Swiss National Bank holdings of U.S. equities reached a record $191.4 billion in the second quarter of 2026, up more than 10% from the previous quarter, according to a 13F filing with the SEC (U.S. securities regulator) dated June 30. The central bank held shares in more than 2,300 U.S.-listed companies, with Nvidia, Apple and Microsoft as its three largest positions. It also owned $716.6 million of defense software company Palantir, after previously rejecting pressure from an activist investor to sell roughly $1.1 billion of the stock. The disclosure underscores the bank's sizable exposure to U.S. equities within its foreign-exchange reserves, though 13F filings cover only U.S.-listed stock holdings and do not show its full reserve portfolio or recent trading activity. The increase also reflects how the rally in U.S. stocks, particularly AI-related names, has boosted the value of American assets held by overseas institutions.