U.S. President Donald Trump’s latest Office of Government Ethics Form 278-T filings show thousands of securities transactions inside his discretionary trust during the first quarter of 2026. The filings list more than 3,700 transactions, with cumulative activity estimated between $220 million and $750 million because federal disclosure rules report values in broad ranges rather than exact amounts. The filings show a portfolio heavily weighted toward technology, artificial intelligence infrastructure, semiconductors, enterprise software, retail, and communications. The tracked percentages apply to Trump’s liquid stock market portfolio, not his full net worth. They also do not include his larger Trump Media & Technology Group Corp. position, which has been estimated at nearly $920 million. The White House and Trump Organization have said the assets are held in discretionary accounts managed by independent third-party financial institutions. They have said Trump, his family, and the Trump Organization do not choose, direct, or approve individual trades. Donald Trump’s Top 10 Liquid Stock Holdings Costco Wholesale Corp. ranks as the largest tracked position in Trump’s liquid portfolio, with an estimated 12.31% weighting and about $4.0 million in exposure. The position places Costco at the top of the listed stock holdings and gives the portfolio a large consumer-staples allocation. Oracle Corp. follows at 11.08%, with an estimated value of about $3.6 million. Oracle’s role in cloud computing, enterprise software, and data infrastructure has made the holding one of the more closely watched technology positions in the trust. ServiceNow Inc. ranks third at 10.15%, with an estimated exposure of about $3.3 million. The filings show large enterprise software transactions, including purchases in multi-million-dollar reporting bands. Dell Technologies Inc. is fourth at 9.54%, with about $3.1 million in estimated value, giving the portfolio another position tied to servers, data centers, and hardware infrastructure. Apple Inc. is listed fifth at 8.31%, with estimated exposure above $2.7 million. Texas Instruments Inc. follows at 7.69%, with disclosed transaction values reaching up to $5 million. NVIDIA Corp. is seventh at 4.92%, with estimated exposure around $1.6 million, while Broadcom Inc. is eighth at 4.86%, with estimated exposure above $1.58 million. Jabil Inc. ranks ninth at 4.61%, with disclosed transaction values reaching up to $5 million. Comcast Corp. completes the top 10 at 3.32%, with estimated exposure above $1.08 million. Smaller sub-3% positions reportedly include other rotated equities, including Advanced Micro Devices and Intel. DJT and Crypto Holdings Sit Outside the Top 10 List Trump Media & Technology Group Corp., the parent company of Truth Social, is separate from the tracked liquid stock portfolio. Trump’s DJT share block has been estimated at $920 million, meaning it would dominate his wider equity exposure if included alongside the liquid trading account. The filings also sit beside Trump-linked crypto ventures that have drawn attention from lawmakers and watchdog groups. Critics have focused on World Liberty Financial and the TRUMP meme token as the administration advances crypto market structure and stablecoin legislation. World Liberty Financial documents have been cited by critics because a Trump-linked entity is reported to retain rights to 75% of net revenue from token sales. Trump also reported about $57 million in income tied to the project. Lawmakers have questioned whether private crypto interests overlap with public policy decisions affecting the digital asset sector. The Trump family has adjusted some public descriptions tied to World Liberty Financial, with roles described as Web3 ambassador positions rather than operational management roles. The project has also used disclaimers stating that the family does not manage daily operations. Ethics Questions Focus on Trust Structure and Policy Timing Trump’s stock and crypto holdings have become an ethics issue because the trust traded securities in companies tied to policy areas handled by the administration, including artificial intelligence, chip exports, defense, aviation, data centers, trade, and digital assets. Federal rules require presidents to disclose securities transactions, but the forms provide only broad value bands. They do not show exact trade prices, profits, losses, or whether every listed asset was bought as common stock, bonds, or another security type. The White House and Trump Organization have said the trust is independently managed and that there are no conflicts of interest. Their position is that Trump and his family receive no advance notice of trades and provide no input on portfolio management. Ethics critics argue that the arrangement is not the same as a traditional blind trust because Trump can still know what the trust owns through disclosure records. They say this creates concern when presidential decisions could affect companies held by the trust. Several positions have drawn scrutiny because of policy overlap. NVIDIA's exposure has been questioned because of AI chip export rules involving China. Oracle has drawn attention because of Trump’s relationship with Larry Ellison and the company’s role in data infrastructure. Dell, Broadcom, and Jabil are tied to AI hardware and manufacturing supply chains, while Boeing and defense-linked holdings relate to aviation and government policy. The debate also covers crypto. Lawmakers have argued that Trump-linked digital asset ventures complicate efforts to pass crypto legislation. Supporters of the trust structure say independent management separates the president from trading decisions, while critics say the size of the activity and the policy overlap show existing ethics rules are being tested.
