In this article, we discuss Billionaire Ray Dalio’s Bridgewater’s 10 Stock Picks with Huge Upside Potential.
Up until February 18, 2025, the stock market seemed poised to replicate the 2020-2022 bull run. Save for slight corrections in April and August of 2024, the market was in a general upside trend. And investors expected the trend to intensify, thanks to the Trump effect. But before President Trump’s re-election, some voices, including that of Ray Dalio, pointed out the potential risks of this presidency to the market.
Ray Dalio established Bridgewater Associates in 1975. But as of 2025, the billionaire investor isn’t part of the hedge fund’s key management. He currently acts as co-chief investment officer (CIO) mentor and member of the Bridgewater Board. Dalio also runs his family office, the Dalio Family Office, which manages over $15 billion in assets. He also does philanthropy work and he hasn’t stepped away from sharing his economic and investment insights through books, interviews, and social media.
Bridgewater has grown to become the largest and most renowned investment firm in the world. Over the past 10 years, the fund has returned 39.40%, and 17.30% over the past 12 months. However, just like Dalio predicted, the Trump administration’s policies could jeopardize Bridgewater’s ability to reward investors.
Since taking office for the second term, Trump has made tariffs a key part of his government’s economic policy. He issued an executive order on his first day in office and threatened 25% tariffs on all goods from China, Canada, and Mexico. The tariffs escalated through Liberation Day in April. All this time, the S&P 500 was taking one hit after another. For instance, the broad market index pulled back 12% between April 2 and April 8, 2025. April 2 happens to be the day of Trump’s Liberation Day speech that marked a major tariff escalation.
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Although the equity market appears to be correcting as of May 1, 2025 (the S&P 500 is up 12% since April 8), Dalio believes that Trump’s tariffs have wrought irreversible damage. According to a post on X on Monday, Dalio said that many of his indicators tell him that “we are on the brink of the monetary order, the domestic political and the international world orders breaking down due to unsustainable, bad fundamentals.”
While appearing on NBC’s “Meet the Press” show recently, Dalio sustained his dissatisfaction with Trump’s tariffs. According to the billionaire investor, President Trump’s actions are pushing the US to the brink of recession, or potentially “something worse.” He specifically pointed out the chaotic implementation of tariffs, which have caused global market volatility and economic uncertainty.
If Dalio is trying to say that the market is spooked, he is not wrong. According to the CBOE Volatility Index or VIX (which measures market sentiment), investors are very frightened. The index rose to the highest level in five years after the Liberation Day speech but climbed down afterward. Nevertheless, the index is still up 14% from where it was 30 days ago.
Amid the heightened fear in the equities market, Dalio’s Bridgewater continues to register gains. In Q1 2025 alone, the fund rose 9.9%. That the fund can post such growth in a difficult market speaks volumes about its management. This is why it is prudent to learn more about the billionaire’s stock picks with huge upside potential. This post provides the top 10 picks.
Our Methodology
We sifted through Bridgewater Associates SEC Q4 2024 13F filings. We focused on the fund’s most valuable equities holdings (excluding ETFs and options) and then ranked the stocks based on analyst price targets (as of May 2). We picked stocks with an upside potential of at least 30% and then ranked them in ascending order.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating 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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
Billionaire Ray Dalio’s Bridgewater’s 10 Stock Picks with Huge Upside Potential
10. Salesforce, Inc. (NYSE:CRM)
Bridgewater Associates Stake Value: $167,976,419
Upside Potential as of May 2: 31.32%
Number of Hedge Fund Holders: 162
Salesforce, Inc. (NYSE:CRM) is a cloud computing company best known for its customer relationship management (CRM) platform. Its suite of products—like Sales Cloud, Service Cloud, and Marketing Cloud—helps businesses manage everything from sales and marketing to customer service, all in one place. The company also offers tools for data analysis (Tableau), integration (MuleSoft), and team collaboration (Slack).
Salesforce, Inc. (NYSE:CRM) has fully embraced AI with its Agentforce digital labor platform. The company’s AgentExchange platform, a marketplace for AI solutions, enables AI agents to work proactively in the background without constant human oversight. The Agentforce platform already shows impressive results. It has handled 380,000 conversations on help.salesforce.com and achieved an 84% resolution rate, with only 2% requiring human escalation.
In its Q4 2025 earnings report, Salesforce, Inc. (NYSE:CRM) demonstrated how the AI strategy is driving the strengthening of its bottom line. The company’s annual revenue increased by 9% year over year to $37.9 billion. The Data Cloud and AI segment’s annual recurring revenue reached $900 million, a remarkable 120% increase compared to the previous year. For fiscal year 2026, the company projects revenue between $40.5 billion and $40.9 billion, a 7-8% growth. The management also anticipates an improved GAAP operating margin of 21.6% and a non-GAAP operating margin of 34.0%. On April 25, 2025, Needham analysts maintained their Buy rating and a $400.00 price target for Salesforce (NYSE:CRM). The analysts believe the AI strategy is capable of guiding the company to a more robust financial performance.
9. QUALCOMM Incorporated (NASDAQ:QCOM)
Bridgewater Associates Stake Value: $138,354,627
Upside Potential as of May 2: 32.80%
Number of Hedge Fund Holders: 79
QUALCOMM Incorporated (NASDAQ:QCOM) is a technology company that designs and sells chips and wireless technology for mobile phones and other smart devices. Its main products include the Snapdragon processors and modem chips. The company works with major phone makers, automotive companies, and various electronics manufacturers.
In Q2 fiscal 2025, QUALCOMM Incorporated’s (NASDAQ:QCOM) revenues reached $11.0 billion, a 17% year-over-year increase. The company’s non-GAAP earnings per share (EPS) was $2.85, exceeding analyst expectations of $2.80. Management said in an earnings call that this growth was largely driven by the company’s diversification strategy. And they committed to sticking with this approach: “Our top priorities remain executing our diversification strategy and continuing to invest in areas that drive long-term value.”
The company is also making significant strides in artificial intelligence (AI). On May 1, 2025, QUALCOMM Incorporated (NASDAQ:QCOM) launched the “Design in Saudi Arabia with AI” (DISAI) accelerator program. The project is a collaboration with Aramco and Saudi Arabia’s Research, Development, and Innovation Authority. It aims to empower early-stage startups in AI, Internet of Things (IoT), and wireless technologies.
On May 1, 2025, Benchmark analyst Cody Acree maintained a ‘Buy’ rating on the stock. However, he lowered the price target from $240.00 to $200.00, citing the headwinds emanating from a deepening trade war between the US and China.
8. Alibaba Group Holding Limited (NYSE:BABA)
Bridgewater Associates Stake Value: $21,623,400
Upside Potential as of May 2: 32.90%
Number of Hedge Fund Holders: 107
Alibaba Group Holding Limited (NYSE:BABA) is a major Chinese technology conglomerate, operating across e-commerce, cloud computing, logistics, and digital services.
In the last quarter of 2024, Alibaba Group Holding Limited (NYSE: BABA) saw 8% revenue growth to $38.38 billion, with operating income rising 83% to $5.65 billion and adjusted EBITA increasing 4% to $7.52 billion. Net income soared 333% to $6.71 billion, driven by strong investments and core business performance. Earnings per ADS reached $2.79, and non-GAAP EPS grew 13% to $2.93. Alibaba Cloud’s revenue jumped 13% YoY, fueled by demand for AI services. To strengthen its AI and cloud capabilities, Alibaba plans to invest $52.4 billion over three years. CEO Eddie Wu emphasized AI model development, while Chairman Joe Tsai warned about unsustainable AI spending trends.
On April 29, Alibaba Group Holding Limited (NYSE: BABA) launched Qwen 3, an upgraded AI model with hybrid reasoning capabilities, amid rising competition in China’s AI sector. The move follows the success of DeepSeek, a local startup that claims to outperform Western models at lower costs. Alibaba has a Strong Buy rating from 16 analysts, all recommending a buy. The average price target is $167.13, ranging from $146.00 to $190.00, suggesting a 32.90% increase from its current price of $125.76.
7. Adobe Inc. (NASDAQ:ADBE)
Bridgewater Associates Stake Value: $104,835,978
Upside Potential as of May 2: 33.44%
Number of Hedge Fund Holders: 117
Adobe Inc. (NASDAQ:ADBE) is an American technology company best known for its creative and multimedia software. Its flagship products (Photoshop, Illustrator, Premiere Pro, and Acrobat) serve creative professionals across niches like photo editing, graphic design, video production, and document management.
Like Salesforce (NYSE:CRM) and many other tech giants, Adobe Inc. (NASDAQ:ADBE) has gone all in on AI. The company unveiled the new Firefly app with AI-powered features during its MAX London creativity conference on April 24, 2025. The updated app now includes the new Firefly Image Model 4 and Firefly Image Model 4 Ultra for highly realistic images, as well as the generally available Firefly Video Model. Adobe (NASDAQ:ADBE) also introduced new AI-powered video tools in Adobe Express. Additionally, the company has partnered with the NFL to enhance fan experiences using Adobe Experience Platform and applications, including Adobe Express and Adobe Firefly.
In Q1 2025, Adobe Inc.’s (NASDAQ:ADBE) financial report shows what lies ahead of the AI strategy meets expectations. The company posted record revenue of $5.71 billion, a 10% year-over-year growth.
CEO Shantanu Narayen emphasized that “Adobe is well-positioned to capitalize on the acceleration of the creative economy driven by AI,” while CFO Dan Durn highlighted that “new AI-first standalone and add-on innovations exited the quarter with over $125 million ending ARR book of business.”
On April 23, 2025, Piper Sandler analyst Brent Bracelin lowered the firm’s price target for Adobe (NASDAQ:ADBE) from $600 to $500 while maintaining an Overweight rating. The analyst cited increasing near-term headwinds to growth from “tariff, policy, and artificial intelligence adoption hurdles.”
6. Advanced Micro Devices, Inc. (NASDAQ:AMD)
Bridgewater Associates Stake Value: $217,138,747
Upside Potential as of May 2: 40.18%
Number of Hedge Fund Holders: 96
Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the few semiconductor companies that dominate the industry. It designs and manufactures computer processors and graphics chips, and its product lineup includes the Ryzen and EPYC series of processors for personal computers and data centers, as well as Radeon graphics cards for gaming and professional visualization.
Advanced Micro Devices, Inc. (NASDAQ:AMD) has positioned itself at the forefront of the AI revolution through advancements in its data center business. In the Q4 2024 earnings report, the company’s Data Center segment revenue reached a record $3.9 billion, up 69% year-over-year. This surge came on the back of strong shipments of AMD Instinct™ GPUs and growth in EPYC™ CPU sales. For the full year 2024, Data Center segment revenue nearly doubled to a record $12.6 billion.
In the fiscal year 2025, Advanced Micro Devices, Inc. (NASDAQ:AMD) expects first-quarter revenue to be approximately $7.1 billion, a 30% year-over-year growth. The company also continues to innovate on the manufacturing front. It recently revealed that its next-generation EPYC processor, codenamed “Venice,” is the first HPC product to be taped out and brought up on TSMC’s advanced 2nm process technology. The launch is expected within the next year.
On April 30, 2025, Seaport Global Securities began coverage of Advanced Micro Devices, Inc. (NASDAQ:AMD) with a positive outlook. The firm assigned the stock a Buy rating and set a price target of $110.00. AMD’s consistent performance and ability to gain market share were key factors for the favorable rating.
5. Block, Inc. (NYSE:XYZ)
Bridgewater Associates Stake Value: $104,538,210
Upside Potential as of May 2: 43.43%
Number of Hedge Fund Holders: 81
Block, Inc. (NYSE:XYZ) is a US-based financial technology company. Formerly known as Square Inc., the company offers point-of-sale hardware and software that allow businesses to easily accept credit card payments. It also offers the Cash App platform, which enables peer-to-peer money transfers and bitcoin trading.
Block, Inc.’s (NYSE:XYZ) Q1 2025 earnings report just came out and shows disappointing results. Revenue came in at $5.77 billion against the $6.20 billion forecast. EPS was $0.56, well below the analyst expectations of $0.87. The underwhelming performance has a lot to do with a slowdown in the Cash App segment. This segment saw gross profit growth decelerate to just 10% year-over-year, down from 25% in the previous year.
CEO Jack Dorsey acknowledged in his letter to shareholders. “Our growth in the first half of this year does not meet our bar,” he owned up. The company’s Square segment performed better, with a gross profit of $898 million, a 9% increase.
The earnings miss prompted Block, Inc. (NYSE:XYZ) to cut its profit forecast for 2025. It reduced its guidance for annual gross profit growth from 15% to 12%. The company cited concerns about consumer spending patterns, particularly noting a pronounced impact on discretionary spending in travel and media.
CFO Amrita Ahuja explained that they are “operating in a more dynamic macro environment,” which has led them to adopt “a more cautious stance on the macro outlook.”
On May 2, 2025, Raymond James maintained an Outperform rating on Block, Inc. (NYSE:XYZ) but reduced the price target from $103.00 to $74.00. The adjustment follows the company’s first-quarter results, which presented a mixed financial picture, the firm wrote in a research note.
4. NVIDIA Corporation (NASDAQ:NVDA)
Bridgewater Associates Stake Value: $469,660,743
Upside Potential as of May 2: 47.15%
Number of Hedge Fund Holders: 223
NVIDIA Corporation (NASDAQ:NVDA) is a global tech giant that designs graphics processing units (GPUs) and AI software. Its products power immersive gaming experiences with GeForce GPUs and advanced visual computing for creative professionals and researchers.
NVIDIA Corporation (NASDAQ:NVDA) is one of the main – if not the primary – catalysts of the current AI revolution. Its GPU architecture forms the backbone of generative AI systems worldwide. And yet, the company is aggressively expanding its AI ecosystem through strategic partnerships and innovations. NVIDIA (NASDAQ:NVDA), in collaboration with Alphabet (NASDAQ:GOOGL) is working on agentic and physical AI initiatives spanning infrastructure and open model optimizations. The company also has plans in motion to build the NVIDIA Accelerated Quantum Research Center (NVAQC) in Boston. This facility will integrate leading quantum hardware with AI supercomputers to develop quantum computing architectures and algorithms.
NVIDIA Corporation’s (NASDAQ:NVDA) financial performance directly reflects its dominance in the AI market. The company posted record-breaking results in Q4 2025; quarterly revenue was $39.3 billion, up 12% from Q3 2025 and 78% year-over-year. Data Center revenue—primarily driven by AI applications—reached $35.6 billion, a 93% increase from the previous year. With the AI market projected to hit $4.8 trillion by 2033 (from $189 billion in 2023), investors may continue to read record numbers from NVIDIA’s (NASDAQ:NVDA) future earnings reports. This reality will receive a huge boost from the company’s successful ramp-up of its Blackwell AI supercomputers. On April 16, Stifel analysts maintained a Buy rating and a $180.00 price target on NVIDIA (NASDAQ:NVDA).
3. Jazz Pharmaceuticals plc (NASDAQ:JAZZ)
Bridgewater Associates Stake Value: $23,649,110
Upside Potential as of May 2: 59.43%
Number of Hedge Fund Holders: 49
Jazz Pharmaceuticals plc (NASDAQ:JAZZ) develops treatments for serious diseases. Its key products include Xywav, Xyrem, Epidiolex, Rylaze, Zepzelca, Defitelio, and Vyxeos, targeting conditions like narcolepsy-related EDS and hepatic veno-occlusive disease (VOD).
Jazz Pharmaceuticals plc (NASDAQ: JAZZ) achieved a record $4 billion in 2024 revenue, with Q4 revenue hitting $1.1 billion, its highest ever. In November, the company secured accelerated U.S. approval for Ziihera to treat second-line HER2-positive biliary tract cancer. On April 25, Jazz announced that CHMP of the EMA issued a positive opinion recommending conditional approval of zanidatamab, a HER2-targeted bispecific antibody, for advanced HER2-positive BTC. The company remains focused on strategic diversification, actively evaluating oncology, neuroscience, and rare disease assets to strengthen its pipeline.
On April 22, TD Cowen kept its Buy rating on Jazz Pharmaceuticals (NASDAQ: JAZZ) with a $100 price target. Jazz is a key player in sleep disorder treatments, competing with ALKS, AXSM, CNTA, and TAK. Its oxybate franchise earned $1.7 billion, contributing to $4.07 billion in total revenue, with a 92.36% profit margin and 6.12% growth over the past year. Analysts stress the importance of the idiopathic hypersomnia (IH) market, where Xywav is the only approved therapy.
2. Pinterest, Inc. (NYSE:PINS)
Bridgewater Associates Stake Value: $102,787,687
Upside Potential as of May 2: 60.69%
Number of Hedge Fund Holders: 73
Pinterest, Inc. (NYSE:PINS) is a visual discovery and bookmarking platform. It allows users to find and save ideas for various interests including recipes, home decor, fashion, and DIY projects. The company generates revenue primarily through advertising.
In Q4 2024, Pinterest, Inc. (NYSE:PINS) achieved its first billion-dollar revenue mark, touching $1.15 billion, an 18% increase year-over-year. Global Monthly Active Users (MAUs) hit an all-time high of 553 million, up 11% compared to the previous year. The company said the growth comes on the back of its strategy of making the platform more actionable and focusing on lower-funnel initiatives.
CEO Bill Ready noted, “Our strategy is paying off. People are coming to Pinterest more often, the platform has never been more actionable, and our lower funnel focus is driving results for users and advertisers.”
An Adobe survey (published on May 1, 2025) further validates Pinterest, Inc.’s (NYSE:PINS) growing influence in the digital landscape. It found that 36% of consumers start searches on Pinterest instead of Google—this figure rises to 39% among Gen Z users. The survey also revealed that 80% of business users reported better engagement on Pinterest than on other platforms. Nonetheless, on April 28, 2025, Roth Capital lowered its price target on Pinterest, Inc. (NYSE:PINS) from $39 to $29 while maintaining a Neutral rating on the shares. The firm cited potential ad spend reductions in April and likely cuts as Q2 progresses, particularly if tariff uncertainty persists.
1. AppLovin Corporation (NASDAQ:APP)
Bridgewater Associates Stake Value: $159,602,854
Upside Potential as of May 2: 68.31%
Number of Hedge Fund Holders: 95
AppLovin Corporation (NASDAQ:APP) is a marketing technology company. It operates through two segments: Advertising, which equips mobile app developers with tools to grow and monetize their apps, and Apps, which develops and publishes mobile games.
In Q4 2024, AppLovin Corporation (NASDAQ:APP) reported $1.37 billion in quarterly revenue, a 44% increase year-over-year. The Advertising segment accounted for the largest share of this growth—it grew by 73% to $999.5 million in the quarter. For the full year 2024, the company generated 43% more revenue ($4.71 billion) from the previous fiscal year. The profitability metrics were even more impressive: Q4 net income surged 248% to $599.2 million and adjusted EBITDA climbed 78% to $848 million.
Despite the robust financial posture, market sentiment towards AppLovin (NASDAQ:APP) has recently turned cautious. On April 30, 2025, the stock tumbled 16% following commentary from Edgewater Research. The research firm pointed to a slow deceleration in the mobile gaming sector and increasing competition from tech giants. However, the stock has since recovered (as of May 1) and regained the positive trajectory that started on April 21, 2025.
On April 23, 2025, HSBC analyst Mohammed Khallouf lowered the firm’s price target on AppLovin Corporation (NASDAQ:APP) from $547 to $436 while maintaining a Buy rating on the shares. The adjustment, noted the analyst, was part of a broader review of social media and AdTech companies.
While we acknowledge the potential of AppLovin Corporation (NASDAQ:APP) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than APP but that trades at less than 5 times its earnings check out our report about this cheapest AI stock.
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