Buffett significantly reduces holdings in Apple, Duan Yongping makes a major bet on AI

On February 17th, U.S. stock market after-hours, Berkshire Hathaway (hereinafter referred to as “Berkshire”) disclosed its latest 13F filing with the U.S. Securities and Exchange Commission (SEC). The 13F holdings report shows that during Buffett’s final quarter as CEO, Berkshire made significant adjustments to its tech stock holdings, heavily reducing positions in Apple and Amazon. At the same time, it initiated a position in the traditional media company The New York Times for the first time.

Overall, as of the end of Q4 2025, Berkshire’s top ten holdings remained unchanged compared to the previous quarter, with only slight ranking adjustments. These ten holdings are: Apple, American Express, Bank of America, Coca-Cola, Chevron, Moody’s, Western Oil, Swiss Re, Kraft Heinz, and Alphabet.

Meanwhile, well-known investor Duan Yongping also reduced his Apple holdings in Q4 2025, selling 2.4706 million shares, a decrease of 7.09%.

Although Apple’s stock price has risen for three consecutive years, with an approximate 9% increase in 2025, it still lagged behind the S&P 500 index. Year-to-date, Apple’s performance has been weaker, with the stock down 2.7%, and last week even recorded its worst single-day performance since April of last year.

Buffett Reduces Holdings in Amazon and Apple

According to Berkshire’s submitted report, as of the end of December 2025, Berkshire’s latest portfolio value reached $274.1 billion, with the top ten holdings accounting for 88.26% of the total.

From the holdings trend, Berkshire significantly reduced its Amazon stock in Q4 2025. In terms of portfolio share change, Amazon was the stock with the largest reduction during the quarter, decreasing from 0.82% in Q3 2025 to 0.19%, a drop of 0.63 percentage points, with the number of shares held decreasing to approximately 2.3 million.

Berkshire also continued to sell off Apple shares, reducing its holdings by over 10.297 million shares in Q4 2025, a 4.3% decrease from Q3 2025. The proportion in the portfolio declined from 22.69% in Q3 to 22.60%. In terms of reduction value, Apple was the most reduced stock in Berkshire’s Q4 2025 holdings. However, despite ongoing reductions, Apple remained Berkshire’s largest holding at the end of 2025.

Bank of America was another major holding that Berkshire continued to reduce. In Q4 2025, Berkshire sold nearly 50.8 million Bank of America shares, a decrease of 8.94% quarter-over-quarter, with the holding’s proportion in the portfolio dropping to 10.38%. As of the end of Q4 2025, Bank of America remained Berkshire’s third-largest holding. However, Berkshire’s stake in Bank of America decreased from 1.03 billion shares in mid-2024 to 517 million shares, a reduction of about 50%.

Buffett Initiates a Position in The New York Times

Increases Holdings in Chevron and Swiss Re

The New York Times was the only new position Berkshire established in Q4 2025. During the quarter, Berkshire bought 5.0657 million shares of The New York Times, valued at over $350 million, ranking it 30th in Berkshire’s portfolio, with a 0.13% share.

The New York Times stock has performed strongly recently, rising nearly 7% since 2026, approaching a historical high of $74.59, with a 12-month cumulative increase of 50%. After Berkshire’s 13F disclosure, NYT’s stock price surged over 2% in after-hours trading.

The report also shows that Berkshire significantly increased its holdings of Chevron and Swiss Re in Q4 2025. Berkshire added over 8.09 million shares of Chevron, increasing its portfolio share by 0.15 percentage points to 7.24%. It also increased its stake in Swiss Re by about 2.92 million shares, raising its portfolio share from 3.31% in Q3 2025 to 3.90%. Among the increases, Swiss Re was the most increased stock in Q4 2025.

Berkshire also increased its holdings of Domino’s Pizza by 368,000 shares in Q4 2025.

Duan Yongping Also Reduced Apple

He Makes a Big Bet on AI

According to the 13F filing disclosed by H&H International Investment, managed by Duan Yongping, he also reduced his Apple holdings in Q4 2025.

The filing shows that Duan Yongping sold five stocks in Q4, with the largest reduction in Apple; at the same time, he increased holdings in six stocks, with the largest increase in Nvidia, followed by Berkshire Hathaway.

Specifically, at the end of Q4, Apple remained his largest holding, with a market value of $8.797 billion and a 50.3% portfolio share. However, he reduced 2.4706 million Apple shares in Q4, a 7.09% decrease.

Notably, Duan Yongping is heavily betting on AI, having increased his Nvidia holdings by 6.6393 million shares in Q4, a 1110.62% surge, bringing his total Nvidia shares to 7.2371 million, with a market value of $1.35 billion, making it his third-largest holding (7.72% of the portfolio).

Duan also established new positions in CoreWeave, Credo, and Tempus, covering key nodes in the AI industry chain: computing power, connectivity, and application. The new positions are 299,900 shares, 141,300 shares, and 110,000 shares respectively.

CoreWeave is known as the “lease landlord” for computing power, building high-performance GPU clusters leased to enterprises, with strong bargaining power during periods of computing power shortages. Credo’s flagship product is AEC, which enables high-speed, stable, low-latency data transfer in AI and data center scenarios. Tempus focuses on applying AI to precision oncology.

Meanwhile, Duan Yongping also significantly increased his holdings in Berkshire Hathaway, buying nearly 1.985 million Berkshire B shares in Q4, an increase of 38.24%, solidifying its position as the second-largest holding (20.63%).

Additionally, Duan increased his holdings in Google and Pinduoduo, while sharply reducing his stake in the lithography giant ASML by 87.63%.