Single family offices increased stock holdings to 37% of portfolios in the second quarter from 34% in the first, the largest quarterly rise in several years, according to the CNBC Family Office Portfolio Tracker powered by Addepar. The shift suggests continued confidence in equities and the artificial-intelligence trade despite bubble concerns and market concentration. Allocations to private companies, real estate, private equity, venture capital and private credit fell by 3 percentage points, while cash declined by less than 1 percentage point. The changes were driven largely by market movements rather than active trading: the S&P 500 rose about 15% during the quarter, while private credit funds marked down asset values. Alternatives fell to 46% from 49%. Microsoft was held by 77% of family offices, followed by Amazon and Alphabet at 76%, Apple at 70% and Nvidia at 69%. Fixed income remained at 8%, hedge funds at 7% and other alternatives at 6%. Addepar CEO Eric Poirier said interest rates and bonds will be key themes to watch in the third quarter.