<p>11 月并不缺乏重要的新闻发布。从选举日到财报季，绝大多数影响力最大的上市公司在六周内报告其季度经营结果，重要的文件很容易被忽视。</p>
<p>例如，11 月 14 日是资产管理规模（AUM）至少为 1 亿美元的机构投资者向证券交易委员会提交 13F 表格的截止日期。13F 表格允许投资者跟踪华尔街顶级资金经理在最近一个季度购买和出售的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>在 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特自 1960 年代中期担任首席执行官以来， overseeing 其公司 A 类股票（BRK.A）累计回报超过 580 万%，因此他的交易活动受到投资者的密切关注也就不足为奇了。但他并不是唯一一位拥有成功投资记录或在华尔街拥有追随者的亿万富翁资金经理。</p>
<p>亿万富翁菲利普·拉丰自 1999 年创立 Coatue Management 以来，已经为自己赢得了相当大的名声。拉丰的基金非常专注于科技领域的高增长/创新企业，截至 9 月底的季度，管理的资产接近 270 亿美元。</p>
<p>尽管运营的是一个相对集中化的基金——Coatue 在第三季度仅持有 81 只股票——但拉丰最近进行了一些引人注目的交易。特别是，他正在抛售两家人工智能（AI）领军企业的股票，并大量买入华尔街表现最佳的股票拆分股票之一。</p>
<h2>拉丰的 Coatue 将英伟达和 AMD 的股票送上了砧板</h2>
<p>在过去两年中，华尔街上没有比人工智能的崛起更热门的趋势了。根据普华永道分析师的说法，到 2030 年，人工智能可以为全球经济增加 15.7 万亿美元。这是一个足够大的可寻址市场，可以产生众多赢家——投资者希望分一杯羹。</p>
<p>但尽管这个可寻址市场高得惊人，拉丰和他的顶级顾问们却一直在持续出售华尔街两大人工智能股票 <strong>英伟达</strong>（NVDA 0.28%）和 <strong>超威半导体</strong>（AMD 3.56%）的股份。</p>
<p>考虑到英伟达在 6 月进行的历史性 10 比 1 股票拆分，Coatue 在 18 个月内（2023 年 3 月 31 日至 2024 年 9 月 30 日）出售了 39,663,859 股英伟达股票，相当于其持仓减少了 80%。至于 AMD，拉丰在同一 18 个月的时间框架内监督了 4,249,190 股的出售，相当于其持股减少了 50%。</p>
<p>除了简单的获利了结外，还有几个催化剂可能促使拉丰和他的团队对一些顶级 AI 股票进行减持。</p>
<p>历史可能提供了一个更具说服力的理由，说明为什么 Coatue 的顶尖人才正在减少对英伟达和 AMD 的投资。包括互联网的出现，在过去 30 年中没有一种颠覆性技术能够避免早期阶段的泡沫。</p>
<p>投资者有一个糟糕的习惯，就是高估新技术被采用和利用的速度。每一个下一个大事件创新都需要充足的时间来成熟，而我们在人工智能方面还没有达到这个阶段。如果 AI 泡沫破裂，AI 数据中心的 “核心”——英伟达和 AMD 几乎肯定会受到重创。</p>
<p>此外，可能还存在对这两家公司毛利率的某种程度的担忧。特别是，英伟达的毛利率因 AI 图形处理单元（GPU）的稀缺性而飙升，其硬件的需求远远超过供应。然而，随着 AMD 加大对其 Insight MI300X GPU 的生产并推出下一代 MI325X GPU，稀缺性在未来几个季度应该会减弱。</p>
<p>进一步说，许多按净销售额计算的英伟达最大客户——即 “七大奇迹” 的成员——正在内部开发用于其数据中心的 GPU。尽管这些芯片在计算能力上可能落后于英伟达和 AMD，但它们的存在必然会占用宝贵的数据中心 “房地产”，并降低英伟达和 AMD 的定价能力（和毛利率）。</p>
<p>最后，内部人士对投资者几乎没有提供任何鼓励。自从英伟达的最后一位内部人士在公开市场上购买股票以来，已经快四年了。与此同时，AMD 的公司高管或董事在过去五年中没有在公开市场上购买过其公司的股票。如果内部人士对其公司的股票没有看到价值，投资者或亿万富翁资金经理又为何要看到呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>拉丰正在大量购买这只高飞的股票拆分股票</h2>
<p>但尽管拉丰一直在持续出售华尔街两大领先的 AI 公司，他却在大量买入一家在 6 月完成历史性股票拆分的顶级消费品牌的股票。我说的是快餐连锁店 <strong>墨西哥卷饼</strong>（Chipotle Mexican Grill）（CMG -1.59%），该公司进行了 50 比 1 的股票拆分。</p>
<p>根据 Coatue 的 13F，第三季度购买了 4,575,054 股墨西哥卷饼，使其成为拉丰在其近 270 亿美元的投资组合中管理的第 30 大持仓。</p>
<p>自 2006 年 1 月首次公开募股价格为 22 美元以来，截至 11 月 29 日收盘，墨西哥卷饼的股价几乎上涨了 13900%。这些收益建立在信任、定价能力和创新的坚实基础之上。</p>
<p>例如，Chipotle 承诺使用负责任养殖的肉类，这些肉类不含不必要的抗生素，并在经济可行的情况下尽量使用本地采购的蔬菜。二十年来，消费者对 Chipotle 的忠诚度非常高，因为它采取了额外措施以确保他们获得更高质量的食品。</p>
<p>在此基础上，Chipotle Mexican Grill 的管理团队早已意识到，如果顾客获得优质产品，他们愿意支付更高的价格。正如二十年前杂货店因有机和天然食品需求大幅增加而受益，Chipotle 在提高价格以提供新鲜食品方面几乎没有遇到问题，这些食品绝不会进入冷冻库。</p>
<p>创新对公司的成功也至关重要。2018 年，它开始推出 “Chipotlane” 概念，这是一个专门用于数字订单的自驾车通道。Chipotlane 在 COVID-19 疫情期间特别有用，并为公司开辟了新的销售渠道。</p>
<p>然而，Chipotle Mexican Grill 的前景有些不明朗。今年八月，<strong>Starbucks</strong> 宣布挖走 Chipotle 的前首席执行官 Brian Niccol，任其新首席执行官。在运营状况良好的情况下，管理层的变动并不一定让现有股东感到安心。</p>
<p>或许更大的担忧是 Chipotle 的估值。尽管从比喻的鳄梨中挤出的创新有限，但 Chipotle 的交易倍数高达前瞻性年收益的 47 倍。对于一家在截至九月份的季度中仅实现 6% 温和同店销售增长的公司来说，这确实是一个高昂的溢价。</p>
<p>虽然不可否认 Chipotle 在快休闲餐饮连锁中拥有明显的竞争优势，但很难想象其股票在短期内会有太多额外的上涨空间。</p>

英伟达

<p>亿万富翁菲利普·拉丰正在出售人工智能领军企业英伟达和 AMD 的股票，分别减少其持仓 80% 和 50%，同时将重点转向一只表现优异的拆股股票。这一举动是在对潜在人工智能泡沫的担忧以及随着竞争加剧两家公司毛利率下降的背景下进行的。拉丰的基金 Coatue Management 有投资高增长科技企业的历史，目前管理着近 200 亿美元的资产</p>

<p>Important news releases weren't hard to come by in November. Between Election Day and earnings season, which sees a majority of the most-influential publicly traded companies report their quarterly operating results in a span of six weeks, an important filing could easily have slipped through the cracks.</p>
<div class="lb-trans"><p>11 月并不缺乏重要的新闻发布。从选举日到财报季，绝大多数影响力最大的上市公司在六周内报告其季度经营结果，重要的文件很容易被忽视。</p>
</div><p>For example, Nov. 14 was the 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 allows investors to track which stocks Wall Street's top money managers purchased and sold in the most recent quarter.</p>
<div class="lb-trans"><p>例如，11 月 14 日是资产管理规模（AUM）至少为 1 亿美元的机构投资者向证券交易委员会提交 13F 表格的截止日期。13F 表格允许投资者跟踪华尔街顶级资金经理在最近一个季度购买和出售的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799456%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>With <strong>Berkshire Hathaway</strong>'s Warren Buffett overseeing a cumulative return of greater than 5,800,000% in his company's Class A shares (BRK.A) since he became CEO in the mid-1960s, it's no surprise that his trading activity is closely watched by investors. But he's far from the only billionaire money manager with a successful investment track record or a following on Wall Street.</p>
<div class="lb-trans"><p>在 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特自 1960 年代中期担任首席执行官以来， overseeing 其公司 A 类股票（BRK.A）累计回报超过 580 万%，因此他的交易活动受到投资者的密切关注也就不足为奇了。但他并不是唯一一位拥有成功投资记录或在华尔街拥有追随者的亿万富翁资金经理。</p>
</div><p>Billionaire Philippe Laffont has made quite a name for himself since founding Coatue Management in 1999. Laffont's fund, which has a very clear focus on high-growth/innovative businesses in the tech space, closed out the September-ended quarter with close to $27 billion in AUM.</p>
<div class="lb-trans"><p>亿万富翁菲利普·拉丰自 1999 年创立 Coatue Management 以来，已经为自己赢得了相当大的名声。拉丰的基金非常专注于科技领域的高增长/创新企业，截至 9 月底的季度，管理的资产接近 270 亿美元。</p>
</div><p>Despite running a relatively concentrated fund -- Coatue ended the third quarter with only 81 holdings -- there have been some eyepopping trades made of late by Laffont. In particular, he's been dumping shares of two artificial intelligence (AI) leaders and is piling into one of Wall Street's top-performing stock-split stocks.</p>
<div class="lb-trans"><p>尽管运营的是一个相对集中化的基金——Coatue 在第三季度仅持有 81 只股票——但拉丰最近进行了一些引人注目的交易。特别是，他正在抛售两家人工智能（AI）领军企业的股票，并大量买入华尔街表现最佳的股票拆分股票之一。</p>
</div><h2>Laffont's Coatue sent shares of Nvidia and AMD to the chopping block</h2>
<div class="lb-trans"><h2>拉丰的 Coatue 将英伟达和 AMD 的股票送上了砧板</h2>
</div><p>Over the last two years, there hasn't been a hotter trend on Wall Street than the rise of AI. According to the analysts at PwC, AI can add $15.7 trillion to the global economy by 2030. This is a big enough addressable market that there can be a multitude of winners -- and investors have wanted their piece of the pie.</p>
<div class="lb-trans"><p>在过去两年中，华尔街上没有比人工智能的崛起更热门的趋势了。根据普华永道分析师的说法，到 2030 年，人工智能可以为全球经济增加 15.7 万亿美元。这是一个足够大的可寻址市场，可以产生众多赢家——投资者希望分一杯羹。</p>
</div><p>But in spite of this sky-high addressable market, Laffont and his top advisors have been persistently selling shares of two of Wall Street's top artificial intelligence stocks, <strong>Nvidia</strong>(NVDA 0.28%) and <strong>Advanced Micro Devices</strong>(AMD 3.56%).</p>
<div class="lb-trans"><p>但尽管这个可寻址市场高得惊人，拉丰和他的顶级顾问们却一直在持续出售华尔街两大人工智能股票 <strong>英伟达</strong>（NVDA 0.28%）和 <strong>超威半导体</strong>（AMD 3.56%）的股份。</p>
</div><p>Accounting for Nvidia's historic 10-for-1 stock split in June, Coatue has sold 39,663,859 shares of Nvidia over an 18-month stretch (March 31, 2023 through Sept. 30, 2024), which equates to an 80% reduction in its position. As for AMD, Laffont has overseen the sale of 4,249,190 shares over the same 18-month time frame, which works out to a 50% reduction in its stake.</p>
<div class="lb-trans"><p>考虑到英伟达在 6 月进行的历史性 10 比 1 股票拆分，Coatue 在 18 个月内（2023 年 3 月 31 日至 2024 年 9 月 30 日）出售了 39,663,859 股英伟达股票，相当于其持仓减少了 80%。至于 AMD，拉丰在同一 18 个月的时间框架内监督了 4,249,190 股的出售，相当于其持股减少了 50%。</p>
</div><p>Aside from simple profit-taking, there are a couple of catalysts that may be encouraging Laffont and his team to ring the register on some of their top AI stocks.</p>
<div class="lb-trans"><p>除了简单的获利了结外，还有几个催化剂可能促使拉丰和他的团队对一些顶级 AI 股票进行减持。</p>
</div><p>History may offer one of the more compelling reasons why Coatue's brightest minds are reducing their exposure to Nvidia and AMD. Inclusive of the advent of the internet, there hasn't been a game-changing technology in at least 30 years that's avoided an early stage bubble.</p>
<div class="lb-trans"><p>历史可能提供了一个更具说服力的理由，说明为什么 Coatue 的顶尖人才正在减少对英伟达和 AMD 的投资。包括互联网的出现，在过去 30 年中没有一种颠覆性技术能够避免早期阶段的泡沫。</p>
</div><p>Investors have a terrible habit of overestimating how quickly a new technology will be adopted and utilized. Every next-big-thing innovation needs ample time to mature, and we're just not there yet with artificial intelligence. If the AI bubble were to burst, the &#34;brains&#34; of AI data centers (Nvidia and AMD) would almost certainly be clobbered.</p>
<div class="lb-trans"><p>投资者有一个糟糕的习惯，就是高估新技术被采用和利用的速度。每一个下一个大事件创新都需要充足的时间来成熟，而我们在人工智能方面还没有达到这个阶段。如果 AI 泡沫破裂，AI 数据中心的 “核心”——英伟达和 AMD 几乎肯定会受到重创。</p>
</div><p>There may also be some degree of concern about gross margin at both companies. In particular, Nvidia's gross margin has soared on account of scarcity for AI-graphics processing units (GPUs) and demand for its hardware handily outpacing supply. However, with AMD ramping up production of its Insight MI300X GPUs and introducing its next-generation MI325X GPU, scarcity should wane in the coming quarters.</p>
<div class="lb-trans"><p>此外，可能还存在对这两家公司毛利率的某种程度的担忧。特别是，英伟达的毛利率因 AI 图形处理单元（GPU）的稀缺性而飙升，其硬件的需求远远超过供应。然而，随着 AMD 加大对其 Insight MI300X GPU 的生产并推出下一代 MI325X GPU，稀缺性在未来几个季度应该会减弱。</p>
</div><p>To add to this point, many of Nvidia's largest customers by net sales -- i.e., members of the &#34;Magnificent Seven&#34; -- are internally developing GPUs to use in their data centers. Even though these chips are likely to lag Nvidia's and AMD's in computing capabilities, their mere existence is bound to take up valuable data center &#34;real estate&#34; and reduce pricing power (and gross margin) for Nvidia and AMD.</p>
<div class="lb-trans"><p>进一步说，许多按净销售额计算的英伟达最大客户——即 “七大奇迹” 的成员——正在内部开发用于其数据中心的 GPU。尽管这些芯片在计算能力上可能落后于英伟达和 AMD，但它们的存在必然会占用宝贵的数据中心 “房地产”，并降低英伟达和 AMD 的定价能力（和毛利率）。</p>
</div><p>Lastly, insiders have provided little in the way of encouragement for investors. It's been almost four years since the last insider purchased shares on the open market at Nvidia. Meanwhile, no company executive or director at AMD has bought shares of their company on the open market in over a half-decade. If insiders fail to see value in their company's stock, why should investors, or billionaire money managers, for that matter?</p>
<div class="lb-trans"><p>最后，内部人士对投资者几乎没有提供任何鼓励。自从英伟达的最后一位内部人士在公开市场上购买股票以来，已经快四年了。与此同时，AMD 的公司高管或董事在过去五年中没有在公开市场上购买过其公司的股票。如果内部人士对其公司的股票没有看到价值，投资者或亿万富翁资金经理又为何要看到呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799456%2Fpaper-certificate-shares-invest-stock-split-market-reverse-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 is gobbling up shares of this high-flying stock-split stock</h2>
<div class="lb-trans"><h2>拉丰正在大量购买这只高飞的股票拆分股票</h2>
</div><p>But while Laffont has been persistently selling two of Wall Street's leading AI companies, he's been piling into shares of a top-performing consumer brand that completed a historic stock split in June. I'm talking about fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG -1.59%), which conducted a 50-for-1 stock split.</p>
<div class="lb-trans"><p>但尽管拉丰一直在持续出售华尔街两大领先的 AI 公司，他却在大量买入一家在 6 月完成历史性股票拆分的顶级消费品牌的股票。我说的是快餐连锁店 <strong>墨西哥卷饼</strong>（Chipotle Mexican Grill）（CMG -1.59%），该公司进行了 50 比 1 的股票拆分。</p>
</div><p>According to Coatue's 13F, 4,575,054 shares of Chipotle were purchased during the third quarter, which made it the 30th-largest position Laffont is overseeing in his fund's nearly $27 billion portfolio.</p>
<div class="lb-trans"><p>根据 Coatue 的 13F，第三季度购买了 4,575,054 股墨西哥卷饼，使其成为拉丰在其近 270 亿美元的投资组合中管理的第 30 大持仓。</p>
</div><p>Since its initial public offering price of $22 in January 2006, shares of Chipotle have catapulted higher by almost 13,900%, as of the closing bell on Nov. 29. These gains have been built atop a solid foundation of trust, pricing power, and innovation.</p>
<div class="lb-trans"><p>自 2006 年 1 月首次公开募股价格为 22 美元以来，截至 11 月 29 日收盘，墨西哥卷饼的股价几乎上涨了 13900%。这些收益建立在信任、定价能力和创新的坚实基础之上。</p>
</div><p>For instance, Chipotle has pledged to use responsibly raised meats that are free of unnecessary antibiotics, and attempts to use locally sourced vegetables when it's economically feasible to do so. For two decades, consumers have been fiercely loyal to Chipotle for taking these extra steps to ensure they receive higher-quality food.</p>
<div class="lb-trans"><p>例如，Chipotle 承诺使用负责任养殖的肉类，这些肉类不含不必要的抗生素，并在经济可行的情况下尽量使用本地采购的蔬菜。二十年来，消费者对 Chipotle 的忠诚度非常高，因为它采取了额外措施以确保他们获得更高质量的食品。</p>
</div><p>To build on the above, Chipotle's Mexican Grill's management team also realized long ago that its customers will gladly pay more if they're receiving a superior product. Just as grocery stores benefited from a significant increase in demand for organic and natural foods two decades ago, Chipotle has had little issue passing along price hikes to deliver fresh food that'll never see a freezer.</p>
<div class="lb-trans"><p>在此基础上，Chipotle Mexican Grill 的管理团队早已意识到，如果顾客获得优质产品，他们愿意支付更高的价格。正如二十年前杂货店因有机和天然食品需求大幅增加而受益，Chipotle 在提高价格以提供新鲜食品方面几乎没有遇到问题，这些食品绝不会进入冷冻库。</p>
</div><p>Innovation has also been vital to the company's success. In 2018, it began rolling out its &#34;Chipotlane&#34; concept, which is a digital order-dedicated drive-thru lane. Chipotlanes came in especially handy during the COVID-19 pandemic and have since ushered in a new sales channel for the company.</p>
<div class="lb-trans"><p>创新对公司的成功也至关重要。2018 年，它开始推出 “Chipotlane” 概念，这是一个专门用于数字订单的自驾车通道。Chipotlane 在 COVID-19 疫情期间特别有用，并为公司开辟了新的销售渠道。</p>
</div><p>However, Chipotle Mexican Grill's path forward is a bit clouded. In August, <strong>Starbucks</strong> announced that it was pilfering Chipotle's now-former CEO Brian Niccol to become its new chief. With things going so well from an operating standpoint, a change in the executive suite isn't exactly something that comforts existing shareholders.</p>
<div class="lb-trans"><p>然而，Chipotle Mexican Grill 的前景有些不明朗。今年八月，<strong>Starbucks</strong> 宣布挖走 Chipotle 的前首席执行官 Brian Niccol，任其新首席执行官。在运营状况良好的情况下，管理层的变动并不一定让现有股东感到安心。</p>
</div><p>Perhaps the bigger concern is Chipotle's valuation. Though there's only so much innovation that can be squeezed out of the proverbial avocado, Chipotle is trading at an ultra-aggressive multiple of 47 times forward-year earnings. It's quite the premium to pay for a company that delivered modest same-store sales growth of 6% in the September-ended quarter.</p>
<div class="lb-trans"><p>或许更大的担忧是 Chipotle 的估值。尽管从比喻的鳄梨中挤出的创新有限，但 Chipotle 的交易倍数高达前瞻性年收益的 47 倍。对于一家在截至九月份的季度中仅实现 6% 温和同店销售增长的公司来说，这确实是一个高昂的溢价。</p>
</div><p>While there's no denying that Chipotle holds clear-cut competitive advantages over other fast-casual restaurant chains, it's difficult to envision much in the way of additional near-term upside for its shares.</p>
<div class="lb-trans"><p>虽然不可否认 Chipotle 在快休闲餐饮连锁中拥有明显的竞争优势，但很难想象其股票在短期内会有太多额外的上涨空间。</p>
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Billionaire Philippe Laffont Is Dumping Shares of Artificial Intelligence (AI) Leaders Nvidia and AMD in Favor of a Tasty Stock-Split Stock

- 11 月 14 日是机构投资者提交 13F 表格的截止日期。  
- Coatue Management 的 Laffont 大幅减持 Nvidia 和 AMD 股票。  
- Laffont 同时增持 Chipotle Mexican Grill 股票，显示出对其未来的信心。

亿万富翁菲利普·拉丰正在抛售人工智能（AI）领导者英伟达和 AMD 的股票，转而青睐一个具有吸引力的股票拆分股票