But Bin's latest US stock holdings revealed: reduced holdings in Nvidia, heavily invested in cryptocurrency

1. Seven Targets Reduced

From the specific changes in holdings, in the second quarter, Nvidia, 3x Long NASDAQ 100 ETF, Meta, Microsoft, Amazon, Apple, and 2x Long Nvidia ETF were reduced.

Although Nvidia has risen significantly and remains the top holding of the fund, the shares were reduced from 1.3784 million to 1.2678 million, a decrease of 110,000 shares.

Nvidia has been Dan Bin's "favorite" in recent years, but has been continuously reduced over the past few quarters. At the end of the third quarter last year, Dongfang Hongwan held 2.0823 million shares of Nvidia, indicating a reduction of about 40%.

As early as March this year, Dan Bin shared a thought, the core idea being:

Even if the demand for computing power increases significantly in the future, since computing power can be reused, the demand for AI chips that generate computing power may also decline, which could lead to a decrease in Nvidia's revenue and a subsequent sharp drop in stock prices.

Today, Dan Bin posted on Xueqiu, stating, "I predict the target price for global chip giants this year to be in the range of $180-200, and the first target price is almost within reach. Of course, compared to my prediction of a future market value exceeding $10 trillion last year, there is still a long way to go… We are in a great era, and only by giving our all can we not disappoint the gifts of the times."

As of 1 PM today, it was reported that the National Internet Information Office had a discussion with Nvidia. This may have a certain negative impact on its stock price. From this perspective, Dan Bin has "partially" avoided the risk of a potential stock price decline.

2. Increased Holdings in Google and TSMC

Google and TSMC have become the few targets with increased holdings.

In particular, Google jumped from sixth place last quarter to second place, with holdings increasing from 654,300 shares to 921,600 shares.

This operation may reflect a precise bet on the commercialization of AI.

The recent Q2 2025 financial report released by Google's parent company ALPHABET showed that the company's revenue reached $96.428 billion, a year-on-year increase of 14%; net profit was $28.196 billion, a year-on-year increase of 19%.

Its CEO pointed out in the financial report that AI is having a positive impact on all aspects of the company's business, driving strong growth. For example, the search business achieved double-digit growth by introducing new features such as AI Overviews and AI Mode.

3. New Positions in Tesla, Netflix, and COINBASE

Meanwhile, Dan Bin bought back Tesla, which he had completely sold off in the previous quarter, and has newly allocated positions in Netflix and Coinbase.

Dan Bin holds Elon Musk in high regard, believing that "Musk is an idealist, and my admiration for him is growing. Holding Tesla shares is a tribute to idealists."

History has repeatedly proven that a bad company, no matter how much its stock price is speculated, will eventually fall, while a good company, even if its stock price crashes, will ultimately recover. Tesla belongs to the latter.

Since the Tesla shareholder meeting in June, Tesla's stock price has started to shake off the gloom of the first half of the year, showing a beautiful upward curve.

Netflix is the leader in U.S. video streaming services, and market news indicates that Netflix has begun using the AI video generation software from the startup Runway AI.

Coinbase is the largest digital currency trading platform in the U.S., successfully going public in 2021, and is the first large cryptocurrency company to list on the U.S. stock market. Its business scope includes fiat-to-crypto asset exchanges, custody services, on-chain infrastructure, and developer tool platforms. Its position in the Web3 ecosystem has been gradually rising in recent years.

As early as 2021, Dan Bin publicly expressed his support for Bitcoin, stating, "I have purchased 1% of a Bitcoin ETF fund. Although it's a bit late, once I understand, I will act! I hope to maintain curiosity about new things!"

Since the beginning of this year, Bitcoin has continuously set historical highs. In Q2 2025, Coinbase has jumped to become a core holding of Dan Bin's overseas fund, indicating a strategic positioning of viewing crypto assets as the infrastructure of the future digital economy. Additionally, Dan Bin cleared out the 3x Long FANG+ Index ETN he held in the first quarter and replaced it with the 3x Long FANG+ Index ETF.

It is understood that the fund manager of the 3x Long FANG+ Index ETN, Montreal Bank, has redeemed all issued FNGU shares, and the ETN was officially delisted on May 15.

4. Conclusion

At the 2025 Golden Yangtze Private Fund Development Forum held in July this year, Dan Bin stated that investment should involve independent thinking and not blindly follow market noise.

"In the past two years, I have emphasized that investment should focus on the main causes and not be disturbed by secondary factors and noise. Worrying about a U.S. economic recession, worrying about the yen's interest rate hike, and Buffett selling stocks are all noise. Investment must grow by standing on the shoulders of giants; we cannot seek a sword in a boat (like Buffett reducing tech stocks), but rather learn from their analytical logic, their understanding of business models and moats, rather than simply imitating their operations."

Dan Bin said that based on past data, sharp declines are often the best historical opportunities. Investment sometimes requires not only wisdom but also strong willpower and the courage to overcome difficulties.

The core reason for Dan Bin's success is his firm bet on the AI technology revolution. He believes that AI is an epoch-making revolution comparable to the steam engine and the internet, with a cycle lasting 10-30 years. He ignores short-term noise (such as interest rate hikes and geopolitical conflicts) and views AI as the "main cause," betting 80% of his positions on AI.