Duan Yongping 25Q4 Holdings Disclosure: Reduced Apple, Crazy Over Nvidia!

Old Duan's latest report is out, with a huge amount of information:
AI is fully loaded: The most aggressive move this quarter is Nvidia, with shares skyrocketing by 1111%! The additional investment exceeds $1.2 billion. Meanwhile, Microsoft and TSMC are also making large-scale investments. Clearly, Old Duan has shifted from observation to heavy positioning in the AI sector.
Apple remains a true love, but profits have been realized: Apple still accounts for 50.3% of the portfolio, although it was reduced by 7% this quarter. It seems more like an asset reallocation after a high-position reduction.
Chinese concept stocks: Continue to increase holdings in Pinduoduo (+35%) but have reduced Alibaba, with Pinduoduo holdings roughly equal to Nvidia.
Cash cow and defensive stocks: Berkshire Hathaway's position has directly increased to 20.6%, firmly holding the second-largest position, maintaining strong defensiveness.
Summary: Sold some old money (Apple, oil), aggressively added new money (computing power, AI). I used to say I didn't quite understand AI, but this move shows heavy investment.