China-based private equity fund Greenwoods Asset Management reduced its U.S. equity portfolio value to $2.19 billion in the second quarter of 2026, a 44% decline quarter-over-quarter, according to its latest 13F filing. The firm liquidated positions in Nvidia, Meta Platforms, and Amazon, redirecting capital toward upstream AI supply chain companies, including semiconductor equipment and optical communications firms ASML and Applied Optoelectronics. As of June 30, the top ten holdings accounted for 95.31% of the portfolio. The top five holdings were Google, Intel, PDD Holdings, Full Truck Alliance, and Futu Holdings. Google remained the largest holding with a market value of approximately $647 million, though its share count was slashed by 38% from the previous quarter. Intel’s share count plummeted 60%, reducing its market value to roughly $384 million. PDD Holdings ranked third at approximately $365 million, Full Truck Alliance fourth at roughly $320 million, and Futu Holdings was the only top-five stock to receive a boost, valued at approximately $103 million. Among Chinese ADRs, Alibaba and New Oriental were fully exited, while core stakes in PDD and Full Truck Alliance were retained. CEO Gao Yuncheng stated the investment focus will center on semiconductors and AI infrastructure, a move viewed as a strategic repricing within the AI sector rather than a broad bearish call.