<p><strong>苹果</strong>(AAPL 0.60%) 和 <strong>特斯拉</strong>(TSLA -1.57%) 是零售和机构投资者中最大的两只股票之一。但在第三季度，一些亿万富翁领导的对冲基金出售了苹果股票并购买了特斯拉。以下是详细信息。</p>
<ul>
<li>Millennium Management 的以色列·英格兰德出售了 1150 万股苹果股票，减少了 90% 的持股。苹果曾是他十大持股之一，但现在不再排名前 50 名。同时，英格兰德购买了 225,760 股特斯拉股票，增加了 51% 的持股。</li>
<li>Moore Capital Management 的路易斯·贝肯出售了 431,000 股苹果股票，完全退出了该头寸。苹果曾是他十大持股之一。同时，贝肯购买了 25,000 股特斯拉股票，现在在他的前 25 大持股中。</li>
<li>Third Point 的丹·洛布出售了 100 万股苹果股票，减少了 52% 的持股。苹果曾是投资组合中的第七大头寸，但现在不再排名前 10 名。同时，洛布购买了 400,000 股特斯拉股票，开设了一个新头寸。</li>
</ul>
<p>上述交易在每个对冲基金最新提交的 13F 表格中有详细记录。虽然这些表格最近提交，但交易至少发生在两个月前。因此，以下是对苹果和特斯拉的更及时的观察。</p>
<h2>1. 苹果</h2>
<p>苹果通过开发紧密集成的硬件、软件和服务生态系统，培养了品牌权威和定价能力。该公司在智能手机和个人电脑等消费电子类别中占有强大市场份额，同时在金融服务、流媒体媒体和移动应用分发与广告等相关市场中也有重要存在。</p>
<p>然而，苹果面临着一些阻力。例如，硬件和服务的垂直整合传统上是公司的竞争优势。但欧洲的数字市场法案（DMA）削弱了这一优势，迫使苹果允许第三方应用商店在其设备上运行，并允许替代的应用内支付方式。类似的立法在美国也已提出，如果实施，可能会对苹果造成问题。</p>
<p>此外，苹果的服务业务在很大程度上依赖于 <strong>Alphabet</strong>。苹果每年因将谷歌作为其设备的默认搜索引擎而获得高达 200 亿美元的收入，但这一收入可能会消失。联邦法官阿米特·梅塔最近裁定，Alphabet 在互联网搜索中存在非法垄断。上诉过程可能会持续数年，但 Alphabet 为默认搜索位置支付的能力可能会受到限制，甚至完全禁止。</p>
<p>最后，一些分析师将苹果智能（Apple Intelligence）——一套为其设备提供的人工智能功能——的推出视为史诗级 iPhone 升级周期的催化剂。然而，这些预期不仅似乎被过度炒作，而且已经多次反映在股票价格中。</p>
<p>事实上，华尔街预计苹果的收益将在未来三年内每年增长 10%。这一共识使得当前 41 倍的市盈率显得过于昂贵。潜在投资者应避免购买该股票，而当前股东应考虑削减大额持仓。</p>
<h2>2. 特斯拉</h2>
<p>特斯拉是全球和美国电池电动汽车市场的领导者。诚然，过去一年它在这两个地区的市场份额有所下降，但这一趋势可能会在 2025 年逆转，当时公司将推出一款更实惠的车型。除了核心电动汽车业务外，特斯拉在自动驾驶和机器人技术方面也有重要的催化剂即将到来。</p>
<p>该公司计划在 2025 年在加利福尼亚州和德克萨斯州发布其全自动驾驶（FSD）软件的无监督版本。特斯拉还打算在这些州向公众开放打车服务，进入一个承诺将成为数万亿美元市场的领域。首席执行官埃隆·马斯克估计，FSD 软件和机器人出租车服务可能将毛利率推高至 70% 以上，而最近一个季度的毛利率仅为 20%。</p>
<p><strong>美国银行</strong> 的约翰·墨菲最近访问了特斯拉位于德克萨斯州奥斯汀的制造设施，并对最新版本的 FSD 印象深刻。他告诉 CNBC，该技术在一些非常具有挑战性的场景中表现 “极其出色”。他还表示，FSD 的经常性收入可能超过初始车辆销售价格，因此将他的预测提高至每股 400 美元。</p>
<p>特斯拉还有机会通过 Optimus，一个自主的人形机器人，颠覆 50 万亿美元的全球劳动力市场。对于那些觉得这不切实际的读者，比尔·盖茨曾说过：“我们总是高估未来两年内会发生的变化，而低估未来十年内会发生的变化。” 人形机器人是人工智能的必然延伸，而特斯拉是早期的领导者。</p>
<p>大局是：特斯拉在电池电动汽车市场逐渐失去市场份额，但当公司明年增加一款更实惠的车型时，这种情况可能会改变。无论如何，特斯拉在自动驾驶和机器人技术方面有更大、更重要的机会。但这些新兴产品在估值方面是一个噩梦，因为它们尚未成为有意义的收入来源。</p>
<p>就个人而言，我相信特斯拉能够实现其围绕 FSD 和 Optimus 的愿景，但我的信念是两部分投机对一部分事实。然而，我认为与我有相同信心的投资者——任何相信特斯拉能够在十年内扩展自动驾驶打车业务的人——应该对该股票有所投资。最近，Wedbush 的丹·艾夫斯告诉 CNBC，特斯拉是 “市场上最被低估的人工智能公司。”</p>

苹果

<p>亿万富翁对冲基金经理正在将他们的投资从苹果转向特斯拉。以色列·英格兰德出售了 1150 万股苹果股票，并购买了 225,760 股特斯拉股票。路易斯·贝肯完全退出了他的苹果头寸，而丹·洛布则将他的苹果持股减少了 52%，并在特斯拉开设了新头寸。苹果面临来自监管变化的挑战，并依赖于谷歌的搜索收入，而特斯拉则因新车型和自动驾驶技术的进步而有望实现增长。分析师建议避免投资苹果，并考虑投资特斯拉</p>

<p><strong>Apple</strong>(AAPL 0.60%) and <strong>Tesla</strong>(TSLA -1.57%) are two of the largest and most popular stocks among retail and institutional investors. But a few billionaire-led hedge funds sold Apple and bought Tesla during the third quarter. Here are the details.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL 0.60%) 和 <strong>特斯拉</strong>(TSLA -1.57%) 是零售和机构投资者中最大的两只股票之一。但在第三季度，一些亿万富翁领导的对冲基金出售了苹果股票并购买了特斯拉。以下是详细信息。</p>
</div><ul>
<li>Israel Englander of Millennium Management sold 11.5 million shares of Apple, reducing his stake by 90%. Apple had been one of his 10 largest holdings, but it no longer ranks in the top 50. Meanwhile, Englander bought 225,760 shares of Tesla, increasing his position by 51%.</li>
<li>Louis Bacon of Moore Capital Management sold 431,000 shares of Apple, exiting his position entirely. Apple had been one of his 10 largest holdings. Meanwhile, Bacon bought 25,000 shares of Tesla, which now ranks among his top 25 holdings.</li>
<li>Dan Loeb of Third Point sold 1 million shares of Apple, reducing his take by 52%. Apple had been the seventh-largest position in the portfolio, but it no longer ranks among the top 10. Meanwhile, Loeb bought 400,000 shares of Tesla, opening a new position</li>
</ul>
<div class="lb-trans"><ul>
<li>Millennium Management 的以色列·英格兰德出售了 1150 万股苹果股票，减少了 90% 的持股。苹果曾是他十大持股之一，但现在不再排名前 50 名。同时，英格兰德购买了 225,760 股特斯拉股票，增加了 51% 的持股。</li>
<li>Moore Capital Management 的路易斯·贝肯出售了 431,000 股苹果股票，完全退出了该头寸。苹果曾是他十大持股之一。同时，贝肯购买了 25,000 股特斯拉股票，现在在他的前 25 大持股中。</li>
<li>Third Point 的丹·洛布出售了 100 万股苹果股票，减少了 52% 的持股。苹果曾是投资组合中的第七大头寸，但现在不再排名前 10 名。同时，洛布购买了 400,000 股特斯拉股票，开设了一个新头寸。</li>
</ul>
</div><p>The trades above are detailed in the latest Forms 13F completed by each hedge fund. While those forms were filed recently, the trades took place at least two months ago. So, here is a more up-to-date look at Apple and Tesla.</p>
<div class="lb-trans"><p>上述交易在每个对冲基金最新提交的 13F 表格中有详细记录。虽然这些表格最近提交，但交易至少发生在两个月前。因此，以下是对苹果和特斯拉的更及时的观察。</p>
</div><h2>1. Apple</h2>
<div class="lb-trans"><h2>1. 苹果</h2>
</div><p>Apple has cultivated brand authority and pricing power by developing a ecosystem of tightly integrated hardware, software, and services. The company has a strong presence in consumer electronics categories like smartphones and personal computers, as well as adjacent markets like financial services, streaming media, and mobile app distribution and advertising.</p>
<div class="lb-trans"><p>苹果通过开发紧密集成的硬件、软件和服务生态系统，培养了品牌权威和定价能力。该公司在智能手机和个人电脑等消费电子类别中占有强大市场份额，同时在金融服务、流媒体媒体和移动应用分发与广告等相关市场中也有重要存在。</p>
</div><p>However, Apple is beset by headwinds. For instance, vertical integration of hardware and services has traditionally been a competitive advantage for the company. But the Digital Markets Act (DMA) in Europe has weakened that advantage by forcing Apple to permit third-party app stores on its devices, and to allow alternative in-app payment methods. Similar legislation has been introduced in the U.S., which could be problematic for Apple if implemented.</p>
<div class="lb-trans"><p>然而，苹果面临着一些阻力。例如，硬件和服务的垂直整合传统上是公司的竞争优势。但欧洲的数字市场法案（DMA）削弱了这一优势，迫使苹果允许第三方应用商店在其设备上运行，并允许替代的应用内支付方式。类似的立法在美国也已提出，如果实施，可能会对苹果造成问题。</p>
</div><p>Additionally, Apple's services business is driven in large part by <strong>Alphabet</strong>. Apple receives up to $20 billion annually for making Google the default search engine on its devices, but that revenue could disappear. Federal Judge Amit Mehta recently ruled that Alphabet had an illegal monopoly in internet search. The appeals process may last years, but Alphabet's ability to pay for default search placement will likely be limited, if not completely prohibited.</p>
<div class="lb-trans"><p>此外，苹果的服务业务在很大程度上依赖于 <strong>Alphabet</strong>。苹果每年因将谷歌作为其设备的默认搜索引擎而获得高达 200 亿美元的收入，但这一收入可能会消失。联邦法官阿米特·梅塔最近裁定，Alphabet 在互联网搜索中存在非法垄断。上诉过程可能会持续数年，但 Alphabet 为默认搜索位置支付的能力可能会受到限制，甚至完全禁止。</p>
</div><p>Finally, some analysts have framed the introduction of Apple Intelligence -- a suite of artificial intelligence features for its devices -- as the catalyst for an iPhone upgrade cycle of epic proportions. However, those expectations not only seem overbaked, but also have been priced into the stock several times over.</p>
<div class="lb-trans"><p>最后，一些分析师将苹果智能（Apple Intelligence）——一套为其设备提供的人工智能功能——的推出视为史诗级 iPhone 升级周期的催化剂。然而，这些预期不仅似乎被过度炒作，而且已经多次反映在股票价格中。</p>
</div><p>Indeed, Wall Street estimates Apple's earnings will increase at 10% annually over the next three years. That consensus makes the current valuation of 41 times earnings look too expensive. Prospective investors should avoid this stock, and current shareholders should consider trimming large positions.</p>
<div class="lb-trans"><p>事实上，华尔街预计苹果的收益将在未来三年内每年增长 10%。这一共识使得当前 41 倍的市盈率显得过于昂贵。潜在投资者应避免购买该股票，而当前股东应考虑削减大额持仓。</p>
</div><h2>2. Tesla</h2>
<div class="lb-trans"><h2>2. 特斯拉</h2>
</div><p>Tesla is the market leader in battery electric vehicles, both globally and within the U.S. Admittedly, it lost share in both geographies over the past year, but that trend could reverse in 2025 when the company adds a more affordable vehicle to its lineup. Beyond the core electric vehicle business, Tesla has important catalysts on the horizon in autonomous driving and robotics.</p>
<div class="lb-trans"><p>特斯拉是全球和美国电池电动汽车市场的领导者。诚然，过去一年它在这两个地区的市场份额有所下降，但这一趋势可能会在 2025 年逆转，当时公司将推出一款更实惠的车型。除了核心电动汽车业务外，特斯拉在自动驾驶和机器人技术方面也有重要的催化剂即将到来。</p>
</div><p>The company plans to release an unsupervised version of its full self-driving (FSD) software in California and Texas in 2025. Tesla also intends to open a ride-hailing service to the public in those states, entering what promises to be a multitrillion dollar market in time. CEO Elon Musk has estimated that FSD software and robotaxi services could push gross margin above 70%, a stark contrast to 20% in the recent quarter.</p>
<div class="lb-trans"><p>该公司计划在 2025 年在加利福尼亚州和德克萨斯州发布其全自动驾驶（FSD）软件的无监督版本。特斯拉还打算在这些州向公众开放打车服务，进入一个承诺将成为数万亿美元市场的领域。首席执行官埃隆·马斯克估计，FSD 软件和机器人出租车服务可能将毛利率推高至 70% 以上，而最近一个季度的毛利率仅为 20%。</p>
</div><p>John Murphy at <strong>Bank of America</strong> recently visited Tesla's manufacturing facility in Austin, Texas, and was impressed by the latest version of FSD. He told CNBC the technology was &#34;incredibly good through some very challenging scenarios.&#34; He also said recurring revenue from FSD could exceed the initial vehicle sales price, and consequently bumped his forecast to $400 per share.</p>
<div class="lb-trans"><p><strong>美国银行</strong> 的约翰·墨菲最近访问了特斯拉位于德克萨斯州奥斯汀的制造设施，并对最新版本的 FSD 印象深刻。他告诉 CNBC，该技术在一些非常具有挑战性的场景中表现 “极其出色”。他还表示，FSD 的经常性收入可能超过初始车辆销售价格，因此将他的预测提高至每股 400 美元。</p>
</div><p>Tesla also has an opportunity to disrupt the $50 trillion global labor market with Optimus, an autonomous humanoid robot. To readers that find that far-fetched, Bill Gates once said, &#34;We always overestimate the change that will occur in the next two years, and underestimate the change that will occur in the next ten.&#34; Humanoid robots are an inevitable extension of artificial intelligence and Tesla is an early leader.</p>
<div class="lb-trans"><p>特斯拉还有机会通过 Optimus，一个自主的人形机器人，颠覆 50 万亿美元的全球劳动力市场。对于那些觉得这不切实际的读者，比尔·盖茨曾说过：“我们总是高估未来两年内会发生的变化，而低估未来十年内会发生的变化。” 人形机器人是人工智能的必然延伸，而特斯拉是早期的领导者。</p>
</div><p>Here's the big picture: Tesla has gradually lost share in battery electric vehicles, but that may change when the company adds a more affordable model to its lineup next year. Either way, Tesla has larger and more important opportunities in autonomous driving and robotics. But those nascent products are a nightmare where valuation is concerned because they are not yet a meaningful source of revenue.</p>
<div class="lb-trans"><p>大局是：特斯拉在电池电动汽车市场逐渐失去市场份额，但当公司明年增加一款更实惠的车型时，这种情况可能会改变。无论如何，特斯拉在自动驾驶和机器人技术方面有更大、更重要的机会。但这些新兴产品在估值方面是一个噩梦，因为它们尚未成为有意义的收入来源。</p>
</div><p>Personally, I believe Tesla can realize its vision surrounding FSD and Optimus, but my conviction is two parts speculation for every one part fact. However, I think investors that share my confidence -- anyone that believes Tesla can scale an autonomous ride-hailing business by decade-end -- should have exposure to the stock. And Dan Ives at Wedbush recently told CNBC Tesla is the &#34;most undervalued AI name in the market.&#34;</p>
<div class="lb-trans"><p>就个人而言，我相信特斯拉能够实现其围绕 FSD 和 Optimus 的愿景，但我的信念是两部分投机对一部分事实。然而，我认为与我有相同信心的投资者——任何相信特斯拉能够在十年内扩展自动驾驶打车业务的人——应该对该股票有所投资。最近，Wedbush 的丹·艾夫斯告诉 CNBC，特斯拉是 “市场上最被低估的人工智能公司。”</p>
</div>

Apple Stock vs. Tesla Stock: Billionaires Are Buying One and Selling the Other Ahead of 2025

- 一些对冲基金在第三季度出售苹果股票并购买特斯拉股票。  
- 以色列·英格兰德和路易斯·贝肯等亿万富翁减持苹果，增持特斯拉。  
- 苹果面临竞争压力，而特斯拉在自动驾驶和机器人领域有重要机会。  

苹果股票与特斯拉股票：亿万富翁在 2025 年前买入一种股票并卖出另一种股票