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Top 10 AI Stocks in Billionaires Ray Dalio and Philippe Laffont’s Portfolios

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Billionaires Ray Dalio and Philippe Laffont are two of the brightest minds in investing, and both have strong views on AI. Laffont runs Coatue Management and has built his hedge fund around the technology. Dalio founded Bridgewater Associates in 1975 and warns that AI has become a crowded trade. Let’s start with Laffont.

Laffont: AI Is a Supercycle, and the Next $10 Trillion Company Could Come From It

Laffont sees a supercycle in AI, and Coatue’s four biggest US long positions as of March 31 were all AI-related, Bloomberg reported. Coatue’s flagship hedge fund lost 8.3% in July, its worst month in more than a year, but was still up 14.3% for the year (at the time of the Bloomberg report), after a gain in May that was its best month in 25 years, Bloomberg said in August. Check his top stock picks here.

Laffont expects a $10 trillion company within 10 to 15 years, he told CNBC in June. He thinks the winner could be a new AI name. There is “a good chance that OpenAI and Anthropic could be there,” he said, and SpaceX could join them.

Agentic AI excites him most. Laffont described going to bed while a thousand AI agents do the work, and he says the productivity gains already show up in his own office. He does not expect AI models to become free, because people will pay for the best ones.

Dalio: AI Is a Great Tool and a Crowded Trade

Dalio built Bridgewater out of a two-bedroom apartment, and its flagship Pure Alpha fund rose 33% in 2025, Reuters reported. Click to read more about Dalio’s portfolio.

A US debt crisis could hit within three years, he told Bloomberg Television in October. The government spends about 40% more than it takes in, he says, and debt payments squeeze out other spending. Stocks look expensive by most of his measures, and the extra return they offer over bonds has shrunk. AI adds to the risk, because a small group of AI stocks drives the market, and the big AI spenders now rely more on debt to fund their buildout. His one warning to investors is to avoid being “too concentrated in one particular asset,” such as AI.

Dalio still likes AI as a tool. Using it to systematize investment decisions is the future, he says, and he expects gains to broaden from the AI builders to the companies that use the technology. See what else Bridgewater bought here.

Both billionaires own AI stocks. Here are the 10 biggest AI holdings the two funds have in common. You can watch a video version of this article by clicking the image below:

Methodology

We looked at the top 50 holdings in the second quarter 2026 13F filings of Ray Dalio’s Bridgewater Associates and Philippe Laffont’s Coatue Management. From the AI stocks that appear in both lists, we picked the 10 with the highest combined dollar value across the two stakes and ranked them in ascending order. Stake sizes and share changes come from the funds’ 13F filings for the quarter ended June 30.

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. Insider Monkey’s quarterly newsletter strategy selects 14 small-cap and large-cap stocks every quarter and has returned 599.2% since May 2014, beating its benchmark by 372 percentage points (see more details here).

#10 ASML Holding N.V. (NASDAQ:ASML)

Coatue Stake $587.7 Million | Bridgewater Stake $122.7 Million

Philippe Laffont’s Coatue Management held $587.7 million of the stock at the end of the second quarter, or 1.21% of its portfolio, after trimming 200,828 shares. Ray Dalio’s Bridgewater Associates held $122.7 million, or 0.50% of its portfolio, after trimming 30,521 shares. ASML’s EUV systems are already fully booked, which is why we asked whether it is the AI stock with the widest moat. Read the full analysis here.

ASML Holding is one of the few AI players with a strong moat. Why? It makes extreme ultraviolet lithography machines, which print the tiny circuits on advanced chips, and it is the only commercial supplier of them. Each machine has about 100,000 parts and runs in a vacuum. A rival would have to copy ASML’s technology and its network of specialist suppliers, such as ZEISS, and chipmakers have built their factories around ASML equipment, so switching would be costly. ASML benefits no matter which chip designer wins the AI race.

ASML trades at about 34 times forward earnings, so the stock already pays for a lot of AI growth. A near-monopoly can still deliver weak returns when investors have priced in years of strong results. Chip equipment is cyclical, and if chipmakers delay new factories, orders can drop quickly. Tighter export limits on China could cut sales. Slower adoption of its newest High-NA machines, or limits on how many machines it can build, would also hold back growth at ASML.

#9 Microsoft Corporation (NASDAQ:MSFT)

Coatue Stake $1.1 Billion | Bridgewater Stake $265.6 Million

Coatue added 456,392 shares of Microsoft in the second quarter and held $1.1 billion at the end of it, or 2.25% of its portfolio. Bridgewater trimmed 373,083 shares and held $265.6 million, or 1.09% of its portfolio. Investors are nervous about whether the stock can keep growing as Microsoft spends heavily on AI. Check whether that spending is paying off here.

Some believe Microsoft has an advantage over its rivals amid ongoing worries about an AI spending slowdown. Its strong balance sheet and steady cash flow set it apart from other big AI spenders, Truist Securities said in a note on Monday. Microsoft’s credit default swap spreads, a gauge of how risky lenders see a company, remain the tightest among the major AI players. It is also the only one of six big AI names expected to generate positive free cash flow in 2027, even if only slightly, the firm said. Truist expects Azure growth to stay in at least the mid-40% range into the next quarter, helped by demand that still outstrips supply across the industry. It kept its Buy rating and raised its price target to $600 from $575, assuming long-term revenue growth of 14.5% a year, up from 12%.

#8 NVIDIA Corporation (NASDAQ:NVDA)

Coatue Stake $1.21 Billion | Bridgewater Stake $773.6 Million

Coatue trimmed 276,423 shares of NVIDIA and held $1.21 billion, or 2.49% of its portfolio. Bridgewater trimmed 826,808 shares and still held $773.6 million, or 3.17% of its portfolio. NVIDIA is Bridgewater’s largest individual stock position. The stock has slipped after a rough two weeks for AI stocks, and two billionaires still like it. See who they are here.

While Nvidia is everywhere in the AI trade, some believe it would be the first to get hit if the AI bubble bursts. Competition is also a key factor in the bear case. Its biggest customers are building their own chips. Microsoft unveiled its Maia 300 chip this month, which it says delivers 40% more AI tokens per megawatt than leading GPU-based systems, and plans to use it as the main inference system for its own products. Alphabet, Amazon, Meta and OpenAI have chip programs too, and bears say each workload moved in-house gives the buyer more leverage on Nvidia’s prices.

In China, Nvidia’s AI chip shipments fell 44% in the first half, cutting its market share to 34%, with Huawei at 28%, IDC data showed. How much of the AI chip market Nvidia really controls is a growing question. Check what the data shows here. Bears also worry about the startups Nvidia has funded. More than 80% of neocloud providers may not survive as independent businesses beyond 2030, Gartner predicted, and Nvidia has put tens of billions into customers such as CoreWeave, Nebius and OpenAI. The AI debt worries have also shaken the stock in recent weeks. Click to see whether this dip is worth buying.

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