State Street2026-Q2
State Street Corp's 2026-Q2 13F filing shows a massive rotation into semiconductor and information technology names, with notable trims in energy and some tech names where the stock price ran ahead of the selling.
| Ticker | Action | Value Change |
|---|---|---|
| MU | trim | +$40.15B (shares trimmed but value rose on price gain) |
| NVDA | add | +$28.70B |
| AMD | trim | +$27.99B (shares trimmed but value rose on price gain) |
| AAPL | add | +$25.13B |
| XOM | trim | -$8.02B |
MU's shares were trimmed -- real selling -- but the dollar value grew by +$40.15B, because the stock price gained more than the trimmed shares were worth. This is not a buy; the firm actively reduced its position, but the rally in memory chips pushed the remaining stake from 0.61% to 1.71% of the portfolio.
The largest addition by value was NVDA, which grew by +$28.70B to $202.05B, lifting its weight from 5.98% to 5.99%. This underscores a continued conviction in AI infrastructure spend, even as the portfolio's overall tech tilt rose.
XOM fell by -$8.02B, dropping from 1.25% to 0.84%, and CVX declined by -$7.08B, from 1.09% to 0.73%. These trims signal a deliberate de-risking from the energy sector, as the firm's sector weight for Energy dropped from 5.46% to 4.07%.
AAPL was added to, but its portfolio weight held at 5.28%--this is a function of the stock's price movement matching the purchase, not a lack of conviction. The active buy grew the position by +$25.13B, yet the weight stayed flat because the stock's performance relative to the rest of the book kept it in check.
HON was sold out, moving from a 0.25% weight to 0.00%, a decisive exit. This contrasts with the broader theme of adding to industrials; it suggests a targeted reallocation away from this specific conglomerate.
State Street's Q2 moves show a clear preference for semis and tech infrastructure while trimming energy and some legacy tech. For other investors, this is a signal to consider the AI-driven demand story, but also to note that even when trimming, strong price momentum can mask the selling--always check share counts, not just dollar values.