At the 2025 Analyst Conference, Dan Bin, founder and chairman of Dongfang Harbor, delivered a keynote speech sharing his perspectives on the AI-driven era, market trends, and investment strategies. Below are the key takeaways from his presentation:

**On the AI Era** We are witnessing the dawn of an AI revolution comparable to the industrial transformation sparked by James Watt’s steam engine. Previous technological waves—personal computing, the internet, and smartphones—created immense investment opportunities. The AI era promises similar potential.

**On the Nasdaq Index** Since its inception in 1971, the Nasdaq has weathered economic cycles, including the 2008 financial crisis and inflationary periods. Despite short-term noise, technological progress remains the primary driver of long-term wealth creation. For instance, during 1966–1981, the Nasdaq rose 6.5x despite high interest rates, while the internet boom delivered 13 years of growth amid fluctuating rates.

**On Investment Strategy** Dongfang Harbor’s overseas fund holdings reflect a global outlook, with stakes in top-tier investors like Warren Buffett, Duan Yongping, Hillhouse, and others. Portfolio composition mirrors a worldview—how one perceives the market shapes their bets.

**Key Investment Lessons** 1. **Era Recognition**: The AI wave presents a generational opportunity akin to mobile internet’s rise. In 2004, investing early in Tencent yielded 600–700x returns. Today, focusing on AI leaders like Nvidia could replicate such success. 2. **Long-Term Horizon**: True wealth is built by investing with a 20–30 year lens. For example, $100M invested in the Nasdaq 35 years ago would now be worth $5.1B, versus marginal gains in Japan’s Nikkei. 3. **Global Diversification**: Avoiding regional biases is critical. Japan’s stagnant market highlights the cost of missing global growth.

**On Alphabet (Google)** Earlier this year, Dongfang Harbor elevated Alphabet to its second-largest holding after research confirmed AI’s positive impact on its business. Notably, Buffett’s Berkshire Hathaway, Soros, and other major investors have also increased stakes, signaling confidence in Alphabet’s AI leadership.

**On AI Disruption** AI agents (e.g., smart glasses, wearables) could render smartphones obsolete within five years, revolutionizing tasks like travel bookings. The AI race is intensifying, with tech giants like Alphabet, Amazon, and Microsoft investing heavily ($125B, $90B, and $100B annually, respectively). Dominance in this space may lead to unprecedented market concentration, with companies like Nvidia and Alphabet potentially reaching $10T valuations.

**On Chinese Tech** Domestic peers like Alibaba and ByteDance are best positioned to compete with Alphabet in AI hardware (TPUs/GPUs) and data. Recent institutional inflows into Alibaba reflect this thesis.

**Final Thoughts** At nearly 60, Dan Bin remains bullish on AI as a final career-defining opportunity. His message: invest without regret, as this era demands full commitment. As the saying goes, “Choice matters more than effort.”

The full presentation, including supporting slides, is available for further review.