– Duan Yongping (段永平), through his investment vehicle H&H, disclosed a $174.89 billion (approximately RMB 1.208 trillion) U.S. equity portfolio as of Q4 2025, with new positions in three AI-focused companies.
– The portfolio shows a strategic shift towards AI investments, adding CoreWeave, Credo Technology, and Tempus Ai, while increasing stakes in Berkshire Hathaway, NVIDIA, Pinduoduo (拼多多), Google (Alphabet Class C), and Microsoft.
– Apple remains the top holding at 50.3% of the portfolio, but reductions were made in Apple, Occidental Petroleum, Alibaba Group (阿里巴巴集团), Disney, and ASML (阿斯麦), indicating portfolio rebalancing.
– Duan’s public comments emphasize AI’s transformative potential, comparing it to the internet and industrial revolution, while cautioning about market bubbles and the need for due diligence.
– This move offers insights for global investors on how sophisticated Chinese capital is positioning for long-term technological disruption, with implications for equity valuations and sector allocation.
The recent release of 13F filings has once again turned the spotlight on the strategic maneuvers of legendary investors, and few moves are as closely watched as those of Chinese investment luminary Duan Yongping (段永平). Through the U.S.-based investment entity H&H, Duan has unveiled a monumental portfolio valued at $174.89 billion, revealing not just a consolidation of classic holdings but a deliberate foray into the heart of the artificial intelligence revolution. His new AI investments in companies like CoreWeave, Credo Technology, and Tempus Ai underscore a calculated bet on the infrastructure and application layers of AI, reflecting a broader sentiment among astute Chinese investors who are increasingly directing capital towards foundational technological shifts. This portfolio adjustment, coming amid volatile global markets, provides a critical lens through which to analyze the convergence of value investing principles with disruptive tech adoption, offering actionable intelligence for institutional players worldwide.
The Revelation of H&H’s Q4 2025 Portfolio: A $120 Billion Snapshot
The 13F filing submitted to the U.S. Securities and Exchange Commission (SEC) by H&H, the investment vehicle managed by Duan Yongping (段永平), provides a transparent window into the strategic thinking of one of China’s most respected investment minds. As of December 31, 2025, the portfolio comprised 14 U.S.-listed equities, with a total market value of $174.89 billion (approximately RMB 1.208 trillion). This disclosure is pivotal for market participants seeking to decipher the allocation trends of Chinese offshore capital, especially as it navigates complex cross-border investment landscapes.
Portfolio Composition and Key Holdings
A granular look at the holdings reveals a concentrated yet diversified approach. Apple Inc. (苹果) maintained its position as the unequivocal core holding, with a value of $87.97 billion, representing 50.3% of the total portfolio. This underscores Duan’s long-term conviction in the consumer technology giant, a stance consistent with his historical investment philosophy. The second-largest holding was Berkshire Hathaway Class B (伯克希尔B) at $36.07 billion (20.63%), highlighting a continued allegiance to the value-oriented principles embodied by Warren Buffett. Other significant positions included NVIDIA (英伟达), Pinduoduo (拼多多), Alphabet (Google) Class C (谷歌C), and Microsoft (微软), collectively pointing towards a blend of consumer tech, semiconductor leadership, and digital advertising dominance.
Significant Adjustments: Additions and Reductions
The quarterly changes tell a story of tactical repositioning. Duan’s team added to existing positions in Berkshire Hathaway, NVIDIA, Pinduoduo (拼多多), Google, and Microsoft, signaling reinforced confidence in these names amidst market fluctuations. Conversely, the portfolio saw reductions in Apple, Occidental Petroleum (西方石油), Alibaba Group (阿里巴巴集团), Disney (迪士尼), and ASML (阿斯麦). The trimming of Apple, despite its heavyweight status, may suggest profit-taking or a mild de-risking, while the cut in Alibaba could reflect ongoing reassessment of the Chinese e-commerce giant’s regulatory and competitive environment. These AI investments are part of a broader reallocation strategy that balances core holdings with emerging growth opportunities.
Decoding the New Entrants: A Deep Dive into AI Investments
The most intriguing aspect of the latest filing is the introduction of three new companies—CoreWeave, Credo Technology, and Tempus Ai—all operating within the expansive AI ecosystem. These AI investments represent a clear departure from Duan’s traditionally consumer-focused portfolio and indicate a strategic pivot towards enabling technologies and applications that are poised to define the next decade. For global investors, understanding the thesis behind each pick is crucial for gauging market sentiment and identifying potential alpha generators.
CoreWeave: Betting on the AI Infrastructure Boom
CoreWeave operates in the high-stakes arena of AI compute infrastructure. Essentially, it builds and leases high-performance GPU clusters to companies training large language models and developing generative AI applications. In an era where computational power is the new oil, CoreWeave’s business model capitalizes on the acute shortage of advanced semiconductors. As AI adoption accelerates, demand for scalable compute surges, potentially enhancing CoreWeave’s pricing power and revenue stability. However, this is a capital-intensive endeavor with deep dependence on upstream chip suppliers like NVIDIA; rapid expansion carries significant financial leverage risks. Duan’s small but symbolic position (0.12% of the portfolio) suggests an exploratory bet on the foundational layer of the AI stack, akin to investing in pickaxes during a gold rush. For more on GPU market dynamics, refer to industry reports from firms like Gartner or the SEC filings of major semiconductor companies.Credo Technology: Riding the Data Center Upgrade Wave
Credo Technology focuses on high-speed interconnect solutions, including chips and optical modules, which are critical for data centers to handle the massive data flows between AI servers. If AI compute is the engine, then data transmission is the highway—without efficient connectivity, computational gains are bottlenecked. Credo’s AI investments are indirect yet essential; it profits from the cyclical upgrade cycles of data centers driven by AI server deployments. The company’s success hinges on technological moats and partnerships with major hyperscalers, but it remains vulnerable to industry capex cycles. With a 0.12% portfolio allocation, this move indicates Duan’s recognition that AI’s proliferation necessitates backend infrastructure overhauls, offering a potentially less volatile play than pure-play AI model developers.Tempus Ai: AI’s Foray into Precision Medicine
Tempus Ai applies artificial intelligence to oncology and personalized medicine, integrating genomic and clinical data to assist in treatment decisions. This represents an AI investment in the application layer, targeting the high-impact but slow-moving healthcare sector. The long commercialization timelines, stringent regulatory hurdles from bodies like the U.S. FDA (Food and Drug Administration), and ongoing profitability challenges make this a speculative, long-horizon bet. At just 0.04% of the portfolio, this position is minimal, yet it signals Duan’s awareness of AI’s potential to disrupt traditional industries beyond tech. It underscores a theme that sophisticated investors are scouting for AI-driven efficiency gains in sectors with inelastic demand, even if the payoff is years away.Duan Yongping’s Evolving Investment Philosophy: From NetEase to AI
Duan Yongping (段永平) has built a reputation through legendary bets on companies like NetEase (网易), Kweichow Moutai (贵州茅台), and Apple, often embodying a value-oriented, long-term hold strategy. His recent pivot towards AI investments marks a significant evolution, reflecting an adaptation to macroeconomic and technological shifts. Public statements from Duan on social media and investment forums provide context for this transformation, revealing a mindset that balances enthusiasm with pragmatic caution.From Consumer Stocks to Tech Disruption
Historically, Duan’s portfolio leaned heavily on consumer brands with durable competitive advantages and strong cash flows. The gradual incorporation of tech giants like Apple and Microsoft paved the way for the current AI investments. In his own words, Duan has noted, ‘AI is nothing special; it’s a computer application born from massively improved computing power, where quantity leads to qualitative change.’ This framing demystifies AI while acknowledging its seismic impact, suggesting that his foray into AI is a logical extension of seeking companies with scalable, disruptive technologies.Public Commentary on AI and Market Bubbles
Duan has been vocal about the AI landscape, offering insights that resonate with institutional investors. He remarked, ‘The historical wheel of AI rolls forward, crushing all AI bubbles,’ indicating a belief in the technology’s enduring value despite market froth. He also cautioned, ‘Nowadays, anything remotely related to AI is rising chaotically; 90% of these companies will likely fail. But those that survive could be the next Google or Amazon.’ This dichotomy highlights a selective approach to AI investments, focusing on entities with sustainable models rather than speculative hype. Furthermore, Duan emphasized the necessity for investors to engage with AI tools, stating, ‘Every rational person should not ignore AI; they must take it seriously, starting by learning to use tools like Yuan Bao.’ His commentary reinforces that successful AI investing requires both technological understanding and disciplined valuation.Market Implications for Chinese and Global Investors
Duan Yongping’s (段永平) portfolio adjustments are not merely isolated trades; they serve as a bellwether for broader capital flows and sentiment within Chinese investment circles. As Chinese capital increasingly seeks growth beyond domestic equities, these AI investments offer a template for global asset allocation, particularly in sectors where technological innovation intersects with scalable economics.What Duan’s Moves Signal for AI Sector Valuations
The entry of a conservative, value-focused investor like Duan into AI names may lend credibility to the sector’s long-term prospects, potentially stabilizing valuations after periods of volatility. His positions in CoreWeave and Credo Technology suggest that infrastructure and enabling technologies are seen as relatively safer havens compared to application-focused startups. For investors monitoring the 人工智能 (Artificial Intelligence) theme, this implies a strategy of looking upstream in the value chain. Additionally, Duan’s continued accumulation of NVIDIA—a company he mentioned faces ‘sustained supply-demand imbalances with no real substitutes in the near term’—buttresses the thesis that semiconductor leadership remains critical. These AI investments could prompt other institutional players to reevaluate their exposure, driving further capital into foundational AI stocks.Lessons for Institutional Portfolios
Key takeaways for fund managers and corporate executives include:– Diversification into AI infrastructure: Consider allocating to companies providing compute, connectivity, and data services, as they may offer more predictable cash flows than pure-play AI developers.
– Balancing conviction with caution: Like Duan, maintain core positions in established giants while using small positions to gain exposure to disruptive trends.
– Monitoring Chinese offshore capital: The movements of savvy Chinese investors like Duan can provide early signals on sector rotations, especially in U.S. tech equities.
– Emphasizing due diligence: As Duan noted, AI tools can ‘sometimes talk nonsense,’ so cross-referencing information and understanding business models is paramount to avoid bubble-era pitfalls.
Synthesizing the Strategic Shift: Guidance for Forward-Looking Allocation
Duan Yongping’s (段永平) latest portfolio disclosure encapsulates a nuanced narrative: the convergence of traditional value investing with frontier technology adoption. His new AI investments, though modest in size, reflect a deliberate reconnaissance into the structural changes wrought by artificial intelligence. For the global investment community, this serves as a compelling case study in adaptive strategy, emphasizing that even the most steadfast investors must evolve with technological tides. The reduction in certain Chinese ADRs like Alibaba, coupled with increased stakes in U.S. tech leaders, also hints at the complex geopolitical and regulatory calculations influencing cross-border flows.Moving forward, investors should closely watch the performance of Duan’s AI investments as indicators of sector resilience. Regulatory developments from bodies like the China Securities Regulatory Commission (CSRC) (中国证券监督管理委员会) and technological breakthroughs will further shape these themes. The call to action is clear: deepen your understanding of AI’s foundational layers, incorporate rigorous scenario analysis into portfolio planning, and consider how Chinese investor sentiment can serve as a contrarian or confirmatory signal in global equity markets. By studying the moves of seasoned practitioners like Duan Yongping, market participants can better navigate the exhilarating yet uncertain terrain of AI-driven investing.