本文源自：市场资讯 作者：观察君 在增持AI相关标的的同时，段永平对原有持仓进行了结构性调整。苹果仍为其第一大重仓股，持仓市 值达87.97亿美元，占比50.3%，但四季度减持了247.06万股，幅度为7.09%。伯克希尔·哈撒韦则获大幅 增持198.5万股，增幅38.24%，稳居第二大重仓股，占比20.63%。此外，段永平增持了谷歌和拼多多， 同时大幅减持了阿斯麦，减持幅度达87.63%。 今年1月初，段永平曾表示："新的一年里，需要认真学习一下怎么使用AI，希望能让自己能理解AI到 敢下重注的地步。这玩意儿真是越用越觉得有意思，感觉世界有点不一样了。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 根据美股机构投资者13F持仓披露文件，截至2025年12月31日，知名投资人段永平管理的H&H International Investment持仓总市值约174.89亿美元，折合人民币超1200亿元。这份四季度持仓报告显 示，段永平在延续其价值投资框架的同时，正加速向人工智能领域倾斜。 英伟达是本季度段永平加仓力度最大的标的。13F文件显示，四季度段永平增持663 ...

Core Viewpoint - As of the end of 2025, H&H International Investment, managed by Duan Yongping, has a total holding value of approximately $17.489 billion, equivalent to over 120 billion RMB [1] Group 1: Investment Activities - In Q4 2025, Duan Yongping significantly increased his holdings in NVIDIA, as well as in Pinduoduo and Berkshire Hathaway [1] - Additionally, small positions were taken in three new AI-related companies [1] - Conversely, Duan Yongping reduced his stakes in Apple, Alibaba, and Occidental Petroleum [1]

Market Analysis by covering: FTSE 100, DAX, Nikkei 225, S&P 500 Futures. Read 's Market Analysis on Investing.com ...

Core Insights - Nvidia reported a significant increase in its investment portfolio, rising by $9 billion from $3.8 billion in Q3 2025 to $13.1 billion in Q4 2025 [1] - The number of actual holdings in Nvidia's portfolio decreased from 6 to 5, indicating a strategic shift [1] Portfolio Changes - Nvidia completely exited its positions in Applied Digital Corp, Arm Holdings, Recursion Pharmaceuticals, and WeRide Inc, while adding $10 billion to its portfolio [2] - New positions were opened in Intel, Synopsys Inc, and Nokia [2] Share Ownership - The ownership of 24 million shares in Coreweave and 1.2 million shares in Nebius Group remained unchanged [3] Portfolio Composition - As of December 31, 2025, Intel became the largest holding, accounting for 60% of the total portfolio value, followed by Synopsys at 17%, Coreweave at 13%, Nokia at 8.2%, and Nebius Group at 0.8% [5] Controversial Holdings - Coreweave has been a contentious holding due to its background as a former cryptocurrency miner and allegations of circular deals and faked revenue in the AI sector [6][7] - Analysts express concerns that Coreweave could be at risk if the AI market experiences a downturn [8] Investment Strategy - Nvidia has previously retracted some investment plans, including a $100 billion investment in OpenAI that has seemingly been abandoned [9]

Market Overview - Major U.S. stock index futures are down, with Dow futures down 0.10%, S&P 500 futures down 0.27%, and Nasdaq futures down 0.59% [1] Gold and Mining Stocks - Gold stocks are experiencing a pre-market rally, with Harmony Gold up approximately 1% and Coeur Mining up about 2% [2] Automotive and Technology Developments - Tesla's first production version of the autonomous taxi, Cybercab, has rolled off the assembly line at the Austin Gigafactory, with production expected to start in April pending regulatory approval. Tesla shares are up 0.63% [3] - Alphabet announced that the Google I/O developer conference will take place on May 19-20, with shares up 0.53% [4] - Nvidia has reached a chip agreement with Meta, which will use Nvidia's new standalone CPU in its AI data centers, marking the first large-scale independent deployment of the Grace CPU. Meta shares are up 0.92%, and Nvidia shares are up 1.38% [4] Corporate Actions - Western Digital plans to sell approximately $30.9 billion worth of SanDisk stock, with no shares being sold by SanDisk itself. This transaction involves a debt-for-equity swap with Morgan Stanley and Bank of America affiliates [5] - Berkshire Hathaway has significantly reduced its stake in Amazon by over 77% and has continued to decrease its holdings in Apple, while initiating a new position in The New York Times with over 5.06 million shares valued at approximately $352 million [5] - Segment's Q4 U.S. stock holdings report shows that investor Duan Yongping increased his stake in Nvidia and reduced his stake in Apple [5] AI Investments - Microsoft plans to invest $50 billion over the next decade in AI initiatives in the Global South, focusing on empowering schools and nonprofits, enhancing multilingual AI capabilities, and supporting local AI innovations [6]

Group 1 - H&H International Investment, managed by Duan Yongping, has significantly increased its holdings in NVIDIA, Pinduoduo, and Berkshire Hathaway, while also initiating small positions in three AI-related companies as of the end of 2025 [1] - The investment strategy includes a notable reduction in positions in Apple, Alibaba, and Occidental Petroleum [1] Group 2 - As of December 31, 2025, the portfolio shows a 6.96% increase in NVIDIA, a 2.85% increase in Berkshire Hathaway, and a 1.63% increase in Taiwan Semiconductor [2] - Apple remains the largest holding at 50.3% of the portfolio, while Pinduoduo constitutes 7.48% [2]

Core Viewpoint - REX Shares and Tuttle Capital Management have launched two new leveraged ETFs, T-REX 2X Long FIGR Daily Target ETF (FGRU) and T-REX 2X Long APH Daily Target ETF (APHU), providing 200% daily long exposure to Figure Technology Solutions, Inc. and Amphenol Corporation respectively, reflecting a focus on blockchain technology and advanced electronics [1] Group 1: ETF Launch Details - FGRU aims to deliver 200% of FIGR's daily performance, targeting blockchain technology to enhance efficiency in the private credit market [1] - APHU is designed to provide 200% of APH's daily performance, linked to a major provider of sensor and antenna solutions across various markets [1] - The launch expands the T-REX ETF suite to over 40 leveraged and inverse single-stock ETFs, including notable companies like Robinhood, Nvidia, and Tesla [1] Group 2: Market Position and Strategy - T-REX is positioned as a leader in single-stock innovation, responding to trader interest in dynamic sectors [1] - The ETFs are designed for tactical trading, allowing investors to manage short-term views effectively [1] - REX Shares emphasizes its commitment to providing active traders and long-term investors with a diverse range of investment products, including thematic and leveraged strategies [2]

来源：滚动播报 英伟达在盘前交易中领涨科技七巨头，因Meta同意在未来几年部署"数百万颗"英伟达芯片。英伟达涨 1.9%，亚马逊涨1.6%，Meta和特斯拉涨0.8%，Alphabet涨0.7%，微软涨0.6%，苹果涨0.5%。 ...

格隆汇2月18日｜英伟达美股盘前涨超2%，Meta加码英伟达，未来数年部署数百万颗芯片，首次采用 Grace CPU。 ...

Core Insights - NVIDIA remains the leader in AI hardware, but its high trailing P/E ratio of 45x and flat year-to-date performance indicate that much of its growth is already priced in, prompting investors to seek alternatives with better risk/reward profiles [1] Group 1: Company Performance - Advanced Micro Devices (AMD) reported Q4 revenue of $10.3 billion, exceeding estimates of $9.76 billion, with data center revenue growing 39% year-over-year to $5.4 billion [1] - Palantir Technologies achieved Q4 revenue of $1.41 billion, surpassing estimates of $1.36 billion, with U.S. commercial revenue surging 137% year-over-year to $507 million [1] - Snowflake reported Q3 revenue of $1.21 billion, beating estimates of $1.18 billion, with a year-over-year growth of 29% [1] Group 2: Valuation and Market Position - AMD's trailing P/E ratio stands at 79x, but its forward P/E is 31x, suggesting growth is reasonably priced, with a target price of $287.20 indicating significant upside potential [1] - Palantir's stock trades at a trailing P/E ratio of 209x and a price-to-sales ratio of 70x, raising concerns about sustaining its premium valuation despite impressive growth metrics [1] - Snowflake has a price-to-sales ratio of 14x and a negative profit margin of 31%, indicating that investors are paying a premium for a company still burning cash [1] Group 3: Growth Metrics - Palantir's total contract value reached a record $4.26 billion, up 138% year-over-year, with a net income increase of 670% year-over-year [1] - Snowflake serves 688 customers generating over $1 million in annual revenue, with remaining performance obligations of $7.88 billion, up 37% year-over-year [1] - AMD achieved 217% year-over-year earnings growth and 34% revenue growth, positioning it as a strong competitor in AI chips [1]