Chinese investor Dan Bin adjusts his overseas fund positions: Trims holdings in crypto storage assets and part of Intel ahead of a sharp market slump, while adding to positions in META, SpaceX and Amazon.

Before Thursday’s U.S. stock market plunge, Dan Bin, chairman of Oriental Harbor Fund, disclosed on social media that his firm’s Oriental Harbor Overseas Fund reduced its storage sector holdings by 10% and Intel positions by 3%, while adding to Meta Platforms (META) stakes. The remaining nearly 10% Intel holding will stay unchanged. Meanwhile, proceeds from its "double high sell" strategy will not be reinvested in hardware, but instead allocated to application-oriented areas, with additional positions in SpaceX (SPCX) and Amazon. The overseas fund will also maintain its SK Hynix holdings. Additionally, about 10% of the fund’s total assets are contractually restricted to investing only in A-shares and Hong Kong-listed equities, and have seen significant drawdowns after heavy positioning in the AI industrial chain. Dan Bin said he remains optimistic about the overall AI sector, including related companies in A-shares and Hong Kong, but admitted he did not anticipate such sharp declines, hoping the current level marks a low point and the AI sector will return to a major bull market. He also noted that with the Democratic Party controlling both U.S. congressional chambers, environmental reviews, water use approvals, and grid connection permits for data centers may tighten, slowing growth in new computing power supply. This will benefit cloud giants like Google, Amazon, and Microsoft that have already secured land, power, server racks, and GPU resources. While high short-term capital expenditure may pressure free cash flow, if the entire industry is forced to curb spending, improved pricing power is expected to restore cash flow.