<p><strong>AppLovin</strong>(APP -1.10%) 最近成为争议的焦点，今年有三位不同的空头卖家对该公司发布了看跌报告。然而，一位亿万富翁投资者显然对这些报告不以为然，使得 AppLovin 的股票在第一季度成为他投资组合中最大的新增头寸。</p>
<p>亿万富翁 Chase Coleman 来自 Tiger Global Management，上个季度购买了近 5.75 亿美元的 AppLovin 股票，这是他在该期间购买的任何股票中最多的。这只股票现在占据了他投资组合的 1.7%，是他的第 16 大持仓。</p>
<p>Coleman 是一位非常成功、以增长为导向的投资者，专注于科技股票，通常采取长期视角。他倾向于保持集中投资组合，并不害怕采取激进策略。因此，他购买 AppLovin 股票是对该股票的强烈信心投票。像 Coleman 这样的投资者拥有大量资源和人脉，他在投资前肯定进行了尽职调查。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDAvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDAvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>AI 驱动的增长</h2>
<p>AppLovin 的核心业务是一个广告平台，游戏应用公司使用该平台来帮助他们吸引和更好地变现用户。它还拥有一系列遗留的游戏应用，目前正在出售这些应用。</p>
<p>2023 年第二季度推出的基于人工智能 (AI) 的广告技术 Axon 2 帮助公司实现了转型，并为其带来了巨大的收入增长。</p>
<p>根据公司介绍，AI 广告引擎使用预测机器学习来改善广告定位、出价和广告投放。其目标是找到最有可能下载应用或与广告互动的玩家。同时，Axon 2 帮助预测哪些广告将带来最高的广告支出回报。</p>
<p>然而，并不是每个人都相信 Axon 2 的作用。空头卖家基本上指控 AppLovin 在用户设备上安装应用而未获得他们的许可。这将严重违反大多数应用商店的规定，可能导致其软件在这些平台上被禁用。</p>
<p>AppLovin 否认了这些指控，甚至雇佣律师调查空头卖家。首席执行官 Adam Foroughi 表示，Axon 2.0 技术的复杂性使得空头卖家能够 “制造恐惧和怀疑”，并告诉投资者 “深入挖掘”。Coleman 显然接受了 Foroughi 的挑战，进行了深入挖掘，导致他对该公司股票的大额投资。</p>
<p>尽管对 Axon 2 的技术存在一些质疑，但毫无疑问，它为公司带来了巨大的增长。</p>
<p>在 2022 年，即 AppLovin 推出 Axon 2 的前一年，该公司实现了 28 亿美元的收入。两年后，在 2024 年，其收入增长至 47 亿美元。这一增长在今年第一季度继续，AppLovin 的收入增长了 40%，达到了 14.8 亿美元。同时，其广告收入激增 70%，达到了 11.6 亿美元。</p>
<p>Axon 2 不仅带来了强劲的收入增长，还大大改善了公司的毛利率，从而提高了盈利能力。在 2022 年，其毛利率为 55.4%，而在 2024 年上升至 75.2%。毛利率的扩张在第一季度也继续上升，从一年前的 72.2% 上升至 81.7%。</p>
<p>值得注意的是，AppLovin 的成功似乎是以竞争对手 <strong>Unity Software</strong> 的代价换来的，其广告技术业务（增长解决方案部门）在 2024 年和 2025 年第一季度的收入出现了下降。因此，AppLovin 并不是在乘着行业的顺风，而是其解决方案正在夺取市场份额和客户。</p>
<p>从长远来看，AppLovin 预计来自游戏客户的收入增长将稳定在 20% 到 30% 的范围内。这将来自算法的改进和游戏应用行业的自然增长。</p>
<p>然而，公司认为，Axon 2 更具预测性和自动化的使用可以帮助其扩展到核心游戏客户之外。它目前正在电子商务领域测试该解决方案，并预计今年将有显著贡献。</p>
<h2>这只股票值得购买吗？</h2>
<p>尽管该股票在过去两年中取得了一些巨大的涨幅，但其估值仍然合理，前瞻市盈率 (P/E) 仅略低于 45 倍，市盈率与增长比 (PEG) 仅为 0.56 倍。PEG 比率低于 1 通常被视为被低估。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3128f40b81026826cd950c646abbe342.png?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://media.ycharts.com/charts/3128f40b81026826cd950c646abbe342.png"/></p>
<p>APP PE Ratio (Forward) 数据来源于 YCharts</p>
<p>尽管空头卖家对公司的指控有些令人担忧，但像 Coleman 这样的知名投资者购买该股票应该有助于缓解这些担忧。因此，我认为考虑到 AppLovin 的增长机会和当前估值，投资者可以在当前水平上小幅持有该股票。</p>

<p>亿万富翁查斯·科尔曼（Chase Coleman）通过他的老虎全球管理公司（Tiger Global Management）对 AppLovin 进行了重大投资，购买了近 5.75 亿美元的股票，尽管近期空头卖家的报告较为悲观。AppLovin 的人工智能驱动广告技术 Axon 2 实现了显著的收入增长，2023 年第一季度增长了 40%。该公司的毛利率也显著改善。尽管对空头卖家的指控存在担忧，但科尔曼的投资表明他对 AppLovin 潜力的信心，使其成为投资者值得考虑的股票</p>

<p><strong>AppLovin</strong>(APP -1.10%) has been a lightning rod for controversy recently, with three separate short sellers issuing bearish reports on the company this year. However, one billionaire investor was clearly unconvinced by the reports, making AppLovin stock the largest new position in his portfolio during the first quarter.</p>
<div class="lb-trans"><p><strong>AppLovin</strong>(APP -1.10%) 最近成为争议的焦点，今年有三位不同的空头卖家对该公司发布了看跌报告。然而，一位亿万富翁投资者显然对这些报告不以为然，使得 AppLovin 的股票在第一季度成为他投资组合中最大的新增头寸。</p>
</div><p>Billionaire Chase Coleman of Tiger Global Management bought nearly $575 million worth of AppLovin stock last quarter, the most he bought of any stock in the period. The stock now represents a 1.7% position and is his 16th-largest holding.</p>
<div class="lb-trans"><p>亿万富翁 Chase Coleman 来自 Tiger Global Management，上个季度购买了近 5.75 亿美元的 AppLovin 股票，这是他在该期间购买的任何股票中最多的。这只股票现在占据了他投资组合的 1.7%，是他的第 16 大持仓。</p>
</div><p>Coleman is a highly successful, growth-oriented investor specializing in tech stocks who generally takes a long-term view. He tends to maintain a concentrated portfolio and isn't afraid to be aggressive. As such, his purchase of AppLovin stock is a big vote of confidence in the stock. Investors like Coleman have a lot of resources and connections, and he surely did his due diligence before investing.</p>
<div class="lb-trans"><p>Coleman 是一位非常成功、以增长为导向的投资者，专注于科技股票，通常采取长期视角。他倾向于保持集中投资组合，并不害怕采取激进策略。因此，他购买 AppLovin 股票是对该股票的强烈信心投票。像 Coleman 这样的投资者拥有大量资源和人脉，他在投资前肯定进行了尽职调查。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2MDAvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818600%2Fgettyimages-2078917109.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>AI-powered growth</h2>
<div class="lb-trans"><h2>AI 驱动的增长</h2>
</div><p>AppLovin's core business is an advertising platform that gaming app companies use to help them attract and better monetize users. It also owns a legacy portfolio of gaming apps that it is currently in the process of selling.</p>
<div class="lb-trans"><p>AppLovin 的核心业务是一个广告平台，游戏应用公司使用该平台来帮助他们吸引和更好地变现用户。它还拥有一系列遗留的游戏应用，目前正在出售这些应用。</p>
</div><p>The introduction of its Axon 2 artificial intelligence (AI)-based advertising technology in the second quarter of 2023 helped transform the company and set it on a path of huge revenue growth.</p>
<div class="lb-trans"><p>2023 年第二季度推出的基于人工智能 (AI) 的广告技术 Axon 2 帮助公司实现了转型，并为其带来了巨大的收入增长。</p>
</div><p>According to the company, the AI-advertising engine uses predictive machine learning to improve ad targeting, bidding, and ad placement. Its goal is to find gamers most likely to download apps or engage with an ad. Meanwhile, Axon 2 helps predict which ads will yield the highest return on ad spending budgets.</p>
<div class="lb-trans"><p>根据公司介绍，AI 广告引擎使用预测机器学习来改善广告定位、出价和广告投放。其目标是找到最有可能下载应用或与广告互动的玩家。同时，Axon 2 帮助预测哪些广告将带来最高的广告支出回报。</p>
</div><p>However, not everyone is buying into what Axon 2 does. Short sellers have basically accused AppLovin of installing apps onto users' devices without their permission. This would be a serious violation of most app stores, which could lead to its software getting banned on these platforms.</p>
<div class="lb-trans"><p>然而，并不是每个人都相信 Axon 2 的作用。空头卖家基本上指控 AppLovin 在用户设备上安装应用而未获得他们的许可。这将严重违反大多数应用商店的规定，可能导致其软件在这些平台上被禁用。</p>
</div><p>AppLovin has denied the allegations and even hired lawyers to investigate the short sellers. CEO Adam Foroughi said the complexity of Axon 2.0's technology has allowed short sellers to &#34;stir fear and doubt,&#34; and he told investors to &#34;dig deeper.&#34; Coleman apparently took up Foroughi's challenge to dig deeper, leading to his sizable investment in the company's stock.</p>
<div class="lb-trans"><p>AppLovin 否认了这些指控，甚至雇佣律师调查空头卖家。首席执行官 Adam Foroughi 表示，Axon 2.0 技术的复杂性使得空头卖家能够 “制造恐惧和怀疑”，并告诉投资者 “深入挖掘”。Coleman 显然接受了 Foroughi 的挑战，进行了深入挖掘，导致他对该公司股票的大额投资。</p>
</div><p>While there have been some questions around Axon 2's technology, there is no question that it has led to tremendous growth for the company.</p>
<div class="lb-trans"><p>尽管对 Axon 2 的技术存在一些质疑，但毫无疑问，它为公司带来了巨大的增长。</p>
</div><p>In 2022, the year before AppLovin launched Axon 2, the company generated $2.8 billion in revenue. Two years later, in 2024, its revenue had grown to $4.7 billion. That growth continued into the first quarter of this year, with AppLovin's revenue climbing 40% to $1.48 billion. Meanwhile, its advertising revenue surged 70% to $1.16 billion.</p>
<div class="lb-trans"><p>在 2022 年，即 AppLovin 推出 Axon 2 的前一年，该公司实现了 28 亿美元的收入。两年后，在 2024 年，其收入增长至 47 亿美元。这一增长在今年第一季度继续，AppLovin 的收入增长了 40%，达到了 14.8 亿美元。同时，其广告收入激增 70%，达到了 11.6 亿美元。</p>
</div><p>Not only has Axon 2 led to strong revenue growth, it has also greatly improved the company's gross margin, which lead to greater profitability. In 2022, its gross margin was 55.4%, while in 2024 it had risen to 75.2%. The gross margin expansion also continued into Q1, rising to 81.7% from 72.2% a year earlier.</p>
<div class="lb-trans"><p>Axon 2 不仅带来了强劲的收入增长，还大大改善了公司的毛利率，从而提高了盈利能力。在 2022 年，其毛利率为 55.4%，而在 2024 年上升至 75.2%。毛利率的扩张在第一季度也继续上升，从一年前的 72.2% 上升至 81.7%。</p>
</div><p>It's also worth noting that AppLovin's success has seemingly come at the expense of rival <strong>Unity Software</strong>, whose adtech business (its growth solutions segment) lost revenue in 2024 and Q1 2025. So AppLovin is not riding an industry tailwind; its solution is taking market share and customers away from competitors.</p>
<div class="lb-trans"><p>值得注意的是，AppLovin 的成功似乎是以竞争对手 <strong>Unity Software</strong> 的代价换来的，其广告技术业务（增长解决方案部门）在 2024 年和 2025 年第一季度的收入出现了下降。因此，AppLovin 并不是在乘着行业的顺风，而是其解决方案正在夺取市场份额和客户。</p>
</div><p>Longer term, AppLovin has talked about revenue growth from gaming customers settling into the 20% to 30% range. This would come from algorithm improvements and the natural growth of the gaming app industry.</p>
<div class="lb-trans"><p>从长远来看，AppLovin 预计来自游戏客户的收入增长将稳定在 20% 到 30% 的范围内。这将来自算法的改进和游戏应用行业的自然增长。</p>
</div><p>However, the company thinks that Axon 2's more predictive nature and increased use of automation can help it expand beyond its core gaming clients. It is currently testing the solution within the e-commerce vertical and expects it to have a meaningful contribution this year.</p>
<div class="lb-trans"><p>然而，公司认为，Axon 2 更具预测性和自动化的使用可以帮助其扩展到核心游戏客户之外。它目前正在电子商务领域测试该解决方案，并预计今年将有显著贡献。</p>
</div><h2>Is the stock a buy?</h2>
<div class="lb-trans"><h2>这只股票值得购买吗？</h2>
</div><p>Despite the stock posting some huge gains over the past two years, its valuation is still reasonable with a forward price-to-earnings (P/E) ratio of just under 45 times and a price/earnings-to-growth (PEG) ratio of 0.56 times. A PEG ratio below 1 is typically viewed as undervalued.</p>
<div class="lb-trans"><p>尽管该股票在过去两年中取得了一些巨大的涨幅，但其估值仍然合理，前瞻市盈率 (P/E) 仅略低于 45 倍，市盈率与增长比 (PEG) 仅为 0.56 倍。PEG 比率低于 1 通常被视为被低估。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/3128f40b81026826cd950c646abbe342.png" alt="" original-src="https://media.ycharts.com/charts/3128f40b81026826cd950c646abbe342.png"/></p>
<p>APP PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>APP PE Ratio (Forward) 数据来源于 YCharts</p>
</div><p>While the short-seller accusations against the company are a bit scary, purchases of the stock by an investor as renowned as Coleman should help allay those fears. As such, I think given AppLovin's growth opportunities and current valuation, investors can take a small position in the stock at current levels.</p>
<div class="lb-trans"><p>尽管空头卖家对公司的指控有些令人担忧，但像 Coleman 这样的知名投资者购买该股票应该有助于缓解这些担忧。因此，我认为考虑到 AppLovin 的增长机会和当前估值，投资者可以在当前水平上小幅持有该股票。</p>
</div>

这位亿万富翁刚刚大举投资于一只有争议的 AI 股票。你是否也应该这样做？