Switzerland’s quiet $178bn bet on Big Tech

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CHART 1 • Switzerland’s quiet $178bn be on Big Tech

The Swiss National Bank might be best known for monetary prudence, but its investment portfolio tells another story. With a $178bn equity stake in US markets, Switzerland’s central bank has become one of the world’s biggest investors in American tech stocks.

Almost a quarter of its entire US portfolio is concentrated in just four names: Nvidia, Microsoft, Apple and Alphabet. Each of these is a pillar of the AI and cloud revolution. Nvidia alone now represents $12.9bn of holdings, more than Berkshire Hathaway and Eli Lilly combined.

It is an extraordinary position for a central bank whose core mission is price stability rather than wealth creation. Yet it highlights how deeply global central banks and monetary institutions are now tied to the fate of US technology stocks.

Source: Investor Sight

This week’s charts reveal a world flush with money, but short on conviction. Investors are holding cash as protection, not confidence. Corporations hoard liquidity. Governments borrow freely. It feels less like abundance than exhaustion – a collective pause before the next storm.

Every cycle breeds its own paradox. This one’s is that money itself has become both the refuge and the risk. Too much of it hides in funds and corporate balance sheets, waiting for a signal. Too little in public hands threatens economic growth, investment and resilience.

I’ve got four more charts that expand on this story, but they’re for paid subscribers. Consider joining if you want the full edition and a deeper dive into what the data says about cash, credit and the uneasy calm in global financial markets.

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