<p>三周多前，投资者收到了可以说是第四季度最重要的数据发布——这与任何经济报告或特定的财报无关。</p>
<p>11 月 14 日，星期四，是至少管理着 1 亿美元资产的机构投资者提交 13F 表格的截止日期。这是向证券交易委员会提交的必需文件，必须在季度结束后不超过 45 天内提交，详细说明华尔街最优秀的资金经理购买和出售了哪些股票。</p>
<p>尽管 13F 表格有其局限性——因为它们是在季度结束后 45 天提交的，可能会为活跃的对冲基金提供过时的投资组合快照——但它们可以提供有关华尔街最成功的投资者关注的股票、行业和趋势的宝贵信息。</p>
<p>虽然 13F 提交季历来关注 <strong>伯克希尔·哈撒韦</strong> 的沃伦·巴菲特买卖的股票，但他并不是唯一一个以其卓越回报而闻名的亿万富翁投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>例如，专业投资者和普通投资者往往密切关注亿万富翁菲利普·拉丰特（Philippe Laffont），他在 Coatue Management 工作，以专注于高增长的科技和医疗公司而闻名。拉丰特的基金在截至 9 月的季度结束时，管理着近 270 亿美元的资产，分散投资于 81 只股票。</p>
<p>但拉丰特在过去一年（截至 9 月 30 日）的交易活动中，特别值得注意的是他对华尔街两只行业领先的成长股的处理方式。</p>
<h2>拉丰特的 Coatue 削减了在全球领先的 AI 股票中的持股</h2>
<p>尽管 Coatue Management 在第三季度完全退出了七个头寸，并减少了对其他 17 个头寸的持股，但最引人注目的举动是拉丰特持续出售华尔街最受追捧的人工智能（AI）股票 <strong>英伟达</strong>（NVIDIA）（NVDA -2.55%）。</p>
<p>考虑到英伟达在 2024 年 6 月进行的历史性 10 比 1 股票拆分，截至 2023 年 9 月 30 日，Coatue 持有 45,410,400 股华尔街的 AI 宠儿。仅仅 12 个月后，这一持股已减少 78%，降至仅 10,138,161 股。</p>
<p>温和的获利了结无疑是拉丰特持续出售英伟达股票的合理解释。在不到两年的时间里，英伟达的市值增加了超过 3 万亿美元，其在数据中心的图形处理单元（GPU）几乎垄断的市场份额引领了这一增长。我们从未见过市场领先企业的价值增长如此之快。</p>
<p>但深入分析表明，可能还有其他潜在的卖出催化剂，这可能影响 Coatue 的顶尖人才（由拉丰特领导）减少其持股。</p>
<p>首先，竞争正在大幅增加。尽管英伟达在 AI-GPU 市场的领先市场份额没有危险，但它将在数据中心的 “房地产” 方面面临来自各方的竞争。</p>
<p>正如我过去所争论的，内部竞争是英伟达面临的最大威胁，因为华尔街和投资者主要关注外部竞争对手，如 <strong>超微半导体</strong>（AMD）。许多按净销售额计算的英伟达最大客户，恰好是 “七大巨头” 的成员，正在开发自己的 AI-GPU。尽管这些芯片在计算优势上不及英伟达的 Hopper（H100）芯片和后续的 Blackwell GPU，但它们将更便宜且更易获得。这使得英伟达在未来的数据中心房地产中失去机会。</p>
<p>监管机构对英伟达的生活也没有轻松。2022 年和 2023 年，美国监管机构加强了对向中国出口 AI 芯片和设备的限制。对英伟达来说，问题在于中国是其主要市场之一，这些限制可能会降低其上限。</p>
<p>英伟达面临的另一个问题是历史并不站在它这一边。自 1990 年代中期互联网出现以来，没有任何颠覆性技术或创新能够避免泡沫破裂事件。所有技术都需要时间来成熟，而大多数企业在其 AI 投资方面缺乏明确的计划，表明我们距离 AI 成为成熟技术还远。如果历史重演，AI 泡沫破裂，英伟达的股票将受到重创。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>拉丰特在这家行业领导者的持股增加了超过 30,000%!</h2>
<p>拉丰特和他的团队在成长股的购买上也非常挑剔。或许在过去一年（截至 9 月 30 日）中，没有哪家行业领导者的增持比金融科技巨头 <strong>PayPal Holdings</strong>（PYPL 0.13%）更为一致。</p>
<p>截至 2023 年 9 月 30 日，Coatue 仅持有 27,168 股 PayPal。但在接下来的 12 个月中，增持了超过 823 万股，使 Coatue 在该公司的持股增加了 30,296%! 根据市值，PayPal 已成为拉丰特基金的第 14 大持股。</p>
<p>与英伟达类似，PayPal 也面临着自身独特的逆风。该公司正在应对日益增长的数字支付竞争，并因此看到其利润受到挤压。此外，还有关于美国经济疲软的担忧。PayPal 与大多数金融和科技股票一样，具有周期性，如果美国进入衰退，其运营表现可能会受到影响。</p>
<p>但尽管面临这些挑战，仍有许多催化剂使 PayPal 成为一个有吸引力的投资。</p>
<p>可以说，最大的进步是亚历克斯·克里斯（Alex Chriss）于 2023 年 9 月担任首席执行官。他对小型企业所需的成功要素有着敏锐的理解，并且不怕采取措施来促进创新和/或减少开支。</p>
<p>为了进一步说明这一点，PayPal 在 1 月举办了一场活动，推出了六项新创新，旨在支持商家并提高消费者对数字支付的信心。这些创新包括密码钥匙集成，以加快结账速度，以及依赖人工智能的 PayPal 智能收据，能够对消费者可能想要购买的商品进行预测性建议。</p>
<p>另一个值得注意的催化剂是，PayPal 的关键绩效指标（KPI）大多朝着正确的方向发展。尽管经历了一段活跃账户停滞期，但总支付量在排除货币波动的情况下，始终以高个位数或低双位数的速度持续增长。此外，活跃账户在过去 12 个月（TTM）内的平均支付交易数量从 2020 年底的 40.9 飙升至 2024 年 9 月 30 日的 61.4。活跃用户的参与度比以往任何时候都高，这应该会导致公司毛利润的稳定增长。</p>
<p>投资者也不应忽视 PayPal 慷慨的资本回报计划。在截至 2023 年 9 月 30 日的过去 12 个月（TTM）内，公司回购了 8700 万股股票，耗资 54 亿美元。减少流通股数量预计将提升每股收益（EPS），并使公司的股票对以基本面为导向的投资者更具吸引力。</p>
<p>尽管 PayPal 仍需证明怀疑者是错误的，但公司的运营表现和持续创新表明，这一切将在不久的将来发生。</p>

英伟达

<p>亿万富翁菲利普·拉丰的 Coatue Management 大幅削减了在英伟达的持股比例，减少了 78%，从超过 4500 万股降至略超过 1000 万股。这一举措是在人工智能 GPU 市场竞争加剧以及影响英伟达在中国运营的监管挑战背景下进行的。尽管如此，拉丰在过去一年中对金融科技领军企业 PayPal 的投资增加了超过 30000%，显示出其向更高增长科技股的战略转变</p>

<p>A little over three weeks ago, investors received what can arguably be described as the most-important data release of the fourth quarter -- and it has nothing to do with any economic report or specific earnings release.</p>
<div class="lb-trans"><p>三周多前，投资者收到了可以说是第四季度最重要的数据发布——这与任何经济报告或特定的财报无关。</p>
</div><p>Thursday, Nov. 14, marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F. This is a required filing with the Securities and Exchange Commission no later than 45 days following the end to a quarter that details which stocks Wall Street's greatest money managers purchased and sold.</p>
<div class="lb-trans"><p>11 月 14 日，星期四，是至少管理着 1 亿美元资产的机构投资者提交 13F 表格的截止日期。这是向证券交易委员会提交的必需文件，必须在季度结束后不超过 45 天内提交，详细说明华尔街最优秀的资金经理购买和出售了哪些股票。</p>
</div><p>Although 13Fs have their limitations -- since they're filed 45 days following the end to a quarter, they may provide a stale portfolio snapshot for active hedge funds -- they can provide valuable information about the stocks, industries, and trends that have the attention of Wall Street's most-successful investors.</p>
<div class="lb-trans"><p>尽管 13F 表格有其局限性——因为它们是在季度结束后 45 天提交的，可能会为活跃的对冲基金提供过时的投资组合快照——但它们可以提供有关华尔街最成功的投资者关注的股票、行业和趋势的宝贵信息。</p>
</div><p>While 13F filing season has historically been about seeing which stocks <strong>Berkshire Hathaway</strong>'s Warren Buffett has been buying and selling, he's far from the only billionaire investor known for their phenomenal returns on Wall Street.</p>
<div class="lb-trans"><p>虽然 13F 提交季历来关注 <strong>伯克希尔·哈撒韦</strong> 的沃伦·巴菲特买卖的股票，但他并不是唯一一个以其卓越回报而闻名的亿万富翁投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800261%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>For instance, professional and everyday investors tend to pay close attention to billionaire Philippe Laffont at Coatue Management, who's known for focusing on higher-growth tech and healthcare companies. Laffont's fund closed out the September-ended quarter with close to $27 billion in AUM that was spread across 81 stocks.</p>
<div class="lb-trans"><p>例如，专业投资者和普通投资者往往密切关注亿万富翁菲利普·拉丰特（Philippe Laffont），他在 Coatue Management 工作，以专注于高增长的科技和医疗公司而闻名。拉丰特的基金在截至 9 月的季度结束时，管理着近 270 亿美元的资产，分散投资于 81 只股票。</p>
</div><p>But what's particularly noteworthy about Laffont's trading activity over the trailing year (ended Sept. 30) has been his approach to two of Wall Street's industry-leading growth stocks.</p>
<div class="lb-trans"><p>但拉丰特在过去一年（截至 9 月 30 日）的交易活动中，特别值得注意的是他对华尔街两只行业领先的成长股的处理方式。</p>
</div><h2>Laffont's Coatue slashes its stake in the world's leading AI stock</h2>
<div class="lb-trans"><h2>拉丰特的 Coatue 削减了在全球领先的 AI 股票中的持股</h2>
</div><p>Though Coatue Management completely exited seven positions during the third quarter and reduced its holdings in 17 others, the most eye-popping of all moves has been Laffont's persistent selling in Wall Street's most-prized artificial intelligence (AI) stock, <strong>Nvidia</strong>(NVDA -2.55%).</p>
<div class="lb-trans"><p>尽管 Coatue Management 在第三季度完全退出了七个头寸，并减少了对其他 17 个头寸的持股，但最引人注目的举动是拉丰特持续出售华尔街最受追捧的人工智能（AI）股票 <strong>英伟达</strong>（NVIDIA）（NVDA -2.55%）。</p>
</div><p>Accounting for Nvidia's historic 10-for-1 stock split, which occurred in June 2024, Coatue held 45,410,400 shares of Wall Street's AI darling, as of Sept. 30, 2023. Just 12 months later, this position has been slashed by 78% to just 10,138,161 shares.</p>
<div class="lb-trans"><p>考虑到英伟达在 2024 年 6 月进行的历史性 10 比 1 股票拆分，截至 2023 年 9 月 30 日，Coatue 持有 45,410,400 股华尔街的 AI 宠儿。仅仅 12 个月后，这一持股已减少 78%，降至仅 10,138,161 股。</p>
</div><p>Benign profit-taking is certainly a viable explanation for Laffont's continued selling of Nvidia stock. In less than two years, Nvidia has added more than $3 trillion in market value, with its near-monopoly share of graphics processing units (GPUs) in data centers leading the charge. We've never witnessed a market-leading businesses increase in value as quickly as Nvidia.</p>
<div class="lb-trans"><p>温和的获利了结无疑是拉丰特持续出售英伟达股票的合理解释。在不到两年的时间里，英伟达的市值增加了超过 3 万亿美元，其在数据中心的图形处理单元（GPU）几乎垄断的市场份额引领了这一增长。我们从未见过市场领先企业的价值增长如此之快。</p>
</div><p>But digging below the surface reveals other potential sell-side catalysts, which may be influencing Coatue's brightest minds (led by Laffont) to reduce their stake.</p>
<div class="lb-trans"><p>但深入分析表明，可能还有其他潜在的卖出催化剂，这可能影响 Coatue 的顶尖人才（由拉丰特领导）减少其持股。</p>
</div><p>To start with the obvious, competition is picking up in a big way. Although Nvidia is in no danger of ceding its leading market share in AI-GPUs, it'll have competition for data center &#34;real estate&#34; coming at it from all angles.</p>
<div class="lb-trans"><p>首先，竞争正在大幅增加。尽管英伟达在 AI-GPU 市场的领先市场份额没有危险，但它将在数据中心的 “房地产” 方面面临来自各方的竞争。</p>
</div><p>As I've argued in the past, internal competition is the biggest threat for Nvidia given that Wall Street and investors are primarily focused on external competitors, such as <strong>Advanced Micro Devices</strong>. Many of Nvidia's largest customers by net sales, which happen to be members of the &#34;Magnificent Seven,&#34; are developing AI-GPUs of their own. Even though these chips lack the same computing advantages as Nvidia's Hopper (H100) chip and successor Blackwell GPU, they're going to be cheaper and more easily accessible. It's a recipe for Nvidia to lose out on future data center real estate.</p>
<div class="lb-trans"><p>正如我过去所争论的，内部竞争是英伟达面临的最大威胁，因为华尔街和投资者主要关注外部竞争对手，如 <strong>超微半导体</strong>（AMD）。许多按净销售额计算的英伟达最大客户，恰好是 “七大巨头” 的成员，正在开发自己的 AI-GPU。尽管这些芯片在计算优势上不及英伟达的 Hopper（H100）芯片和后续的 Blackwell GPU，但它们将更便宜且更易获得。这使得英伟达在未来的数据中心房地产中失去机会。</p>
</div><p>Regulators aren't making life easy for Nvidia, either. In 2022 and 2023, U.S. regulators beefed up restrictions on exports of AI chips and equipment to China. The problem for Nvidia is that China is one of its top markets, and these restrictions are likely to lower its ceiling.</p>
<div class="lb-trans"><p>监管机构对英伟达的生活也没有轻松。2022 年和 2023 年，美国监管机构加强了对向中国出口 AI 芯片和设备的限制。对英伟达来说，问题在于中国是其主要市场之一，这些限制可能会降低其上限。</p>
</div><p>The other problem for Nvidia is that history isn't on its side. Since the advent of the internet in the mid-1990s, there hasn't been a game-changing technology or innovation that's avoided a bubble-bursting event. All technologies need time to mature, and the lack of well-defined game plans from most businesses with regard to their AI investments signals that we're nowhere close to AI being a mature technology. If history were to rhyme and the AI bubble were to burst, Nvidia stock would be hit hard.</p>
<div class="lb-trans"><p>英伟达面临的另一个问题是历史并不站在它这一边。自 1990 年代中期互联网出现以来，没有任何颠覆性技术或创新能够避免泡沫破裂事件。所有技术都需要时间来成熟，而大多数企业在其 AI 投资方面缺乏明确的计划，表明我们距离 AI 成为成熟技术还远。如果历史重演，AI 泡沫破裂，英伟达的股票将受到重创。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800261%2Fdigital-payment-contactless-cashapp-venmo-fintech-smartphone-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 has increased his fund's stake in this industry leader by more than 30,000%!</h2>
<div class="lb-trans"><h2>拉丰特在这家行业领导者的持股增加了超过 30,000%!</h2>
</div><p>Laffont and his crew have been selective buyers of growth stocks, too. Perhaps no industry leader has been added to with more consistency over the trailing year (ended Sept. 30) than fintech goliath <strong>PayPal Holdings</strong>(PYPL 0.13%).</p>
<div class="lb-trans"><p>拉丰特和他的团队在成长股的购买上也非常挑剔。或许在过去一年（截至 9 月 30 日）中，没有哪家行业领导者的增持比金融科技巨头 <strong>PayPal Holdings</strong>（PYPL 0.13%）更为一致。</p>
</div><p>As of Sept. 30, 2023, Coatue held just 27,168 shares of PayPal. But over the next 12 months, more than 8.23 million shares were added, which increased Coatue's stake in the company by a cool 30,296%! PayPal has become the 14th-largest holding for Laffont's fund, based on market value.</p>
<div class="lb-trans"><p>截至 2023 年 9 月 30 日，Coatue 仅持有 27,168 股 PayPal。但在接下来的 12 个月中，增持了超过 823 万股，使 Coatue 在该公司的持股增加了 30,296%! 根据市值，PayPal 已成为拉丰特基金的第 14 大持股。</p>
</div><p>Similar to Nvidia, PayPal is not without its own unique headwinds. The company is contending with growing digital payment competition and has seen its margins pinched as a result. There have also been concerns about the U.S. economy weakening. PayPal, like most financial and tech stocks, is cyclical, and would likely see its operating performance falter if the U.S. were to enter a recession.</p>
<div class="lb-trans"><p>与英伟达类似，PayPal 也面临着自身独特的逆风。该公司正在应对日益增长的数字支付竞争，并因此看到其利润受到挤压。此外，还有关于美国经济疲软的担忧。PayPal 与大多数金融和科技股票一样，具有周期性，如果美国进入衰退，其运营表现可能会受到影响。</p>
</div><p>But in spite of these challenges, there are a number of catalysts that make PayPal an attractive investment.</p>
<div class="lb-trans"><p>但尽管面临这些挑战，仍有许多催化剂使 PayPal 成为一个有吸引力的投资。</p>
</div><p>You could argue that the biggest leap forward was the hiring of Alex Chriss as CEO, who took over in September 2023. Chriss has a keen understanding of what small businesses need to excel, and he hasn't been afraid to pull levers to spur innovation and/or reduce spending.</p>
<div class="lb-trans"><p>可以说，最大的进步是亚历克斯·克里斯（Alex Chriss）于 2023 年 9 月担任首席执行官。他对小型企业所需的成功要素有着敏锐的理解，并且不怕采取措施来促进创新和/或减少开支。</p>
</div><p>To build on this point, PayPal hosted an event in January where it unveiled six new innovations designed to support merchants and improve consumer confidence in digital payments. These innovations include passkey integration to expedite checkout, as well as PayPal Smart Receipts, which rely on AI to make predictive suggestions for what consumers might want to purchase next.</p>
<div class="lb-trans"><p>为了进一步说明这一点，PayPal 在 1 月举办了一场活动，推出了六项新创新，旨在支持商家并提高消费者对数字支付的信心。这些创新包括密码钥匙集成，以加快结账速度，以及依赖人工智能的 PayPal 智能收据，能够对消费者可能想要购买的商品进行预测性建议。</p>
</div><p>Another catalyst worth noting is that PayPal's key performance indicators are (mostly) heading in the right direction. Despite a period of active account stagnation, total payment volume has consistently grown by high-single-digits or low-double-digits, excluding currency movements. Additionally, the average number of payment transactions by active accounts on a trailing-12-month (TTM) basis has soared from 40.9 to end 2020 to 61.4, as of Sept. 30, 2024. Active users are more engaged than ever, which should lead to steady growth in the company's gross profit.</p>
<div class="lb-trans"><p>另一个值得注意的催化剂是，PayPal 的关键绩效指标（KPI）大多朝着正确的方向发展。尽管经历了一段活跃账户停滞期，但总支付量在排除货币波动的情况下，始终以高个位数或低双位数的速度持续增长。此外，活跃账户在过去 12 个月（TTM）内的平均支付交易数量从 2020 年底的 40.9 飙升至 2024 年 9 月 30 日的 61.4。活跃用户的参与度比以往任何时候都高，这应该会导致公司毛利润的稳定增长。</p>
</div><p>Investors would be wise not to overlook PayPal's generous capital-return program, either. On a TTM basis, ended Sept. 30, the company repurchased 87 million shares of its stock for $5.4 billion. Reducing its outstanding share count is expected to lift earnings per share (EPS) and make the company's stock more attractive to fundamentally focused investors.</p>
<div class="lb-trans"><p>投资者也不应忽视 PayPal 慷慨的资本回报计划。在截至 2023 年 9 月 30 日的过去 12 个月（TTM）内，公司回购了 8700 万股股票，耗资 54 亿美元。减少流通股数量预计将提升每股收益（EPS），并使公司的股票对以基本面为导向的投资者更具吸引力。</p>
</div><p>While PayPal still has to prove skeptics wrong, the company's operating performance and ongoing innovation suggest it'll happen sooner rather than later.</p>
<div class="lb-trans"><p>尽管 PayPal 仍需证明怀疑者是错误的，但公司的运营表现和持续创新表明，这一切将在不久的将来发生。</p>
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Billionaire Philippe Laffont Sold 78% of Coatue's Stake in Nvidia and Has More Than 300X'd His Position in This Industry-Leading Growth Stock

- 机构投资者于 11 月 14 日提交 13F 表格，披露股票交易情况。  
- Coatue Management 削减了对 Nvidia 的持股 78%，同时增持 PayPal 超过 30,000%。  
- Nvidia 面临竞争加剧和出口限制，PayPal 则在新 CEO 带领下推出创新以应对挑战。  

亿万富翁菲利普·拉丰特出售了 Coatue 在英伟达 78% 的股份，并且在这只行业领先的成长股中增加了超过 300 倍的持仓量