Marc Andreessen and Ben Horowitz's Trades and Holdings in Q3 2025

Breaking down the stocks Marc Andreessen and Ben Horowitz (A16Z) bought, sold, and held in Q3 2025, including their holdings at the end of the quarter. All data sourced from A16Z's 13F filed on November 05, 2025.

Who are Marc Andreessen, Ben Horowitz and Andreessen Horowitz?

Andreessen Horowitz (a16z) is a prominent venture capital firm founded in 2009 by Marc Andreessen and Ben Horowitz. The firm manages over $35 billion in assets across multiple funds and is renowned for its high-conviction bets on transformative technologies, often maintaining concentrated positions in early-stage to growth-stage companies while also allocating to select public equities through its growth and public market strategies. The overarching investment style emphasizes "software is eating the world," a philosophy coined by Andreessen, prioritizing disruptive innovations in areas like AI, biotech, crypto, consumer tech, and enterprise software. Andreessen and Horowitz focus on founder-led companies with massive market potential, strong network effects, and scalable business models, providing not just capital but extensive operational support through a large team of experts in talent, marketing, and policy. They advocate for long-term compounding through bold, contrarian theses—such as Andreessen's "It's Time to Build" manifesto urging investment in infrastructure and innovation amid societal challenges.

A16z.com
A16Z on X
Marc Andreessen on X
Ben Horowitz on X
Q3 '25 13F filed with SEC

Holdings in Q3 2025

Current Investment Strategy

Andreessen Horowitz maintained its concentrated "software is eating the world" thesis in Q3 2025 with a diverse portfolio spanning crypto assets (Bitwise Bitcoin, Bitwise Ethereum), high-conviction biotech plays (Wave Life Sciences, Rocket Pharmaceuticals), and disruptive technology platforms (Alphabet, Reddit, Opendoor Technologies), while establishing new positions in fintech and semiconductor leaders Robinhood, Nvidia, and Broadcom. The firm's exit of Coinbase and bond holdings in favor of direct crypto exposure and tech equities reflected its bullish stance on institutional crypto adoption and AI infrastructure, consistent with its State of Crypto 2025 report calling it "the year the world came on-chain."

New Investments

Robinhood HOOD

Marc Andreessen and Ben Horowitz bought $88.61M of Robinhood in Q3 2025. Robinhood delivered exceptional Q3 2025 results with total net revenue doubling to $1.27 billion year-over-year, driven by broad-based strength across trading and subscription products. Transaction-based revenue surged 129% YoY to $730 million, led by cryptocurrency trading revenue jumping over 300% to $268 million, while net interest revenue grew 66% to $456 million, reflecting higher-earning assets and strong margin lending growth. Platform assets nearly doubled to $333 billion through record net deposits of $20.4 billion and significant expansion in Robinhood Gold premium subscribers to 3.9 million, demonstrating improving monetization and customer deepening with ARPU reaching $191, up 82% from a year ago.

• Total net revenue doubled to $1.27 billion in Q3 2025 with transaction-based revenue surging 129% YoY and cryptocurrency trading revenue up over 300%.
• Total platform assets grew 119% YoY to $333 billion, driven by record net deposits of $20.4 billion annualized at 29% asset growth rate.
• Robinhood Gold premium subscribers nearly doubled to 3.9 million, with margin lending surging 153% YoY to $13.9 billion and cash sweep balances reaching $35.4 billion.

Broadcom AVGO

Marc Andreessen and Ben Horowitz bought $21.13M of Broadcom in Q3 2025. Broadcom delivered exceptional Q3 2025 results with record revenue of $16 billion (+22% YoY) and non-GAAP EPS of $1.69, beating analyst expectations and reflecting robust demand across AI accelerators, networking, and VMware. AI semiconductor revenue accelerated 63% YoY to $5.2 billion, surpassing guidance, while free cash flow surged 47% to $7 billion with an industry-leading gross margin of 78.4%. With a $110 billion backlog, Q4 guidance of $17.4 billion revenue (+24% YoY), and 11 consecutive quarters of AI growth anticipated, the company is optimally positioned as a critical infrastructure player in the AI inflection.

• AI semiconductor revenue grew 63% year-over-year to $5.2 billion in Q3, surpassing internal 60% guidance.
• Free cash flow increased 47% year-over-year to $7 billion, representing 44% of total revenue.
• Stock returned 100.87% over the past 12 months with a $110 billion backlog securing multi-quarter revenue visibility.

MSCI Japan EWJ

Marc Andreessen and Ben Horowitz bought $7.84M of MSCI Japan in Q3 2025. Through the first month of the current quarter, the fund is performing solidly with 3.51% returns in October, building on strong year-to-date momentum of 21.69%. However, the fund has slightly underperformed its benchmark by 118 basis points over the trailing twelve months, with a 15.18% total return versus 16.36% for the benchmark. The fund maintains a lean 0.50% expense ratio and continues to rank competitively in the 67th percentile of peer Japanese equity funds.

• October 2025 month return of 3.51% contributes to strong YTD performance of 21.69%.
• Trailing 12-month return of 15.18% ranks in 67th percentile but trails benchmark return of 16.36%.
• Competitive 0.50% expense ratio supports long-term value preservation.

Nvidia NVDA

Marc Andreessen and Ben Horowitz bought $7.69M of Nvidia in Q3 2025. NVIDIA has delivered exceptional growth over the past two quarters, with revenue expanding 33% from $35.1 billion to $46.7 billion, driven by accelerating demand for AI infrastructure across Hopper and emerging Blackwell architectures. Data Center revenue achieved 56% year-over-year growth with Blackwell reaching record sequential levels, while Gaming achieved record revenues of $4.3 billion with 49% year-over-year expansion. The company maintains strong profitability with 72.4% gross margins and forward guidance of $54 billion for Q3 FY26 indicates sustained momentum in enterprise AI adoption.

• Revenue grew 33% sequentially from Q3 FY25 ($35.1B) to Q2 FY26 ($46.7B).
• Data Center revenue maintains 56% year-over-year growth with Blackwell platform achieving 17% sequential growth.
• Gaming revenue reached record $4.3 billion, up 49% year-over-year, while Automotive and Networking segments showed strong double-digit growth of 69% and 98% respectively.

Gold BAR

Marc Andreessen and Ben Horowitz bought $6.92M of Gold in Q3 2025. The search results provided do not contain financial or operational data for Gold (ticker BAR). Without access to the company's Q2 and Q3 2025 financial statements, production metrics, and cash flow information, a comprehensive analysis cannot be completed. To provide the requested performance analysis and valuation assessment, current quarter results and comparative metrics for this security are required.

• 0% of provided search results contain BAR-specific Q3 2025 financial or operational data.
• Comparable gold producers showed strong Q3 2025 performance (Equinox Gold: 236,382 oz production at $1,833/oz AISC), but BAR metrics unavailable.
• Analysis cannot be completed without company-specific data representing 0% availability of required information for Q2-Q3 2025 comparison.

Apple AAPL

Marc Andreessen and Ben Horowitz bought $4.86M of Apple in Q3 2025. Apple delivered a record September quarter revenue of $102.5 billion, up 8% year-over-year, while diluted earnings per share grew 13% to $1.85, reflecting strong margin expansion despite moderating top-line growth from Q3's 10%. The company's record fiscal 2025 revenue of $416 billion with double-digit EPS growth and all-time high installed base underscores consistent performance. Recent launches of the iPhone 17 lineup, AirPods Pro 3, and M5 MacBooks and iPads position the company favorably for holiday demand.

• Q4 diluted EPS grew 13% year-over-year to $1.85.
• Fiscal year 2025 total revenue reached $416 billion.
• Services segment achieved 13% growth in Q3, reaching all-time high revenue.

S&P 500 SPY

Marc Andreessen and Ben Horowitz bought $3.33M of S&P 500 in Q3 2025. The fund posted +1.05% returns in Q3 2025, a notable deceleration from Q2's +5.55% gain, reflecting profit-taking pressure on technology stocks that comprise over 30% of the portfolio. Despite quarterly weakness, the trailing 12-month return reached +17.64% including dividends, driven primarily by gains in mega-cap AI beneficiaries including NVDA, MSFT, and AAPL. The fund maintains strong institutional appeal with $695.19B in assets under management and an ultra-low 0.09% expense ratio.

• Q3 2025 return of +1.05% followed Q2's +5.55% gain, signaling market consolidation after strong mid-year technology rally.
• Year-to-date performance of +14.18% with 1.08% dividend yield and 26.66 P/E ratio reflecting premium valuation tied to AI concentration.
• Top three holdings NVDA (8.22%), MSFT (7.16%), and AAPL (6.32%) account for over 21.7% of fund assets.

FTSE Developed Markets VEA

Marc Andreessen and Ben Horowitz bought $2.93M of FTSE Developed Markets in Q3 2025. The fund has delivered robust performance with a 25.98% total return over the past year, capitalizing on attractive valuations in developed markets outside the US at a 16.02 P/E ratio. Year-to-date through October, the fund has appreciated 29.75%, outpacing the 1.77% monthly return in October, though the fund continues to underperform the broader S&P 500 over longer horizons. With a 2.73% dividend yield and ultra-low 0.03% expense ratio, the fund provides compelling value as developed international markets benefit from favorable economic conditions.

• Total return of 25.98% over the past 12 months including dividends, with YTD appreciation of 29.75% through October.
• P/E ratio of 16.02 represents attractive valuation compared to US equities, though 60.3% 10-year total return lags the S&P 500's 291%.
• 2.73% dividend yield with industry-leading 0.03% expense ratio across $182.81B in assets under management.

Tesla TSLA

Marc Andreessen and Ben Horowitz bought $1.72M of Tesla in Q3 2025. Tesla delivered record Q3 2025 revenue of $28.1B, up 12% YoY with record deliveries of 497,099 vehicles, but profitability contracted sharply as operating income fell 40% YoY and EPS of $0.50 missed consensus estimates of $0.54. Gross margins compressed to 18% from 19.8% due to strategic price reductions and loss of regulatory credits, though strong cash generation of $4B in free cash flow demonstrates underlying operational resilience and the company's ability to fund growth initiatives including Cybercab production planned for Q2 2026.

• Record Q3 revenue of $28.1B, up 12% YoY and exceeding Wall Street consensus of $26.5B by 5.9%.
• Operating income declined 40% YoY despite record vehicle deliveries of 497,099 units and energy storage deployments of 12.5 GWh.
• Gross margins compressed 80 basis points to 18%, while strong free cash flow of $4B and cash position of $41.6B support future investments in robotics and autonomous vehicles.

Palantir PLTR

Marc Andreessen and Ben Horowitz bought $1.44M of Palantir in Q3 2025. Palantir delivered exceptional Q3 2025 results with 63% YoY revenue growth crushing Wall Street's 50% expectation, while adjusted EPS surged 110% well above the 70% consensus estimate. Management raised full-year 2025 revenue guidance to 53% from 45%, reflecting accelerating AI-driven demand across commercial and government verticals. The company's fortress balance sheet of $6.4 billion in cash with zero debt, combined with 24% YoY adjusted free cash flow growth to $540 million, demonstrates strong operational execution and financial resilience.

• Q3 revenue grew 63% YoY to beat 50% consensus, with adjusted EPS surging 110% versus 70% expected.
• Operating cash flow expanded 20% YoY to $508 million, and adjusted free cash flow rose 24% YoY to $540 million.
• Full-year 2025 revenue growth guidance raised 8 percentage points to 53% from 45% previously.

General Electric GE

Marc Andreessen and Ben Horowitz bought $1.18M of General Electric in Q3 2025. General Electric delivered exceptional Q3 2025 results, with revenue growing 26% to $11.3 billion and adjusted earnings of $1.66 per share significantly beating consensus expectations of $1.46. The company raised full-year adjusted earnings guidance to $6.00-$6.20 per share from $5.60-$5.80, driven by robust commercial aerospace demand and improving pricing power across both segments. The aerospace-focused business transformation continues to drive persistent profit growth, supported by strong services momentum with internal shop visit revenue up 33% and spare parts revenue up more than 25%.

• Adjusted earnings beat consensus by 13.7% in Q3 2025 at $1.66 per share versus $1.46 expected.
• Revenue growth accelerated 26% year-over-year with both aerospace segments growing over 25%, demonstrating broad-based momentum.
• Full-year adjusted earnings guidance raised 7% to $6.00-$6.20 per share, with operating profit guidance also raised to $8.65-$8.85 billion.

JPMorgan JPM

Marc Andreessen and Ben Horowitz bought $1.17M of JPMorgan in Q3 2025. JPMorgan delivered strong Q3 2025 results with net income of $14.4 billion (up 12% year-over-year) and EPS of $5.07, beating analyst forecasts by 4.75%, while revenue grew 9% year-over-year to $47.1 billion. The firm maintained its leadership position as the retail deposit share leader for the fifth consecutive year, with average deposits up 6% and average loans up 7%, while returning $12.1 billion in combined dividends and buybacks. Despite these strong operational results, the stock declined 1.78% in pre-market trading, reflecting market concerns over potential regulatory changes and lending risks, though the P/E ratio of 15.59 suggests the valuation remains attractive relative to the broad market and banking peers.

• EPS of $5.07 beat consensus by 4.75%, with net income up 12% year-over-year to $14.4 billion.
• Revenue increased 9% year-over-year to $47.1 billion, with average deposits up 6% and average loans up 7%.
• ROTCE of 20% and ROE of 17% demonstrate strong capital efficiency, supported by 55 consecutive years of uninterrupted dividend payments.

Oracle ORCL

Marc Andreessen and Ben Horowitz bought $1.14M of Oracle in Q3 2025. Oracle is accelerating its cloud-driven growth engine, with cloud revenue expanding 28% year-over-year in Q1 FY26 to bolster total quarterly revenues to $14.9 billion, up 12% year-over-year. Remaining performance obligations of $130 billion—up 62% year-over-year with cloud-related RPO growing over 90%—provide strong multi-year revenue visibility, supporting management's 15% revenue growth guidance for FY 2026. Strategic investments in AI infrastructure and the pending Stargate partnership position Oracle for sustained momentum, though the significant increase in data center capital expenditure reflects near-term execution risks.

• GAAP earnings per share grew 20% year-over-year to $1.02 in Q3 FY25, with cloud revenue accelerating to 28% year-over-year growth in the most recent quarter.
• Oracle Cloud Infrastructure revenue surged 49% year-over-year to $2.7 billion in Q3, while total cloud services reached $6.2 billion with 23% year-over-year expansion.
• Remaining performance obligations jumped 62% year-over-year to $130 billion following $48 billion in signed contracts during Q3, providing exceptional revenue visibility for fiscal 2026.

Walmart WMT

Marc Andreessen and Ben Horowitz bought $1.12M of Walmart in Q3 2025. The company demonstrated strong momentum in Q3, delivering revenue of $169.59 billion, up 6.1% in constant currency, while operating income expanded 9.8%, reflecting operational excellence and effective cost management amid external headwinds. Strategic focus on high-margin revenue streams—namely eCommerce growing 27%, advertising revenues up 28%, and membership income rising 22%—significantly contributed to profitability gains and drove the raised full-year guidance. Sustained U.S. comp sales growth at 5.3% and international expansion of 12.4% in constant currency indicate the company is successfully gaining market share across key geographies.

• Operating income expanded 9.8% to $6.71 billion with gross margins improving to 24.2%.
• Global eCommerce net sales grew 27%, membership income surged 22%, and advertising revenues climbed 28%.
• Full-year FY25 guidance raised with sales growth of 4.8%-5.1% and operating income growth of 8.5%-9.25% in constant currency.

US Core Equity 2 DFAC

Marc Andreessen and Ben Horowitz bought $1.02M of US Core Equity 2 in Q3 2025. The Dimensional US Core Equity 2 ETF has faced headwinds in recent quarters, declining 9.15% over the past three months and 6.3% year-to-date, despite a respectable 13.96% total return over the past 12 months when including dividends. The recent weakness reflects market rotation away from the large-cap technology stocks that dominate the fund's top holdings—NVDA (4.96%), MSFT (4.94%), and AAPL (4.44%)—which have faced profit-taking and valuation pressures. The fund's actively managed approach with exposure to small-cap and value factors has positioned it competitively relative to passive alternatives, supported by a lean 0.17% expense ratio and $38.58B in assets.

• Down 9.15% in the last three months but demonstrated resilience with 13.96% total return over 12 months including dividends.
• Maintains competitive 0.17% expense ratio with 2,580 holdings across a diversified portfolio generating 1.01% dividend yield.
• P/E ratio of 21.88 suggests reasonable valuation, with the fund up 7.42% on a price basis over the past year.

Goldman Sachs GS

Marc Andreessen and Ben Horowitz bought $1.02M of Goldman Sachs in Q3 2025. Goldman Sachs demonstrated strong momentum in Q3 2025, with 20% year-over-year revenue growth to $15.18 billion and 39% net earnings growth versus Q3 2024. The diluted EPS of $12.25 improved 12.3% sequentially from Q2's $10.91, driven by surging investment banking fees and wealth management strength. With an annualized ROE of 14.2% and book value per share increasing 5.1% year-to-date, the firm is executing well on its strategic priorities.

• Diluted EPS increased 45.8% year-over-year to $12.25 in Q3 2025.
• Investment banking fees rose 42% year-over-year to $2.66 billion, reflecting strong M&A advisory and leveraged finance activity.
• Wealth and asset management revenues grew 17% year-over-year to $4.4 billion, with private banking revenues surging 40%.

Eli Lilly LLY

Marc Andreessen and Ben Horowitz bought $916.36K of Eli Lilly in Q3 2025. Eli Lilly delivered a stellar Q3 2025 performance, posting $7.02 adjusted EPS and $17.6B in revenue—both significantly exceeding analyst expectations and marking the company's fastest quarterly growth rate in company history. The pharmaceutical giant recovered strongly from an August setback, with shares surging approximately 40% from lows as its flagship GLP-1 products Mounjaro and Zepbound drove a 54% year-over-year revenue increase. Management raised full-year guidance by $2.25B at the midpoint to $63.25B, signaling sustained momentum and successful pipeline advancement including orforglipron progression toward global obesity submissions by year-end.

• Adjusted EPS surged 494.9% year-over-year to $7.02, beating consensus estimates by $1.06 per share.
• Revenue grew 54% year-over-year to $17.6B with Key Products revenue reaching $11.98B, driven by strong Mounjaro and Zepbound demand.
• Stock recovered 40% from August lows following strong Q3 results, with full-year adjusted EPS guidance raised 98 cents to $23.35 midpoint.

Morgan Stanley MS

Marc Andreessen and Ben Horowitz bought $822.62K of Morgan Stanley in Q3 2025. Morgan Stanley delivered exceptional Q3 2025 results, posting its largest earnings beat in nearly five years with $2.80 EPS versus $2.10 consensus and record revenues of $18.2 billion, up 18% year-over-year. Net income surged 44% to $4.6 billion, driven by robust performance across equities trading (up 35%), investment banking (up 44%), and wealth management, while the company's ROTCE improved meaningfully to 23.5% from 17.5% prior year. The stock surged 5.89% in pre-market trading following the announcement, reflecting strong momentum in capital markets activity and client confidence in management's strategic direction.

• EPS grew 48.9% year-over-year to $2.80, delivering a 33.97% earnings beat and achieving the largest beat in nearly five years.
• Return on Tangible Common Equity improved to 23.5% from 17.5% year-over-year, demonstrating enhanced capital efficiency.
• Equities trading revenue of $4.12 billion (up 35%) outpaced Goldman Sachs, while investment banking surged 44% fueled by M&A resurgence and IPO activity.

Added, Trimmed, and Exited

Added

Marc Andreessen and Ben Horowitz significantly increased positions in Core S&P 500 (IVV) (from 33,100 to 414,212 shares), Roblox (RBLX) (+106,532 shares for a 2,036% position increase), Meta (META) (+28,086 shares, +451%), Amazon (AMZN) (+18,804 shares, +198%), Berkshire Hathaway (BRK-B) (+4,585 shares), Netflix (NFLX) (+902 shares, +133%), DoorDash (DASH) (+1,459 shares), and CrowdStrike Holdings (CRWD) (+1,019 shares).
What it means: The dramatic increase in broad market exposure through IVV combined with concentrated additions to mega-cap tech suggests a strategic shift toward quality and scale amid market uncertainty. The massive accumulation in Roblox and Meta signals renewed conviction in the metaverse/gaming thesis and AI-driven advertising recovery, while the Berkshire Hathaway addition represents an uncharacteristic move toward Buffett-style value and diversification. The simultaneous buildout across Amazon, Netflix, DoorDash, and CrowdStrike reflects sustained belief in consumer internet resilience and cybersecurity fundamentals despite broader tech volatility.

Trimmed

Andreessen Horowitz dramatically reduced Nu Holdings (NU) by 87% (from 15.6M to 1.7M shares), Affirm (AFRM) by 85% (from 86,520 to 13,260 shares), Microsoft (MSFT) by 32% (from 17,712 to 11,978 shares), and Maplebear (CART) by 19% (from 12,351 to 10,051 shares).
What it means: The massive Nu Holdings reduction—their largest trim by far—likely reflects profit-taking after exceptional LatAm fintech gains or concerns about Brazilian regulatory/competitive headwinds. The substantial Affirm trim suggests diminished conviction in buy-now-pay-later economics amid rising credit losses and competition, while the Microsoft reduction indicates tactical repositioning within mega-cap AI plays, possibly rotating gains into perceived better value in Amazon and Meta. The Maplebear trim reflects concerns about the grocery delivery unit economics and competitive intensity from DoorDash and Amazon, where they simultaneously added capital.

Exited

Marc Andreessen and Ben Horowitz completely liquidated their $536M position in Coinbase (COIN), $68M in Airbnb (ABNB), $23M in USD High Yield (USHY), $21M in Tax Exempt Bond (VTEB), $3.5M in Pinterest (PINS), plus 12 additional smaller technology holdings including Atlassian (TEAM), Lyft (LYFT), Cloudflare (NET), Snowflake (SNOW), ServiceNow (NOW), and Disney (DIS).
What it means: The $536M Coinbase exit—their single largest liquidation—is particularly striking given the simultaneous $89M new position in Robinhood (HOOD), signaling a preference for multi-asset retail trading platforms over pure-play crypto exchanges amid regulatory uncertainty and Bitcoin ETF commoditization pressures. The complete exit from both fixed-income ETFs (USHY and VTEB) totaling $45M reflects a decisive abandonment of defensive positioning, likely driven by expectations of sustained higher rates and better risk-adjusted returns in equities. The wholesale clearing of 12+ smaller tech positions including Airbnb, Pinterest, and high-quality SaaS names like ServiceNow and Snowflake indicates aggressive portfolio consolidation toward higher-conviction mega-cap and new public market positions, suggesting the firm is rotating from venture-style diversification toward concentrated public market bets on proven AI infrastructure and consumer winners.

Disclaimer: All posts are for informational purposes only. They are NOT a recommendation to buy or sell the securities discussed. Please do your own research and due diligence before investing your money.