Temasek Q2 Holdings: Total Market Value Rises to $37.3B, Trims NVIDIA and Microsoft
Claire Weston
Temasek's U.S. equity portfolio rose to $37.3 billion in Q2, up 22.3% quarter-on-quarter; its biggest move was loading up on SpaceX while trimming Nvidia and Microsoft — a structural rotation within AI bets, not a blanket directional call.
$37.3 billion — how much did Temasek's book grow?
Temasek's 13F filing with the SEC shows Q2 U.S. holdings at $37.3 billion, up from $30.5 billion last quarter — a 22.3% increase.
The fund added 66 new names and raised stakes in 44, while trimming 49 and exiting 21 — heavy two-way traffic, not passive drift.
This means → Temasek was actively reshuffling, not simply riding the market higher.
Top ten holdings — who held the throne, who climbed?
BlackRock (BLK) stayed No. 1 at roughly $5.0 billion, or 13.30% of the portfolio — even though its weight dropped the most this quarter.
Alphabet Class A (GOOGL) rose to No. 2 at about $2.53 billion (6.73%); Visa (V) sat at No. 3 with roughly $2.26 billion.
Nvidia ranked fourth (~$1.68 billion) and SpaceX fifth (~$1.68 billion) — nearly identical in dollar terms, but heading in opposite directions: Nvidia was trimmed, SpaceX was added.
The biggest buy — why did SpaceX jump straight into the top five?
Ranked by weight increase, the top five buys were: SpaceX, Alphabet Class A, Alphabet Class C, ASML, and Sterling (STRL).
SpaceX saw the largest weight gain, vaulting into the top five in a single quarter. In plain terms = Temasek made a heavy bet on space assets — the most eye-catching single addition this period.
The new ASML position also stands out — ASML is the world's sole supplier of EUV lithography tools, the machines that etch chip circuits with extreme-ultraviolet light. This reflects a strategic move into upstream semiconductor equipment.
Trimming Nvidia and Microsoft — is Temasek souring on AI?
The top five sells were: BlackRock, PDD Holdings, Microsoft, Nvidia, and Visa.
Within Big Tech, a clear split emerged: Temasek bought heavily into Alphabet while moderately trimming Microsoft and Nvidia.
This means → Temasek's AI stance is not "all in" or "all out" — it is rebalancing across the AI value chain, shifting weight from hardware (Nvidia) and platform (Microsoft) toward search and applications (Alphabet).
Can this rotation logic hold?
The quarter's defining move was structural rebalancing: within AI-linked assets, Temasek changed the mix rather than the total exposure.
In plain terms = it moved chips from "the ones making the GPUs" and "the ones selling the cloud" toward "the ones deploying AI" and "the ones building rockets."
Whether this split persists remains to be seen — one quarter of repositioning does not equal a long-term strategic pivot. The next 13F will be the test.
Content is for reference only, not financial advice.