<p>机构资产管理者最近公布了他们第一季度的 13F 表格， filings 显示出一个颇为意外的趋势：两位拥有卓越业绩的亿万富翁对冲基金经理购买了 <strong>Palantir Technologies</strong>(PLTR 1.00%)，并出售了 <strong>Nvidia</strong>(NVDA 0.28%)，具体如下：</p>
<ul>
<li>以色列·英格兰德的千禧管理公司增加了 986,457 股 Palantir，四倍于其持仓。该对冲基金还出售了 740,500 股 Nvidia，削减了 7% 的持股。</li>
<li>肯·格里芬的城堡顾问公司增加了 902,486 股 Palantir，三倍于其持仓。该对冲基金还出售了 150 万股 Nvidia，减少了 50% 的持股。</li>
</ul>
<p>城堡和千禧是历史上三家最盈利的对冲基金之一，自成立以来的净收益使以色列·英格兰德和肯·格里芬成为良好的灵感来源。但上述交易发生在第一季度，距今大约 45 天。以下是对 Palantir 和 Nvidia 的更近期观察。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2ODYvYnVsbC1hbmQtYmVhci0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2ODYvYnVsbC1hbmQtYmVhci0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Palantir Technologies：以色列·英格兰德和肯·格里芬在第一季度购买的股票</h2>
<p>Palantir 开发分析和人工智能（AI）软件，帮助组织理解复杂数据。国际数据公司（IDC）最近将该公司评为决策智能平台的市场领导者，<strong>Forrester Research</strong> 也将其认定为人工智能（AI）和机器学习平台的技术领导者。</p>
<p>Palantir 在第一季度表现强劲。客户数量增加了 39%，达到 769 个，现有客户的平均支出增长了 24%。因此，收入增长了 39%，达到 8.84 亿美元，主要得益于政府部门的强劲销售增长。非公认会计原则（non-GAAP）收益增长了 62%，达到每股稀释后 0.13 美元。管理层将强劲的业绩归因于对其 AI 平台的需求，并且自季度结束以来，公司继续利用这一机会。</p>
<p>在四月，北约（NATO）从 Palantir 购买了 Maven 智能系统，这是一个将来自多个来源（如无人机和卫星）数据融合以改善战场态势感知的 AI 平台。北约的交易是在去年九月 Palantir 获得 1 亿美元合同之后进行的，该合同为多个美国军事服务提供 Maven 的访问权限。</p>
<p>重要的是，Palantir 的收入增长已经连续七个季度加速，管理层在第一季度强劲业绩后提高了全年指引。显然，业务运转良好。但该股票的估值极其昂贵，前瞻性销售的倍数为 64 倍。根据威廉·布莱尔研究的 Louie DiPalma，下一家最接近的软件公司是 <strong>CrowdStrike</strong>，其前瞻性销售倍数为 18 倍。这意味着 Palantir 的股价可能下跌 70%，仍然是市场上最昂贵的软件股票。</p>
<p>我认为 Palantir 未来的价值会更高，因此计划持有该股票数年的现有股东可以安心持有，前提是他们能接受波动。但潜在买家应该等待更便宜的入场点。华尔街的中位目标价为每股 100 美元，这意味着相较于当前 129 美元的股价有 22% 的下行空间。我会在那个水平上更愿意购买股票。</p>
<h2>Nvidia：以色列·英格兰德和肯·格里芬在第一季度出售的股票</h2>
<p>Nvidia 开发加速计算解决方案。该公司以图形处理单元（GPU）而闻名，这些芯片是加速复杂数据中心工作负载（如 AI）的行业标准。Nvidia 占据了约 90% 的 AI 加速器销售，预计市场将以 24% 的年增长率扩展至 2030 年。</p>
<p>该公司因其全栈战略而独具特色。Nvidia 用中央处理单元（CPU）和网络设备等相邻的数据中心硬件补充其 GPU。它还提供一个名为 CUDA 的软件平台，包含数百个代码库和预训练模型，帮助开发者在各种用例中编写 AI 应用程序，如对话助手、自动化机器人和预测分析。</p>
<p>Nvidia 在 2025 财年的第四季度报告了令人印象深刻的财务业绩，收入和净利润均超出预期。收入增长了 78%，达到 390 亿美元，主要得益于数据中心部门的强劲销售增长，推动了对 AI 基础设施的需求。非 GAAP 净收入增长了 71%，达到每股稀释后 0.89 美元。</p>
<p>Nvidia 最近从特朗普政府那里获得了一些好消息。上周，商务部撤销了拜登时代的 “AI 扩散” 规则，该规则限制了 Nvidia 在全球大多数国家销售先进芯片的数量。该公司已经利用规则的撤销，与沙特阿拉伯公司达成协议，帮助他们建立 AI 工厂。</p>
<p>华尔街预计 Nvidia 的调整后收益将在 2026 财年增长 46%，该财年将于 1 月结束。这个共识使得当前的 45 倍收益估值看起来相对便宜。这些数字给出了一个市盈率增长（PEG）比率为 1。为了让这个数据更有意义，Palantir 目前的 PEG 比率高达 8.5，极其昂贵。</p>
<p>那么，为什么肯·格里芬和以色列·英格兰德削减了他们在 Nvidia 的持仓？我猜测可能是为了获利了结或投资组合再平衡。但我怀疑这并不意味着对这家芯片制造商缺乏信心。不仅这两家对冲基金仍然持有 Nvidia 的股票，而且该股票也是千禧管理公司的第二大持仓（不包括期权合约）。</p>

英伟达

PLTR

<p>亿万富翁对冲基金经理以色列·英格兰德（Israel Englander）和肯·格里芬（Ken Griffin）最近调整了他们的投资，购买了 Palantir Technologies 的股票，同时出售了英伟达的股票。英格兰德的千禧管理公司（Millennium Management）将其在 Palantir 的持股增加了 986,457 股，同时减少了 740,500 股英伟达的持股。同样，格里芬的城堡顾问公司（Citadel Advisors）将其在 Palantir 的持股增加了三倍，增持了 902,486 股，并出售了 150 万股英伟达。Palantir 在第一季度的强劲表现得益于人工智能需求，与此同时，尽管英伟达在人工智能市场的近期成功，其股票仍被视为被低估</p>

<p>Institutional asset managers recently published their Forms 13F for the first quarter, and the filings revealed a somewhat surprising trend: Two billionaire hedge fund managers with exceptional track records purchased <strong>Palantir Technologies</strong>(PLTR 1.00%) and sold <strong>Nvidia</strong>(NVDA 0.28%), as detailed below:</p>
<div class="lb-trans"><p>机构资产管理者最近公布了他们第一季度的 13F 表格， filings 显示出一个颇为意外的趋势：两位拥有卓越业绩的亿万富翁对冲基金经理购买了 <strong>Palantir Technologies</strong>(PLTR 1.00%)，并出售了 <strong>Nvidia</strong>(NVDA 0.28%)，具体如下：</p>
</div><ul>
<li>Israel Englander's Millennium Management added 986,457 shares of Palantir, quadrupling its position. The hedge fund also sold 740,500 shares of Nvidia, trimming its stake by 7%.</li>
<li>Ken Griffin's Citadel Advisors added 902,486 shares of Palantir, tripling its position. The hedge fund also sold 1.5 million shares of Nvidia, reducing its stake by 50%.</li>
</ul>
<div class="lb-trans"><ul>
<li>以色列·英格兰德的千禧管理公司增加了 986,457 股 Palantir，四倍于其持仓。该对冲基金还出售了 740,500 股 Nvidia，削减了 7% 的持股。</li>
<li>肯·格里芬的城堡顾问公司增加了 902,486 股 Palantir，三倍于其持仓。该对冲基金还出售了 150 万股 Nvidia，减少了 50% 的持股。</li>
</ul>
</div><p>Citadel and Millennium are two of the three most profitable hedge funds in history in terms of net gains since inception, which makes Israel Englander and Ken Griffin good sources of inspiration. But the trades listed above took place in the first quarter, which ended about 45 days ago. Here is a more current look at Palantir and Nvidia.</p>
<div class="lb-trans"><p>城堡和千禧是历史上三家最盈利的对冲基金之一，自成立以来的净收益使以色列·英格兰德和肯·格里芬成为良好的灵感来源。但上述交易发生在第一季度，距今大约 45 天。以下是对 Palantir 和 Nvidia 的更近期观察。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2ODYvYnVsbC1hbmQtYmVhci0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818686%2Fbull-and-bear-2.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>Palantir Technologies: The stock Israel Englander and Ken Griffin bought in the first quarter</h2>
<div class="lb-trans"><h2>Palantir Technologies：以色列·英格兰德和肯·格里芬在第一季度购买的股票</h2>
</div><p>Palantir develops analytics and artificial intelligence (AI) software that helps organizations make sense of complex data. The International Data Corporation (IDC) recently ranked the company as the market leader in decision intelligence platforms, and <strong>Forrester Research</strong> recognized the company as a technology leader in artificial intelligence (AI) and machine learning platforms.</p>
<div class="lb-trans"><p>Palantir 开发分析和人工智能（AI）软件，帮助组织理解复杂数据。国际数据公司（IDC）最近将该公司评为决策智能平台的市场领导者，<strong>Forrester Research</strong> 也将其认定为人工智能（AI）和机器学习平台的技术领导者。</p>
</div><p>Palantir looked strong in the first quarter. Customers increased 39% to 769, and the average spend per existing customer climbed 24%. In turn, revenue increased 39% to $884 million due to particularly strong sales growth in the government segment. And non-GAAP (non-generally accepted accounting principles) earnings climbed 62% to $0.13 per diluted share. Management attributed the strong results to demand for its AI platform, and the company has continued to lean into that opportunity since the quarter ended.</p>
<div class="lb-trans"><p>Palantir 在第一季度表现强劲。客户数量增加了 39%，达到 769 个，现有客户的平均支出增长了 24%。因此，收入增长了 39%，达到 8.84 亿美元，主要得益于政府部门的强劲销售增长。非公认会计原则（non-GAAP）收益增长了 62%，达到每股稀释后 0.13 美元。管理层将强劲的业绩归因于对其 AI 平台的需求，并且自季度结束以来，公司继续利用这一机会。</p>
</div><p>In April, NATO (North Atlantic Treaty Organization) purchased the Maven Smart System from Palantir, an AI platform that fuses data from multiple sources (like drones and satellites) to improve battlefield situational awareness. The NATO deal comes on the heels of the $100 million contract awarded to Palantir in September to provide multiple U.S. military services with access to Maven.</p>
<div class="lb-trans"><p>在四月，北约（NATO）从 Palantir 购买了 Maven 智能系统，这是一个将来自多个来源（如无人机和卫星）数据融合以改善战场态势感知的 AI 平台。北约的交易是在去年九月 Palantir 获得 1 亿美元合同之后进行的，该合同为多个美国军事服务提供 Maven 的访问权限。</p>
</div><p>Importantly, Palantir's revenue growth has now accelerated in seven straight quarters, and management raised its full-year guidance following strong first-quarter results. Clearly, the business is firing on all cylinders. But the stock commands an absurdly rich valuation of 64 times forward sales. The next-closest software stock is <strong>CrowdStrike</strong> at 18 times forward sales, according to Louie DiPalma at William Blair Research. That means Palantir could fall 70% and still be the most expensive software stock on the market.</p>
<div class="lb-trans"><p>重要的是，Palantir 的收入增长已经连续七个季度加速，管理层在第一季度强劲业绩后提高了全年指引。显然，业务运转良好。但该股票的估值极其昂贵，前瞻性销售的倍数为 64 倍。根据威廉·布莱尔研究的 Louie DiPalma，下一家最接近的软件公司是 <strong>CrowdStrike</strong>，其前瞻性销售倍数为 18 倍。这意味着 Palantir 的股价可能下跌 70%，仍然是市场上最昂贵的软件股票。</p>
</div><p>I think Palantir will be worth much more in the future, so current shareholders who plan to keep the stock for several years can sit tight, provided they are comfortable with volatility. But prospective buyers should wait for a cheaper entry point. The median target price on Wall Street is $100 per share, which implies 22% downside from the current share price of $129. I would feel more comfortable buying shares at that level.</p>
<div class="lb-trans"><p>我认为 Palantir 未来的价值会更高，因此计划持有该股票数年的现有股东可以安心持有，前提是他们能接受波动。但潜在买家应该等待更便宜的入场点。华尔街的中位目标价为每股 100 美元，这意味着相较于当前 129 美元的股价有 22% 的下行空间。我会在那个水平上更愿意购买股票。</p>
</div><h2>Nvidia: The stock Israel Englander and Ken Griffin sold in the first quarter</h2>
<div class="lb-trans"><h2>Nvidia：以色列·英格兰德和肯·格里芬在第一季度出售的股票</h2>
</div><p>Nvidia develops accelerated computing solutions. The company is best known for graphics processing units (GPUs), chips that are the industry standard in accelerating complex data center workloads like AI. Nvidia accounts for about 90% of AI accelerator sales, and the market is forecast to expand at 24% annually through 2030.</p>
<div class="lb-trans"><p>Nvidia 开发加速计算解决方案。该公司以图形处理单元（GPU）而闻名，这些芯片是加速复杂数据中心工作负载（如 AI）的行业标准。Nvidia 占据了约 90% 的 AI 加速器销售，预计市场将以 24% 的年增长率扩展至 2030 年。</p>
</div><p>The company is truly unique due to its full-stack strategy. Nvidia supplements its GPUs with adjacent data center hardware like central processing units (CPUs) and networking gear. It also offers a software platform called CUDA that comprises hundreds of code libraries and pretrained models that help developers write AI applications across use cases, such as conversational assistants, autonomous robots, and predictive analytics.</p>
<div class="lb-trans"><p>该公司因其全栈战略而独具特色。Nvidia 用中央处理单元（CPU）和网络设备等相邻的数据中心硬件补充其 GPU。它还提供一个名为 CUDA 的软件平台，包含数百个代码库和预训练模型，帮助开发者在各种用例中编写 AI 应用程序，如对话助手、自动化机器人和预测分析。</p>
</div><p>Nvidia reported impressive financial results in the fourth quarter of fiscal 2025, beating estimates on the top and bottom lines. Revenue increased 78% to $39 billion on strong sales growth in the data center segment, driven by demand for AI infrastructure. And non-GAAP net income jumped 71% to $0.89 per diluted share.</p>
<div class="lb-trans"><p>Nvidia 在 2025 财年的第四季度报告了令人印象深刻的财务业绩，收入和净利润均超出预期。收入增长了 78%，达到 390 亿美元，主要得益于数据中心部门的强劲销售增长，推动了对 AI 基础设施的需求。非 GAAP 净收入增长了 71%，达到每股稀释后 0.89 美元。</p>
</div><p>Nvidia recently received some good news from the Trump administration. Last week, the Commerce Department rescinded the Biden-era &#34;AI Diffusion&#34; rule that would have limited the quantity of advanced chips Nvidia could sell in most countries around the world. The company has already capitalized on the rule rescission by striking deals to help Saudi Arabian companies build AI factories.</p>
<div class="lb-trans"><p>Nvidia 最近从特朗普政府那里获得了一些好消息。上周，商务部撤销了拜登时代的 “AI 扩散” 规则，该规则限制了 Nvidia 在全球大多数国家销售先进芯片的数量。该公司已经利用规则的撤销，与沙特阿拉伯公司达成协议，帮助他们建立 AI 工厂。</p>
</div><p>Wall Street estimates Nvidia's adjusted earnings will grow 46% in fiscal 2026, which ends in January. That consensus makes the current valuation of 45 times earnings look surprisingly cheap. Those numbers give a price-to-earnings-to-growth (PEG) ratio of 1. To put that into context, Palantir currently has a terribly expensive PEG ratio of 8.5.</p>
<div class="lb-trans"><p>华尔街预计 Nvidia 的调整后收益将在 2026 财年增长 46%，该财年将于 1 月结束。这个共识使得当前的 45 倍收益估值看起来相对便宜。这些数字给出了一个市盈率增长（PEG）比率为 1。为了让这个数据更有意义，Palantir 目前的 PEG 比率高达 8.5，极其昂贵。</p>
</div><p>So, why did Ken Griffin and Israel Englander trim their positions in Nvidia? I would hazard a guess at profit taking or portfolio rebalancing. But I doubt it signals a material lack of confidence in the chipmaker. Not only do both hedge funds still own Nvidia shares, but the stock is also Millennium Management's second-largest holding, excluding options contracts.</p>
<div class="lb-trans"><p>那么，为什么肯·格里芬和以色列·英格兰德削减了他们在 Nvidia 的持仓？我猜测可能是为了获利了结或投资组合再平衡。但我怀疑这并不意味着对这家芯片制造商缺乏信心。不仅这两家对冲基金仍然持有 Nvidia 的股票，而且该股票也是千禧管理公司的第二大持仓（不包括期权合约）。</p>
</div>

Palantir Stock vs. Nvidia Stock: Billionaires Buy One and Sell the Other

- 两位对冲基金经理增持 Palantir，减持 Nvidia。  
- Palantir 第一季度客户增长 39%，收入达 8.84 亿美元。  
- Nvidia 收入增长 78%，受益于 AI 基础设施需求。  

Palantir 股票与 NVIDIA 股票：亿万富翁买入其中一个，卖出另一个