Core Insights - H&H International Investment, managed by investor Duan Yongping, has made significant adjustments to its portfolio in Q4 2025, notably reducing its stake in Apple while increasing investments in AI-related stocks [1][2]. Portfolio Adjustments - In Q4 2025, Duan Yongping reduced his holdings in several stocks, including Apple (AAPL) by 10.12%, Occidental Petroleum (OXY) by 1.27%, Alibaba (BABA) by 1.24%, ASML Holding (ASML) by 0.47%, and Walt Disney (DIS) by 0.1% [2]. - Despite the reduction, Apple remains the largest holding in Duan's portfolio, with a market value of $8.797 billion, accounting for 50.3% of the total portfolio, although he sold 2.4706 million shares [3]. Investment in AI - Duan Yongping significantly increased his position in NVIDIA, acquiring 6.6393 million shares, marking a 1110.62% increase, with a total market value of $1.35 billion, making it the third-largest holding at 7.72% of the portfolio [3]. - Additionally, Duan initiated positions in three AI-related companies: CoreWeave (299,900 shares), Credo (141,300 shares), and Tempus (110,000 shares), targeting key areas in the AI supply chain [3]. Strategic Outlook - In early January, Duan expressed a strong interest in learning about AI, indicating a belief that the technology will significantly transform the world in the coming years, potentially more than in the past decades [3].

Market Overview - Technology stocks supported the U.S. market with two consecutive days of gains, while the Federal Reserve's meeting minutes revealed significant divisions among officials regarding interest rate policies [2][3] - The Dow Jones experienced a sharp drop at one point, while Nvidia rose by 1.6% and Amazon, boosted by Bill Ackman's fund, increased nearly 2% [2] - The chip index rose nearly 1%, and Micron, significantly increased by hedge fund Appaloosa, surged over 5% [2] - European stock indices achieved three consecutive days of gains, reaching historical highs, while the UK stock market also set new records [2] Oil and Commodities - Oil prices rebounded significantly, with U.S. crude rising over 4%, marking the largest increase in nearly four months, and Brent crude closing above $70 for the first time this month [2][3] - Gold and silver prices also saw rebounds, with gold rising nearly 3% and silver increasing by 6.5%, although gold later fell below $5,000 [2][7] Key News - The Federal Reserve's meeting minutes indicated a split among officials, with some supporting further rate cuts while others hinted at potential rate hikes [10][11] - The European Central Bank's President Lagarde may leave her position early, which could impact the continuity of monetary policy in the Eurozone [11] - Overseas investors net purchased $1.55 trillion in U.S. long-term financial assets last year, countering the narrative of "selling America" [11] - U.S. core capital goods orders exceeded expectations in December, with a 0.6% increase compared to the anticipated 0.3% [12] Company Developments - Tesla's first Cybercab, designed for fully autonomous driving without a steering wheel or pedals, has rolled off the production line [12] - Google launched the Pixel 10a smartphone ahead of Apple's iPhone 17e, maintaining a price of $499 with limited upgrades [13] - Notable investor Tepper increased his holdings in Micron by 200% and purchased a Korean ETF, betting on the storage sector [14] Investment Trends - Prominent investors are shifting strategies, with some selling Apple shares to increase positions in Nvidia and other AI-related companies [14] - The market is witnessing a trend of reallocating investments towards software stocks that have been undervalued due to recent sell-offs [15]

Core Insights - Duan Yongping's H&H International Investment reduced its stake in Apple during Q4 2025, mirroring actions taken by Berkshire Hathaway [1][2][4] - The investment firm significantly increased its position in AI-related stocks, particularly Nvidia, and initiated positions in CoreWeave, Credo, and Tempus [1][6][8] Investment Actions - Duan Yongping's firm reduced its holdings in several companies, including Apple, Occidental Petroleum, Alibaba, Disney, and ASML in Q4 2025 [2][4] - The reduction in Apple shares exceeded 7%, amounting to a total of 2.4706 million shares sold [4] - Despite the reduction, Apple remains the largest holding in the portfolio, with a long-term investment history dating back to 2011 [5] Nvidia Investment - The firm increased its Nvidia holdings by 663.93 million shares, marking a staggering 1110.62% increase, bringing total shares to 7.2371 million [6] - The market value of Nvidia shares in the portfolio rose to $1.35 billion, making it the third-largest holding, accounting for 7.72% of the portfolio [6] New AI Investments - New positions were established in CoreWeave (299,900 shares), Credo (141,300 shares), and Tempus (99,000 shares), focusing on key areas of the AI supply chain [8] - CoreWeave specializes in high-performance cloud services tied to Nvidia's GPU capabilities, while Credo focuses on high-speed connectivity solutions for AI data centers, and Tempus is a leader in AI-driven precision medicine [8] Future Outlook - Duan Yongping expressed a strong interest in AI, indicating a commitment to understanding and investing in the technology, suggesting that the next decade could see significant changes driven by AI advancements [9]

智通财经APP获悉，投资大佬段永平美股持仓主体H&H International Investment披露了截至2025年12月 31日的第四季度持仓报告(13F)。据统计，H&H第四季度美股持仓总市值达175亿美元，上一季度总市值 为147亿美元。H&H的持仓组合中新增3只个股，增持了6只个股，减持了5只个股，清仓了0只个股。其 中前十大持仓标的占总市值的99.66%。 (资料图片) ...

当地时间2月17日美股盘后，伯克希尔哈撒韦公司（下简称"伯克希尔"）向美国证监会（SEC）披露了最新13F文件。13F持仓报告显示， 在巴 菲特担任CEO的最后一季度， 伯克希尔对科技股的持仓进行了大幅调整，大举减持了苹果、亚马逊。 同时，首次建仓传统媒体纽约时报。 整体来看，截至2025年四季度末，伯克希尔前十大重仓股相较前一季度并未发生变化，只是在排名上略微调整。 这十大重仓股分别是：苹 果、美国运通、美国银行、可口可乐、雪佛龙、穆迪、西方石油、瑞士安达保险、卡夫亨氏、Alphabet。 与此同时， 知名投资人段永平也在2025年第四季度减持了苹果 ，减持数量为247.06万股，减持幅度达7.09%。 虽然苹果股价已连续三年上涨，2025年涨幅约9%，但仍跑输标普500指数。年初至今，苹果表现更弱，股价已下跌2.7%，上周甚至创下自去年4月以来最 差单日表现。 纽约时报股价近期表现强劲，2026年以来上涨近7%，目前接近历史高点74.59美元，过去12个月累计涨幅达50%。伯克希尔13F文件披露后，纽 约时报美股股价在盘后交易中涨超2%。 报告还显示，伯克希尔2025年第四季度大幅增持了雪佛龙和瑞士安达保 ...

Group 1 - Berkshire Hathaway significantly reduced its holdings in Apple and Amazon in the fourth quarter of 2025, with a 77% reduction in Amazon and a sale of over 10.29 million shares of Apple, decreasing its stake from 22.69% to 22.60% [4][5][6] - The fourth quarter marked the last 13F filing under Warren Buffett's leadership, as Greg Abel officially took over as CEO on January 1, 2026 [4][6] - Despite the reductions, Apple remains Berkshire's largest holding, while Amazon's shares fell to approximately 2.3 million, representing a drastic decline in ownership [6][7] Group 2 - Notable investor Duan Yongping also reduced his Apple holdings by 247.06 million shares, a decrease of 7.09%, while significantly increasing his investment in Nvidia by 663.93 million shares, marking a 1110.62% increase [8][9] - Duan's investment strategy appears to focus on AI, as he also initiated positions in three AI-related companies: CoreWeave, Credo, and Tempus [9][10] - Duan increased his stake in Berkshire Hathaway by 198.5 million shares, a rise of 38.24%, making it his second-largest holding [9][10]

Group 1 - Nvidia is a leading player in the AI wave, dominating the market with its GPU architecture and CUDA ecosystem, which are crucial for AI training and inference [1] - The rise of Nvidia is not an isolated event; it is part of a complex ecosystem involving wafer manufacturing, advanced packaging, storage bandwidth, network interconnects, power and cooling, materials, and equipment [1] - The AI infrastructure competition has shifted from a focus on computing power to overcoming connectivity bottlenecks, highlighting the importance of interconnect technologies [8] Group 2 - Credo, a lesser-known company, has seen its stock price surge due to its active electrical cables (AEC) that are essential for connecting GPUs in large AI data centers [2][4] - Credo holds an 88% market share in the AEC market, with revenues expected to double again by 2026, reaching nearly $1 billion [4] - The demand for optical fibers is increasing as they offer superior speed and energy efficiency compared to copper cables, with Corning emerging as a key player in this market [5][7] Group 3 - Lumentum is transitioning from a telecom supplier to a core enabler for AI data centers, with significant revenue growth driven by strong demand for optical devices [11][13] - Coherent is also innovating in the optical transceiver space, with a focus on high-speed devices that are essential for AI and machine learning applications [15] - SiTime specializes in precision clocks that are critical for synchronizing AI servers and networks, experiencing substantial revenue growth due to increased demand from data center clients [19][21] Group 4 - The supply chain supporting Nvidia's empire is both powerful and fragile, characterized by high technical barriers and single-point dependencies [27][28] - Companies like Corning, SiTime, and Nittobo are crucial for the reliability of AI systems, with their products being essential for maintaining system performance under extreme conditions [26][25] - The future of these companies is uncertain, as they face potential demand fluctuations and the risk of supply chain disruptions [27][28]

Core Insights - Nvidia stands out as a leading player in the AI wave, dominating the market with its GPU architecture and CUDA ecosystem, which are central to AI training and inference [1] - The rise of Nvidia is not an isolated event; it reflects a broader evolution in the AI infrastructure ecosystem, involving multiple components such as wafer manufacturing, advanced packaging, and network interconnects [1][8] - The competition in AI infrastructure has shifted from pure computational power to the ability to connect and manage vast numbers of GPUs effectively [8] Group 1: Nvidia's Market Position - Nvidia's data center revenue has reached new highs, with its latest GPU products being in high demand even before full release [1] - The company is perceived as defining AI infrastructure almost single-handedly, raising questions about the sustainability of relying on a single entity for foundational computing power [1] Group 2: The Role of Credo - Credo, a lesser-known semiconductor company, has seen its stock price surge by 245% in 2024 and is expected to double again in 2025, driven by the demand for active electrical cables (AEC) in AI data centers [2][4] - Credo holds an 88% market share in the AEC market, with analysts projecting its revenue to approach $1 billion by 2026 [4] Group 3: The Shift to Fiber Optics - Corning, a major player in fiber optics, is experiencing a resurgence as AI data centers increasingly require high-speed, reliable connections, with a significant contract from Meta for $6 billion [5][9] - The efficiency of fiber optics over copper cables is highlighted, with Corning's technology expected to dominate the internal networks of data centers [5][9] Group 4: Lumentum's Transformation - Lumentum is transitioning from a telecom-focused company to a key enabler for AI data centers, with a 58% year-over-year revenue increase [9][10] - The company is betting on three AI growth engines: optical circuit switches, co-packaged optics (CPO), and cloud transceivers [9][10] Group 5: SiTime's Importance - SiTime specializes in MEMS clock devices, crucial for maintaining synchronization in AI servers, with a 45% revenue growth in its communication and data center business [17][21] - The company’s technology is essential for ensuring the performance and efficiency of AI systems, especially as data center demands increase [21][22] Group 6: Supply Chain Vulnerabilities - The supply chain supporting Nvidia's empire is both powerful and fragile, with dependencies on specific technologies and materials that are difficult to replicate [23] - Companies like Nittobo, which supplies T-glass, face challenges in scaling production to meet the surging demand from AI companies [20][23] Group 7: The Future of AI Infrastructure - The AI infrastructure landscape is evolving, with a focus on connectivity and the ability to manage large-scale GPU deployments becoming as critical as computational power itself [8][24] - The sustainability of this supply chain and its ability to meet exponential growth in computational demand will be crucial for the future of AI [25]

Core Viewpoint - Investors are concerned about the impact of co-packaged optics on Credo's active electrical cables business [1] Group 1 - The rise of co-packaged optics is seen as a potential threat to Credo's market position in the active electrical cables sector [1] - There is growing investor anxiety regarding how this technology could disrupt existing business models within the industry [1]

Core Viewpoint - Credo has significantly raised its revenue guidance for Q3 of FY2026, expecting revenue between $404 million and $408 million, far exceeding market expectations of $341 million, driven by surging demand for AI data center products [1][4][5] Group 1: Financial Performance - The company anticipates a year-over-year revenue growth of over 200% for the current fiscal year, indicating a strong expansion phase [5] - The Q3 revenue forecast represents a 19% increase from the previous guidance midpoint of $340 million and is 22% higher than the previous lower guidance of $335 million [12] - Following the announcement, Credo's stock price surged by 15% in after-hours trading, reflecting strong market confidence [6][8] Group 2: Market Demand and Product Offering - The explosive growth in Credo's performance is attributed to the urgent demand for high-speed, energy-efficient connectivity products driven by AI data centers [15] - Credo specializes in providing innovative connectivity solutions with speeds up to 1.6T, including AEC (Active Electrical Cable) technology, which is crucial for high-speed data transmission in AI server networks [16][17] - Major clients include tech giants like Amazon, Microsoft, and xAI, indicating strong market validation for Credo's products [17] Group 3: Analyst Sentiment - Wall Street analysts maintain a positive outlook on Credo, with Needham reiterating a "buy" rating and setting a target price of $220, citing the increasing adoption of AEC technology [18] - Rosenblatt Securities adopts a more cautious stance, assigning a "neutral" rating with a target price of $170, highlighting potential valuation risks [19]