The day after Huang Renxun's phone call ended, August 16, Friday.
Zhao Chen called Lin Shicheng and Chen Xi to Living Room of Suite at the same time.
Su Wantang is also handling the annual audit of Henglong Charity Foundation in China.
Shen Zhiyi is very busy on the Cross-Border Mergers and Acquisitions case of the Henglong Legal Department.
There are only three people in the room at the moment - Zhao Chen is sitting on the sofa in front of Floor-to-Ceiling Window, holding the freshly brewed Pu'er in his hand;
Chen Xi is leaning on the armrest of the sofa holding his laptop, with the complete position record of Era Vanguard on Nvidia displayed on the screen;
Lin Shicheng is sitting opposite, with his suit jacket hanging on the back of the chair and his tie half loose.
Spread in front of him were Nvidia's latest Financial Report summary and Huang Renxun's shorthand transcript of the phone call.
"Huang Renxun said four words yesterday - structural trend."
Zhao Chen Straight to the point, no foreshadowing,
"The weight of these four words is much heavier than the profit data of Q2.
The game business is Nvidia's past, and Data Center is Nvidia's future.
He tells us now that the future has already begun."
Lin Shicheng Turn the Financial Report abstract to the Data Center business page,
My eyes paused for a moment on the line of numbers that said "Month-on-month growth exceeded 3%."
"The growth is not big, but the direction has changed."
He raised his head,
"From Q4 last year to Q1 this year, Data Center's business has been declining month-on-month.
Q2 is the first time in three quarters that there has been a sequential turning point.
If this turning point is not short-term - then what you have to do now must not be an ordinary position adjustment."
Zhao Chen picked up the teacup and took a sip.
"Lock position. Era Vanguard's position on Nvidia--
About 94.1 million shares, accounting for about 15.5% of the total share capital - all converted to long-term Strategic Allocation."
Chen Xi was recording quickly on the laptop,
But her fingers soon stopped, as she discovered that this was a decision that didn't require much documentation.
Locking a position - it is not an increase in a position, not a reduction in a position, it is not a swing, and there is no take-profit line.
This is the first time this word has been used on a stock since Era Vanguard was founded.
She raised her head and found that Lin Shicheng was tapping the cover of the notebook with her Fountain Pen cap.
The rhythm is exactly the same as Zhao Chen tapping the armrest on the negotiating table.
"Lock position." Lin Shicheng repeated the word,
"This means that Era Vanguard's position on Nvidia will enter a passive holding state--
We no longer actively trade, we no longer do Swing Trading, and we do not set up profit-taking or stop-loss lines.
From a legal perspective, it's simple,
Just change the previous wording in Schedule 13D Amendment Filing from 'Continuous position building for the purpose of long-term investment' to 'Complete position building, and change it to Permanent Strategic Holding'.
But I need to confirm one thing - you are not saying that you will not sell for a period of time, you are saying that unless two extreme circumstances occur, you will never sell."
"Yes." Zhao Chen put down the teacup,
"Concentrating investment is never a problem, the question is where you concentrate.
AI Computing Power and New Energy are the two most certain long tracks in this era.
As long as there is no fundamental reversal in these two tracks, Era Vanguard's positions do not need to be diversified.
Risk control is not about putting eggs into different baskets, it is about putting the baskets on the floor that you really understand."
Chen Xi turned the four words "never sell" said by Lin Shicheng in his mind several times.
She remembered that when Era Vanguard opened a position on Nvidia in November last year, all Wall Street were running away.
At that time, the market value of Nvidia had fallen below 90 billion. US Dollar, Zhao Chen said something--
"The outbreak of AI Computing Power is not a linear process, but an exponential process."
From then to now, more than half a year has passed. Bitcoin's hatred, Nvidia's warehouse, Tesla's Pledged Shares, SEC's investigation, Short Sellers's hunting--
Era Vanguard has gone through too much, but Nvidia's position has never been passive.
At this moment, Zhao Chen is sitting on this sofa, her tone is as calm as if she is talking about today's weather, but she knows that this calmness is not relaxing--
It was a decision he made without any hesitation after repeatedly deducing all possibilities.
"Concentrated investing is why you make money."
Lin Shicheng screwed on the Fountain Pen cap, quickly wrote a few lines on the notebook, and then raised his head,
"But you just said the premise - unless Huang Renxun leaves Nvidia, or AI proves to be a bubble.
These two premises are not legal terms, but your personal judgment standards.
If Huang Renxun really retires one day, how can we judge whether his successor still meets the 'not for sale' condition?
If AI encounters a serious technical bottleneck at a certain stage--
For example, the growth rate of computing power demand slows down, or disruptive alternative technologies emerge--
We need an objective assessment framework, not just 'proven to be a bubble'."
Zhao Chen put down the teacup and glanced at Lin Shicheng.
He did not answer the question about the framework because he knew that Lin Shicheng would take the initiative to answer the question next.
He simply said:
"So it's not your job to decide for me when to sell.
Your job is to ensure that during the period when Era Vanguard decides not to sell, all compliance frameworks can support this decision."
Lin Shicheng wrote a few lines in the notebook and then closed the notebook.
He has already thought of several things that need to be done:
Update Schedule 13D Amendment Filing and change the position purpose of Nvidia from "continuous position building for the purpose of long-term investment" to
"Completed position opening, converted to Permanent Strategic Holding";
Revise the internal compliance manual and classify the Nvidia position from the "active management" category to the "permanent core position" category;
And prepare an internal memorandum detailing the basis for the lock-up decision and the two conditions that trigger the reduction.
Chen Xi checked the position data of Nvidia on the screen from beginning to end--
Approximately 94.1 million shares, accounting for approximately 15.5% of the total share capital, with a total investment of approximately 13.66 billion US Dollar, and a comprehensive weighted cost of approximately 145.2 US Dollar.
Based on the current stock price of about 155 US Dollar, the floating profit is about 6.4%, which is about 900 million US Dollar.
This floating profit is almost negligible in the overall asset size of Era Vanguard.
But she knew that Zhao Chen didn't want a floating profit, he wanted a position--
A name that will never be erased on Nvidia Shareholder Register.
"By the way," Zhao Chen stood up and walked to Floor-to-Ceiling Window,
"After Data Center's business has grown quarter-on-quarter for three consecutive quarters,
I will add a sentence to the next Schedule 13D Amendment Filing--
'Era Vanguard will maintain its current shareholding ratio unchanged until Data Center's business becomes Nvidia's largest source of income.'
Let Huang Renxun know that someone is betting on his future, and it's not just a quarter, but an entire era."
He turned around and his eyes fell on Lin Shicheng's face,
"Of course, that's for the next declaration. Today's task is to put all the locked documents in place."
Lin Shicheng opened his notebook to a new page,
Solemnly write down the words "Data Center has become the largest source of income" and mark an asterisk next to it.
This was a ten-year habit of his legal secretary--
An asterisk means that this content has not yet been formally submitted, but has entered into long-term planning.
After the two left, Zhao Chen stood alone in front of the window.
He suddenly remembered the last words Huang Renxun said during the phone conference,
It's not about Q2 results, it's not about Q3 guidance, it's about AI--
"We are standing at the entrance of a new era."
When he said this, his tone did not sound like he was making predictions for analysts.
It's more like a person who has been walking in a tunnel for a long time and finally sees a light ahead.
The freighter outside the window continues to move towards the mouth of the river,
He heard Huang Renxun add half-jokingly at the end of the conference call recording, "The next ten years will see whether computing power can change the world."
He has saved those chips for this decade.