Top Chinese Hedge Funds Rotated Out of NVIDIA and Hyperscalers in Q2
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China's leading hedge funds collectively cut Nvidia and pivoted to memory-chip and hardware makers in Q2 — a rotation that signals the global AI trade is shifting from "buy all compute" to "pick the real winners."
Who cut what, and by how much?
Perseverance Asset Management International slashed its Nvidia position by 72% last quarter, while loading up on Micron Technology and SanDisk.
Greenwoods Asset Management Hong Kong and Oriental Harbor Investment's Hong Kong arm made similar moves — rotating out of mega-cap tech into AI-infrastructure equipment makers.
This means → it was not one fund's call but a collective judgment by China's top hedge funds.
Why swap Nvidia for memory and hardware?
Over recent months, companies making memory chips and optical transceivers — devices that convert electrical signals to light for high-speed data-center links — have seen their stocks climb steadily.
Meanwhile, mega-cap tech names have stalled as markets question whether massive capex can convert into real revenue.
In plain terms = the market is no longer asking "who is spending on AI" — it is asking "who actually earns from that spending."
What does this mean for the AI trade?
SPI Asset Management's Stephen Innes put it this way: "Phase one was buying anything tied to compute. The next phase is figuring out who captures the economic rent."
This reflects a structural shift in global AI-trade logic: stock-picking standards are tightening, and the buying thesis is moving from broad exposure to precision.
This means → for everyday investors, the window for simply betting on "AI as a theme" is narrowing — identifying the real beneficiaries in the supply chain matters more now.
Content is for reference only, not financial advice.