<p><strong>英伟达</strong>(NVDA 2.99%) 和 <strong>苹果</strong>(AAPL -2.62%) 在个人和机构投资者中非常受欢迎，但两位成功的对冲基金经理在第三季度却积极买入一只并卖出另一只：</p>
<ul>
<li>Citadel Advisors 的 Ken Griffin 购买了 470 万股英伟达，几乎将其持股增加了三倍。现在这是他除期权外的第三大持仓。他还卖出了 490 万股苹果，将其持股减少了 90%。这曾是他除期权外的第四大持仓。</li>
<li>Point72 Asset Management 的 Steven Cohen 买入了 150 万股英伟达，将其持股增加了 75%。现在这是他除期权外的最大持仓。同时，他卖出了 150 万股苹果，完全退出了该持仓。</li>
</ul>
<p>重要的是，Griffin 和 Cohen 是历史上最成功的对冲基金经理之一，这使他们成为良好的灵感来源。但投资者在买卖股票时绝不要不做研究。</p>
<h2>英伟达：某些对冲基金经理在第三季度买入的股票</h2>
<p>英伟达是一家加速计算公司，以其图形处理单元（GPU）而闻名。它在数据中心 GPU 的市场份额达 98%，无论是按收入还是出货量计算。这些芯片广泛用于加速计算复杂的工作负载，包括训练大型语言模型和运行人工智能（AI）应用程序。实际上，英伟达的 GPU 是 AI 计算的黄金标准。</p>
<p>然而，这家公司真正强大之处在于它构建整个数据中心。它用 CPU、互连和网络设备来补充其 GPU。英伟达还创建了一个强大的开发工具生态系统，帮助程序员编写 GPU 加速的应用程序。正如 <strong>Susquehanna</strong> 分析师 Chris Rolland 所说，这种垂直整合使得该公司成为 “全球事实上的 AI 使能者”。</p>
<p>投资者常常认为英伟达被高估，因为该股在过去两年中上涨了 800%，这一时期的特点是对 AI 加速器的巨大需求。但目前股票的市盈率为 52 倍，低于 2023 年 1 月的 62 倍市盈率。此外，考虑到华尔街认为英伟达的收益将在未来三年内以每年 38% 的速度增长，目前的价格非常合理。</p>
<p>长期投资者今天应该感到放心地购买这只股票。在接下来的 24 个月内再次获得 800% 回报的可能性非常小，甚至可能不存在，但英伟达仍然可能在未来五年内产生比 <strong>标准普尔 500</strong>(^GSPC -0.22%) 更好的回报。就我个人而言，我会从小额持仓开始，并在价格下跌时购买更多股票。</p>
<h2>苹果：某些对冲基金经理在第三季度卖出的股票</h2>
<p>苹果通过跨越硬件和软件的设计专长建立了品牌权威和定价能力。其高端消费电子设备的生态系统提供了差异化的用户体验，公司在多个垂直市场中取得了强大的市场地位。最重要的是，苹果在智能手机销售中处于市场领先地位，并且在出货量方面始终排名第二。</p>
<p>苹果还有一个服务业务，使其能够更有效地从庞大的用户基础中获利，包括 App Store、AppleCare、Apple Pay、iCloud 存储和订阅产品。公司在其中一些市场中占据了强大的市场地位，但该业务部门也是一个主要的监管风险来源。例如，欧洲立法迫使苹果允许第三方应用商店在其设备上运行。</p>
<p>此外，联邦法官最近裁定 <strong>Alphabet</strong> 通过向手机制造商支付默认搜索引擎位置的费用，非法压制了互联网搜索竞争。实际上，《华尔街日报》报道，Alphabet 在 2022 年支付了苹果 200 亿美元，但当案件最终解决时，这部分收入（属于服务部门）可能会消失。</p>
<p>估值也是一个问题。苹果股票在过去两年中几乎翻了一番，但这完全是由于市盈率扩张，而不是收益增长。实际上，该股目前的市盈率为 42 倍，是 2023 年初 21 倍估值的两倍。当公司的收益预计在未来三年内每年增长 10% 时，这一倍数很难证明。</p>
<p>就我个人而言，我认为苹果股票被高估。该公司尚未证明能够从人工智能中获利，而其最后一次获得 traction 的重大创新是 2016 年的 AirPods。潜在投资者应该另寻他处，而当前股东则应考虑削减其持仓。</p>

苹果

英伟达

<p>在第三季度，对冲基金经理肯·格里芬和史蒂芬·科恩在英伟达和苹果股票上进行了重大操作。格里芬购买了 470 万股英伟达股票，使其持股量增加了三倍，同时出售了 490 万股苹果股票，将其持仓减少了 90%。科恩则通过购买 150 万股将其在英伟达的持股增加了 75%，并完全退出了苹果。英伟达作为人工智能计算的领导者，尽管过去存在估值担忧，但被视为长期投资。相比之下，苹果面临监管风险，被认为估值过高，其盈利增长落后于股价上涨</p>

<p><strong>Nvidia</strong>(NVDA 2.99%) and <strong>Apple</strong>(AAPL -2.62%) are very popular stocks among individual and institutional investors, but two highly successful hedge fund managers aggressively bought one and sold the other in the third quarter:</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 2.99%) 和 <strong>苹果</strong>(AAPL -2.62%) 在个人和机构投资者中非常受欢迎，但两位成功的对冲基金经理在第三季度却积极买入一只并卖出另一只：</p>
</div><ul>
<li>Ken Griffin of Citadel Advisors purchased 4.7 million shares of Nvidia, nearly tripling his stake. It is now his third-largest position excluding options. He also sold 4.9 million shares of Apple, reducing his stake by 90%. It had been his fourth-largest position excluding options.</li>
<li>Steven Cohen of Point72 Asset Management bought 1.5 million shares of Nvidia, increasing his stake by 75%. It is now his largest position excluding options. Meanwhile, he sold 1.5 million shares of Apple, completely exiting the position.</li>
</ul>
<div class="lb-trans"><ul>
<li>Citadel Advisors 的 Ken Griffin 购买了 470 万股英伟达，几乎将其持股增加了三倍。现在这是他除期权外的第三大持仓。他还卖出了 490 万股苹果，将其持股减少了 90%。这曾是他除期权外的第四大持仓。</li>
<li>Point72 Asset Management 的 Steven Cohen 买入了 150 万股英伟达，将其持股增加了 75%。现在这是他除期权外的最大持仓。同时，他卖出了 150 万股苹果，完全退出了该持仓。</li>
</ul>
</div><p>Importantly, Griffin and Cohen rank among the most successful hedge fund managers in history, which makes them good sources of inspiration. But investors should never buy or sell a stock without doing some research.</p>
<div class="lb-trans"><p>重要的是，Griffin 和 Cohen 是历史上最成功的对冲基金经理之一，这使他们成为良好的灵感来源。但投资者在买卖股票时绝不要不做研究。</p>
</div><h2>Nvidia: The stock certain hedge fund managers bought in the third quarter</h2>
<div class="lb-trans"><h2>英伟达：某些对冲基金经理在第三季度买入的股票</h2>
</div><p>Nvidia is an accelerated computing company best known for its graphics processing units (GPUs). It has 98% market share in data center GPUs in terms of revenue and shipments. Those chips are widely used to speed up computationally complex workloads, which includes training large language models and running artificial intelligence (AI) applications. Indeed, Nvidia GPUs are the gold standard in AI computing.</p>
<div class="lb-trans"><p>英伟达是一家加速计算公司，以其图形处理单元（GPU）而闻名。它在数据中心 GPU 的市场份额达 98%，无论是按收入还是出货量计算。这些芯片广泛用于加速计算复杂的工作负载，包括训练大型语言模型和运行人工智能（AI）应用程序。实际上，英伟达的 GPU 是 AI 计算的黄金标准。</p>
</div><p>However, the company is truly formidable because it builds entire data centers. It complements its GPUs with CPUs, interconnects, and networking gear. Nvidia has also created a robust ecosystem of development tools that help programmers write GPU-accelerated applications. That vertical integration has made the company &#34;the world's de facto enabler of AI,&#34; according to <strong>Susquehanna</strong> analyst Chris Rolland.</p>
<div class="lb-trans"><p>然而，这家公司真正强大之处在于它构建整个数据中心。它用 CPU、互连和网络设备来补充其 GPU。英伟达还创建了一个强大的开发工具生态系统，帮助程序员编写 GPU 加速的应用程序。正如 <strong>Susquehanna</strong> 分析师 Chris Rolland 所说，这种垂直整合使得该公司成为 “全球事实上的 AI 使能者”。</p>
</div><p>Investors often assume Nvidia is overvalued because the stock has advanced 800% in the last two years, a period defined by immense demand for AI accelerators. But shares currently trade at 52 times earnings, a discount to the multiple of 62 times earnings in January 2023. Moreover, the current price is very reasonable, given that Wall Street thinks Nvidia's earnings will grow at 38% annually over the next three years.</p>
<div class="lb-trans"><p>投资者常常认为英伟达被高估，因为该股在过去两年中上涨了 800%，这一时期的特点是对 AI 加速器的巨大需求。但目前股票的市盈率为 52 倍，低于 2023 年 1 月的 62 倍市盈率。此外，考虑到华尔街认为英伟达的收益将在未来三年内以每年 38% 的速度增长，目前的价格非常合理。</p>
</div><p>Long-term investors should feel comfortable buying this stock today. The odds of another 800% return in the next 24 months are very slim, perhaps nonexistent, but Nvidia could still generate better returns than the <strong>S&amp;P 500</strong>(^GSPC -0.22%) over the next five years. Personally, I would start with a small position today and buy more shares when the price dips.</p>
<div class="lb-trans"><p>长期投资者今天应该感到放心地购买这只股票。在接下来的 24 个月内再次获得 800% 回报的可能性非常小，甚至可能不存在，但英伟达仍然可能在未来五年内产生比 <strong>标准普尔 500</strong>(^GSPC -0.22%) 更好的回报。就我个人而言，我会从小额持仓开始，并在价格下跌时购买更多股票。</p>
</div><h2>Apple: The stock certain hedge fund managers sold in the third quarter</h2>
<div class="lb-trans"><h2>苹果：某些对冲基金经理在第三季度卖出的股票</h2>
</div><p>Apple has built brand authority and pricing power through design expertise that spans hardware and software. Its ecosystem of premium consumer electronics devices provides a differentiated user experience, and the company has achieved a strong presence in several verticals. Most importantly, Apple is the market leader in smartphone sales and consistently ranks second in terms of shipments.</p>
<div class="lb-trans"><p>苹果通过跨越硬件和软件的设计专长建立了品牌权威和定价能力。其高端消费电子设备的生态系统提供了差异化的用户体验，公司在多个垂直市场中取得了强大的市场地位。最重要的是，苹果在智能手机销售中处于市场领先地位，并且在出货量方面始终排名第二。</p>
</div><p>Apple also has a services business that lets it more effectively monetize its large installed base, including the App Store, AppleCare, Apple Pay, iCloud storage, and subscription products. The company has a strong presence in several of those markets, but that business segment is also a major source of regulatory risk. For instance, European legislation has forced Apple to let third-party app stores on its devices.</p>
<div class="lb-trans"><p>苹果还有一个服务业务，使其能够更有效地从庞大的用户基础中获利，包括 App Store、AppleCare、Apple Pay、iCloud 存储和订阅产品。公司在其中一些市场中占据了强大的市场地位，但该业务部门也是一个主要的监管风险来源。例如，欧洲立法迫使苹果允许第三方应用商店在其设备上运行。</p>
</div><p>Additionally, a federal judge recently ruled that <strong>Alphabet</strong> had illegally suppressed internet search competition by paying phone manufacturers for default search engine placement. Indeed, <em>The Wall Street Journal</em> reports that Alphabet paid Apple $20 billion in 2022, but that revenue (which falls under the services segment) could disappear when the case is finally resolved.</p>
<div class="lb-trans"><p>此外，联邦法官最近裁定 <strong>Alphabet</strong> 通过向手机制造商支付默认搜索引擎位置的费用，非法压制了互联网搜索竞争。实际上，《华尔街日报》报道，Alphabet 在 2022 年支付了苹果 200 亿美元，但当案件最终解决时，这部分收入（属于服务部门）可能会消失。</p>
</div><p>Valuation is also a concern. Apple stock has nearly doubled in the last two years, but that was driven entirely by multiple expansion rather than earnings growth. Indeed, the stock currently trades at 42 times earnings, which is double its valuation of 21 times earnings in early 2023. That multiple is hard to justify when the company's earnings are expected to increase at 10% annually over the next three years.</p>
<div class="lb-trans"><p>估值也是一个问题。苹果股票在过去两年中几乎翻了一番，但这完全是由于市盈率扩张，而不是收益增长。实际上，该股目前的市盈率为 42 倍，是 2023 年初 21 倍估值的两倍。当公司的收益预计在未来三年内每年增长 10% 时，这一倍数很难证明。</p>
</div><p>Personally, I see Apple stock as overvalued. The company has yet to demonstrate it can monetize artificial intelligence, and its last major innovation that gained traction was AirPods in 2016. Prospective investors should look elsewhere, and current shareholders should consider trimming their positions.</p>
<div class="lb-trans"><p>就我个人而言，我认为苹果股票被高估。该公司尚未证明能够从人工智能中获利，而其最后一次获得 traction 的重大创新是 2016 年的 AirPods。潜在投资者应该另寻他处，而当前股东则应考虑削减其持仓。</p>
</div>

Nvidia Stock vs. Apple Stock: Billionaires Buy One and Sell the Other Ahead of 2025

- 对冲基金经理在第三季度增持 Nvidia，减持 Apple。  
- Nvidia 市场份额高，未来收益增长预期良好。  
- Apple 面临估值和监管风险，未来增长乏力。

英伟达股票与苹果股票：亿万富翁在 2025 年前买入一个并卖出另一个