The news of Qiaoshui clearing its holdings in Chinese concept stocks has exploded in various financial groups today. After all, I also bought Qiaoshui's fund in China, Huarun Creative Qiaoyun 9, which has outstanding performance this year with a return rate of over 40%. But the sudden liquidation strategy of the main fund in China was unexpected! We carefully studied Ray Dalio's 13F report in the second quarter of 2025 of Bridgewater. In a word, the old man completely "abandoned the ship" of Chinese Internet stocks and turned into the arms of American AI giants. one ️⃣ Completely withdraw from China's Internet Bridgewater directly cleared BABA, PDD, BIDU, and JD, cashing out approximately 1.13 billion US dollars. This is not just about "reducing inventory", it is a "emptying the fridge" style exit. In my opinion, there may be three reasons: China's economic recovery falls short of expectations, putting pressure on both consumption and exports High policy uncertainty, especially the shadow of platform economy regulation still exists The AI track yield in the US stock market is too tempting, and the opportunity cost is too high In other words, Dalio does not think that China lacks potential, but rather believes that capital efficiency is too low in the short term, and it is better to directly invest money in a track that can immediately start running, especially in the AI field. two ️⃣ Heavy warehouse AI and US stock technology giants The increase in holdings this quarter can be described as' violent ': NVDA has increased by 154%, adding $552 million and now becoming the third largest holding MSFT added 393 million GOOGL added 418 million Even UBER has increased by 5.31 times This combination directly bundles the AI core hardware (NVDA) and AI application platforms (MSFT, GOOGL, META) into a single vehicle, clearly betting on the AI infrastructure wave of the next 3-5 years. And Uber is also very interesting, indicating that they are optimistic about the penetration of AI in practical scenarios such as transportation and logistics. three ️⃣ ETFs are still core positions, but they are starting to 'trim' Although SPY, IVV, and IEMG still have large positions, Dalio has reduced SPY by 21.9% this time, hedging $452 million. This is an operation of "scooping water out of a large pool and pouring it into an AI bucket". ETFs, as passive returns, still have bottom positions, but they have added more active offensive positions. Overall, the current A-share market is at 3700 points, Hang Seng is at 25270 points, S&P 500 is at 6468 points, and the US stock market is at a historical high. Such a strong increase in holdings in the US stock market and withdrawal from the Chinese market indicates that foreign capital represented by Bridgewater cannot see positive returns in the short term in the Chinese market and therefore do not occupy the capital pool. At this historical high, the strategy of comprehensively intensifying the AI track and concentrating funds on the most certain and highly sought after core targets is also worth pondering. As an all-weather strategy, we still maintain passive exposure to ETFs and use ETFs to provide a bottom line to prevent excessive volatility in a single track. In terms of investment portfolio, strike and defend balance, keeping up with the trend of AI while retaining room for defense! Worth learning and referencing