Group 1 - Berkshire Hathaway, led by Warren Buffett, reduced its stake in Apple by over 10.29 million shares in the last quarter before Buffett's retirement [1] - Amazon also executed a significant reduction, completely divesting its position by 77% [1] - Investor Dong Yongping reduced his Apple holdings by 2.47 million shares while increasing his investment in Nvidia by over 11 times, bringing his total investment to $1.35 billion, making it his third-largest holding [1] Group 2 - The only new position taken by Berkshire Hathaway was in The New York Times, indicating a shift towards traditional media [3] - Dong Yongping's new investments include three companies—CoreWeave, Credo, and Tempus—all focused on the AI industry, covering areas from computing power leasing to high-speed connectivity and AI healthcare [3] - The contrasting strategies of Buffett and Dong Yongping suggest a divergence in investment philosophy, with Buffett seeking stability in traditional media while Dong Yongping aggressively pursues opportunities in the AI sector [3]

智通财经APP获悉，投资大佬段永平美股持仓主体H&H International Investment披露了截至2025年12月 31日的第四季度持仓报告(13F)。据统计，H&H第四季度美股持仓总市值达175亿美元，上一季度总市值 为147亿美元。H&H的持仓组合中新增3只个股，增持了6只个股，减持了5只个股，清仓了0只个股。其 中前十大持仓标的占总市值的99.66%。 (资料图片) ...

Core Viewpoint - The release of Qwen 3.5 has sparked significant interest in the global AI industry, showcasing advancements in model efficiency and cost-effectiveness [1] Group 1: Model Performance and Features - Qwen 3.5 has a total of 397 billion parameters, with only 17 billion activated, outperforming the previous trillion-parameter model Qwen 3-Max [1] - The deployment memory usage has decreased by 60%, while the maximum inference throughput has increased by 19 times [1] - The innovative underlying model architecture allows Qwen 3-Plus to offer competitive performance at a low cost of 0.8 yuan per million tokens on Alibaba Cloud's Bailian API, achieving high performance comparable to Gemini 3 at less than 5% of the price [1] Group 2: Industry Adoption and Compatibility - Major international hardware manufacturers such as NVIDIA, AMD, and Apple have adapted their development frameworks and chips for Qwen 3.5 [1] - Domestic GPU and platform providers, including Huawei Ascend, Moore Threads, and others, have also announced Day 0 compatibility with the new model [1] - Various platforms, both domestic and international, including National Supercomputing Internet Platform, Shuguang Cloud, and others, have quickly integrated the Qwen 3.5 model, offering API services or experience interfaces [1]

Core Insights - H&H International Investment reported a total market value of $17.5 billion for its U.S. stock holdings as of December 31, 2025, an increase from $14.7 billion in the previous quarter, reflecting a growth of approximately 13.79% [1][2]. Holdings Summary - The portfolio included 3 new stock purchases, increased holdings in 6 stocks, reduced holdings in 5 stocks, and did not completely sell out of any positions [1][2]. - The top ten holdings accounted for 99.66% of the total market value, indicating a concentrated investment strategy [1][2]. Top Holdings - Apple (AAPL.US) remains the largest holding with approximately 32.36 million shares valued at about $8.8 billion, making up 50.30% of the portfolio, although the number of shares decreased by 7.09% from the previous quarter [2][3]. - Berkshire Hathaway (BRK.B.US) is the second-largest holding with around 7.18 million shares valued at approximately $3.6 billion, increasing its share count by 38.24% [2][3]. - Nvidia (NVDA.US) ranks third with about 7.24 million shares valued at approximately $1.3 billion, showing a significant increase of 1110.62% in share count [3]. - Pinduoduo (PDD.US) is fourth with around 11.56 million shares valued at approximately $1.3 billion, with a 34.55% increase in shares [3]. - Google (GOOG.US) is fifth with about 1.86 million shares valued at approximately $600 million, with a 2.48% increase in shares [3]. Significant Changes - H&H significantly increased its holdings in Microsoft (MSFT.US) and Taiwan Semiconductor Manufacturing Company (TSM.US), with share counts rising by 207.66% and 370.95%, respectively [3]. - The firm notably reduced its position in ASML (ASML.US), decreasing its share count by 87.62% [3]. - New positions were established in CoreWeave (CRWV.US), Credo Technology (CRDO.US), and Tempus AI (TEM.US), focusing on AI and data center solutions [3]. Buying and Selling Trends - The top five stocks purchased based on percentage change were Nvidia, Berkshire Hathaway, Taiwan Semiconductor, Microsoft, and Google [4]. - The top five stocks sold based on percentage change included Apple, Occidental Petroleum (OXY.US), Alibaba (BABA.US), ASML, and Disney (DIS.US) [5].

Core Viewpoint - The recent sell-off of Apple stock is primarily driven by concerns over AI feature delays and a warning letter from regulators, but long-term prospects remain strong with upcoming product launches and solid financial performance [1][2][4]. Financial Performance - Apple reported a 16% year-over-year increase in revenue for Q1 2026, totaling $143.8 billion, largely driven by strong iPhone sales [5]. - Diluted earnings per share increased by 19% during the same period [5]. - The company announced a quarterly cash dividend of $0.26 per share, reinforcing its appeal to investors [6]. Market Reaction - Apple stock is down nearly 6% year-to-date and experienced an 8% drop in the past week due to short-term concerns [1][2]. - The stock's current price is $263.88, with a market cap of $3.9 trillion [3]. Product Outlook - Apple is expected to launch several key products in 2026, including Siri 2.0 powered by Google Gemini, the iPhone 18, a cheaper MacBook, a smart home device, smart glasses, and the M5 chip [3][10]. - The company needs to demonstrate its leadership in design and technology to maintain consumer confidence [4]. Regulatory Concerns - The warning letter from federal regulators was related to perceived bias in Apple News and reflects potential fraying relations between Tim Cook and the Trump Administration [9]. - The letter is viewed as primarily criticism rather than a significant threat to the company's operations [9].

Core Viewpoint - Berkshire Hathaway submitted its last 13F holdings report under Warren Buffett's leadership, revealing significant adjustments in its portfolio, including reductions in major tech holdings and a new investment in traditional media [1]. Holdings Summary - The total market value of Berkshire Hathaway's holdings for the fourth quarter was $274 billion, an increase from $267 billion in the previous quarter [2]. - The report indicated one new purchase, four increased positions, and nine reduced positions, with no complete sell-offs [2]. - The top ten holdings accounted for 88.26% of the total market value [2]. Major Holdings - Apple (AAPL) remains the largest holding with approximately 227.9 million shares valued at about $61.96 billion, representing 22.60% of the portfolio, a decrease of 4.32% in share count from the previous quarter [2][3]. - American Express (AXP) is the second-largest holding with around 151.6 million shares valued at approximately $56.09 billion, maintaining the same share count as the previous quarter [2]. - Bank of America (BAC) ranks third with about 517.3 million shares valued at approximately $28.45 billion, reflecting an 8.94% reduction in share count [3]. - Coca-Cola (KO) is fourth with 400 million shares valued at about $27.96 billion, with no change in share count [3]. - Chevron (CVX) is fifth with approximately 130.2 million shares valued at about $19.84 billion, showing an increase of 6.63% in share count [3]. Notable Changes - Berkshire Hathaway significantly reduced its stake in Amazon (AMZN), decreasing its holdings by 77.24% to 2.276 million shares, valued at approximately $530 million, which is 0.19% of the portfolio [4]. - The company initiated a new position in The New York Times (NYT), acquiring 5.067 million shares valued at approximately $352 million, representing 0.13% of the portfolio [4]. - The top five purchases included Chubb Limited, Chevron, The New York Times, Domino's Pizza (DPZ), and Lamar Advertising (LAMR) [5]. - The top five sales included Amazon, Bank of America, DaVita (DVA), Pool Corporation (POOL), and Apple [5].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings, reducing positions in major stocks like Apple and Bank of America while initiating a position in traditional media with The New York Times [1] Group 1: Holdings Adjustments - In the last quarter under CEO Warren Buffett, Berkshire significantly reduced its stake in Amazon, marking it as the stock with the largest reduction in the quarter [1] - Berkshire sold over 10.29 million shares of Apple in the fourth quarter of 2025, decreasing its holdings by 4.3% compared to the third quarter of 2025 [1] Group 2: New Investments - Berkshire Hathaway made its first investment in traditional media by acquiring shares in The New York Times [1]

Core Viewpoint - The global financial market experienced a significant shift on February 18, 2026, with a sharp sell-off in precious metals like gold and silver, while U.S. stocks staged a dramatic recovery led by tech giants like Apple [1][3]. Group 1: Precious Metals Market - As of February 18, international gold prices fell below $4,850 per ounce, with a two-day cumulative decline of nearly 3%, while silver prices dropped below $72, experiencing a single-day decline of over 7%, marking the largest drop in 2026 [1]. - The gold-silver ratio increased sharply from 78 to nearly 80, indicating that the market is more sensitive to silver's industrial demand amid expectations of a "not-recession but also not-strong" economy [2]. Group 2: U.S. Stock Market - Despite initial declines in major U.S. indices, the market saw a late-session turnaround, with the Dow Jones rising 0.07% and both the S&P 500 and Nasdaq gaining over 0.1%, completing a "V-shaped reversal" [3]. - Apple stock surged by 3.17%, marking its largest single-day gain in 2026, driven by the announcement of a special Apple experience event on March 4, which is expected to unveil the AI-integrated iOS 20 system and possibly the consumer version of Apple Vision Pro [3]. - Other AI-related stocks like Nvidia, Broadcom, and Amazon also rose, contributing to stabilizing market sentiment amid high interest rates [3].

Core Viewpoint - The article reveals the portfolio adjustments made by Berkshire Hathaway during Warren Buffett's last quarter as CEO, highlighting a shift in holdings with reductions in technology stocks and increases in energy, consumer, and financial sectors [2][4]. Group 1: Overall Portfolio Changes - As of the end of Q4 2025, Berkshire's total portfolio size increased to $274 billion from $267 billion in the previous quarter, with the top ten holdings accounting for 88.26% of the portfolio [2]. - The top ten holdings remained unchanged in terms of companies, but there were slight adjustments in their rankings [2]. Group 2: Major Stock Adjustments - Berkshire reduced its stake in Apple by over 10.29 million shares, a decrease of 4.32%, marking the third consecutive quarter of reduction, with a market value decline of approximately $2.8 billion [4][7]. - A significant reduction in Amazon shares was noted, with a 77.24% decrease in holdings, dropping its portfolio share from 0.82% to 0.19%, leaving nearly 2.3 million shares [5]. - The stake in Bank of America was also reduced, with nearly 50.8 million shares sold, resulting in an 8.94% decrease in holdings [6]. Group 3: New Investments and Increases - Berkshire initiated a new position in The New York Times, purchasing 5.0657 million shares valued at over $350 million, ranking it 30th in the portfolio [8]. - The company increased its holdings in Chevron by over 8.09 million shares, a 6.63% increase, and in Chubb Limited by nearly 2.92 million shares, a 9.31% increase [9]. - Additionally, there was a 12.34% increase in holdings of Domino's Pizza, raising its market value to $1.4 billion [9]. Group 4: Stable Holdings - Coca-Cola and Kraft Heinz holdings remained unchanged, with Coca-Cola valued at $27.96 billion, maintaining its position as the fourth-largest holding [11]. - Berkshire is the largest shareholder of Kraft Heinz, holding approximately 27.5% of the company, which is undergoing a split into two independent publicly traded companies [11].

Core Viewpoint - Berkshire Hathaway continues to adjust its technology holdings, reducing stakes in major companies like Apple and Bank of America while initiating a position in traditional media outlet The New York Times during Warren Buffett's final quarter as CEO [2][3]. Group 1: Holdings Adjustments - In Q4 2025, Berkshire sold over 10.29 million shares of Apple, reducing its stake by 4.3% quarter-over-quarter, resulting in a decrease of approximately $2.8 billion in market value, with Apple's portfolio share dropping from 22.69% to 22.60% [2]. - Berkshire's stake in Amazon was significantly reduced by over 77%, with holdings decreasing to approximately 2.3 million shares, and its portfolio share plummeting from 0.82% to 0.19% [3]. - The company also sold nearly 50.8 million shares of Bank of America, a reduction of 8.9%, leading to a portfolio share decline to 6.89% [3]. Group 2: New Investments and Increases - The New York Times was the only new position initiated by Berkshire in Q4 2025, with an acquisition of 5.067 million shares valued at $352 million, representing about 3.1% of the company [4]. - Berkshire increased its stake in Chevron by over 8.09 million shares, a growth of 6.63%, raising its portfolio share to 7.24% and increasing its market value by approximately $1.23 billion [4]. Group 3: Top Holdings - As of Q4 2025, Berkshire's top ten holdings remained consistent with the previous quarter, including Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody's, Occidental Petroleum, Swiss Re, Kraft Heinz, and Alphabet [4].