Duan Yongping challenges the market with "AI trading": over 11 times in Nvidia, strategic entry into CoreWeave, Credo, and Tempus, Apple exit

During the fourth quarter of 2025, Duan Yongping made a bold repositioning of his portfolio. The legendary investor, historically known for his successes with NetEase, Kweichow Moutai, and his focus on Apple, has now redirected capital into a structured bet on the era of artificial intelligence. This shift is not merely speculative but reflects a meticulous analysis of the AI value chain.

From computing power scarcity to the “digital heart”: how Duan Yongping maps AI

Numbers tell a clear story. Duan Yongping increased his Nvidia holdings by more than 11 times during this period, adding 6.6393 million shares, resulting in a 1,110.62% increase. His total stake in Nvidia now reaches 7.2371 million shares, with an approximate market value of $1.35 billion, making it the third-largest position in his portfolio with a 7.72% stake.

However, Duan Yongping’s strategy goes beyond traditional bets on chipmakers. He identified and invested in three companies that form the invisible backbone of the AI revolution, each occupying a critical segment of the value chain:

CoreWeave: the silent supplier of “golden bricks”

While tech giants compete for GPUs, CoreWeave operates a different model. The company does not produce chips but builds and rents high-performance GPU clusters—a typical “seller of shovels” play. Duan Yongping opened a position with 299,900 shares. Although facing cost pressures from accelerated depreciation and large investments, CoreWeave enjoys extraordinary bargaining power during periods of scarce computing resources. This is the type of positioning Duan Yongping has historically valued: profitability linked to market scarcity.

Credo Technology: the unseen transmission pathways

If the GPU is the heart, Credo provides the “blood vessels”—its high-speed interconnect chips and optical modules. The company benefits directly from the ongoing upgrades of global data centers to support the extreme demands of AI. Duan Yongping entered with 141,300 shares, betting on a company whose revenue grows along with the inevitable evolution of AI servers. It’s a “parallel” investment strategically tied to an unstoppable megatrend.

Tempus AI: the biomedical AI experimental lab

Unlike the previous two focused on infrastructure, Tempus AI represents Duan Yongping’s venture into vertical applications. The company is dedicated to AI in precision medicine, particularly oncology. The entry was modest—110,000 shares—but symbolizes a vision: transforming AI from “raw computational capacity” to “real productivity.” The healthcare sector, however, is highly regulated and has a long profit cycle. This is more a marathon than a sprint, testing AI’s true resilience to generate tangible value beyond data centers.

Redefining backing assets: freeing Apple, strengthening Berkshire

While advancing in AI, Duan Yongping conducted a significant rebalancing of his traditional defensive assets. In the fourth quarter, Apple remained his largest position, with a market value of $8.797 billion (50.3% of the portfolio). However, he sold 2.4706 million shares of Apple—a 7.09% reduction.

This decision likely reflects two considerations: controlling risk from over-concentration in a single asset, or freeing capital to fund the strategic transition toward AI. The practical result is resource reallocation.

At the same time, Duan Yongping added 1.985 million Berkshire Hathaway B shares, a 38.24% increase, raising this position to the second-largest in the portfolio at 20.63%. This structure—“tech growth with one hand, value anchoring with the other”—remains the core philosophy of his investment model.

Beyond these main moves, Duan Yongping also increased holdings in Google and Pinduoduo, while drastically reducing his position in lithography giant ASML by 87.63%. These additional steps suggest a reassessment of future growth potential among different players in the tech ecosystem—a perspective that separates casual observers from truly strategic investors like Duan Yongping.