Core Insights - H&H International Investment's portfolio value increased to approximately $14.7 billion by the end of Q3 2025, up about 28% from $11.5 billion at the end of Q2 2025 [3] - The portfolio's largest holding remains Apple, accounting for 60.42% of the total value, despite a slight reduction in shares [3][5] - Significant changes include a large increase in Berkshire Hathaway holdings by 53.53%, while positions in Alibaba and Nvidia saw declines of over 25% [4][3] Portfolio Composition - The top holdings in the portfolio as of Q3 2025 are: - Apple (AAPL): 34,829,107 shares valued at approximately $8.87 billion [3] - Berkshire Hathaway (BRK.B): 5,191,300 shares valued at approximately $2.61 billion [3] - Pinduoduo (PDD): 8,574,194 shares valued at approximately $1.13 billion [3] - Occidental Petroleum (OXY): 13,556,100 shares valued at approximately $640.53 million [3] - Alibaba (BABA): 2,777,330 shares valued at approximately $496.39 million [3] Investment Strategy - The addition of ASML to the portfolio completes the "AI quartet" alongside Nvidia, Microsoft, and TSMC, indicating a strategic focus on AI-related investments [4][12] - The investment in Berkshire Hathaway reflects confidence in its long-term value, with the stock price rising from approximately $464 to $502 during Q3 2025 [6][8] - The approach to Pinduoduo remains cautious, with the investor acknowledging a lack of understanding of its business model but recognizing its potential [17][21] Market Outlook - The investor expressed concerns about Apple's current valuation, indicating it is "not cheap" at around $250 per share, yet remains a strong long-term hold due to its user base and potential for growth [5][6] - The investor's perspective on Nvidia highlights its strong ecosystem and the competitive landscape in AI chip manufacturing, suggesting a cautious optimism about its future [15][16] - The overall sentiment reflects a balance between recognizing potential risks and maintaining a focus on long-term value creation through strategic investments in technology and AI [10][30]