Two of the world's most-watched investors cut mega-cap tech exposure in Q2, even as Berkshire piled into Google.
Geri
Duan slashes Nvidia 55%, opens Alibaba stake as Bridgewater trims tech
Two of the world's most-watched investors cut mega-cap tech exposure in Q2, even as Berkshire piled into Google.
Duan Yongping's H&H International cut its Nvidia stake 54.63% and trimmed Google Class C shares 46.88% in the second quarter, while opening a new Alibaba position of roughly 301,400 shares — a sharp reversal from Q1's tech accumulation.
"I think I will add some more Google, and if there's an opportunity, I'd like to add some more BRKB," Duan said on social media July 23, weeks after the quarter closed. "I should maintain my NVDA position size."
The 13F filing, disclosed to the SEC on Aug. 14, shows H&H's total holdings fell to approximately $19.1 billion from roughly $20 billion at the end of Q1. The firm added 5.27 million shares of PDD Holdings, a 26.71% quarter-over-quarter increase, bringing that position to about 25.02 million shares valued at $1.91 billion. Apple remained the largest holding at $7.84 billion, or 41.05% of the portfolio, followed by Berkshire Hathaway Class B at $4.62 billion and PDD at 9.99%. H&H also fully exited TSMC and CrowdStrike while trimming Microsoft 25.78%.
The synchronized pullback from mega-cap tech by H&H and Bridgewater Associates — which cut Google 33.81%, Amazon 53.85%, and Nvidia 17.62% — reflects a risk-rebalancing among institutional investors as tech valuations climbed. Bridgewater rotated roughly $6.5 billion into S&P 500 ETFs and added energy names including ExxonMobil and Eversource Energy. The divergence with Berkshire, which added about 48 million Alphabet shares across both share classes in Q2, leaves the market watching whether H&H reverses course on Google in Q3.
Berkshire Goes the Other Way
The contrast between H&H's Q2 selling and Duan's post-quarter commentary has opened a debate about his evolving view on Google. On Aug. 9, responding to market rumors about Google's talent retention, Duan said: "It feels like there's something wrong with Google's culture — they can't retain top talent." He added: "I've never gone heavy on Google."
Since those remarks came after the June 30 quarter-end cutoff, market participants believe H&H may reconsider adding to its Google position in Q3. In Q1, the firm had nearly doubled its Alphabet position from approximately 1.86 million shares to 3.71 million shares, moving in the same direction as Berkshire. In Q2, Berkshire added approximately 24.54 million Google Class A shares and 23.6 million Class C shares, making Alphabet its third-largest holding — even as H&H was cutting.
Bridgewater Piles Into S&P 500 ETFs
Bridgewater's rotation was more pronounced. Beyond the Google and Amazon cuts, the hedge fund reduced Broadcom 28.19%, Microsoft 34.39%, and AMD approximately 58%. It slashed Micron Technology holdings by roughly 92%, leaving the memory chipmaker at just 0.55% of its 13F portfolio. The fund also fully liquidated Cisco, Palantir, and CrowdStrike, and cut Seagate Technology 39.29%.
The capital freed from tech flowed into broad-based index exposure. Bridgewater added to SPDR S&P 500 ETF, iShares Core S&P 500 ETF, and Vanguard S&P 500 ETF, with combined holdings of approximately $6.536 billion at quarter-end — nearly 27% of its 13F portfolio. The firm also established new positions in Eversource Energy and ExxonMobil, and increased holdings in Shell and Petrobras. As of Q2 end, Bridgewater's 13F-disclosed securities totaled approximately $24.4 billion, up from $22.4 billion at the end of Q1.
For investors tracking these filings, the key question is whether H&H's Q3 filing will show a reversal on Google. Duan's July 23 statement that he planned to add more Google, combined with Berkshire's continued accumulation, suggests the institutional debate over mega-cap tech valuations is far from settled. If H&H does add Google in Q3, it would mark a rapid reversal from the Q2 sell-down; if it continues trimming, it would confirm a structural shift in Duan's tech positioning.
This article is for informational purposes only and does not constitute investment advice.
