Duan Yongping
H&H International Investment
A value investor anchored in Apple and Berkshire who clearly leaned into AI from 2026 — sharply adding Nvidia and Alphabet and opening Palantir, Synopsys and other AI names, while holding a large PDD stake. Especially relevant for Chinese readers.
Investment thesis
Duan emphasizes staying within his competence: he holds Apple and Berkshire for the long run and rarely trades.
In Q1 2026 he made Nvidia his #3 position (~12%) and opened Palantir, Synopsys, CrowdStrike and Snowflake — a gradual tilt from pure value toward AI — while exiting Alibaba and CoreWeave.
His note on Apple — “mature, still growing, but no longer cheap” — captures his valuation discipline.
Sources: 腾讯新闻 — 段永平 Q1 持仓：加仓英伟达、谷歌、拼多多 · 21 经济网 — 巴菲特减持苹果，段永平大举押注 AI · 新浪财经 — 段永平 1380 亿元持仓曝光
Related themes
Compute & AI Chips
4 namesThe “pick-and-shovel” layer of the AI boom. Training and inference demand drives GPU/accelerator sales — the clearest cash flows today, but also the most crowded and richly valued.
AI Applications & Platforms
2 namesThe layer that turns models into products and revenue: search, ads, productivity, vertical SaaS. Winners are decided by distribution and data, not raw compute.
China AI
3 namesThe AI story at China’s internet giants: in-house models + cloud + e-commerce/ad monetization. Usually cheaper than U.S. peers, but carrying policy and geopolitical risk.
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