Alphabet's Q3 holdings revealed: SpaceX (SPCX.US) continues to increase its holdings of the largest stock, and takes a stake in Qualcomm (QCOM.US) by nearly $548 million

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Google's parent company Alphabet (GOOGL.US) submitted a US stock position report (13F) for the third quarter ending September 30, 2026.

According to statistics, the total market value of Google's parent company Alphabet's 13F holdings at the end of the third quarter was about US$88.3 billion. The previous quarter was about US$99.1 billion, down about 10.9% from the previous quarter. During the quarter, 4 new stock holdings were added, 3 stocks were reduced, and 3 stocks were liquidated; the total share of the top ten holdings reached 99.48%. This reporting portfolio is extremely concentrated, and changes in market value are largely affected by fluctuations in core position prices, so a reduction in market value of about US$10.8 billion cannot be directly understood as a withdrawal of capital on the same scale.

According to the latest disclosure of 13F by Google's parent company Alphabet, it holds approximately $548 million in Qualcomm shares — this is also the first time that Alphabet has added new targets. Once a position is opened, it is the sixth largest holding stock, and continues to increase its holdings in SpaceX, which is the main highlight of this 13F position disclosure update. At a time when demand for smartphones is under pressure and Qualcomm is speeding up the expansion of AI data center CPUs and data center AI chip-related businesses, this position has added capital links between Alphabet and this long-term chip partner.

Commercial space and satellite communications giant SpaceX (SPCX.US) continues to hold the largest position. Alphabet held about 555.4 million shares, with a market value of about US$83.734 billion at the end of the period, accounting for 94.78% of the 13F portfolio; an increase of about 38.541 million shares over the previous quarter, an increase of 0.70%. Although its portfolio weight dropped from 95.05% to 94.78%, the number of shares actually increased, indicating that Alphabet is still retaining and slightly expanding this core investment rather than reducing its holdings due to the decline in weight.

Derivatives exchange giant CME.US (CME.US) is the second-largest holding, holding about 3.4840 million shares, with a market value of about US$913 million, accounting for 1.03% of the portfolio. The number of shares held is consistent with the previous quarter. Planet Labs (PL.US), an Earth observation satellite and data service provider, ranked third, holding about 35.2489 million shares, with a market capitalization of about US$578 million, accounting for 0.65%. Also, the number of shares held was not adjusted.

Arm (ARM.US), a chip architecture and processor intellectual property IP company with an ARM architecture, ranked fourth, holding approximately 1.960,800 shares, with a market capitalization of about US$568 million, accounting for 0.64%, and the number of shares remained unchanged. Oncology drug research and development company Revolution Medicines (RVMD.US) ranked fifth, holding about 2.673,900 shares, with a market capitalization of about US$549 million, accounting for 0.62%; during the quarter, it reduced its holdings by about 272,700 shares, or 9.25%. Despite the reduction in the number of shares, its portfolio weight increased from 0.56% to 0.62%, reflecting the combined effects of changes in individual stock prices and the total market value of the portfolio.

Wireless communications and computing chip giant Qualcomm (QCOM.US) became the most important new holdings this season and directly entered the sixth largest stock. Alphabet held approximately 2,977 million shares at the end of the period, with a declared market value of about US$548 million, accounting for 0.62% of the portfolio. The industrial context of this investment is clear: Qualcomm has long served the Android smartphone ecosystem, and the partnership has extended to Googlebook laptops using Qualcomm processors, as well as automotive AI chips and software. On the basis of the existing cooperation, the new equity links further increased the intersection of interests between the two parties, but the disclosure itself does not yet mean that Google has placed a data center chip purchase order with Qualcomm.

Qualcomm is trying to reduce its dependence on the mobile phone cycle through the data center business. The company proposed a target of data center revenue exceeding 15 billion US dollars in fiscal 2029, and has received business support from technology giants such as Amazon, Microsoft, and Meta. Among them, the arrangement reached with Amazon involves procurement of up to 60 billion US dollars of potential chips and related products, and supporting warrants. As far as the market is concerned, Alphabet's shareholding reinforces Qualcomm's investment narrative of extending from terminal computing to AI infrastructure: the competitive focus is expanding from mobile phone chip share to cloud manufacturers' demand for customized computing, energy efficiency, and computing power costs. On November 6, after the announcement of relevant position information, Qualcomm rose about 3% before the market; on the previous trading day, the company fell by more than 9% due to performance and the general sell-off of technology stocks, indicating that short-term profit pressure and long-term business transformation were still affecting valuations together.

Of the top ten holdings of Google's parent company Alphabet in the third quarter, AST SpaceMobile, Freshworks, Parabilis Medicines, and Tempus AI ranked 7th to 10th, respectively. Among them, AST SpaceMobile (ASTS.US), a satellite direct-connected mobile communications company, holds about 8.9443,500 shares, with a market value of 526 million US dollars, accounting for 0.60%; enterprise software company Freshworks (FRSH.US) holds about 143.366 million shares, with a market value of US$183 million, accounting for 0.21%; biomedical company Parabilis Medicines (PBLS.US) holds about 4.919,500 shares, with a market value of US$159 million, accounting for 0.18%; healthcare The AI company Tempus AI (TEM.US) holds about 1,5511,000 shares, with a market capitalization of US$127 million, accounting for 0.14%. With the exception of Freshworks, which reduced its holdings by 11.54%, the number of shares held by the remaining three companies remained unchanged.

Judging from the new position structure, Qualcomm absolutely dominates; the rest of the new disclosures relate to shared travel and biomedicine. Neutron Holdings (LIME.US), the parent company of the shared electric mobility platform Lime, disclosed about 1,898,900 shares, with a market value of US$53.4934 million at the end of the period; early cancer blood screening company Freenome (FRNM.US) about 2.021,000 shares, with a market capitalization of US$31.848,800; tumor cell therapy developer Obsidian Therapeutics (OBX.US), with a market value of US$16.817,500. The total market value of the four new positions at the end of the period was approximately US$650 million, of which Qualcomm accounted for about 84.3%. The latter three companies all went public in the third quarter or completed listing through mergers and acquisitions, so the relevant list changes may also include the impact of the conversion of original unlisted investments to listed securities, and cannot all be understood as new purchases in the open market during the quarter.

In terms of holdings reduction, Alphabet mainly adjusted some software, insurance technology, and biomedical holdings. In addition to Revolution Medicines, which reduced its holdings by 9.25%, Freshworks reduced its holdings by 1.87 million shares; the digital life insurance technology company Ethos Technologies (LIFE.US) reduced its holdings by about 3.507 million shares, a reduction of 84.21%. At the end of the period, there were about 571,900 shares remaining, with a market value of about US$19.989 million. WhaleWisdom's sales list based on changes in position weight also shows software development platforms GitLab (GTLB.US), Spero Therapeutics (SPRO.US), and Autolus Therapeutics (AUTL.US). This weight list does not completely coincide with the actual stock reduction list: although Revolution Medicines and Freshworks have been reduced, their combined weight has increased.

Judging from the configuration changes presented in this disclosure, Alphabet continues the investment structure with SpaceX as the core, covering chips, satellite communications, enterprise software, and life sciences. Qualcomm is the most obvious new addition direction this season. The meaning of this investment is that while maintaining its core holdings, Alphabet has increased its equity exposure to long-term partners expanding into AI data centers, and selectively adjusts other investments. These changes occurred in the third quarter, reflecting the current quarter's industrial investment layout. They cannot be viewed as an immediate trading response to the November election results and the subsequent sharp decline in technology stocks.