Breakfast | Hillhouse and other institutions increased their holdings of technology stocks such as Alibaba, PDD, Alphabet-C in the first quarter, and OpenAI will release a new open source language model.

US stocks rose across the board, AI concept stocks rebounded, popular Chinese concept stocks outperformed, JD.com rose nearly 7%, and Alibaba rose 3.5%. HHLR, a subsidiary of Hillhouse Capital, established positions in Baidu and Li Auto in the first quarter, while significantly reducing its holdings in JD.com and Vipshop. Berkshire Hathaway increased its holdings in Apple in the first quarter while reducing its holdings in Chevron. Media reports suggest that OpenAI is preparing to release a new open-source language model. Microsoft's acquisition of Activision Blizzard has been approved by the European Union. Corporate profits in the S&P 500 index fell 3% year-on-year, better than the consensus expectation of -7% earlier.