Key Takeaways
- • GaoYi Asset Management reduced NVIDIA holdings by over 70% in Q2 2026, signaling coordinated stake reduction among private equity firms in the AI chip leader despite broader market strength.
- • GaoYi Asset's portfolio shifted decisively toward semiconductor foundries and memory chip manufacturers, increasing TSMC holdings substantially while boosting Micron and SanDisk positions by 283% and 192% respectively—ranking them sixth and seventh largest holdings.
- • Oriental Harbour fund, led by Dan Bin, executed parallel strategy in memory chips, newly purchasing SanDisk with positions exceeding $200 million market value, indicating institutional consensus on memory chip sector positioning.
- • GaoYi Asset's total Q2 portfolio across 19 U.S. stock targets reached approximately $979 million in market value (approximately 6.6 billion RMB), with notable increases in TSMC, BOSS Zhipin (175% increase), and Trip.com (53% increase).
- • TSMC's ten consecutive quarters of profit growth and consistent earnings beats appear to be driving substitution away from NVIDIA toward foundry and memory chip exposure among sophisticated private equity investors.
Summary
Multiple private equity firms executed coordinated reductions in NVIDIA positions during the second quarter of 2026, according to SEC filings reviewed by financial data aggregators. GaoYi Asset Management led this reduction, cutting NVIDIA holdings by over 70% while simultaneously redeploying capital into alternative semiconductor and technology exposures. The coordinated nature of these stake reductions across multiple institutional investors suggests a strategic reassessment of AI chip concentration risk or valuation concerns.
The capital reallocated from NVIDIA stake reductions flowed predominantly into semiconductor foundry and memory chip manufacturers. GaoYi Asset materially increased its position in TSMC, capitalizing on the foundry giant's demonstrated momentum—the company has achieved profit growth for ten consecutive quarters and continues to exceed analyst expectations. Additionally, GaoYi Asset dramatically expanded memory chip exposure, increasing Micron holdings by over 283% and SanDisk positions by approximately 192%, elevating both to rank among its sixth and seventh largest portfolio positions respectively.
Oriental Harbour's overseas fund, led by prominent investor Dan Bin, executed a parallel strategy in the memory chip sector, newly initiating a SanDisk position with market value exceeding $200 million by period end. This convergence between GaoYi Asset and Oriental Harbour in memory chip accumulation underscores institutional consensus on sector positioning and suggests professional investors are differentiating between AI chip exposure (NVIDIA) and the semiconductor supply chain infrastructure supporting broader AI deployment (foundries and memory).
Beyond semiconductor exposure, GaoYi Asset also increased holdings in Chinese technology platforms, raising BOSS Zhipin shares by 175% and Trip.com shares by 53%, suggesting diversification into consumer-facing and employment technology segments. The fund's total Q2 portfolio encompassed 19 U.S.-listed stocks with approximately $979 million in aggregate market value, reflecting a measured but strategically directed reallocation away from concentrated AI chip exposure toward foundry, memory, and adjacent technology segments.
The capital reallocated from NVIDIA stake reductions flowed predominantly into semiconductor foundry and memory chip manufacturers. GaoYi Asset materially increased its position in TSMC, capitalizing on the foundry giant's demonstrated momentum—the company has achieved profit growth for ten consecutive quarters and continues to exceed analyst expectations. Additionally, GaoYi Asset dramatically expanded memory chip exposure, increasing Micron holdings by over 283% and SanDisk positions by approximately 192%, elevating both to rank among its sixth and seventh largest portfolio positions respectively.
Oriental Harbour's overseas fund, led by prominent investor Dan Bin, executed a parallel strategy in the memory chip sector, newly initiating a SanDisk position with market value exceeding $200 million by period end. This convergence between GaoYi Asset and Oriental Harbour in memory chip accumulation underscores institutional consensus on sector positioning and suggests professional investors are differentiating between AI chip exposure (NVIDIA) and the semiconductor supply chain infrastructure supporting broader AI deployment (foundries and memory).
Beyond semiconductor exposure, GaoYi Asset also increased holdings in Chinese technology platforms, raising BOSS Zhipin shares by 175% and Trip.com shares by 53%, suggesting diversification into consumer-facing and employment technology segments. The fund's total Q2 portfolio encompassed 19 U.S.-listed stocks with approximately $979 million in aggregate market value, reflecting a measured but strategically directed reallocation away from concentrated AI chip exposure toward foundry, memory, and adjacent technology segments.
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