Duan Yongping, the low-profile Chinese billionaire famed for early bets on consumer electronics, has substantially reoriented his flagship fund’s US equity portfolio toward artificial intelligence. US 13F filings show H&H International Investment, managed by Duan, held about $17.489 billion in US-listed securities at the end of 2025 — roughly RMB 120 billion — and used the fourth quarter to multiply its exposure to Nvidia by more than tenfold.
The portfolio reshuffle came alongside heavy trimming of his largest holding, Apple, and an enormous cut to lithography giant ASML, whose stake fell by about 87.6%. At the same time Duan quietly established small positions in three niche, AI-focused US names: CoreWeave, Credo Technology and Tempus, each representing fractional but deliberate allocations aimed at the AI compute and vertical-application layers.
CoreWeave rents high-end Nvidia GPUs through a cloud service tightly integrated with Nvidia’s stack, positioning itself as a specialist provider of compute for model training, inference and rendering. Credo supplies active cables and high-speed silicon used to link AI data-centre hardware, effectively the “blood vessels” of distributed compute networks. Tempus applies AI to precision oncology and medical-data analytics, a poster child for healthcare AI commercialization.
The combination of a large, concentrated bet on Nvidia and exploratory stakes in these infrastructure and vertical specialists amounts to a deliberate play on the full AI value chain: chips and accelerators, the fabric that connects them, and early commercial applications. Duan also increased holdings in Alphabet and Pinduoduo, suggesting he is tilting toward software and internet platforms that can monetize AI, while trimming hardware names exposed to capital goods cycles and geopolitical risk.
Duan’s public remarks this January underscore the shift: he described a personal campaign to learn AI well enough to place substantial bets, calling the technology increasingly compelling and predicting changes over the next decade that could outstrip gains of the past 10–40 years. For an investor whose reputation rests on concentrated, conviction-driven positions, that is a significant endorsement of the AI opportunity.
The move matters for several reasons. First, it signals confidence from a veteran Chinese investor in Nvidia’s grip on the high-performance GPU market and in the economic logic of renting specialised GPU capacity through firms like CoreWeave. Second, the allocation choices illuminate how informed allocators are beginning to map the AI stack into investible themes: core compute, interconnects, and vertical software. Finally, Duan’s activity could nudge other Chinese and global investors to re-evaluate exposure to US-listed AI infrastructure names, even amid geopolitically fraught capital flows.
That said, the repositioning carries risks. Concentrating capital in Nvidia heightens sensitivity to valuation shocks, supply constraints, and regulatory probes. Small stakes in specialist firms are testing positions rather than full convictions, and ASML’s deep reduction may reflect profit-taking, regulatory uncertainty around advanced chipmaking equipment, or a shift away from cyclical capital-goods exposure.
In short, Duan’s filings are a useful barometer of how elite, private Chinese capital is beginning to embrace and structure exposure to AI: a blend of big, concentrated platform bets and targeted, early-stage plays in the ecosystem that supports and commercializes those platforms.