Duan Yongping's new position holds the most important answer to the AI cycle The total market value of the holdings is about 20 billion US dollars, with 19 targets, and Apple remains the largest position (36.7%). Expanding on this latest position, the top five heavy positions AAPL, BRK. B, NVDA, PDD, and TSLA together account for 87%. Since Snowball Chat talked about Musk and Tesla, the heavy position has accounted for 6%. These have already made public statements, with clear logic. However, what is truly worth digging deeper into are those small positions that account for less than 1% of the newly acquired knowledge positions. Together, they do not exceed 1.5% of the positions, but the information density they reveal far exceeds that of the positions themselves. Complete layout of computing power chain Nvidia's current market value is around 2.4 billion US dollars, accounting for 12.07%. In Q4 2025, the company increased its holdings by over 1110% in a single quarter, from buying lottery tickets to nearly 14 million shares. This is not a trial run, but a real move to heavily invest. But what really impressed me was that next to NVDA stood Credo Technology (CRDO,~70.51 million US dollars) and TSMC (TSM,~51.1 million US dollars). CRDO specializes in high-speed interconnection and optical communication solutions, specifically solving the bottleneck of 800G/1.6T speed in AI data centers, which is directly stuck at the physical limit of computing power expansion. Duan Yongping has already touched every bottleneck link in the computing power chain from chip to connection to manufacturing. And Synopsys (SNPS,~3.96 million US dollars). The EDA software market is a global duopoly that cannot be bypassed by any chip design, but its position in Duan Yongping's portfolio is very small, with only 60000 shares, about 3.96 million. The direction is very clear: at the chip design tool layer, the AI era will be fully driven. The most important thing is that Circle also appeared in the position, which is enough to illustrate many problems CRCL is approximately $19.08 million, holding 200000 shares with a holding cost of $95 The purchase of stablecoin issuers as compliant assets in the US stock market by Duan Yongping as value investors means that the institutional narrative of USDC has been upgraded from a cryptocurrency peripheral to a financial infrastructure. The USDC circulation is currently around 78 billion US dollars, and Circle's Arc business is cutting into the enterprise clearing market, with the runway just opened. Small position, try the waters first. Tail positions: PLTR, CRWD, SNOW, TEM, INOD Palantir ($8.77 million), CrowdStrike ($3.9 million), Snowflake ($1.51 million), Tempus AI ($900000), Innodata ($390000). These five items add up to no more than 16 million US dollars, basically following the logic of observing first and occupying positions with extremely small positions. But they are all closely related to AI: enterprise AI data (PLTR), cloud security (CRWD), data warehouse (SNOW), medical AI (TEM), AI data annotation (INOD), covering the entire chain of AI from the computing power layer to the application layer. The structural logic of this position is very clear: large positions lock in certainty (AAPL/BRK. B), medium positions bet on computing power cycles (NVDA), and small positions layout at the intersection of AI application layer and compliant new finance (Circle, PLTR). Duan Yongping once said that if you can't figure it out, it's difficult to take serious action. From the distribution of positions, he currently has a relatively clear understanding of the AI computing power layer and is still exploring the application layer and stablecoins. This way of expressing oneself through positions is more honest than any other statement.