– Duan Yongping’s (段永平) H&H investment vehicle disclosed a $174.89 billion portfolio with 14 U.S. stocks as of Q4 2025, highlighting his evolving investment strategy.
– New entries include AI-focused companies CoreWeave, Credo Technology, and Tempus AI, signaling a strategic pivot towards artificial intelligence and its infrastructure.
– Apple remains the top holding at 50.3%, but portfolio adjustments show increased bets on Nvidia, Google, and Microsoft while reducing exposure to Apple, Alibaba Group (阿里巴巴集团), and others.
– Duan Yongping’s comments emphasize AI’s transformative potential, caution on market bubbles, and the long-term survival of key players like Google and Nvidia.
– For global investors, this move underscores the critical role of AI in equity strategies and the importance of monitoring Chinese investment legends for market signals.
The recent 13F filings have unveiled the latest moves of one of China’s most watched investors, Duan Yongping (段永平), whose investment strategy is often a bellwether for market trends. With a portfolio valued at over $174 billion, his Q4 2025 adjustments reveal a significant pivot towards artificial intelligence, offering critical insights for global investors navigating Chinese equity markets. As AI reshapes global economies, Duan Yongping’s investment strategy provides a roadmap for balancing innovation with value, making this update essential for fund managers and corporate executives worldwide. The focus on AI-related stocks underscores a broader shift in Chinese capital markets towards technology-driven growth, emphasizing the need for sophisticated analysis in volatile environments.
The $174.89 Billion Portfolio: A Snapshot of H&H’s Q4 2025 Holdings
The disclosure of H&H’s 13F filing for the fourth quarter of 2025 has provided a rare glimpse into Duan Yongping’s (段永平) investment strategy, managed through a U.S. account. This portfolio, valued at $174.89 billion (approximately RMB 1.208 trillion), consists of 14 U.S. stocks, reflecting a concentrated yet diversified approach that has captivated institutional investors. The sheer scale of this portfolio underscores Duan Yongping’s influence in global markets, particularly as Chinese investors increasingly look to U.S. equities for growth opportunities. This snapshot serves as a benchmark for understanding how veteran investors are positioning themselves amid economic uncertainties and technological disruptions.
Top Holdings and Weightings
Apple Inc. remains the cornerstone of Duan Yongping’s investment strategy, with a holding value of $87.97 billion, accounting for 50.3% of the total portfolio. This dominant position highlights his long-term confidence in the tech giant’s ecosystem and innovation pipeline. The second-largest holding is Berkshire Hathaway Class B, valued at $36.07 billion and comprising 20.63% of the portfolio, indicating a continued allegiance to value investing principles championed by Warren Buffett. Other significant holdings include Nvidia, Pinduoduo (拼多多), and Google Class C, each representing strategic bets on sectors ranging from semiconductors to e-commerce and digital advertising. The weightings reveal a balanced yet aggressive approach, with top concentrations in proven performers while exploring new frontiers.
Full List of 14 U.S. Stocks
The complete portfolio list for Q4 2025 includes: Apple, Berkshire Hathaway B, Nvidia, Pinduoduo (拼多多), Google C, Occidental Petroleum, Microsoft, Alibaba Group (阿里巴巴集团), Taiwan Semiconductor Manufacturing Company (TSMC), Disney, CoreWeave, Credo Technology, ASML, and Tempus AI. This diversity spans multiple industries—from energy and entertainment to cutting-edge AI—showcasing Duan Yongping’s investment strategy as one that blends stability with high-growth potential. Each selection is backed by rigorous analysis, often discussed in his public comments, making this list a valuable reference for investors seeking to emulate his success in Chinese and global markets.
New AI Entries: Decoding CoreWeave, Credo Technology, and Tempus AI
Duan Yongping’s investment strategy took a notable turn in Q4 2025 with the addition of three AI-focused companies: CoreWeave, Credo Technology, and Tempus AI. These new entries, though small in portfolio percentage (0.12%, 0.12%, and 0.04% respectively), signal a strategic exploration of artificial intelligence’s infrastructure and applications. For global investors, this move highlights the expanding scope of AI beyond software into hardware and specialized services, offering actionable insights for portfolio diversification. As AI becomes integral to economic growth, understanding these bets can help navigate the complexities of Chinese equity markets, where technology sectors are increasingly dominant.
CoreWeave: The AI Compute Powerhouse
CoreWeave operates as a provider of high-performance GPU clusters, leasing AI compute power to companies engaged in model training and generative AI. This positioning allows it to capitalize on the surging demand for computational resources, often referred to as the “pick-and-shovel” play in the AI gold rush. However, this is a capital-intensive business with heavy reliance on upstream chip suppliers like Nvidia, posing risks such as financial strain and competitive pressures. Duan Yongping’s investment strategy here suggests a belief in the enduring need for AI infrastructure, even as models evolve, making CoreWeave a bellwether for compute dependency in the sector.
Credo Technology: Data Center Connectivity Enabler
Credo Technology specializes in high-speed interconnect chips and optical modules, essential for data centers to facilitate rapid communication between GPUs in AI servers. Without efficient data transmission, computational power remains underutilized, making Credo’s offerings critical for AI scalability. This investment aligns with Duan Yongping’s focus on foundational technologies that enable broader trends, though it ties performance to data center upgrade cycles and technological barriers. For investors, this highlights the importance of looking beyond flashy AI applications to the underlying hardware that drives innovation.
Tempus AI: Precision Medicine Pioneer
Tempus AI applies artificial intelligence to precision medicine, particularly in oncology, by integrating genetic and clinical data to personalize treatment plans. While this represents a high-impact use case for AI, it comes with challenges like long commercialization timelines, strict regulatory hurdles, and unproven profitability. Duan Yongping’s inclusion of Tempus AI in his portfolio reflects a patient, long-term view on AI’s potential to transform healthcare, akin to his earlier bets on disruptive industries. This move encourages investors to consider AI’s societal benefits alongside financial returns, especially in sectors ripe for innovation.
Strategic Adjustments: Reading Duan Yongping’s Moves
Beyond new entries, Duan Yongping’s investment strategy involved significant adjustments to existing holdings in Q4 2025, offering clues about market sentiment and sector preferences. These moves—ranging from additions to reductions—provide a nuanced view of how one of China’s top investors is navigating economic headwinds and technological shifts. For global professionals, analyzing these changes can inform decisions in Chinese equity markets, where regulatory and economic indicators play a crucial role. The adjustments underscore a dynamic approach that balances conviction with adaptability, key traits for success in volatile environments.
Key Additions: Berkshire, Nvidia, and Tech Giants
Duan Yongping increased his stakes in Berkshire Hathaway, Nvidia, Pinduoduo (拼多多), Google C, and Microsoft during Q4 2025. These additions emphasize a reinforced belief in value investing through Berkshire, coupled with bullishness on AI and cloud computing via Nvidia, Google, and Microsoft. For instance, Nvidia’s role as a leading AI chipmaker aligns with his new AI bets, suggesting a cohesive strategy around semiconductor dominance. Similarly, Google and Microsoft represent diversified tech exposure with robust AI integrations, reflecting confidence in their ability to monetize generative AI trends. These moves highlight Duan Yongping’s investment strategy as one that leverages both traditional and innovative growth drivers.
Notable Reductions: Apple, Alibaba, and Energy Plays
Conversely, Duan Yongping trimmed positions in Apple, Occidental Petroleum, Alibaba Group (阿里巴巴集团), Disney, and ASML. While Apple remains the top holding, the reduction may indicate profit-taking or a slight caution amid market saturation concerns. The cut in Alibaba reflects broader uncertainties in Chinese tech regulations, whereas reductions in Occidental Petroleum and Disney signal shifts away from energy volatility and media disruptions. For investors, these adjustments serve as a reminder to regularly reassess holdings based on evolving market conditions, a core tenet of Duan Yongping’s investment strategy that prioritizes long-term value over short-term gains.
Duan Yongping’s Investment Philosophy: From Value to AI
Evolution from NetEase and Moutai to AppleDuan Yongping first gained recognition for lucrative bets on NetEase (网易) during the early internet boom and later on Kweichow Moutai (贵州茅台), a staple of consumer goods investing. These successes established his reputation for identifying undervalued assets with strong moats. His shift to Apple in recent years marked a transition towards global tech leaders, emphasizing brand strength and ecosystem loyalty. Now, with AI entries, Duan Yongping’s investment strategy demonstrates a forward-looking approach that seeks to capture next-generation trends while maintaining core positions in stable companies. This evolution highlights the importance of continuous learning and market awareness for investors in Chinese equities.
Embracing AI: Comments and Insights
Duan Yongping has publicly shared his thoughts on AI, providing context for his portfolio moves. He stated, “AI indeed is powerful; it大幅度地提高效率 (greatly improves efficiency). You see, in two years, it has changed many things.” He also acknowledged risks, noting, “AI sometimes胡说八道 (talks nonsense), so verification is key,” but emphasized its transformative potential: “AI in changing the world is an indisputable fact.” Regarding bubbles, he remarked, “AI的历史车轮滚滚向前，会碾碎所有AI的泡沫 (The wheel of AI history rolls forward, crushing all AI bubbles),” suggesting a belief in long-term viability despite short-term hype. These insights reveal a nuanced perspective that balances optimism with caution, integral to Duan Yongping’s investment strategy.
Market Implications: AI Boom, Bubble Concerns, and Investor Takeaways
Duan Yongping’s latest portfolio update carries profound implications for global markets, particularly Chinese equity participants focused on technology sectors. His AI bets coincide with a surge in AI-related investments worldwide, raising questions about sustainability and valuation. For institutional investors, this move underscores the need to differentiate between fleeting trends and foundational shifts, as echoed in Duan Yongping’s investment strategy. Analyzing these implications can help in crafting resilient portfolios that capitalize on AI’s growth while mitigating risks associated with market froth and regulatory changes in China and beyond.
AI’s Transformative Potential and Risks
The inclusion of CoreWeave, Credo Technology, and Tempus AI highlights AI’s expanding reach into compute infrastructure, data centers, and healthcare. Duan Yongping’s investment strategy here aligns with industry forecasts predicting AI to drive trillions in economic value, but it also acknowledges risks like capital intensity, technological obsolescence, and regulatory scrutiny. For example, he noted, “Those companies that survive the AI wave could become the next Google or Amazon,” emphasizing the winner-takes-all dynamics. Investors should consider diversifying across AI layers—from hardware to applications—to capture upside while managing exposure to potential downturns, a approach reflected in his portfolio adjustments.