Goldman Sachs Q1 2026: +20% MSFT, +23% META, -16% TSLA

Goldman Sachs Doubles Down on Big Tech, Cuts Tesla in Q1 2026

Goldman Sachs Group's Q1 2026 13F filing reveals a firm that spent the first quarter adding to software and social media giants while quietly reducing its Tesla exposure. The portfolio grew 6.4% in reported holdings value to $735.10B — part of a $870.94B total reported AUM — as 500 positions were maintained. The directional story in the data isn't volume: it's which tech names the bank's asset-management arm is leaning into heading into mid-2026.

The headline moves: Microsoft (MSFT) received a 20% share increase to $26.04B; Meta Platforms (META) saw a 23% add to $11.81B; and Tesla (TSLA) was trimmed 16% to $12.69B. Across Goldman's full 500-name portfolio, those three represent the clearest rotation signal of the quarter. See the full Goldman Sachs 13F portfolio on 13F Insight.

Nvidia Remains the Anchor — Held Through the Noise

Despite the MSFT and META additions, Nvidia (NVDA) remained Goldman's top single-stock position at $38.47B — representing 5.23% of total holdings. Goldman held the position roughly flat in share count terms (220.57M shares) against a backdrop of price appreciation. That choice — to neither add nor reduce aggressively into Nvidia's Q4/Q1 rally — is a neutral conviction signal: the position is anchored, not being actively managed.

Apple (AAPL) held its spot as the third-largest position at $31.13B (4.23%), also held roughly flat. Amazon (AMZN) at $15.97B and Broadcom (AVGO) at $11.95B were similarly stable. The consistency across the top-5 single-name positions suggests Goldman's active management energy in Q1 was concentrated in the mid-tier — the MSFT, META, and TSLA moves — rather than in repositioning the core megacap anchor.

The MSFT and META Conviction Add

Microsoft's 20% share increase is the largest proportional move among Goldman's top holdings in Q1 2026. At a $26.04B position weight (3.54% of the portfolio), it has now moved into the clear fourth slot, ahead of Google (GOOGL at $17.80B) and Amazon ($15.97B). The add came alongside a broader SPY ETF increase (+17% shares, $31.82B), which could suggest tactical index-level exposure being combined with selective name concentration — or it could reflect different sleeve activity within Goldman's diversified asset management operation.

Meta's +23% increase to $11.81B is proportionally larger and reflects positioning into a stock that has been on an upward trajectory driven by AI advertising improvements and strong free cash flow. At 1.61% of the portfolio, Meta is now inside the top ten, and the add occurred against a context where Goldman analysts publicly raised their Meta price targets in late 2025. Whether this is conviction-driven or a research-house-to-portfolio feedback loop is unknowable from the 13F alone — but the timing aligns.

Tesla Trim: What a 16% Reduction Means in Context

The Tesla reduction — from an estimated 40.6M shares to 34.14M, cutting $2.4B from the position — is the most notable directional sell of the quarter. At $12.69B, TSLA remains Goldman's seventh-largest position. But the 16% share count reduction isn't a liquidation; it's a de-risking move. For a position this size, trimming 16% signals portfolio construction intent rather than fundamental exit.

Tesla has been among the most volatile large-cap positions in any institutional portfolio over the past 18 months — political risk, delivery miss cycles, and CEO distractions have made it unusually hard to model. Goldman's trim may reflect a rotation of those freed proceeds into the MSFT and META adds, both of which carry more predictable earnings profiles heading into H2 2026. Track the full TSLA institutional holder table on the TSLA page on 13F Insight.

AUM History and the Broader Portfolio Picture

The +6.4% QoQ AUM growth from $691.16B to $735.10B puts Goldman's holdings-value trajectory in context. The reported total AUM of $870.94B is the broader figure that includes non-equity holdings and international reporting. The delta between holdings value ($735.10B) and reported AUM ($870.94B) represents approximately $135.84B — consistent with institutional accounts, separately managed accounts, and non-13F-reportable positions that don't surface in the quarterly filing.

At 500 positions held, Goldman's portfolio is narrow by institutional standards. This concentration (vs. peers who often hold 800-1,200 names) suggests the Goldman 13F captures its actively managed equity vehicles rather than passive or index-heavy programs — making each directional move more signal-rich than an average filing from a larger, more diversified institution.

What to Watch in Q2 2026

Three portfolio questions will become answerable in August when Goldman files its Q2 2026 13F:

• Did the Tesla trim continue? A second consecutive reduction would confirm a structural exit; stabilization would suggest the Q1 de-risk was tactical.
• Did MSFT and META positions deepen? Q1's +20% and +23% moves are notable but not yet conviction-scale for a firm this size. A second-quarter add would confirm a thesis change rather than a rebalance.
• Did Nvidia hold as the top position? Given earnings around May 28, the Q2 filing will capture any post-earnings positioning adjustment — potentially the most watched data point in the entire Goldman 13F for AI investors.

For the full breakdown of Goldman Sachs's equity portfolio including every position change, access the Goldman Sachs Group filer page on 13F Insight. To compare Goldman's positioning to other major active managers, explore the filer directory or check the institutional signals feed for recent 13D and 13G activity from Goldman-tracked names.