family.
This ruling is one of the largest single-user verdicts in the ongoing talc litigation against Johnson & Johnson. The company has faced tens of thousands of lawsuits in the US. over its talc products. However, the company has stated it will appeal the verdict, terming it “egregious and unconstitutional.” It also claimed that the plaintiffs’ case relied on “junk science”.
The US Supreme Court has previously held that punitive damages should not generally exceed nine times the amount of compensatory damages. So, the awarded sum could be reduced on appeal.
Johnson & Johnson (NYSE:JNJ) is a diversified healthcare company. It operates through three main segments: Innovative Medicine, MedTech, and Consumer Health. Its products range from pharmaceuticals and medical devices to widely recognized consumer brands.
6. GE Vernova Inc. (NYSE:GEV)
Bridgewater Associates Stake: $411,817,866
Stock Performance Since Q2 2025: 19.87%
Number of Hedge Fund Holders: 106
GE Vernova Inc. (NYSE:GEV) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 3, Verizon announced a partnership with GE Vernova Inc. (NYSE:GEV) to deliver a grid modernization platform. GE Vernova’s MDS Orbit industrial wireless platform is now available on Verizon’s network, and it will offer utility companies a secure and resilient communications backbone to modernize grid operations. Verizon’s cellular technology will power the platform, enabling it to support applications such as supervisory control and data acquisition (SCADA), grid automation, and workforce mobility.
By integrating with Verizon, GE Vernova customers receive a flexible solution that supports digital transformation and the shift toward more sustainable, resilient energy infrastructure. The combined offering has one key goal: to help utilities accelerate their transition toward cleaner energy delivery, increase reliability, and meet expanding demands for automation and remote control systems.
This development builds upon a longstanding, strategic partnership between GE Vernova and Verizon. It merges GE Vernova’s deep industrial expertise with Verizon’s strength in wireless networking.
GE Vernova Inc. (NYSE:GEV) is a global energy company. Formed as a spin-off from General Electric in 2024, it focuses on electrification and decarbonization technologies through its Power, Wind, and Electrification segments. The company’s portfolio includes gas turbines and onshore and offshore wind turbines.
5. Booking Holdings Inc. (NASDAQ:BKNG)
Bridgewater Associates Stake: $440,867,994
Stock Performance Since Q2 2025: -10.32%
Number of Hedge Fund Holders: 92
Booking Holdings Inc. (NASDAQ:BKNG) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 7, Citizens reiterated its “Market Outperform” rating on Booking Holdings Inc. (NASDAQ:BKNG) stock and maintained the $6,500 price target. The analysts highlighted Booking Holdings’ competitive strengths, including its broad diversification, strong global brand, and extensive product offerings across hotels, flights, rental cars, and activities. They noted that the company is well positioned to capitalize on resilient travel demand globally, robust profit margins, and high-value customer retention through its Genius loyalty program.
Citizens named Booking Holdings as one of the first partners to launch travel apps within ChatGPT using OpenAI’s Apps SDK – the other partner is Expedia. The app supports interactive, personalized user experiences and plans for direct, instant checkout within ChatGPT.
Booking Holdings Inc. (NASDAQ:BKNG) is the world’s leading provider of online travel and related services. It operates well-known brands such as Booking.com, Priceline, Agoda, KAYAK, and OpenTable. The company generates revenue primarily through commissions on hotel reservations, airline tickets, rental cars, and restaurant bookings made via its platforms.
4. Salesforce, Inc. (NYSE:CRM)
Bridgewater Associates Stake: $447,102,797
Stock Performance Since Q2 2025: -10.03%
Number of Hedge Fund Holders: 121
Salesforce, Inc. (NYSE:CRM) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 9, Salesforce, Inc. (NYSE:CRM) announced a $1 billion investment to scale its services in Mexico over the next five years. The company’s primary focus is on expanding AI capabilities, workforce development, and service delivery.
Specifically, the funds will go towards opening a new five-story office in Mexico City’s Polanco district. The office is designed for up to 2,000 employees. The investment will also establish a Global Delivery Center (GDC) to serve clients across the Americas. The GDC will offer multilingual consulting services – in English, Spanish, and Portuguese – to support customers using Salesforce’s Agentforce platform. Salesforce will also allocate $250,000 to Amigos de Filantrofilia, a non-profit organization, to train 100,000 Mexican students in AI and digital skills.
According to CEO Marc Benioff, “Mexico is home to some of the world’s most innovative companies and is becoming an essential hub for businesses that are adopting an agentic future.” As such, the investment reflects the company’s commitment to the country, which the management sees as a “vital market for AI-driven growth.”
Salesforce, Inc. (NYSE:CRM) is a global leader in customer relationship management (CRM) software. It provides cloud-based applications for sales, service, marketing, commerce, and analytics. Its flagship product is the Customer 360 platform.
3. Microsoft Corporation (NASDAQ:MSFT)
Bridgewater Associates Stake: $853,086,502
Stock Performance Since Q2 2025: 5.02%
Number of Hedge Fund Holders: 294
Microsoft Corporation (NASDAQ:MSFT) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 9, Morgan Stanley reaffirmed an “Overweight” rating on Microsoft Corporation (NASDAQ:MSFT) stock, noting that the company’s valuation is still at a discount to peers despite recent market outperformance. The analysts told investors that Microsoft is the leading beneficiary of generative AI (GenAI) spend, outpacing other major technology vendors by a significant margin. The insights were derived from the bank’s latest CIO survey (Q3 2025).
Morgan Stanley found that Microsoft is best positioned to capture incremental share of GenAI spend and IT budgets as workloads move to the cloud. This is supported by deep software integrations, a vast ecosystem, and major ongoing investments in AI infrastructure. In the survey, 33% of chief information officers (CIOs) expect Microsoft to gain the largest incremental share of GenAI spending next year. This is more than double the next-highest vendor; this figure rises to 37% over the next three years. Microsoft is also the top “IT wallet share gainer,” with a net 42% of CIOs expecting the tech giant to gain budget share – up from 41% in the previous survey.
Microsoft Corporation (NASDAQ:MSFT) is a global technology company. It develops and sells software, cloud services, hardware, and enterprise solutions. Its flagship products include the Windows operating system, Office, Azure, and LinkedIn.
2. Alphabet Inc. (NASDAQ:GOOGL)
Bridgewater Associates Stake: $986,962,722
Stock Performance Since Q2 2025: 37.05%
Number of Hedge Fund Holders: 219
Alphabet Inc. (NASDAQ:GOOGL) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 13, Citizens maintained its Market Outperform rating on Alphabet Inc. (NASDAQ:GOOGL) with a $290 price target, ahead of the company’s October 29 earnings report. Despite Alphabet’s $2.87 trillion valuation, the firm flagged a notable shift: YouTube saw a 1.2% year-over-year decline in global time spent—the first drop since Citizens began tracking the metric.
The firm attributed this dip to rising competition from platforms like Instagram and TikTok, with TikTok’s global time spent surging 8.7% year-over-year. Citizens emphasized that its data excludes connected TV (CTV) viewing, a major component of YouTube’s overall engagement, suggesting the decline may not reflect total consumption.
Alphabet Inc. (NASDAQ:GOOGL) is a global technology conglomerate. It operates through Google Services, Google Cloud, and Other Bets. Its core businesses include Google Search, YouTube, Android, Chrome, and Google Cloud Platform.
1. NVIDIA Corporation (NASDAQ:NVDA)
Bridgewater Associates Stake: $1,142,130,881
Stock Performance Since Q2 2025: 21.89%
Number of Hedge Fund Holders: 235
NVIDIA Corporation (NASDAQ:NVDA) is one of the stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. On October 9, On October 9, Microsoft Azure launched the NDv6 GB300 VM series, featuring the first production-scale deployment of NVIDIA’s GB300 NVL72 systems.
Built for OpenAI’s most demanding AI workloads, the cluster integrates over 4,600 NVIDIA Blackwell Ultra GPUs connected via the Quantum-X800 InfiniBand platform. This milestone reflects NVIDIA’s leadership in AI infrastructure, enabling massive-scale inference and training for frontier models.
At the core of each rack is NVIDIA’s liquid-cooled GB300 NVL72 system, combining 72 Blackwell Ultra GPUs and 36 Grace CPUs to deliver 1.44 exaflops of FP4 performance and 37 TB of fast memory per VM. Supported by NVIDIA’s full-stack AI platform and advanced networking architecture, the system sets new benchmarks in throughput and scalability—solidifying NVIDIA’s role in shaping the future of AI supercomputing.
NVIDIA Corporation (NASDAQ:NVDA) is a global leader in accelerated computing. It designs and manufactures graphics processing units (GPUs) and system-on-chip units for gaming, data centers, artificial intelligence, and autonomous vehicles. Its CUDA platform and AI-focused chips power large-scale data centers, machine learning, and high-performance computing for many tech giants globally.
While we acknowledge the potential of NVDA to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than NVDA and that has 100x upside potential, check out our report about this cheapest AI stock.
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