<p>如果你错过了，上周发生了第四季度最重要的数据发布之一——我说的不是十月份的通胀报告。</p>
<p>在一个季度结束后的不超过 45 个日历日内，管理资产至少为 1 亿美元的机构投资者需要向证券交易委员会提交 13F 表格。这份听起来正式的文件让投资者能够看到华尔街最聪明、历史上最成功的资金经理在最新一个季度（在这种情况下是截至九月的季度）购买和出售了哪些股票。</p>
<p>尽管 13F 表格并不完美——因为它们是在季度结束后最多 45 天提交的，所以对于活跃的对冲基金来说，它们的快照可能会过时——但它们仍然可以提供关于哪些股票、行业、部门和趋势引起顶级投资者兴趣的宝贵见解。这包括对华尔街最热门创新——人工智能（AI）的情绪评估。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特备受关注，但他并不是唯一一个投资者密切关注的成功亿万富翁资金经理。Coatue Management 的菲利普·拉丰特也有着出色的投资记录。拉丰特的基金主要投资于科技股和创新驱动的企业，截至第三季度，管理的资产达 269 亿美元，分布在 81 家公司中。</p>
<p>然而，拉丰特真正令人瞩目的交易活动是他在 AI 股票上的交易。他继续抛售华尔街的 AI 宠儿 <strong>英伟达</strong>（NVDA -1.29%），并且现在正在大量购买一只历史上便宜的 AI 股票。</p>
<h2>拉丰特的 Coatue 已经抛售了 80% 的英伟达股份</h2>
<p>考虑到英伟达在 6 月 7 日交易结束后实施的历史性 10 比 1 股票拆分，Coatue Management 在 2023 年 3 月 31 日持有 49,802,020 股。在过去的 18 个月里，拉丰特和他的团队已经将世界上最大的上市公司 39,663,859 股股票送出了大门，从而将 Coatue 的持股比例减少了 80%！</p>
<p>在许多方面，英伟达的崛起为未来的创新者提供了蓝图。其图形处理单元（GPU）在企业数据中心中占据了垄断地位，其 H100 GPU（通常称为&#34;Hopper&#34;）和后续的 Blackwell 芯片的订单积压。当对某种产品的需求超过供应时，其价格上涨是正常的。英伟达能够为其 Hopper 芯片获得 30,000 到 40,000 美元的价格，这比竞争芯片的价格高出 100% 到 300%。</p>
<p>英伟达还值得称赞的是保持客户对其产品和服务生态系统的忠诚。拥有优越的计算能力与其 AI-GPU 相结合是有帮助的，但真正发挥重要作用的是公司的 CUDA 软件平台。开发者使用 CUDA 来最大化他们的英伟达 GPU 的潜力，并构建大型语言模型。</p>
<p>但无论事情看起来多么美好，没有哪只股票是完美的，菲利普·拉丰特似乎已经意识到了这一点。</p>
<p>可能促使拉丰特和他的团队继续削减 Coatue 在英伟达股份的一个更为显著的担忧是对竞争的预期。虽然大多数目光都集中在外部竞争对手如 <strong>超威半导体</strong> 上，但真正的威胁可能是内部的。</p>
<p>尽管英伟达正在向其&#34;七大杰出公司&#34;的兄弟公司销售大量 AI 芯片，但这些公司中的许多正在内部开发自己的 AI-GPU。英伟达的芯片保持其计算优势可能不足以说服其顶级客户在未来的季度中选择自己更便宜、更易获取的 AI 芯片。</p>
<p>拉丰特也可能在参考英伟达内部人士的动向。下个月将是自上次内部人士在公开市场购买英伟达股票以来的四年。相比之下，内部人士出售股票的情况则相对常见。虽然并非所有内部人士的出售都是恶意的，但购买公司股票的唯一理由是相信这些股票会增值。英伟达的内部人士没有给投资者任何理由相信他们公司的股票是一个好的价值。</p>
<p>最后，历史并不站在英伟达这一边。在过去三十年中，每一个下一个重大创新都经历了早期泡沫破裂事件。由于大多数企业缺乏明确的游戏计划来产生正回报，英伟达近乎抛物线的上涨可能面临风险。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>拉丰特在这只市场领先的 AI 股票中将其持股增加了 10 倍</h2>
<p>但仅仅因为亿万富翁菲利普·拉丰特在削减 Coatue Management 在英伟达的持股，并不意味着他和他的投资顾问没有增加其他人工智能股票的投资。根据最新的 13F 文件，拉丰特的基金将其在中国的 <strong>阿里巴巴</strong>（BABA 0.86%）的持股增加了 2,441,557 股，相比于 6 月 30 日的持股增加了 895%。</p>
<p>阿里巴巴可能最为人知的是作为中国领先的电子商务平台。根据国际贸易管理局在 2023 年 4 月的估计，阿里巴巴旗下的天猫和淘宝占中国在线零售市场份额的近 51%。</p>
<p>与美国不同的是，美国的在线零售销售早已成熟，而中国蓬勃发展的中产阶级为其电子商务的增长前景提供了广阔的空间。根据 eMarketer 的数据显示，中国的电子商务销售额从 2019 年的 1.8 万亿美元飙升至预计今年的 3.57 万亿美元，阿里巴巴正好处于利用这一持续长期增长机会的有利位置。</p>
<p>然而，该公司的最具吸引力的长期增长前景可以追溯到其云智能集团。阿里巴巴是中国市场份额最大的云基础设施服务提供商，市场份额为 39%，是其下一个竞争对手的两倍多。它正在积极将生成式人工智能解决方案和大型语言模型能力整合到其面向中国客户的云基础设施平台中。</p>
<p>尽管阿里巴巴的云智能集团在截至九月的季度销售额同比增长了 7%，但值得注意的是，云服务和人工智能相关的利润率远高于在线零售销售。即使在这一领域的温和增长也能导致盈利能力的显著提升。</p>
<p>拉丰特及其团队可能也对阿里巴巴庞大的资金储备和强劲的资本回报计划感到欣喜。到九月底，公司拥有 482 亿美元的现金、现金等价物和短期投资，加上 65 亿美元的受限现金和 72 亿美元的股权证券。这与仅有的 47 亿美元的银行借款和无担保高级票据相比，形成了鲜明对比。包括所有现金元素在内，阿里巴巴的净现金头寸超过 570 亿美元。</p>
<p>拥有大量现金使阿里巴巴能够积极投资于创新、进行收购，并通过回购奖励股东。在截至九月的季度中，超过 40 亿美元用于股票回购，现有回购计划中仍剩余 220 亿美元。回购股票可以减少流通股数量并提高每股收益（EPS）。</p>
<p>最后，阿里巴巴在人工智能股票中历史上是相对便宜的。现在的股价仅为未来一年每股收益的 9 倍，甚至更低，如果考虑到公司现有估值的四分之一与其净现金余额相关联。</p>

英伟达

<p>亿万富翁菲利普·拉丰特已出售 Coatue Management 在英伟达的 80% 股份，显著减少了他的持股。这一举动是在对英伟达的竞争和内部人士抛售的担忧中进行的。相反，拉丰特将对阿里巴巴的投资增加了 895%，显示出他向历史上更便宜的人工智能股票转变。最近的 13F 文件揭示了拉丰特的策略，即尽管英伟达在市场上占据强势地位，他仍希望利用人工智能领域的新兴机会</p>

<p>In case you missed it, one of the most important data releases of the fourth quarter occurred last week -- and I'm not talking about the October inflation report.</p>
<div class="lb-trans"><p>如果你错过了，上周发生了第四季度最重要的数据发布之一——我说的不是十月份的通胀报告。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. This formal-sounding filing allows investors to see which stocks Wall Street's smartest and most historically successful money managers purchased and sold in the latest quarter (in this instance, the September-ended quarter).</p>
<div class="lb-trans"><p>在一个季度结束后的不超过 45 个日历日内，管理资产至少为 1 亿美元的机构投资者需要向证券交易委员会提交 13F 表格。这份听起来正式的文件让投资者能够看到华尔街最聪明、历史上最成功的资金经理在最新一个季度（在这种情况下是截至九月的季度）购买和出售了哪些股票。</p>
</div><p>Even though 13Fs aren't perfect -- since they're filed up to 45 days after a quarter ends, their snapshot can be stale for active hedge funds -- they can still provide invaluable insight on which stocks, industries, sectors, and trends are piquing the interest of top-tier investors. This includes gauging sentiment on Wall Street's hottest innovation, artificial intelligence (AI).</p>
<div class="lb-trans"><p>尽管 13F 表格并不完美——因为它们是在季度结束后最多 45 天提交的，所以对于活跃的对冲基金来说，它们的快照可能会过时——但它们仍然可以提供关于哪些股票、行业、部门和趋势引起顶级投资者兴趣的宝贵见解。这包括对华尔街最热门创新——人工智能（AI）的情绪评估。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798091%2Fmoney-manager-stock-chart-market-level-2-data-invest-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>'s Warren Buffett commands a lot of attention, he's not the only successful billionaire money manager that investors closely track. Coatue Management's Philippe Laffont also has a phenomenal investing track record. Laffont's fund, which primarily invests in tech stocks and innovation-driven businesses, closed out the third quarter with $26.9 billion in AUM spread across 81 companies.</p>
<div class="lb-trans"><p>尽管 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特备受关注，但他并不是唯一一个投资者密切关注的成功亿万富翁资金经理。Coatue Management 的菲利普·拉丰特也有着出色的投资记录。拉丰特的基金主要投资于科技股和创新驱动的企业，截至第三季度，管理的资产达 269 亿美元，分布在 81 家公司中。</p>
</div><p>However, the real jaw-dropper for Laffont has been his trading activity among AI stocks. He continues to dump shares of Wall Street's AI darling, <strong>Nvidia</strong>(NVDA -1.29%), and is now piling into a historically cheap AI stock.</p>
<div class="lb-trans"><p>然而，拉丰特真正令人瞩目的交易活动是他在 AI 股票上的交易。他继续抛售华尔街的 AI 宠儿 <strong>英伟达</strong>（NVDA -1.29%），并且现在正在大量购买一只历史上便宜的 AI 股票。</p>
</div><h2>Laffont's Coatue has sent 80% of its Nvidia shares packing</h2>
<div class="lb-trans"><h2>拉丰特的 Coatue 已经抛售了 80% 的英伟达股份</h2>
</div><p>Taking into account the historic 10-for-1 stock split Nvidia effected following the close of trading on June 7, Coatue Management held 49,802,020 shares on March 31, 2023. Over the last 18 months, Laffont and his team have shown a collective 39,663,859 shares of the world's largest publicly traded company to the door, thereby reducing Coatue's stake by 80%!</p>
<div class="lb-trans"><p>考虑到英伟达在 6 月 7 日交易结束后实施的历史性 10 比 1 股票拆分，Coatue Management 在 2023 年 3 月 31 日持有 49,802,020 股。在过去的 18 个月里，拉丰特和他的团队已经将世界上最大的上市公司 39,663,859 股股票送出了大门，从而将 Coatue 的持股比例减少了 80%！</p>
</div><p>In many ways, Nvidia's ascent has been the blueprint for future innovators to follow. Its graphics processing units (GPUs) hold a monopoly like share in enterprise data centers, and orders for its H100 GPU (commonly known as the &#34;Hopper&#34;) and successor Blackwell chip are backlogged. When demand for a product outstrips supply, it's normal for its price to head higher. Nvidia has been able to net $30,000 to $40,000 for its Hopper chip, which ranges from a 100% to 300% premium over competing chips.</p>
<div class="lb-trans"><p>在许多方面，英伟达的崛起为未来的创新者提供了蓝图。其图形处理单元（GPU）在企业数据中心中占据了垄断地位，其 H100 GPU（通常称为&#34;Hopper&#34;）和后续的 Blackwell 芯片的订单积压。当对某种产品的需求超过供应时，其价格上涨是正常的。英伟达能够为其 Hopper 芯片获得 30,000 到 40,000 美元的价格，这比竞争芯片的价格高出 100% 到 300%。</p>
</div><p>Nvidia also deserves credit for keeping its customers loyal to its product and service ecosystem. Having superior computing capacity with its AI-GPUs helps, but it's the company's CUDA software platform that's really done some heavy lifting. CUDA is used by developers to maximize the potential of their Nvidia GPUs, as well as build large language models.</p>
<div class="lb-trans"><p>英伟达还值得称赞的是保持客户对其产品和服务生态系统的忠诚。拥有优越的计算能力与其 AI-GPU 相结合是有帮助的，但真正发挥重要作用的是公司的 CUDA 软件平台。开发者使用 CUDA 来最大化他们的英伟达 GPU 的潜力，并构建大型语言模型。</p>
</div><p>But no matter how good things may seem, no stock is perfect, as Philippe Laffont appears to have realized.</p>
<div class="lb-trans"><p>但无论事情看起来多么美好，没有哪只股票是完美的，菲利普·拉丰特似乎已经意识到了这一点。</p>
</div><p>One of the more front-and-center concerns that may be encouraging Laffont and his crew to continue paring down Coatue's stake in Nvidia is the expectation of competition. While most eyes are on external competitors like <strong>Advanced Micro Devices</strong>, the real threat may be internal.</p>
<div class="lb-trans"><p>可能促使拉丰特和他的团队继续削减 Coatue 在英伟达股份的一个更为显著的担忧是对竞争的预期。虽然大多数目光都集中在外部竞争对手如 <strong>超威半导体</strong> 上，但真正的威胁可能是内部的。</p>
</div><p>Even though Nvidia is selling boatloads of its AI chips to its &#34;Magnificent Seven&#34; brethren, many of these companies are internally developing AI-GPUs of their own. Nvidia's chips maintaining their computing edge may not be enough for to dissuade its top customers from choosing their own cheaper and more-accessible AI chips in future quarters.</p>
<div class="lb-trans"><p>尽管英伟达正在向其&#34;七大杰出公司&#34;的兄弟公司销售大量 AI 芯片，但这些公司中的许多正在内部开发自己的 AI-GPU。英伟达的芯片保持其计算优势可能不足以说服其顶级客户在未来的季度中选择自己更便宜、更易获取的 AI 芯片。</p>
</div><p>Laffont might also be taking his cues from Nvidia's insiders. Next month will mark four years since the last insider purchased shares of Nvidia on the open market. By comparison, insider selling has been a common occurrence. While not all insider sales are nefarious, there's only one reason to purchase shares of a company: the belief those shares will increase in value. Nvidia's insiders have given investors no reason to believe their company's stock is a good value.</p>
<div class="lb-trans"><p>拉丰特也可能在参考英伟达内部人士的动向。下个月将是自上次内部人士在公开市场购买英伟达股票以来的四年。相比之下，内部人士出售股票的情况则相对常见。虽然并非所有内部人士的出售都是恶意的，但购买公司股票的唯一理由是相信这些股票会增值。英伟达的内部人士没有给投资者任何理由相信他们公司的股票是一个好的价值。</p>
</div><p>Lastly, history is not in Nvidia's corner. Every next-big-thing innovation for at least three decades has endured an early innings bubble-bursting event. With most businesses lacking clear game plans to generate a positive return on their AI investments, Nvidia's near-parabolic rise may be in jeopardy.</p>
<div class="lb-trans"><p>最后，历史并不站在英伟达这一边。在过去三十年中，每一个下一个重大创新都经历了早期泡沫破裂事件。由于大多数企业缺乏明确的游戏计划来产生正回报，英伟达近乎抛物线的上涨可能面临风险。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTgwOTEvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F798091%2Fwoman-artificial-intelligence-ai-virtual-agent-computer-cloud-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><h2>Laffont just 10X'd his stake in this market-leading AI stock</h2>
<div class="lb-trans"><h2>拉丰特在这只市场领先的 AI 股票中将其持股增加了 10 倍</h2>
</div><p>But just because billionaire Philippe Laffont has been paring down Coatue Management's stake in Nvidia, it doesn't mean he and his investment advisors haven't added to other artificial intelligence stocks. Based on the latest 13F filing, Laffont's fund increased its position in China-based <strong>Alibaba</strong>(BABA 0.86%) by 2,441,557 shares, which works to an 895% bump from where things stood on June 30.</p>
<div class="lb-trans"><p>但仅仅因为亿万富翁菲利普·拉丰特在削减 Coatue Management 在英伟达的持股，并不意味着他和他的投资顾问没有增加其他人工智能股票的投资。根据最新的 13F 文件，拉丰特的基金将其在中国的 <strong>阿里巴巴</strong>（BABA 0.86%）的持股增加了 2,441,557 股，相比于 6 月 30 日的持股增加了 895%。</p>
</div><p>Alibaba is probably best-known for being China's leading e-commerce platform. In April 2023, the International Trade Administration estimated that Alibaba-owned Tmall and Taobao accounted for just shy of 51% of China's online retail market share.</p>
<div class="lb-trans"><p>阿里巴巴可能最为人知的是作为中国领先的电子商务平台。根据国际贸易管理局在 2023 年 4 月的估计，阿里巴巴旗下的天猫和淘宝占中国在线零售市场份额的近 51%。</p>
</div><p>Unlike the U.S., where online retail sales have long since matured, China's burgeoning middle class gives its e-commerce growth prospects a long runway. With China's e-commerce sales soaring from $1.8 trillion in 2019 to an estimated $3.57 trillion this year, per eMarketer, Alibaba is perfectly positioned to take advantage of this sustained long-term growth opportunity.</p>
<div class="lb-trans"><p>与美国不同的是，美国的在线零售销售早已成熟，而中国蓬勃发展的中产阶级为其电子商务的增长前景提供了广阔的空间。根据 eMarketer 的数据显示，中国的电子商务销售额从 2019 年的 1.8 万亿美元飙升至预计今年的 3.57 万亿美元，阿里巴巴正好处于利用这一持续长期增长机会的有利位置。</p>
</div><p>However, the company's juiciest long-term growth prospects can be traced to its Cloud Intelligence Group. Alibaba is the leading cloud infrastructure service provider in China by market share -- 39%, which is more than double its next-closest competitor. It's actively incorporating generative AI solutions and large language model capabilities into its cloud infrastructure platform for its China-based customers.</p>
<div class="lb-trans"><p>然而，该公司的最具吸引力的长期增长前景可以追溯到其云智能集团。阿里巴巴是中国市场份额最大的云基础设施服务提供商，市场份额为 39%，是其下一个竞争对手的两倍多。它正在积极将生成式人工智能解决方案和大型语言模型能力整合到其面向中国客户的云基础设施平台中。</p>
</div><p>Though sales for Alibaba's Cloud Intelligence Group grew by a modest 7% on a year-over-year basis in the September-ended quarter, it's worth noting that the margins associated with cloud services and AI are <em>substantially</em> higher than online retail sales. Even modest growth in this segment can lead to an outsized increase in profitability.</p>
<div class="lb-trans"><p>尽管阿里巴巴的云智能集团在截至九月的季度销售额同比增长了 7%，但值得注意的是，云服务和人工智能相关的利润率远高于在线零售销售。即使在这一领域的温和增长也能导致盈利能力的显著提升。</p>
</div><p>Laffont and his team are likely also enamored with Alibaba's massive treasure chest and its robust capital-return program. It closed out September with $48.2 billion in combined cash, cash equivalents, and short-term investments, plus another $6.5 billion in restricted cash and $7.2 billion in equity securities. This compares to just $4.7 billion in combined bank borrowings and unsecured senior notes. Inclusive of all of its cash elements, it has a net-cash position of greater than $57 billion.</p>
<div class="lb-trans"><p>拉丰特及其团队可能也对阿里巴巴庞大的资金储备和强劲的资本回报计划感到欣喜。到九月底，公司拥有 482 亿美元的现金、现金等价物和短期投资，加上 65 亿美元的受限现金和 72 亿美元的股权证券。这与仅有的 47 亿美元的银行借款和无担保高级票据相比，形成了鲜明对比。包括所有现金元素在内，阿里巴巴的净现金头寸超过 570 亿美元。</p>
</div><p>Having a lot of cash allows Alibaba to invest aggressively in innovation, make acquisitions, and reward its shareholders through buybacks. More than $4 billion was used for share repurchases in the September-ended quarter, with $22 billion still remaining on its existing buyback program. Buying back stock can reduce the number of shares outstanding and increase earnings per share (EPS).</p>
<div class="lb-trans"><p>拥有大量现金使阿里巴巴能够积极投资于创新、进行收购，并通过回购奖励股东。在截至九月的季度中，超过 40 亿美元用于股票回购，现有回购计划中仍剩余 220 亿美元。回购股票可以减少流通股数量并提高每股收益（EPS）。</p>
</div><p>Lastly, Alibaba is historically cheap for an AI stock. Shares can be scooped up right now for 9 times forward-year EPS -- or even less is you take into account that a quarter of the company's existing valuation is tied to its net-cash balance.</p>
<div class="lb-trans"><p>最后，阿里巴巴在人工智能股票中历史上是相对便宜的。现在的股价仅为未来一年每股收益的 9 倍，甚至更低，如果考虑到公司现有估值的四分之一与其净现金余额相关联。</p>
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Billionaire Philippe Laffont Sold 80% of Coatue's Stake in Nvidia and Is Piling Into This Historically Cheap Artificial Intelligence (AI) Stock Instead

- Coatue Management 的 Laffont 在第三季度减持 Nvidia 股份 80%。  
- 同时，他增持了阿里巴巴股份 895%，看好其电商和云计算增长潜力。  
- 阿里巴巴的云服务和 AI 解决方案有望提升盈利能力。  

亿万富翁菲利普·拉丰特出售了 Coatue 在英伟达 80% 的股份，并转而大量投资于这只历史上价格低廉的人工智能（AI）股票