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Bridgewater's Q1 Hold Positions reflect a "risk aversion principle": heavily buying Alibaba while cutting positions in the S&P and entering the Gold ETF.
In the first quarter of this year, Bridgewater cut its largest Hold Positions, the SPDR S&P 500 ETF, by nearly 60%; Alibaba received full support from Bridgewater to increase its positions, becoming the largest heavily weighted stock; Baidu, PDD Holdings, JD.com, and other representatives of Assets in China were also bought or established positions by Bridgewater.
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China's best AI "enabler": Alibaba with a dynamic PE of 12 times.
Morgan Stanley stated that Alibaba Cloud is the only major Cloud Computing Service provider in China offering significant GPU capacity to external clients, with anticipated revenue growth accelerating to 25% in the fiscal year 2026, directly benefiting from the explosive growth in AI inference demand. Meanwhile, as an early adopter of AI, its market share in e-commerce may stabilize and it could open up new markets in instant retail.
In Q1, TENCENT's revenue increased by 13% year-on-year, while Net income fell by 7%. AI-driven honor of kings and other games set new records for revenue | Earnings Reports insights.
In the first quarter, Tencent's revenue was 180.022 billion yuan, a year-on-year increase of 13%, with adjusted Net income increasing by 11% year-on-year. AI capabilities have positively contributed to performance advertising, evergreen games, and other Business, with record-high revenue from "Honor of Kings" and "Crossfire Mobile". The company has increased investment in "Yuanbao applications" and AI within WeChat.