According to a disclosure by the U.S. Securities and Exchange Commission (SEC), Google parent Alphabet (GOOGL.US) filed its third-quarter U.S. equity holdings report (13F) for the period ended September 30, 2026.

Statistics show that Alphabet's total 13F portfolio value at the end of the third quarter was approximately $88.3 billion, compared with about $99.1 billion in the previous quarter, a quarter-on-quarter decline of roughly 10.9%. During the quarter, it added four new stock positions, increased one holding, reduced three holdings, and fully exited three positions; the top ten holdings together accounted for 99.48% of the portfolio. This filing reflects an extremely high concentration, and changes in its market value are largely driven by price moves in its core holdings, so the roughly $10.8 billion decrease in market value should not be directly interpreted as an equivalent-scale withdrawal of funds.

Alphabet's latest 13F disclosure shows it holds about $548 million of Qualcomm stock — the first new target added by Alphabet, which immediately became its sixth-largest holding upon establishment — and it continued to increase its stake in SpaceX, making these the main highlights of this updated 13F disclosure. At a time when smartphone demand is under pressure and Qualcomm is accelerating its expansion into AI data center CPUs and data center AI chip-related businesses, this position adds a capital link between Alphabet and this long-time chip partner.

Commercial space and satellite communications giant SpaceX (SPCX.US) remains the largest holding. Alphabet holds about 555.04 million shares, with an end-of-period market value of approximately $83.734 billion, accounting for 94.78% of the 13F portfolio; this represents an increase of about 3.8541 million shares from the previous quarter, or a 0.70% increase. Although its portfolio weight fell from 95.05% to 94.78%, the share count actually rose, indicating that Alphabet still retained and slightly expanded this core investment rather than reducing it because of the weight decline.

Derivatives exchange giant CME Group Inc (CME.US) ranks as the second-largest holding, with about 3.484 million shares, a market value of approximately $913 million, and a portfolio weight of 1.03%; the share count was unchanged from the prior quarter. Earth observation satellite and data services provider Planet Labs Pbc (PL.US) ranks third, with about 35.2489 million shares, a market value of approximately $578 million, and a weight of 0.65%, also with no adjustment to the share count. Chip architecture and processor intellectual property company ARM Holdings (ARM.US), which owns the ARM architecture, ranks fourth, with about 1.9608 million shares, a market value of approximately $568 million, and a weight of 0.64%, with the share count unchanged. Oncology drug developer Revolution Medicines, Inc. (RVMD.US) ranks fifth, with about 2.6739 million shares, a market value of approximately $549 million, and a weight of 0.62%; during the quarter it reduced about 272,700 shares, or 9.25%. Despite the lower share count, its portfolio weight still rose from 0.56% to 0.62%, reflecting that holding weights are also affected by changes in individual stock prices and total portfolio market value.

Wireless communications and computing chip giant Qualcomm (QCOM.US) became the most important new holding of the quarter and entered directly as the sixth-largest position. Alphabet held about 2.977 million shares at the end of the period, with a reported market value of approximately $548 million, representing 0.62% of the portfolio. The industry backdrop for this investment is very clear: Qualcomm has long served the Android smartphone ecosystem, and the two companies' cooperation has extended to Googlebook laptops using Qualcomm processors, as well as automotive AI chips and software. On top of the existing cooperation, the new equity link further increases the overlap of interests between the two sides, but the disclosure itself does not yet mean Google has placed data center chip procurement orders with Qualcomm. Qualcomm is trying to reduce its reliance on the handset cycle through its data center business, has set a target of more than $15 billion in data center revenue in fiscal 2029, and has already won business support from tech giants including Amazon, Microsoft and Meta. Among these, the arrangement with Amazon involves potential purchases of up to $60 billion in chips and related products, along with attached warrants. For the market, Alphabet's stake strengthens the investment narrative that Qualcomm is extending from end-device computing to AI infrastructure: the focus of competition is expanding from mobile chip share to cloud providers' demand for customized computing, energy efficiency and computing cost.

On November 6, after the holdings news was published, Qualcomm rose about 3% in premarket trading; in the prior trading session, the company had fallen more than 9% due to its performance and a broad selloff in tech stocks, showing that short-term earnings pressure and long-term business transformation are still jointly affecting valuation. Among Alphabet's top ten holdings in the third quarter, the seventh through tenth were AST SpaceMobile, Freshworks, Parabilis Medicines and Tempus AI. Among them, direct-to-cell satellite communications company AST SpaceMobile, Inc. (ASTS.US) held about 8.9435 million shares, with a market value of $526 million and a weight of 0.60%; enterprise software company Freshworks (FRSH.US) held about 14.3366 million shares, with a market value of $183 million and a weight of 0.21%; biopharmaceutical company Parabilis Medicines (PBLS.US) held about 4.9195 million shares, with a market value of $159 million and a weight of 0.18%; healthcare AI company Tempus AI (TEM.US) held about 1.5511 million shares, with a market value of $127 million and a weight of 0.14%. Except for an 11.54% reduction in Freshworks, the share counts of the other three were unchanged.

In terms of the structure of new holdings, Qualcomm was absolutely dominant, while the other newly disclosed positions involved shared mobility and biomedicine. Shared electric mobility platform Lime parent Lime (Neutron Holdings) (LIME.US) had a newly disclosed position of about 1.8989 million shares, with an end-of-period market value of $53.4934 million; cancer blood early screening company Freenome, Inc. (FRNM.US) had about 2.0221 million shares, with a market value of $31.8486 million; tumor cell therapy developer Obsidian Therapeutics Inc (OBX.US) had about 1.2249 million shares, with a market value of $16.8175 million. The four new positions had a combined end-of-period market value of approximately $650 million, with Qualcomm accounting for about 84.3% of that. The latter three companies all listed in the third quarter or completed listings through mergers and acquisitions, so the changes in the list may also include the effect of previous private investments being converted into publicly traded securities, and cannot all be understood as new open-market purchases during the quarter.

On the reduction side, Alphabet mainly adjusted some software, insurtech and biopharmaceutical holdings. In addition to the 9.25% reduction in Revolution Medicines, Freshworks was reduced by 1.87 million shares, or 11.54%; digital life insurance technology company Ethos Technologies Corp. (LIFE.US) was reduced by about 3.0507 million shares, a reduction of 84.21%, leaving about 571,900 shares at the end of the period, with a market value of approximately $19.1989 million. The sell list compiled by WhaleWisdom based on changes in portfolio weights also listed software development platform GitLab, Inc. (GTLB.US), Spero Therapeutics Inc. (SPRO.US) and Autolus Therapeutics PLC (AUTL.US). This weight ranking does not fully overlap with the actual list of reduced shares: although Revolution Medicines and Freshworks were reduced, their portfolio weights both rose.

Judging from the allocation changes shown in this disclosure, Alphabet continued an investment structure centered on SpaceX and covering chips, satellite communications, enterprise software and life sciences, with Qualcomm being the clearest new direction of the quarter. The investment implication is that, while maintaining its core holdings, Alphabet increased equity exposure to a long-term partner expanding into AI data centers, and selectively adjusted other investments. These changes occurred in the third quarter and reflect the quarter's industrial investment positioning, and should not be viewed as immediate trading reactions to the November election results and the subsequent sharp selloff in tech stocks.