Duan Yongping pivots strategy: deepens focus on AI while liquidating position in Apple

Recent Duan Yongping’s wallet disclosure reveals a profound shift in his investment approach. In the last quarter, the legendary fund manager not only drastically reconfigured his defensive assets but also launched his biggest AI technology offensive since starting his career as an independent investor.

The numbers show this change: while massively selling Apple shares—his traditional fortress—Duan Yongping increased his Nvidia exposure by more than eleven times. At the same time, he opened innovative positions in three companies covering the full AI value chain, signaling a deliberate transition from a “consumer moat” portfolio to one aligned with the technological transformation of the decade.

Mapping the AI value chain: three strategic moves

Duan Yongping’s strategy’s elegance lies in how he allocated capital across three critical layers of the AI ecosystem. Although these initial positions represent only 0.28% of the portfolio, their design reflects decades of experience in identifying structural winners.

Computing: Nvidia and CoreWeave

His bet on Nvidia solidified its dominance with a 1,110% increase—rising from 580,000 to 7.24 million shares, reaching a market value of $1.35 billion. This is now the third-largest position in the portfolio (7.72%), an unprecedented shift since his days at NetEase.

In addition to this “triple bet” on Nvidia, Duan started a position of 299,900 shares in CoreWeave—a decision that echoes his historical “pipeliner” logic that led to his early successes. CoreWeave doesn’t build AI models but provides GPU clusters to rent to companies competing for them. The business model offers defensive cash flow during periods of GPU scarcity, though it faces immediate profitability challenges.

Connectivity: Credo Technology and invisible infrastructure

With an entry of 141,300 shares, Credo Technology represents a layer often overlooked: high-speed data interconnection. If GPUs are the heart of AI data centers, Credo’s optical chipsets and modules act as the circulatory system. This position is particularly insightful because it links growth to the inevitable evolution of data centers—an indirect beneficiary of the same trends driving Nvidia.

Application: Tempus AI in precision medicine

The third move diverges from the infrastructure-first pattern. With 110,000 shares acquired, Tempus AI represents Duan’s bet on a vertical application that transforms raw data into clinical results. The company works in precision oncology, applying algorithms to complex tumors. Unlike CoreWeave and Credo, this is a long-cycle business under strict regulation—more marathon than sprint.

Rebalancing defensive assets: reduced Apple, strengthened Berkshire

While building his offensive AI positions, Duan also executed a significant rebalancing of his defensive “core” assets. Apple, which remains the largest holding (50.3% of the portfolio, $8.8 billion), was reduced by 2.47 million shares—a 7.09% decrease this quarter.

This sale may signal multiple strategies: reducing overconcentration in a single asset, freeing capital to reinforce AI positions, or reassessing the long-term growth prospects of the iPhone manufacturer. Whatever the motivation, the move sharply contrasts with the patience he demonstrated with Kweichow Moutai—where patience with a single asset yielded exponential returns.

The capital freed from Apple was partially redirected to Berkshire Hathaway B, which saw a significant purchase of 1.985 million shares (up 38.24%), making it the second-largest position (20.63%). This move follows Duan’s classic playbook: maintaining a defensive ballast—this time through an actively managed vehicle—while betting on technological transformations.

A differentiated view of tech giants

Additional adjustments in the portfolio reveal a sophisticated reassessment of different segments’ potential. Duan also increased holdings in Google and Pinduoduo, while making a dramatic cut in ASML—reducing the position by 87.63%.

The sharp exit from ASML is particularly revealing. The Dutch lithography equipment manufacturer had been an obvious beneficiary of the chip race, but Duan apparently concluded that competitive, regulatory, or technological dynamics made it less attractive than other opportunities in the AI spectrum.

Conclusion: Investment philosophy evolves

Duan Yongping’s restructured portfolio sketches a synthesis between his established principles and a realistic adaptation to the realities of 2025-2026. His dual strategy—“offensive growth with one hand, value defense with the other”—maintains his signature approach, but now growth points toward AI rather than traditional consumer sectors.

This pivot is not a rejection of his previous successes but a recalibration showing that even legendary investors recognize when market structures are transforming. The question now is whether his timing in AI, often questioned due to his late entry into technology, will yield the same kind of returns he achieved with patience in Moutai and Apple. As always with Duan Yongping, the answer will likely take years to materialize.