From Buffett to Dan Bin: Top Seven Funds' 13F Reports Reveal New Round of AI Investment Rotation

Original Title: "Analysis of the 13F Holdings of Seven Major Funds: What Are Buffett, Duan Yongping, Li Lu, and Dan Bin Thinking?"

Original Author: Azuma, Odaily Planet Daily

In mid-August, major funds released their 13F quarterly reports, disclosing their static holdings as of June 30.

· Odaily Note: The so-called 13F is a quarterly disclosure document mandated by the U.S. Securities and Exchange Commission (SEC) for funds with assets under management exceeding $100 million. The SEC requires that qualifying funds submit this document within 45 days after the end of each calendar quarter, highlighting their holdings of U.S.-listed stocks, call/put options, convertible bonds, and specific ETF positions at the end of the previous quarter.

Although the 13F reports have a certain lag in disclosure time and cannot be used for simple copying of homework, they serve as the most direct window to glimpse the layouts and trends of leading funds. The consensus and divergences among different funds may hide clues about future market directions.

In the following text, we will analyze the 13F reports of seven leading funds: Berkshire Hathaway (Buffett, Abel), Duquesne Family Office (Stanley Druckenmiller), H&H International Investment (Duan Yongping), Himalaya Capital (Li Lu), ARK Investment (Cathie Wood), Dongfang Harbor Overseas Fund (Dan Bin), and Situational Awareness LP (Leopold Aschenbrenner), focusing on core layouts and major trends, hoping to enhance your investment strategy.

Berkshire Hathaway (Buffett, Abel)

Report Summary

As of June 30, Berkshire Hathaway disclosed a total of 29 positions in its 13F report (the 13F only covers U.S.-listed securities that need to be disclosed and does not equate to the total asset size of the fund), with 1 new position, 7 increases, 6 decreases, and 1 complete liquidation, with a nominal holding market value of approximately $299.3 billion.

Notably, this is the second 13F report after Buffett stepped down as CEO and Greg Abel officially took the helm, and it marks the first significant net buying quarter for Berkshire after ending a streak of 14 consecutive quarters of net stock selling, with net stock purchases nearing $20 billion for the quarter.

Core Holdings

Berkshire's holdings remain highly concentrated, with the top ten stocks accounting for approximately 88.47%:

· Apple (AAPL): Approximately $65.95 billion, maintaining the top position with a 22.0% portfolio share;

· American Express (AXP): Approximately $51.28 billion, accounting for 17.1%;

· Alphabet (Google, GOOGL + GOOG): Approximately $37.76 billion, including about $28.16 billion in GOOGL (Class A common stock, with voting rights) and $9.61 billion in GOOG (Class C common stock, without voting rights), with holdings now ranking in the top three;

· Coca-Cola (KO): Approximately $32.51 billion, accounting for 10.9%;

· Bank of America (BAC): Approximately $27.54 billion, accounting for 9.2%;

· Chevron (CVX), Occidental Petroleum (OXY), Chubb (CB), Moody's (MCO), Kraft Heinz (KHC) rank sixth to tenth.

Structurally, Berkshire has not significantly changed its previous framework centered on consumer, financial, and energy sectors, but the inclusion of Google has noticeably increased the weight of technology stocks in the portfolio.

Quarterly Changes

In the second quarter, Berkshire's most noteworthy action was undoubtedly its substantial bet on Alphabet—increasing its holdings in Alphabet Class A shares (GOOGL) by approximately 24.54 million shares, a 45.2% increase; simultaneously, it increased its holdings in Class C shares (GOOG) by approximately 23.60 million shares, a staggering 658.3% increase—bringing the total increase in both types of stock to approximately 48.10 million shares, making Google one of the top three holdings in the fund. Besides Alphabet, Berkshire also significantly increased its positions in Delta Air Lines (DAL), Lennar (LEN), Macy's (M), and other stocks.

On the other hand, reductions were mainly concentrated in the financial, consumer, and cyclical sectors. Bank of America (BAC) reduced its holdings by approximately 30.23 million shares, a 5.9% decrease, marking two consecutive quarters of reductions; Capital One (COF) reduced by approximately 58%, Kroger (KR) by approximately 22%, and Ally Financial (ALLY), DaVita (DVA), and Nucor (NUE) also saw declines.

Summary Analysis

Berkshire under Abel's era is experiencing a subtle shift in style, with the most explicit signal in the second quarter being a tilt from traditional finance and consumption towards technology growth. The heavy investment in Google not only further breaks the stereotype of Buffett's "avoidance of tech stocks" but also reflects the new management's deep recognition of Google's moat in AI and search—essentially a typical "value confirmation" rather than a trend chase.

However, Berkshire's core essence has not changed: the number of shares held in "ballast stones" like Apple, American Express, and Coca-Cola remains basically unchanged, and the energy sector's Chevron and Occidental Petroleum have not been sold off (the decrease in proportion is mainly due to dilution from new holdings).

Overall, this quarter, Berkshire exhibits a reallocation logic of "heavily increasing positions in tech leaders, structurally reducing financial consumption, maintaining energy core, and tentatively laying out real estate and aviation." While maintaining a very high concentration, Abel is quietly pushing the investment portfolio towards a digital future, but the clear presence of Buffett's "long-term" and "heavy bets" remains evident.

Duquesne Family Office (Stanley Druckenmiller)

Although not as famous as Buffett and Berkshire, Stanley Druckenmiller may be the fund manager currently most worthy of attention on Wall Street.

Who is Druckenmiller? He is a legendary macro hedge fund manager in the U.S., having served as the chief investment officer of Soros Fund Management from 1988 to 2000, becoming Soros's most successful trader... Currently, his most critical identity is that both U.S. Treasury Secretary Scott Basset and Federal Reserve Chair Kevin Walsh are his disciples (having had mentorship or long-term cooperation with him).

Therefore, compared to Berkshire's more long-term oriented 13F, the quarterly report of Duquesne Family Office resembles a macro trading map—especially in the rapidly changing context of AI, interest rates, and the U.S. economic outlook.

Report Summary

As of June 30, Duquesne Family Office disclosed a total of 95 positions in its 13F, with 48 new stocks added, 16 increased, 11 decreased, and 23 completely liquidated, with a nominal holding market value of approximately $5.21 billion, significantly up from $3.38 billion in the previous quarter.

Core Holdings

The 13F report shows that the top ten holdings of Duquesne Family Office account for approximately 45.8%:

· Genetic testing company Natera (NTRA) remains Duquesne Family Office's largest stock holding, with approximately 3.19 million shares at the end of the second quarter, valued at about $865 million, accounting for approximately 16.6% of the portfolio;

· The second and third largest holdings have become TSMC (TSM) and STMicroelectronics (STM), accounting for approximately 5.4% and 4.4% of the portfolio, respectively;

· In addition, biopharmaceutical company Insmed (INSM, with both stock and options holdings), Argentine state oil company YPF Sociedad Anónima (REPYY), and Amazon (AMZN) are also among the top ten holdings.

In the second quarter, the most noteworthy change for Duquesne Family Office was the reallocation within the AI industry chain.

Duquesne Family Office completely liquidated its positions in Micron (MU), Broadcom (AVGO), and Intel (INTC), with Broadcom being a new position established in the first quarter. However, this does not mean that Druckenmiller has abandoned semiconductors; on the contrary, he continued to increase his holdings in TSMC (TSM) and STMicroelectronics (STM), and initiated a new position in AMD. At the same time, the fund has begun to extend its reach into the periphery of AI infrastructure, purchasing Bitcoin mining companies like Hut 8 (HUT), Bitdeer (BTDR), and Riot Platforms (RIOT), which are transitioning towards data centers.

It seems that Druckenmiller has chosen to realize some profits from previously high-performing positions while reallocating funds to what he believes are better risk-reward opportunities.

Additionally, in the second quarter, Duquesne Family Office re-entered Alphabet (GOOGL), which it had just sold off in the first quarter, and significantly increased its position in Amazon (AMZN) after reducing it in the previous quarter—this move may be a bet that large companies, which previously incurred substantial AI capital expenditures, will gradually shift from being "payers for AI infrastructure" to "beneficiaries of AI commercialization."

Aside from the aforementioned changes related to AI, Duquesne Family Office also expressed a bullish outlook on the aviation sector, initiating a position in Delta Air Lines (DAL) and increasing its holdings in United Airlines (UAL); notably, in the second quarter, Duquesne Family Office also re-established a position in Baidu ADR (BIDU) with approximately 88,000 shares, marking its first re-entry into U.S.-listed Chinese stocks since liquidating Alibaba at the end of 2023.

Summary Analysis {#%E6%80%BB%E7%BB%93%E5%88%86%E6%9E%90}

If we were to condense this 13F into one sentence, Druckenmiller has not left AI but is instead re-selecting the winners for the next phase of AI. At least from the holdings at the end of the second quarter, Druckenmiller still maintains a relatively complete exposure to AI, merely reallocating from some crowded hardware sectors towards cloud platforms, data centers, and AI applications.

Meanwhile, Baidu's reappearance is another signal worth noting. Although the position of 88,000 shares is not large, the tentative re-establishment after a long avoidance of Chinese stocks at least indicates a renewed interest in Chinese tech assets.

It is important to emphasize that due to Druckenmiller's relatively high-frequency trading rhythm, the 13F report from Duquesne Family Office is harder to simply "copy homework" from, making it more suitable for observing allocation directions.

H&H International Investment (Duan Yongping) {#H%26H%20International%20Investment%EF%BC%88%E6%AE%B5%E6%B0%B8%E5%B9%B3%EF%BC%89}

Next, we turn our attention to H&H International Investment, managed by the legendary Chinese investor Duan Yongping. From this 13F report, it can be seen that Duan's holdings remain highly concentrated, but in the second quarter, there were signs of a return from some overvalued tech stocks to Chinese internet stocks.

Report Summary {#%E6%8A%A5%E5%91%8A%E6%91%98%E8%A6%81}

As of June 30, H&H International Investment disclosed a total of 18 holdings in its 13F, with a nominal total value of approximately $19.101 billion (about 130 billion RMB), a decrease from about $20 billion at the end of the first quarter.

It should be noted that the 13F only discloses long positions in U.S. stocks, so assets held by Duan Yongping such as Tencent, Pop Mart, and Kweichow Moutai, as well as numerous put-selling options operations, are not included in this report.

Core Holdings {#%E6%A0%B8%E5%BF%83%E6%8C%81%E4%BB%93}

H&H International Investment's holdings remain highly concentrated, with the top five stocks accounting for over 88% of the total.

· Apple (AAPL): Approximately $7.841 billion, accounting for 41.05%, remains the largest holding;

· Berkshire (BRK.B): Approximately $4.618 billion, accounting for 24.18%, together with Apple forms the "cornerstone";

· Pinduoduo (PDD): Approximately $1.91 billion, accounting for 9.99%, rising to the third-largest holding, marking a significant increase in the weight of Chinese internet stocks in Duan Yongping's portfolio;

· Tesla (TSLA): Approximately $1.42 billion, accounting for 7.44%;

· NVIDIA (NVDA): Approximately $1.26 billion, accounting for 6.58%.

Quarterly Changes {#%E5%AD%A3%E5%BA%A6%E5%8F%98%E5%8C%96}

In the second quarter, the most important operation for H&H International Investment was a significant increase in Pinduoduo (PDD)—adding 5.2738 million shares, an increase of 26.71%, making it the third-largest holding; at the same time, a slight increase in Berkshire Hathaway B shares (BRK-B) can be interpreted as a long-term recognition of the value investment framework; additionally, Alibaba (BABA), which was just liquidated by Duan Yongping in the first quarter, was bought back with 301,400 shares (approximately $28.93 million) in the second quarter.

On the reduction side, AI and tech leaders were the main targets for H&H International Investment's profit-taking in the second quarter. NVIDIA (NVDA) was cut by 7.5631 million shares, a reduction of 54.63%; Google (GOOG) was reduced by over 1.7 million shares, a cut of 46.88%; Microsoft was reduced by 25.78%; Apple was also reduced by 1.8469 million shares—marking the second consecutive quarter of selling (after a reduction of 3.4129 million shares in the first quarter); TSMC (TSM) and CrowdStrike (CRWD) were completely liquidated.

It is worth mentioning that Duan Yongping is not simply bearish on the tech stocks he has reduced. In late July, he publicly stated that "he would increase some Google shares," while also indicating he would continue to look for opportunities to buy NVIDIA at lower prices through put selling. In other words, the reduction is more a judgment on price and safety margin rather than a complete denial of the companies themselves.

Summary Analysis {#%E6%80%BB%E7%BB%93%E5%88%86%E6%9E%90}

If we were to summarize this 13F in one sentence—sell a little when prices rise, buy a little when they are cheap, and continue to hold good companies.

Overall, in the second quarter, H&H International Investment's reallocation strategy was relatively clear—the cornerstone stocks were only slightly adjusted, increasing exposure to Chinese internet stocks while taking profits on high-performing AI stocks. Apple and Berkshire remain core holdings, but after consecutive reductions, the number of Apple shares has declined for two consecutive quarters; meanwhile, Pinduoduo has become the new third-largest holding, and Alibaba has also returned to the investment portfolio; although NVIDIA and Google have been reduced, it does not indicate a bearish stance, but rather a realization of floating profits, with Duan Yongping expressing a desire to buy back at lower prices.

This indicates that what Duan Yongping is doing in the second quarter is not a complete shift towards a new theme, but rather a search for safety margins amid valuation changes, appropriately taking profits from high-performing AI and tech leaders while increasing exposure to familiar Chinese internet stocks that have undergone long-term adjustments.

Himalaya Capital (Li Lu) {#%E5%96%9C%E9%A9%AC%E6%8B%89%E9%9B%85%E8%B5%84%E6%9C%AC%EF%BC%88%E6%9D%8E%E5%BD%95%EF%BC%89}

Similar to Duan Yongping, another legendary Chinese investor, Li Lu, who manages Himalaya Capital, also chose to significantly increase his holdings in Pinduoduo (PDD) in the second quarter.

Report Summary {#%E6%8A%A5%E5%91%8A%E6%91%98%E8%A6%81}

As of June 30, 2026, Himalaya Capital disclosed a total of 8 holdings in its 13F, increasing 2 and liquidating 6, significantly reducing the number of holdings from 14 in the first quarter, but the nominal total value of holdings rose from $3.201 billion in the first quarter to $3.703 billion, with further contraction and concentration, the top five holdings now account for as much as 94.77%.

Core Holdings {#%E6%A0%B8%E5%BF%83%E6%8C%81%E4%BB%93}

The 13F report shows that Himalaya Capital's current 8 holdings present a pattern of "Google as the cornerstone, Pinduoduo rising, and finance as the base."

· Google (GOOGL + GOOG): Approximately $1.775 billion, accounting for 47.64%, has been held since the position was established in 2020, serving as an unwavering "cornerstone" in Li Lu's portfolio;

· Pinduoduo (PDD): Approximately $821 million, accounting for 22.17%, has surged to become the second-largest holding after a violent increase;

· Berkshire (BRK.B): Approximately $555 million, accounting for 14.98%, continues to increase;

· East West Bank (EWBC): Approximately $358 million, accounting for 9.68%, with unchanged position.

• Additionally, Crocs (CROX, 2.90%) and Tencent Music (TME, 1.50%) remained unchanged, while Apple (AAPL) only has a tiny observation position of 0.88%.

Quarterly Changes

In the second quarter, Himalaya Capital only increased its holdings in two targets, while the other six old positions were completely liquidated, a decisive adjustment that is quite rare among top funds.

Pinduoduo (PDD) was the most significant addition for Himalaya Capital in the second quarter—increasing its holdings by 6.1531 million shares, a staggering increase of 133.53%, with shares rising from 4.608 million to 10.7611 million. By the end of the quarter, its market value was approximately $821 million, making it the second-largest holding. Additionally, Berkshire (BRK.B) saw an increase of 23.46%, indicating more funds entrusted to Buffett and Abel for management.

Meanwhile, Himalaya Capital completely exited six targets—Bank of America (BAC), Occidental Petroleum (OXY), S&P Global (SPGI), Moody's (MCO), MSCI, and H&R Block (HRB). This indicates Li Lu's decisive retreat from traditional finance, index data services, and the oil and gas sector. Notably, Bank of America was once one of its core holdings, but this season it aligned with Berkshire's "reduction in banks" strategy, with Li Lu opting for a complete liquidation rather than a minor reduction.

Summary Analysis

If Li Lu's operations in the second quarter could be summarized in one sentence, it might be—significantly shrinking positions outside of the capability circle and further concentrating limited funds on a few truly understandable companies.

On one hand, maintaining a heavy position in Google (GOOGL, GOOG) while increasing holdings in Pinduoduo (PDD) represents Li Lu's long-term judgment on leading U.S. tech and Chinese internet assets; on the other hand, the liquidation of financial, energy, and index service-related targets also indicates that Li Lu is further shrinking his investment portfolio, with the current concentration of positions very close to his classic value investment style.

Of course, similar to Duan Yongping's situation, the 13F only discloses securities that meet the criteria in the U.S. market, so this document cannot represent Li Lu's entire investment portfolio. For example, assets like BYD, Postal Savings Bank, and CRRC in Hong Kong stocks will not appear in this 13F.

ARK Investment (Cathie Wood)

Report Summary

As of June 30, "the female Buffett," Cathie Wood's ARK Investment disclosed a total of 191 holdings in the 13F, including 15 new positions, 78 increases, 96 reductions, and 6 liquidations, with a nominal total market value of approximately $15.4 billion, a significant increase of over $2 billion compared to the first quarter.

In the second quarter, ARK Investment's adjustments were quite aggressive, showcasing "Wood's" typical high turnover style.

Core Holdings

The 13F report shows that ARK Investment's top ten holdings accounted for 39.45% of the total, with a relatively moderate concentration, and the core asset portfolio exhibited a relatively high risk appetite.

• Tesla (TSLA): Approximately $1.161 billion, accounting for 7.5% of holdings, still the largest holding, but has been reduced for the third consecutive quarter;
• AMD (AMD): Approximately $820 million, accounting for 5.3%, a core holding in the AI computing field;
• SpaceX (SPCX): Approximately $765 million, accounting for 5%, newly entered this quarter and directly became a core position;
• Tempus AI (TEM): Approximately $580 million, accounting for 3.8%, positioned as a benchmark for precision medicine + AI diagnostics;
• Robinhood (HOOD): Approximately $525 million, accounting for 3.4%, an entry into fintech and retail investor ecosystems.

Quarterly Changes

In the second quarter, ARK Investment's key operation was the "listing and immediate acquisition" of SpaceX (SPCX). On June 12, the first day of SpaceX's listing, multiple ETFs under ARK collectively purchased about 3.29 million shares, and by the end of the quarter, this number had risen to 4.478 million shares, with SPCX's weight in the fund's investment portfolio reaching nearly 7% at one point.

In addition to SPCX, ARK Investment's investment landscape in the second quarter also showed a clear trend of deepening the industrial chain. Cerebras Systems (CBRS) was newly added, representing a bet on AI computing architecture; Google (GOOG) was increased, reinforcing exposure to platform-based AI; the purchase of X-Energy (XE) marked the fund's early layout for nuclear energy as a base load power source in the AI era; the increase in Eli Lilly (LLY) strengthened the life sciences main line...

On the reduction side, the most noteworthy action was Tesla (TSLA) being reduced for three consecutive quarters, which may indicate "Wood's" judgment on Tesla's relatively declining position in the AI narrative.

Summary Analysis

Overall, ARK Investment's operations in the second quarter exhibited a logic of "actively embracing SpaceX's listing, expanding the boundaries of AI and energy, reducing traditional core holdings, and maintaining high turnover in innovative hunting."

ARK Investment continues to maintain a relatively high risk appetite among top funds, focusing on finding technologies that can change industrial structures—from AI computing to aerospace, nuclear energy, and life sciences, "disruptive innovation" remains the fund's most favored theme.

Oriental Harbor Overseas Fund (Dan Bin)

Compared to the previous funds, another well-known Chinese investor Dan Bin's Oriental Harbor Overseas Fund's latest 13F report can be described as quite "aggressive"—not merely increasing or decreasing a few stocks, but almost completely redoing its AI holdings.

Report Summary

As of June 30, the Oriental Harbor Overseas Fund disclosed a total of 13 holdings in the 13F report, including 7 new positions, 1 increase, 5 reductions, and 6 liquidations, with a nominal total value of approximately $1.65 billion, an increase of about 45.6% compared to the first quarter's approximately $1.133 billion.

Core Holdings

The 13F report shows that by the end of the second quarter, the top five holdings of the Oriental Harbor Overseas Fund accounted for approximately 73% of the total, with the concentration of holdings further increasing, and AI hardware and semiconductor industry-related targets accounting for over 70% of the portfolio weight, indicating a clear shift in portfolio style.

• Google (GOOG): Approximately $371 million, accounting for about 23%, firmly holding the top position;
• Intel (INTC): Approximately $258 million, accounting for 16%, newly entered in the second quarter and jumped to second place;
• NVIDIA (NVDA): Approximately $217 million, accounting for 13%, with its holding percentage dropping from first to third;
• SanDisk (SNDK): Approximately $176 million, accounting for 11%, newly entered and ranked fourth;
• Micron (MU): Approximately $170 million, accounting for about 10%, with a doubled increase;
• The sixth to tenth positions are AMD (8.9%), MRVL (7.9%), TSM (4%), ARM (3.2%), and AVGO (1.5%).

Except for Google, nine of the top ten holdings belong to AI computing infrastructure or semiconductor industry chains, and the "selling shovels" hardware logic has completely replaced the previous heavy software platform configuration approach.

Quarterly Changes

This quarter, the Oriental Harbor Overseas Fund launched a "saturation attack" on the AI hardware industry chain, newly entering 7 related targets—Intel (INTC), SanDisk (SNDK), AMD, Marvell Technology (MRVL), ARM, Broadcom (AVGO), and Lumentum (LITE), all pointing to computing chips, storage, optical communication, and upstream semiconductors, with Intel directly jumping to the second-largest holding, and SanDisk and AMD both entering the top six holdings, clearly indicating an intention to increase storage track.

While fully embracing hardware, Dan Bin also conducted a "decluttering" of existing holdings. NVIDIA (NVDA), TSM (TSM), and Amazon (AMZN) were all reduced; although Google remains the top holding, it has been reduced by 155,200 shares compared to the first quarter, and the double-long Google ETF has also been liquidated, significantly decreasing its overall weight in the investment portfolio.

In addition, the Eastern Harbor Overseas Fund completely liquidated its holdings in Apple (AAPL) and Tesla (TSLA) in the second quarter, which may indicate that Dan Bin is not optimistic about the recovery of consumer spending in the short term. The fund has also fully exited its position in stablecoin issuer Circle (CRCL).

Summary Analysis

Overall, the most critical information from the Eastern Harbor Overseas Fund's 13F filing is that Dan Bin continues to bet on AI CapEx being transmitted to the hardware sector. While the market is still debating whether there is an AI bubble, Dan Bin believes that the hardware segment, which "sells shovels," remains the most certain direction.

This aligns with Dan Bin's recent public statements—he still believes that AI is the super theme for the next decade and has stated that the market has not yet fully understood the long-term potential of AI. At the end of July, during a significant correction in storage, Dan Bin boldly declared, "You must dare to buy during a big drop; I have already used up the remaining bullets."

Situational Awareness LP (Leopold Aschenbrenner)

Regarding the "AI stock god" Leopold Aschenbrenner and his fund Situational Awareness LP, we have provided a detailed analysis in the article "Today, the World Finally Understands Why the 'AI Stock God' Fell."

Due to its strong performance over the past few quarters, Situational Awareness LP's 13F was highly anticipated by the market. However, it is lamentable that the fund just experienced its darkest moment at the end of July—due to a significant correction in AI-related stocks combined with high leverage, the fund suffered substantial losses and was forced to liquidate its public market positions on a large scale, selling most of its stock portfolio at a discount to Ken Griffin's Citadel.

Analyzing Situational Awareness LP's 13F report reveals a more regrettable story. The fund had built a nominal value of over $8 billion in put options on leading chip and storage companies (covering SMH, NVDA, ORCL, AVGO, AMD, ASML, etc.) at the end of the first quarter, which should have effectively hedged against the current market downturn. However, due to an early shift to a fully bullish stance, Leopold Aschenbrenner dismantled this insurance wall, ultimately leading to the fund's once-glorious performance being picked up at a discount by Ken Griffin.

The AI Theme Remains, What Changes is Where the Money Flows

Looking at the 13Fs of these seven funds together, a relatively clear consensus point seems to emerge—AI remains at the center of attention for leading investors, and funds are undergoing a noticeable repricing around the AI industry chain. "AI will continue to grow" seems to be a given, but the question is, who will be able to truly turn investments into profits in the next phase?

Berkshire has begun to buy Google aggressively, Druckenmiller is rotating within semiconductors and re-betting on cloud computing and AI infrastructure; Dan Bin is even more aggressive, significantly shifting his overseas portfolio towards chips, storage, and optical communications; ARK continues to seek next-generation growth assets along AI, SpaceX, energy, and life sciences. Meanwhile, Duan Yongping and Li Lu are not simply chasing AI hotspots but are reallocating funds to assets they are more familiar with and believe have higher safety margins after reducing positions in some tech stocks that have risen significantly.

Merely observing the 13Fs of various funds makes it difficult to derive a clear "next bull stock," but the fund flows themselves represent a rotation game regarding AI investment logic—GPU, chips, storage, networks, optical communications, data centers, electricity, cloud computing, commercialization... From selling shovels to providing computing power, and finally sharing the commercial dividends of AI, funds are continuously searching for the next profit realization point in the AI value chain.

Finally, it is important to emphasize again that all these holdings are as of June 30, 2026. The 13F filings themselves have a disclosure lag of up to 45 days, especially for investors like Druckenmiller and Dan Bin, who adjust their positions quickly. Therefore, rather than treating it as a "copying homework list," it is better to view it as a snapshot of how different funds understand the next phase of the market.

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