<p>投资者在华尔街从不缺乏数据。成千上万家上市公司每三个月报告其营运业绩，经济数据也定期发布，很容易有重要信息被忽略。</p>
<p>8 月 14 日，可以说整个第三季度最重要的数据公布发生了——你有可能错过了。这是机构投资者提交 13F 表格给证券交易委员会的截止日期，要求资产管理规模至少 1 亿美元的机构投资者提交。13F 提供了华尔街最成功资产管理人在最新季度（本例为截至 6 月的季度）购买和出售的股票的简明概况。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管 <strong>伯克希尔哈撒韦</strong> 首席执行官沃伦·巴菲特可能是最受关注的资金经理，亿万富翁史蒂文·科恩的 Point72 资产管理公司往往引起很多关注。</p>
<p>科恩的对冲基金可能最令人惊讶的一点是，其中包含数千个头寸，资产规模超过 380 亿美元，他及其团队对华尔街人工智能（AI）宠儿 <strong>英伟达</strong> 的态度。</p>
<h2>科恩几乎清空了 Point72 在英伟达的持股</h2>
<p>截至 2023 年 9 月底，科恩的基金持有英伟达的 16457320 股，这使其成为 Point72 按市值计算的第五大股票持仓（不包括期权）。我还应该提到，这个股数已经根据英伟达在 2024 年 6 月进行的历史性 10 对 1 股票分割进行了调整。</p>
<p>但在接下来的九个月内，截至 6 月 30 日，科恩监督将这一头寸减少了 87%，至 2115018 股。</p>
<p>自 2023 年初以来，英伟达股价飙升了 822%，截至 10 月 11 日收盘，科恩的大举抛售可能只是为了获利和资产重新配置。然而，这个故事可能比表面看到的更复杂。</p>
<p>例如，可以肯定的是，英伟达将面临日益激烈的竞争。外部竞争对手将推出新的人工智能图形处理单元（GPU），希望他们的硬件能够取代英伟达备受欢迎的 H100 和继任者 AI-GPU 架构 Blackwell。</p>
<p>但英伟达面临的更大问题可能是内部竞争。该公司四大客户按净销售额排序——<strong>微软</strong>、<strong>Meta Platforms</strong>、<strong>亚马逊</strong> 和 <strong>Alphabet</strong>——都在内部开发用于数据中心的 AI-GPU。如果这些内部开发的芯片在易用性和成本上更有优势，那么英伟达保持计算优势就不会太重要。换句话说，这意味着英伟达将失去来自其顶级客户的未来订单。</p>
<p>历史是另一个可能让 Point72 最聪明的投资头脑，包括史蒂文·科恩，对英伟达感到不安的因素。过去三十年来，每一项改变游戏规则的技术，包括互联网，都经历了早期的泡沫破裂事件。投资者有一种可怕的习惯，就是高估新技术的接受程度，从而导致最终的失望。</p>
<p>没有哪家市场领先的企业比英伟达更直接受益于人工智能革命。如果人工智能泡沫破裂，英伟达的股价逻辑上会受到比同行更严重的打击。</p>
<p>监管环境对英伟达也不利。在过去两年中，美国监管机构限制了英伟达高性能 AI-GPU 向中国的出口。如果无法进入世界第二大经济体，英伟达每个季度可能会损失数十亿美元的销售额。</p>
<p>然而，尽管亿万富翁史蒂文·科恩及其团队一直忙于抛售英伟达股票，他们却大举投资于一家高飞的股票分拆公司，该公司具有无可否认的竞争优势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>科恩的 Point72 在这家表现优异的股票分拆公司中大举投资</h2>
<p>在科恩在截至 6 月的季度中监督增持的众多持仓中，可能没有一家比快餐连锁餐厅 <strong>墨式烧烤</strong> 更引人注目。墨式烧烤在 6 月 25 日交易结束后完成了其有史以来第一次股票分拆。这次分拆的规模为 50 对 1，是纽约证券交易所历史上最大的之一。</p>
<p>在第二季度，科恩的基金购买了 1458700 股墨式烧烤，将其 3 月份的持股增加了惊人的 446%，至 1785950 股。与英伟达类似，这个股数已经进行了调整以反映公司的分拆。</p>
<p>吸引 Point72 最聪明的投资头脑大举投资墨式烧烤股票的诱因是其许多明确定义的竞争优势。</p>
<p>差异化是墨式烧烤能够在竞争激烈的餐厅行业脱颖而出的重要原因。其承诺使用负责任饲养的肉类，不含不必要的抗生素，并在可能的情况下本地采购蔬菜，得到了消费者的认可。</p>
<p>正如二十年前的有机/天然食品趋势让杂货店受益一样，墨式烧烤的管理团队迅速意识到，他们的顾客愿意为更高质量的食品支付更多。考虑到过去几年食品成本显著上涨，这种定价权尤为重要。</p>
<p>公司有限的菜单也有助于使其脱颖而出。通过保持相对较小的菜单，Chipotle 确保其员工可以快速准备食物并准备餐点，以保持店内队伍的流动。此外，小菜单在推出新品时会引起更大的关注。</p>
<p>Chipotle 业务受益于 Chipotlanes 的推出，这也需要得到认可。Chipotlanes 是专门用于完成移动订单的驶入式车道。移动订购为公司的销售渠道增加了新的维度，并帮助将品牌介绍给 Z 世代。</p>
<p>毫无疑问，自 2006 年 1 月成为上市公司以来，Chipotle Mexican Grill 已经远远超出了预期，但可能会让投资者，包括 Steven Cohen，感到不满意的一个方面是其估值。尽管 Chipotle 值得比同行公司溢价，但截至 10 月 11 日，公司的前瞻市盈率（P/E）为 45，对于一家餐饮连锁公司来说有点过高。</p>
<p>由于一些有机增长是由价格上涨而不是额外订单驱动的，这使得公司过高的前瞻市盈率更加令人不满。毕竟，对于一家餐饮连锁公司，人们只能期待有限的创新。</p>
<p>尽管亿万富翁 Steven Cohen 投资了一家真正超级股票分拆股票，但其短期上涨空间似乎有限。</p>

墨式烧烤

<p>亿万富豪史蒂文·科恩的 Point72 资产管理公司已将其在英伟达的持股大幅减少了 87%，卖出至 2,115,018 股。这一举动是在英伟达股价在 2023 年上涨了 822% 之后进行的，可能表明在人工智能 GPU 领域竞争加剧的背景下进行了利润回吐。与此同时，科恩的基金大举投资于墨式烧烤，将持股增加了 446%，达到 1,785,950 股，这是在该公司历史性的 50 比 1 股票分拆之后进行的，突显了其在餐饮行业的竞争优势</p>

<p>Investors are never at a loss for data on Wall Street. With thousands of publicly traded companies reporting their operating results every three months, and economic data rolling out with regularity, it can be easy for something important to slip through the cracks.</p>
<div class="lb-trans"><p>投资者在华尔街从不缺乏数据。成千上万家上市公司每三个月报告其营运业绩，经济数据也定期发布，很容易有重要信息被忽略。</p>
</div><p>On Aug. 14, arguably the most important data dump of the entire third quarter occurred -- and there's a possibility you missed it. This was the filing deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission. A 13F provides an easy-to-understand snapshot of which stocks Wall Street's most-successful asset managers purchased and sold in the latest quarter (in this case, the June-ended quarter).</p>
<div class="lb-trans"><p>8 月 14 日，可以说整个第三季度最重要的数据公布发生了——你有可能错过了。这是机构投资者提交 13F 表格给证券交易委员会的截止日期，要求资产管理规模至少 1 亿美元的机构投资者提交。13F 提供了华尔街最成功资产管理人在最新季度（本例为截至 6 月的季度）购买和出售的股票的简明概况。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793904%2Fprofessional-stock-trader-broker-analyze-stock-chart-invest-retire-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Although <strong>Berkshire Hathaway</strong> CEO Warren Buffett is probably the most closely tracked money manager, billionaire Steven Cohen of Point72 Asset Management tends to generate a lot of buzz.</p>
<div class="lb-trans"><p>尽管 <strong>伯克希尔哈撒韦</strong> 首席执行官沃伦·巴菲特可能是最受关注的资金经理，亿万富翁史蒂文·科恩的 Point72 资产管理公司往往引起很多关注。</p>
</div><p>Perhaps the most surprising aspect of Cohen's hedge fund, which contains thousands of positions and has more than $38 billion in AUM, has been his and his team's approach to Wall Street's artificial intelligence (AI) darling, <strong>Nvidia</strong>(NVDA -4.69%).</p>
<div class="lb-trans"><p>科恩的对冲基金可能最令人惊讶的一点是，其中包含数千个头寸，资产规模超过 380 亿美元，他及其团队对华尔街人工智能（AI）宠儿 <strong>英伟达</strong> 的态度。</p>
</div><h2>Cohen has dumped almost the entirety of Point72's stake in Nvidia</h2>
<div class="lb-trans"><h2>科恩几乎清空了 Point72 在英伟达的持股</h2>
</div><p>At the end of September 2023, Cohen's fund held 16,457,320 shares of Nvidia, which made it Point72's fifth-largest stock holding by market value (excluding options). I should also mention that this share count has been adjusted for Nvidia's historic 10-for-1 stock split, which was carried out in June 2024.</p>
<div class="lb-trans"><p>截至 2023 年 9 月底，科恩的基金持有英伟达的 16457320 股，这使其成为 Point72 按市值计算的第五大股票持仓（不包括期权）。我还应该提到，这个股数已经根据英伟达在 2024 年 6 月进行的历史性 10 对 1 股票分割进行了调整。</p>
</div><p>But over the next nine months, through June 30, Cohen oversaw an 87% reduction of this position to 2,115,018 shares.</p>
<div class="lb-trans"><p>但在接下来的九个月内，截至 6 月 30 日，科恩监督将这一头寸减少了 87%，至 2115018 股。</p>
</div><p>With Nvidia's stock catapulting by 822% since the start of 2023, as of the closing bell on Oct. 11, Cohen's aggressive selling might represent nothing more than profit-taking and asset reallocation. Then again, there may be more to this story than meets the eye.</p>
<div class="lb-trans"><p>自 2023 年初以来，英伟达股价飙升了 822%，截至 10 月 11 日收盘，科恩的大举抛售可能只是为了获利和资产重新配置。然而，这个故事可能比表面看到的更复杂。</p>
</div><p>For example, it's a given that Nvidia is set to face growing competition. External competitors will be bringing new AI-graphics processing units (GPUs) to market with the hope that their hardware can dethrone Nvidia's ultra-popular H100 and successor AI-GPU architecture, Blackwell.</p>
<div class="lb-trans"><p>例如，可以肯定的是，英伟达将面临日益激烈的竞争。外部竞争对手将推出新的人工智能图形处理单元（GPU），希望他们的硬件能够取代英伟达备受欢迎的 H100 和继任者 AI-GPU 架构 Blackwell。</p>
</div><p>But the bigger issue for Nvidia might be internal competition. The company's four-largest customers by net sales -- <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong> -- are all internally developing AI-GPUs for their data centers. Nvidia maintaining its computing advantage superiority won't matter much if ease of access to AI-GPUs and cost are more advantageous for these internally developed chips. In other words, this suggests Nvidia will lose out on future orders from its top customers.</p>
<div class="lb-trans"><p>但英伟达面临的更大问题可能是内部竞争。该公司四大客户按净销售额排序——<strong>微软</strong>、<strong>Meta Platforms</strong>、<strong>亚马逊</strong> 和 <strong>Alphabet</strong>——都在内部开发用于数据中心的 AI-GPU。如果这些内部开发的芯片在易用性和成本上更有优势，那么英伟达保持计算优势就不会太重要。换句话说，这意味着英伟达将失去来自其顶级客户的未来订单。</p>
</div><p>History is another factor that might be making Point72's brightest investment minds, including Steven Cohen, skittish about Nvidia. Every game-changing technology for the last three decades, including the internet, went through a bubble-bursting event early in its existence. Investors have a terrible habit of overestimating the uptake of new technologies, thus leading to eventual disappointment.</p>
<div class="lb-trans"><p>历史是另一个可能让 Point72 最聪明的投资头脑，包括史蒂文·科恩，对英伟达感到不安的因素。过去三十年来，每一项改变游戏规则的技术，包括互联网，都经历了早期的泡沫破裂事件。投资者有一种可怕的习惯，就是高估新技术的接受程度，从而导致最终的失望。</p>
</div><p>No market-leading business has benefited from the AI revolution more directly than Nvidia. If the AI bubble were to burst, Nvidia's stock would logically be hit harder than its peers.</p>
<div class="lb-trans"><p>没有哪家市场领先的企业比英伟达更直接受益于人工智能革命。如果人工智能泡沫破裂，英伟达的股价逻辑上会受到比同行更严重的打击。</p>
</div><p>The regulatory landscape hasn't done Nvidia any favors, either. In each of the previous two years, U.S. regulators restricted the export of Nvidia's high-powered AI-GPUs to China. Without access to the world's No. 2 economy, Nvidia could be missing out on billions of dollars in sales each quarter.</p>
<div class="lb-trans"><p>监管环境对英伟达也不利。在过去两年中，美国监管机构限制了英伟达高性能 AI-GPU 向中国的出口。如果无法进入世界第二大经济体，英伟达每个季度可能会损失数十亿美元的销售额。</p>
</div><p>But while billionaire Steven Cohen and his team have been busy sending shares of Nvidia to the chopping block, they've absolutely piled into a high-flying stock-split stock with undeniable competitive advantages.</p>
<div class="lb-trans"><p>然而，尽管亿万富翁史蒂文·科恩及其团队一直忙于抛售英伟达股票，他们却大举投资于一家高飞的股票分拆公司，该公司具有无可否认的竞争优势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793904%2Fpaper-stock-certificate-shares-split-public-company-nyse-nasdaq-getty.jpeg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Cohen's Point72 takes a big bite out of this outperforming stock-split stock</h2>
<div class="lb-trans"><h2>科恩的 Point72 在这家表现优异的股票分拆公司中大举投资</h2>
</div><p>Among the numerous holdings that Cohen oversaw the addition to in the June-ended quarter, arguably none stands out more than fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG 0.89%). Chipotle completed its first-ever split after the close of trading on June 25. The magnitude of this split, 50-for-1, was one of the largest in the history of the New York Stock Exchange.</p>
<div class="lb-trans"><p>在科恩在截至 6 月的季度中监督增持的众多持仓中，可能没有一家比快餐连锁餐厅 <strong>墨式烧烤</strong> 更引人注目。墨式烧烤在 6 月 25 日交易结束后完成了其有史以来第一次股票分拆。这次分拆的规模为 50 对 1，是纽约证券交易所历史上最大的之一。</p>
</div><p>During the second quarter, Cohen's fund purchased 1,458,700 shares of Chipotle, which increased its March-ended stake by a whopping 446% to 1,785,950 shares. Similar to Nvidia, this share count has been adjusted to account for the company's split.</p>
<div class="lb-trans"><p>在第二季度，科恩的基金购买了 1458700 股墨式烧烤，将其 3 月份的持股增加了惊人的 446%，至 1785950 股。与英伟达类似，这个股数已经进行了调整以反映公司的分拆。</p>
</div><p>The lure that likely attracted Point72's brightest investment minds to take a big bite out of Chipotle's stock is its many well-defined competitive edges.</p>
<div class="lb-trans"><p>吸引 Point72 最聪明的投资头脑大举投资墨式烧烤股票的诱因是其许多明确定义的竞争优势。</p>
</div><p>Differentiation has been a big reason Chipotle Mexican Grill has been able to stand out in the highly competitive restaurant landscape. Its pledge to use responsibly raised meats that are free of unnecessary antibiotics, as well as source vegetables locally, when possible, has resonated with consumers.</p>
<div class="lb-trans"><p>差异化是墨式烧烤能够在竞争激烈的餐厅行业脱颖而出的重要原因。其承诺使用负责任饲养的肉类，不含不必要的抗生素，并在可能的情况下本地采购蔬菜，得到了消费者的认可。</p>
</div><p>Just as grocery stores capitalized on the organic/natural food trend two decades ago, Chipotle's management team quickly realized that its customers would gladly pay more for higher-quality food. Given that food costs have notably risen over the last couple of years, this pricing power has come in especially handy.</p>
<div class="lb-trans"><p>正如二十年前的有机/天然食品趋势让杂货店受益一样，墨式烧烤的管理团队迅速意识到，他们的顾客愿意为更高质量的食品支付更多。考虑到过去几年食品成本显著上涨，这种定价权尤为重要。</p>
</div><p>The company's limited menu also helps it stand out from the crowd. By keeping its menu relatively small, Chipotle ensures that its staff can quickly prep food and prepare meals to keep the lines in its stores moving. Further, a small menu leads to a bigger buzz when new items are introduced.</p>
<div class="lb-trans"><p>公司有限的菜单也有助于使其脱颖而出。通过保持相对较小的菜单，Chipotle 确保其员工可以快速准备食物并准备餐点，以保持店内队伍的流动。此外，小菜单在推出新品时会引起更大的关注。</p>
</div><p>The lift Chipotle's business has enjoyed from the introduction of Chipotlanes -- drive-thru lanes devoted to fulfilling mobile orders -- needs to be recognized, too. Mobile ordering has added a new dimension to the company's sales channels, as well as helped introduce the brand to Generation Z.</p>
<div class="lb-trans"><p>Chipotle 业务受益于 Chipotlanes 的推出，这也需要得到认可。Chipotlanes 是专门用于完成移动订单的驶入式车道。移动订购为公司的销售渠道增加了新的维度，并帮助将品牌介绍给 Z 世代。</p>
</div><p>While there's no denying that Chipotle Mexican Grill has handily outperformed expectations since becoming a public company in January 2006, the one aspect that might leave a bad taste in the mouth of investors, including Steven Cohen, is its valuation. Though Chipotle is worthy of a premium to its peers, the company's forward price-to-earnings (P/E) ratio of 45, as of Oct. 11, is a bit excessive for a restaurant chain.</p>
<div class="lb-trans"><p>毫无疑问，自 2006 年 1 月成为上市公司以来，Chipotle Mexican Grill 已经远远超出了预期，但可能会让投资者，包括 Steven Cohen，感到不满意的一个方面是其估值。尽管 Chipotle 值得比同行公司溢价，但截至 10 月 11 日，公司的前瞻市盈率（P/E）为 45，对于一家餐饮连锁公司来说有点过高。</p>
</div><p>With some of its organic growth being driven by higher prices and not additional orders, it makes the company's outsized forward P/E ratio even more egregious. There is, after all, only so much innovation that can be expected from a restaurant chain.</p>
<div class="lb-trans"><p>由于一些有机增长是由价格上涨而不是额外订单驱动的，这使得公司过高的前瞻市盈率更加令人不满。毕竟，对于一家餐饮连锁公司，人们只能期待有限的创新。</p>
</div><p>Although billionaire Steven Cohen has invested in a truly supercharged stock-split stock, its near-term upside looks to be limited.</p>
<div class="lb-trans"><p>尽管亿万富翁 Steven Cohen 投资了一家真正超级股票分拆股票，但其短期上涨空间似乎有限。</p>
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Billionaire Steven Cohen Sold 87% of Point72's Stake in Nvidia and Is Piling Into This Supercharged Stock-Split Stock

- 机构投资者在 8 月 14 日提交了 13F 表格，显示其持股变动。  
- Steven Cohen 减持 Nvidia 股票 87%，转而增持 Chipotle 股票 446%。  
- Nvidia 面临竞争和监管挑战，Chipotle 具备定价能力和市场优势。

亿万富翁史蒂文·科恩出售了 Point72 在英伟达 87% 的股份，并正在大量投资于这只表现强劲的拆股股票