Executive Summary
Key takeaways from Duan Yongping (段永平)’s latest 13F filing and investment commentary:
– Duan Yongping’s managed portfolio, H&H, holds $174.89 billion (¥1.208 trillion) in U.S. equities as of Q4 2025, with Apple and Berkshire Hathaway B as top positions.
– Three new AI-focused entries: CoreWeave (AI compute leasing), Credo Technology (data center interconnect chips), and Tempus AI (AI-powered precision medicine), representing a cautious foray into high-growth tech.
– Strategic adjustments include adding to Berkshire, Nvidia, Pinduoduo, Google C, and Microsoft while trimming Apple, Occidental Petroleum, Alibaba, Disney, and ASML, reflecting a nuanced view on valuation and sector trends.
– Duan Yongping’s public statements emphasize AI’s transformative potential, likening it to the industrial revolution, while warning of a bubble where 90% of AI-related companies may fail, with survivors poised for massive growth.
– For investors, Duan Yongping’s latest holdings offer a blueprint for balancing core value holdings with selective exposure to AI infrastructure and applications, underscoring the importance of due diligence in a frothy market.
The Unveiling of a Titan’s Moves
When the U.S. Securities and Exchange Commission (SEC) 13F filings hit the wires, the investment world scrambles for insights into the strategies of legendary investors. The latest disclosure from the account managed by Duan Yongping (段永平), operating under the entity H&H, has sent ripples through global markets, particularly among those focused on Chinese equity trends and cross-border capital flows. With a staggering $174.89 billion (approximately ¥1.208 trillion) in U.S. stock holdings as of the fourth quarter of 2025, Duan Yongping’s latest holdings are not just a snapshot of wealth but a manifesto of evolving conviction. This revelation comes at a critical juncture as artificial intelligence (AI) reshapes industries, and his new bets on three AI-centric companies—CoreWeave, Credo Technology, and Tempus AI—signal a deliberate pivot towards what he calls “a world changing faster than ever.” For institutional investors and corporate executives tracking Chinese capital, understanding Duan Yongping’s latest holdings is essential for gauging sentiment shifts and identifying emergent themes in technology and beyond.
Duan Yongping (段永平), often dubbed China’s Warren Buffett for his value-oriented approach, has long been revered for his early wins in companies like NetEase and Apple. However, his recent maneuvers suggest an adaptation to the digital age, blending core holdings with exploratory positions in cutting-edge sectors. The H&H portfolio, now comprising 14 U.S. stocks, reflects a balanced yet dynamic strategy, with Apple maintaining a dominant 50.3% share despite a slight reduction. As we delve into Duan Yongping’s latest holdings, we uncover not just asset allocations but a philosophical roadmap for navigating volatility and innovation. This analysis will decode his positions, explore the implications for AI investments, and extract actionable insights for professionals aiming to align their portfolios with visionary trends.
Decoding the $120 Billion Portfolio: Core Holdings and Strategic Shifts
Duan Yongping’s latest holdings reveal a foundation built on stalwarts, with tactical tweaks that speak volumes about market outlook. The H&H portfolio, valued at $174.89 billion, is heavily concentrated in a few key names, emphasizing Duan’s belief in focus over diversification.
The Unshakeable Giants: Apple and Berkshire Hathaway
Apple remains the crown jewel, with a position worth $87.97 billion, accounting for 50.3% of the portfolio. Despite a reduction in shares during Q4 2025, this underscores Duan’s long-term confidence in the tech giant’s ecosystem and cash-generating ability. Similarly, Berkshire Hathaway B holds the second spot at $36.07 billion (20.63%), bolstered by additional purchases, highlighting Duan’s alignment with Warren Buffett’s value principles and Berkshire’s diversified cash flows. These core positions anchor Duan Yongping’s latest holdings, providing stability amidst more speculative bets.
Quarterly Adjustments: Additions and Reductions
The Q4 2025 filing shows calculated moves: Duan increased stakes in Berkshire Hathaway, Nvidia, Pinduoduo, Google C (Alphabet), and Microsoft, while trimming Apple, Occidental Petroleum, Alibaba, Disney, and ASML. This rebalancing suggests a tilt towards AI and cloud infrastructure (via Nvidia, Google, Microsoft) and Chinese e-commerce resilience (Pinduoduo), paired with profit-taking in mature names like Apple and concerns over cyclical sectors like energy (Occidental Petroleum). The reduction in Alibaba may reflect regulatory headwinds in China, whereas the ASML cut could indicate caution on semiconductor capex cycles. Overall, Duan Yongping’s latest holdings demonstrate a nuanced approach to sector rotation, favoring growth areas without abandoning value anchors.
Venturing into AI: The Three New Entries Explained
Duan Yongping’s latest holdings make a bold statement with the addition of three AI-related companies—CoreWeave, Credo Technology, and Tempus AI—each representing a distinct niche within the AI ecosystem. These entries, though small at 0.12%, 0.12%, and 0.04% of the portfolio respectively, are trial balloons in a high-stakes arena, reflecting Duan’s curiosity and risk-managed exploration of transformative tech.
CoreWeave: The Compute Powerhouse Behind AI Models
CoreWeave operates in the red-hot AI infrastructure space, leasing high-performance GPU clusters to companies training large language models and deploying generative AI. Think of it as the “pick-and-shovel” play in the AI gold rush: it doesn’t build models but provides the essential compute power. As AI demand surges, CoreWeave benefits from pricing power and scarcity of advanced chips. However, this is a capital-intensive business with deep reliance on Nvidia’s GPUs and significant financial leverage. Duan’s minor stake suggests he’s testing the waters in a sector with explosive growth potential but substantial operational risks. For investors, CoreWeave exemplifies the infrastructure layer critical to AI advancement, and Duan Yongping’s latest holdings here hint at confidence in sustained compute demand.
Credo Technology: Enabling Data Center Speed for AI Workloads
Credo Technology focuses on high-speed interconnect chips and optical modules, which are vital for data centers to handle massive AI-driven data transfers between GPUs. If AI compute is the engine, Credo builds the highways that prevent traffic jams. The company thrives on data center upgrades tied to AI server deployments, offering technological moats through proprietary designs. Yet, its fortunes are closely linked to cyclical tech spending, making earnings volatile. Duan Yongping’s latest holdings include Credo as a bet on the enabling technologies behind AI, emphasizing that the ripple effects of AI extend beyond software to hardware components. This move aligns with his historical preference for businesses with competitive advantages, even in nascent fields.
Tempus AI: Applying AI to Revolutionize Healthcare
Tempus AI leverages artificial intelligence in precision medicine, particularly oncology, by integrating genomic and clinical data to personalize cancer treatments. This represents the application layer of AI, where technology meets life-saving outcomes. However, healthcare is fraught with long commercialization timelines, stringent regulations, and unproven profitability models. Duan’s tiny position in Tempus AI indicates a speculative interest in AI’s societal impact rather than an immediate revenue play. It underscores his willingness to scout frontier innovations, as seen in his comments on AI’s potential to outpace the internet revolution. Duan Yongping’s latest holdings thus span the AI value chain, from infrastructure to end-use cases, offering a diversified exposure within the theme.
Duan Yongping’s Investment Philosophy: From Value to Visionary Tech
Duan Yongping (段永平)’s journey from investing in consumer staples like NetEase and Moutai to dabbling in AI stocks mirrors the evolution of global markets. His public musings, often shared on social media, provide a window into a mind balancing caution with curiosity.
The Evolution of a Strategy
Duan’s early successes were rooted in understanding moats and cash flows in internet and consumer sectors. Today, his foray into AI signals an acknowledgment that technological disruption can’t be ignored. He stated, “AI is just a computer application born from vastly improved computing power—quantitative change leading to qualitative change.” This pragmatic view frames AI not as magic but as an exponential tool, guiding his selective investments. Duan Yongping’s latest holdings reflect this adaptive mindset, where core value positions coexist with exploratory tech bets, ensuring portfolio resilience while capturing upside from megatrends.
His Take on the AI Bubble and Long-Term Potential
On social media, Duan has been vocal about AI’s dual nature. He quipped, “Now, anything related to AI is skyrocketing, and 90% of these companies will likely go bust. But those that survive could be the next Google or Amazon.” He added, “AI’s historical wheels are rolling forward, crushing all AI bubbles.” These comments reveal a tempered optimism: he recognizes froth but believes in AI’s foundational shift. For investors, this underscores the need to discriminate between hype and substance when evaluating Duan Yongping’s latest holdings. His focus on companies with tangible roles in the AI stack—like CoreWeave’s compute or Credo’s connectivity—suggests a preference for enablers over pure-play model developers, which he thinks may consolidate, with Google as a likely survivor.
Market Implications: What Duan’s Moves Signal for Investors
Duan Yongping’s latest holdings serve as a bellwether for sophisticated market participants, especially those eyeing Chinese capital allocations in U.S. equities. His actions offer clues about sector attractiveness and risk assessment in turbulent times.
AI Stocks: Separating Wheat from Chaff
The inclusion of AI names in Duan’s portfolio validates the sector’s strategic importance but also highlights its selectivity. He has mentioned that Nvidia’s supply-demand dynamics seem favorable for years, with few real alternatives, though competition from custom chips like TPUs is emerging. This suggests that while Duan Yongping’s latest holdings include Nvidia (increased position), he’s aware of technological risks. For fund managers, this implies a focus on AI infrastructure companies with pricing power and technological edges, rather than chasing every AI startup. The SEC 13F filings for other major investors can be cross-referenced for trends, but Duan’s approach emphasizes patience and due diligence.
Risks and Opportunities in the Current Landscape
Duan’s reductions in Apple and Alibaba point to concerns over valuation peaks and geopolitical tensions, respectively. Meanwhile, his adds in Pinduoduo and Microsoft reflect confidence in consumer resilience and cloud dominance. For institutional investors, Duan Yongping’s latest holdings suggest a balanced portfolio construction: anchor with cash-rich giants, tilt towards secular growth in AI and cloud, and maintain exposure to Chinese consumer tech while navigating regulatory winds. The small size of his new AI entries also signals a risk-managed entry strategy—worth emulating for those venturing into volatile sectors. As Duan advised, “Every rational person should not ignore AI; start by learning to use tools like ChatGPT.”
Forward-Looking Guidance: Navigating AI Investments in 2026 and Beyond
Based on Duan Yongping’s latest holdings and commentary, several actionable steps emerge for professionals aiming to thrive in the AI era. His blend of value discipline and exploratory zeal provides a framework for dynamic asset allocation.
How to Approach AI Investments Strategically
First, prioritize learning and adoption, as Duan emphasizes understanding AI tools firsthand. Second, focus on companies with durable competitive advantages in the AI supply chain, such as compute providers, semiconductor enablers, or vertical integrators in healthcare. Third, maintain a core of profitable, cash-generating businesses to buffer against tech volatility. Duan Yongping’s latest holdings exemplify this triad: Apple and Berkshire for stability, Nvidia and Google for growth, and small bets on innovators like Tempus AI for optionality. Investors should monitor SEC filings for updates on H&H’s moves, as future adjustments will refine these themes.
Monitoring Duan’s Future Moves and Market Catalysts
Keep an eye on key catalysts: AI adoption rates, data center spending cycles, and regulatory developments in China and the U.S. Duan’s social media posts (often on platforms like Snowball) offer real-time insights, but always verify with official filings. As he notes, “AI could bring changes larger than the internet or industrial revolution,” so staying agile is crucial. For corporate executives, this means assessing how AI can transform operations, akin to Duan’s investment in companies driving that transformation.
Synthesizing the Insights for Informed Decision-Making
Duan Yongping’s latest holdings reveal a master investor in transition, embracing AI’s potential while clinging to timeless principles. The $174.89 billion portfolio is a mosaic of conviction and caution, with new AI entries signaling a strategic evolution rather than a reckless plunge. Key takeaways include the importance of infrastructure bets in AI, the wisdom of balancing core holdings with speculative positions, and the need to discern lasting trends from temporary hype. As Duan himself predicts, AI will crush bubbles but elevate genuine innovators, making selective exposure paramount. For global investors, especially those in Chinese equities, studying Duan Yongping’s latest holdings offers a roadmap for integrating transformative tech into diversified strategies. Now is the time to audit your portfolio, stress-test AI exposures, and perhaps, like Duan, start with a small step into the future—because in his words, “The world is changing, and we must change with it.”