Bridgewater Associates disclosed in its second-quarter regulatory filing that it liquidated every U.S.–listed Chinese equity it held, unloading about US$1.41 billion in positions that included Alibaba, JD.com, Baidu, PDD Holdings and electric-vehicle maker Nio. The move leaves the world’s largest hedge fund with no direct exposure to Chinese shares for the first time in years, underscoring how trade frictions and weaker sentiment have reshaped global portfolios. At the same time, the firm opened a US$63 million stake in chip designer Arm Holdings and initiated new positions in Intuit, natural-gas producer EQT, ride-hailing company Lyft and Ulta Beauty. Bridgewater also raised its holding in Singapore-based Grab by 59 % to US$53.2 million and added Nvidia to the ranks of its largest holdings, alongside long-standing bets on Microsoft and Alphabet. The filing shows Bridgewater managing US$24.79 billion in U.S. equity securities as of 30 June, with its 10 biggest investments accounting for 36 % of disclosed assets. The repositioning comes as the firm, founded by Ray Dalio and overseeing roughly US$136.5 billion in total assets, seeks greater exposure to artificial-intelligence and U.S. technology themes while stepping away from markets most directly exposed to escalating U.S.–China tensions.