While significantly reducing his stake in his top holding, Apple, renowned investor Duan Yongping aggressively increased his position in NVIDIA by more than 11 times in the fourth quarter and initiated small, exploratory positions in three highly representative AI-focused companies.

Data reveals that Duan Yongping added to his holdings in six stocks during Q4. The most substantial increase was in NVIDIA, followed by Berkshire Hathaway. Concurrently, he reduced his position in five stocks, with Apple seeing the largest sell-off.

This value investing veteran, famous for his major bets on NetEase, Kweichow Moutai, and Apple, is now deploying significant capital to establish a deep position for the artificial intelligence era.

**Aggressive NVIDIA Buys and New Entries: CoreWeave, Credo, and Tempus** Filings show that Duan Yongping purchased an additional 6.64 million shares of NVIDIA in Q4, a staggering increase of 1,110.62%. His total holdings rose to 7.24 million shares, with the position's value jumping to $1.35 billion, catapulting NVIDIA to become the third-largest holding in his portfolio, accounting for 7.72%.

Beyond this major wager on the "picks and shovels" provider NVIDIA, Duan Yongping also opened positions in three new companies. Although these combined positions represent only about 0.28% of the portfolio, the stock selection logic is astute, precisely targeting three critical nodes of the AI industry chain: computing power, connectivity, and application.

* **CoreWeave:** A new position of 299,900 shares in this computational power leasing "landlord." At a time when all major players are scrambling for GPUs, CoreWeave does not develop AI models but instead builds high-performance GPU clusters to lease to enterprises. It is a classic "picks and shovels" company. While facing financial pressures from heavy assets and high depreciation, it holds strong pricing power during cycles of computing power scarcity.

* **Credo Technology:** A new position of 141,300 shares in this data center "highway" provider. If GPUs are the heart of AI, then the high-speed interconnect chips and optical modules provided by Credo are the arteries. AI server clusters have extremely high demands for data transmission speeds. This move suggests Duan Yongping is betting on the certain incremental demand driven by data center upgrades—a type of "symbiotic investment" tightly bound to AI server iteration.

* **Tempus AI:** A new position of 110,000 shares in this "practical experiment" for AI in healthcare. Unlike the hardware focus of the first two, Tempus is dedicated to applying AI to precision oncology medicine. This represents Duan Yongping's foray into vertical AI applications. However, the healthcare sector is heavily regulated and has long development cycles. While it points toward the ultimate direction of AI transforming from "computing power" to "productive power," its profitability is still unproven, making this investment more akin to a marathon than a sprint.

**Reducing Apple, Adding Berkshire** While making offensive moves in AI, Duan Yongping also executed a significant rebalancing of his traditional "ballast" holdings.

In Q4, Apple remained his number one holding, with a position valued at $8.797 billion, accounting for 50.3% of the portfolio. However, he sold 2.47 million shares of Apple during the quarter, a reduction of 7.09%. This action could stem from risk management related to an overly concentrated position in a single asset or from freeing up capital to increase AI investments.

Simultaneously, he substantially increased his position in Berkshire Hathaway Class B shares as a defensive asset. Duan Yongping purchased nearly 1.985 million shares, a 38.24% increase, solidifying its position as the second-largest holding at 20.63% of the portfolio. This structure—"growth tech in one hand, defensive value in the other"—remains the cornerstone of his investment strategy.

Additionally, Duan Yongping increased his stakes in Google and Pinduoduo, while sharply reducing his holding in lithography giant ASML (by 87.63%), indicating a divergence in his outlook on the future growth potential of various technology giants.