<p>华尔街过去七周忙碌不已。特朗普总统公布了他的关税政策，一周后暂停了为期 90 天的更高 “对等关税”，并最近与中国达成了对等关税率的降低。在此期间，财报季持续进行，美国经济数据几乎每天都在发布。</p>
<p>在这一系列数据中，你可能错过了可以被描述为所有数据发布中最重要的：13F 表格的提交。</p>
<p>13F 表格提供了一个快照，显示了至少管理着 1 亿美元资产的机构投资者在最近一个季度购买和出售的股票和交易所交易基金（ETFs）。2025 年第一季度的交易活动报告提交截止日期为 5 月 15 日。</p>
<p>尽管 13F 表格并不完美——因为它们在季度结束后最多提交 45 天，可能会为活跃的对冲基金提供过时的数据——但它们可以让投资者了解哪些股票和颠覆性趋势引起了顶级资产管理者的关注。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>提交季度 13F 的不仅仅是亿万富翁的资金经理</h2>
<p>虽然大多数投资者都熟悉像沃伦·巴菲特这样的投资大师，但他们可能没有意识到一些美国最大的公司也是投资者。</p>
<p>例如，<strong>Alphabet</strong>（GOOGL 0.17%）（GOOG 0.20%）可能最为人知的是作为互联网搜索引擎谷歌的母公司。在四月，谷歌占据了全球互联网搜索市场约 89.66% 的垄断份额。保持 89% 到 93% 的互联网搜索份额，追溯到十多年前，使得 Alphabet 的基础运营部门拥有相当大的广告定价权。</p>
<p>投资者可能也熟悉 Alphabet 的云基础设施服务平台 Google Cloud，根据 Canalys 的估计，它是全球第三大云基础设施服务平台，按客户支出计算。云服务的利润率通常远高于广告利润率，而将人工智能（AI）解决方案纳入 Google Cloud 有可能加速该部门的增长。</p>
<p>但你可能没有意识到 Alphabet 也是一个活跃的投资者。该公司的投资部门在 2025 年第一季度结束时投资了 15.8 亿美元，涉及 40 个持股。这些持股中有许多是 Alphabet 与之合作或共同开发一个或多个产品的企业。</p>
<p>在 2025 年第一季度，Alphabet 绝对重仓了一只在过去 12 个月内上涨 562% 的潜力股，并继续出售一只曾经是其最大持股之一的强劲 AI 股票。</p>
<h2>空间：宽带蜂窝服务的最终边界</h2>
<p>Alphabet 的 13F 表格显示，截至 2024 年 12 月 31 日，没有现有头寸在 3 月结束的季度中被增持。然而，三个新股票被引入其投资组合——其中没有一只比 <strong>AST SpaceMobile</strong>（ASTS -7.84%）更引人注目。Alphabet 购买了 8,943,486 股 AST SpaceMobile，使其成为该公司第三大持股（大约占 Alphabet 投资资产的 12.9%）。</p>
<p>AST SpaceMobile 的目标很简单：它希望将高功率卫星发射到太空，以确保全球任何地方的蜂窝连接。其计划之所以雄心勃勃，是因为其卫星将与现有的智能手机技术兼容。换句话说，这与 <strong>Iridium Communications</strong> 几十年前尝试推出的产品完全不同，后者需要特殊的手机。AST SpaceMobile 的目标是在 2030 年前拥有 155 颗下一代卫星提供全球连接。</p>
<p>围绕 AST SpaceMobile 的另一个兴奋原因是，它已经锁定了一系列合作伙伴关系、工作合同和投资（Alphabet 是其金融支持者之一）。它与超过 40 家移动网络运营商（MNO）达成了协议和理解，包括国内巨头 <strong>AT&amp;T</strong> 和 <strong>Verizon Communications</strong>。</p>
<p>总的来说，它与的三十多家 MNO 的协议服务超过 25 亿个蜂窝客户，这意味着 AST SpaceMobile 不必为用户而竞争，得益于其合作伙伴关系。</p>
<p>该公司的增长轨迹也令人瞩目。在去年测试其服务并仅产生 442 万美元的销售后，华尔街的共识认为 AST SpaceMobile 将在 2027 年销售超过 13 亿美元，并在 2028 年达到 30 亿美元的收入。尽管早期阶段公司的盈利预测非常不稳定，但预计在 2027 年某个时候将实现持续盈利。</p>
<p>但这一策略也存在风险。建造和发射卫星的成本极高，且很难预测用于制造 AST SpaceMobile 卫星的组件的费用变量。虽然最初的预测表明每颗 Block 2 BlueBird 卫星的成本约为 2000 万美元，但与特朗普总统的关税相关的材料成本上升已将这一估计推高至每颗卫星 2100 万至 2300 万美元的范围，依据 SpaceNews 的报道。</p>
<p>对于潜在颠覆性技术的早期阶段企业，准确预测增长轨迹也极其困难。尽管它被定价为未来的成功，市值接近 88 亿美元，但可观的短期损失和潜在的稀释性股票发行可能会对投资者造成压力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>华尔街首屈一指的网络安全股票几乎被抛弃</h2>
<p>在另一端，Alphabet 在第一季度出售了一些股票。可以说，这些股票中没有比以人工智能驱动的网络安全专家 <strong>CrowdStrike Holdings</strong>（CRWD 1.13%）更引人注目的了。</p>
<p>到 2023 年年底，Alphabet 持有 1,283,683 股 CrowdStrike 股票，这使其成为其投资组合中按市值计算的第二大持股。在 2025 年第一季度，Alphabet 将其在 CrowdStrike 的持股削减了 353,665 股（比上个季度减少 83%），仅剩 74,230 股。在短短五个季度（15 个月）内，这个曾经强大的头寸已经出售了 94%。</p>
<p>这种持续的卖出活动背后似乎有三个可能的原因。首先，Alphabet 可能只是锁定利润。当谷歌母公司在 2022 年末和 2023 年初建立这个头寸时，CrowdStrike 的股票价值在 100 美元低位。Alphabet 的大部分卖出发生在 CrowdStrike 的股票稳固在 300 到 400 美元区间时。</p>
<p>估值是一个次要问题。如果 CrowdStrike 在当前财政年度能够达到华尔街共识的 47.9 亿美元，代表 21% 的同比增长，它的市销率将接近 23。此外，它的预期每股收益的市盈率为 127 倍。这种溢价类型几乎没有出错的空间。</p>
<p>第三个导致卖出的催化剂可能与 CrowdStrike 在 2024 年 7 月对其 Falcon 安全平台的错误更新有关，该更新导致全球使用 Windows 操作系统的计算机出现更新错误。尽管 CrowdStrike 解决了它造成的混乱，但短期客户留存问题始终存在潜在风险。</p>
<p>好的一面是，网络安全已经演变为一种基本需求。随着企业将其数据及客户数据转移到在线和云端，保护这些信息的责任常常落在像 CrowdStrike 这样的第三方提供商身上。</p>
<p>此外，CrowdStrike 的客户正在迅速扩大对多项服务的使用。当 CrowdStrike 的 2025 财政年度于 2025 年 1 月 31 日结束时，近一半的客户至少采用了六个云订阅模块。公司的订阅模式导致调整后的订阅利润率高达 80%!</p>
<p>尽管 CrowdStrike 可能需要一些时间才能适应其当前的估值，但公司的长期前景依然光明。</p>

ASTS

谷歌-A

谷歌-C

<p>谷歌已对 AST SpaceMobile 进行了重大投资，收购了近 890 万股，使其成为该公司的第三大持股。这项投资是在谷歌出售了其在一家领先的人工智能公司中 83% 的股份之后进行的。AST SpaceMobile 旨在通过高功率卫星提供全球蜂窝连接，预计到 2028 年收入超过 30 亿美元。然而，该项目面临与卫星建造高成本和市场不确定性相关的风险</p>

<p>It's been a busy seven weeks for Wall Street. President Donald Trump unveiled his tariff policy, paused higher &#34;reciprocal tariffs&#34; for 90 days a week later, and recently worked out a reciprocal tariff rate reduction with China. All the while, earnings season has been ongoing and U.S. economic data has been streaming in on a near-daily basis.</p>
<div class="lb-trans"><p>华尔街过去七周忙碌不已。特朗普总统公布了他的关税政策，一周后暂停了为期 90 天的更高 “对等关税”，并最近与中国达成了对等关税率的降低。在此期间，财报季持续进行，美国经济数据几乎每天都在发布。</p>
</div><p>Amid this flurry of data, you might have missed what can be described as the most important of all data releases: Form 13F filings.</p>
<div class="lb-trans"><p>在这一系列数据中，你可能错过了可以被描述为所有数据发布中最重要的：13F 表格的提交。</p>
</div><p>A 13F provides a snapshot of which stocks and exchange-traded funds (ETFs) institutional investors with at least $100 million in assets under management purchased and sold in the most recent quarter. May 15 was the filing deadline to report trading activity for the first quarter of 2025.</p>
<div class="lb-trans"><p>13F 表格提供了一个快照，显示了至少管理着 1 亿美元资产的机构投资者在最近一个季度购买和出售的股票和交易所交易基金（ETFs）。2025 年第一季度的交易活动报告提交截止日期为 5 月 15 日。</p>
</div><p>Although 13Fs aren't perfect -- since they're filed up to 45 days after the end to a quarter, they can present stale data for an active hedge fund -- they can clue investors into which stocks and game-changing trends have the attention of top asset managers.</p>
<div class="lb-trans"><p>尽管 13F 表格并不完美——因为它们在季度结束后最多提交 45 天，可能会为活跃的对冲基金提供过时的数据——但它们可以让投资者了解哪些股票和颠覆性趋势引起了顶级资产管理者的关注。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818707%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-invest-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>It's not just billionaire money managers that are filing quarterly 13Fs</h2>
<div class="lb-trans"><h2>提交季度 13F 的不仅仅是亿万富翁的资金经理</h2>
</div><p>While most investors are familiar with investing greats like Warren Buffett, they might not realize that some of America's biggest companies are investors, too.</p>
<div class="lb-trans"><p>虽然大多数投资者都熟悉像沃伦·巴菲特这样的投资大师，但他们可能没有意识到一些美国最大的公司也是投资者。</p>
</div><p>For example, <strong>Alphabet</strong>(GOOGL 0.17%) (GOOG 0.20%) is probably best-known as being the parent of internet search engine Google. In April, Google accounted for a monopoly like 89.66% share of worldwide internet search. Maintaining an 89% to 93% share of internet search, dating back more than a decade, affords Alphabet's foundational operating segment quite a bit of ad-pricing power.</p>
<div class="lb-trans"><p>例如，<strong>Alphabet</strong>（GOOGL 0.17%）（GOOG 0.20%）可能最为人知的是作为互联网搜索引擎谷歌的母公司。在四月，谷歌占据了全球互联网搜索市场约 89.66% 的垄断份额。保持 89% 到 93% 的互联网搜索份额，追溯到十多年前，使得 Alphabet 的基础运营部门拥有相当大的广告定价权。</p>
</div><p>Investors are probably also familiar with Alphabet's cloud infrastructure service platform, Google Cloud, which is the No. 3 cloud infrastructure service platform in the world, in terms of customer spend, based on estimates from Canalys. Cloud service margins are typically much higher than advertising margins, and the incorporation of artificial intelligence (AI) solutions into Google Cloud has the potential to accelerate growth for this segment.</p>
<div class="lb-trans"><p>投资者可能也熟悉 Alphabet 的云基础设施服务平台 Google Cloud，根据 Canalys 的估计，它是全球第三大云基础设施服务平台，按客户支出计算。云服务的利润率通常远高于广告利润率，而将人工智能（AI）解决方案纳入 Google Cloud 有可能加速该部门的增长。</p>
</div><p>But you might not realize that Alphabet is also an active investor. The company's investment arm ended the March quarter with $1.58 billion invested across 40 holdings. Many of these holdings are businesses Alphabet has partnered with or is jointly working with on one or more products.</p>
<div class="lb-trans"><p>但你可能没有意识到 Alphabet 也是一个活跃的投资者。该公司的投资部门在 2025 年第一季度结束时投资了 15.8 亿美元，涉及 40 个持股。这些持股中有许多是 Alphabet 与之合作或共同开发一个或多个产品的企业。</p>
</div><p>During the first quarter of 2025, Alphabet absolutely piled into a moonshot stock that's gained 562% over the trailing-12-month period, and continued selling a powerful AI stock that once upon a time was one of its largest holdings.</p>
<div class="lb-trans"><p>在 2025 年第一季度，Alphabet 绝对重仓了一只在过去 12 个月内上涨 562% 的潜力股，并继续出售一只曾经是其最大持股之一的强劲 AI 股票。</p>
</div><h2>Space: The final frontier for broadband cellular service</h2>
<div class="lb-trans"><h2>空间：宽带蜂窝服务的最终边界</h2>
</div><p>Alphabet's 13F shows that no existing positions, as of Dec. 31, 2024, were added to in the March-ended quarter. However, three new stocks were introduced to its portfolio -- none of which stands out more than <strong>AST SpaceMobile</strong>(ASTS -7.84%). Alphabet purchased 8,943,486 shares of AST SpaceMobile, which made this new portfolio entrant its third-largest holding (roughly 12.9% of Alphabet's invested assets).</p>
<div class="lb-trans"><p>Alphabet 的 13F 表格显示，截至 2024 年 12 月 31 日，没有现有头寸在 3 月结束的季度中被增持。然而，三个新股票被引入其投资组合——其中没有一只比 <strong>AST SpaceMobile</strong>（ASTS -7.84%）更引人注目。Alphabet 购买了 8,943,486 股 AST SpaceMobile，使其成为该公司第三大持股（大约占 Alphabet 投资资产的 12.9%）。</p>
</div><p>AST SpaceMobile's purpose is simple: It wants to launch high-powered satellites into space to ensure cellular connectivity anywhere on the planet. What makes its plan so ambitious is that its satellites will work with existing smartphone technology. In other words, it's nothing like what <strong>Iridium Communications</strong> attempted to introduce decades ago, which required special phones. AST SpaceMobile's goal is to have 155 of its next-generation satellites providing global connectivity by 2030.</p>
<div class="lb-trans"><p>AST SpaceMobile 的目标很简单：它希望将高功率卫星发射到太空，以确保全球任何地方的蜂窝连接。其计划之所以雄心勃勃，是因为其卫星将与现有的智能手机技术兼容。换句话说，这与 <strong>Iridium Communications</strong> 几十年前尝试推出的产品完全不同，后者需要特殊的手机。AST SpaceMobile 的目标是在 2030 年前拥有 155 颗下一代卫星提供全球连接。</p>
</div><p>Another reason for the excitement surrounding AST SpaceMobile is that it already has a laundry list of partnerships, working contracts, and investments locked in (with Alphabet being one of its financial backers). It's hashed out agreements and understandings with north of 40 mobile network operators (MNOs), including domestic giants <strong>AT&amp;T</strong> and <strong>Verizon Communications</strong>.</p>
<div class="lb-trans"><p>围绕 AST SpaceMobile 的另一个兴奋原因是，它已经锁定了一系列合作伙伴关系、工作合同和投资（Alphabet 是其金融支持者之一）。它与超过 40 家移动网络运营商（MNO）达成了协议和理解，包括国内巨头 <strong>AT&amp;T</strong> 和 <strong>Verizon Communications</strong>。</p>
</div><p>Collectively, the more than three dozen MNOs it has agreements with service more than 2.5 billion cellular customers, which means AST SpaceMobile won't have to fight for users, thanks to its partnerships.</p>
<div class="lb-trans"><p>总的来说，它与的三十多家 MNO 的协议服务超过 25 亿个蜂窝客户，这意味着 AST SpaceMobile 不必为用户而竞争，得益于其合作伙伴关系。</p>
</div><p>The company's growth ramp is also eye-popping. After testing its service last year and generating just $4.42 million in sales, Wall Street's consensus has AST SpaceMobile ramping up to north of $1.3 billion in sales in 2027, and tipping the scales at $3 billion in revenue by 2028. Earnings estimates, while incredibly fluid for early stage companies, predict a push to recurring profitability at some point in 2027.</p>
<div class="lb-trans"><p>该公司的增长轨迹也令人瞩目。在去年测试其服务并仅产生 442 万美元的销售后，华尔街的共识认为 AST SpaceMobile 将在 2027 年销售超过 13 亿美元，并在 2028 年达到 30 亿美元的收入。尽管早期阶段公司的盈利预测非常不稳定，但预计在 2027 年某个时候将实现持续盈利。</p>
</div><p>But there are also risks to this strategy. Building and launching satellites is exceptionally costly, and it's difficult to predict the expense variables of the components used to make AST SpaceMobile's satellites. While initial projections suggested each Block 2 BlueBird satellite would run around $20 million, higher material costs tied to President Trump's tariffs have pushed this estimate to a range of $21 million to $23 million per satellite, according to SpaceNews.</p>
<div class="lb-trans"><p>但这一策略也存在风险。建造和发射卫星的成本极高，且很难预测用于制造 AST SpaceMobile 卫星的组件的费用变量。虽然最初的预测表明每颗 Block 2 BlueBird 卫星的成本约为 2000 万美元，但与特朗普总统的关税相关的材料成本上升已将这一估计推高至每颗卫星 2100 万至 2300 万美元的范围，依据 SpaceNews 的报道。</p>
</div><p>It's also incredibly difficult to accurately forecast growth ramps for early stage businesses with potentially game-changing technologies. Though it's being priced as a future success, with a nearly $8.8 billion market cap, sizable near-term losses and potentially dilutive share offerings could weigh on investors.</p>
<div class="lb-trans"><p>对于潜在颠覆性技术的早期阶段企业，准确预测增长轨迹也极其困难。尽管它被定价为未来的成功，市值接近 88 亿美元，但可观的短期损失和潜在的稀释性股票发行可能会对投资者造成压力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3MDcvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818707%2Fhacker-computer-code-theft-cybersecurity-software-saas-laptop-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>Wall Street's premier cybersecurity stock is nearly given the heave-ho</h2>
<div class="lb-trans"><h2>华尔街首屈一指的网络安全股票几乎被抛弃</h2>
</div><p>On the other end of the spectrum, Alphabet was a seller of a handful of stocks during the first quarter. Arguably none of these is more prominent than AI-driven cybersecurity specialist <strong>CrowdStrike Holdings</strong>(CRWD 1.13%).</p>
<div class="lb-trans"><p>在另一端，Alphabet 在第一季度出售了一些股票。可以说，这些股票中没有比以人工智能驱动的网络安全专家 <strong>CrowdStrike Holdings</strong>（CRWD 1.13%）更引人注目的了。</p>
</div><p>When 2023 came to a close, Alphabet held 1,283,683 shares of CrowdStrike stock, which made it the second-largest holding by market value in its portfolio. During the first quarter of 2025, Alphabet slashed its stake in CrowdStrike by 353,665 shares (83% from the sequential quarter) to just 74,230 shares. In just five quarters (15 months), 94% of this once-mighty position has been sold off.</p>
<div class="lb-trans"><p>到 2023 年年底，Alphabet 持有 1,283,683 股 CrowdStrike 股票，这使其成为其投资组合中按市值计算的第二大持股。在 2025 年第一季度，Alphabet 将其在 CrowdStrike 的持股削减了 353,665 股（比上个季度减少 83%），仅剩 74,230 股。在短短五个季度（15 个月）内，这个曾经强大的头寸已经出售了 94%。</p>
</div><p>There look to be three possible reasons behind this persistent selling activity. First, Alphabet could simply be locking in profits. When Google's parent initially built up this position in late 2022 and early 2023, CrowdStrike stock was valued in the low $100s. Much of Alphabet's selling has occurred with CrowdStrike stock solidly in the $300 to $400 range.</p>
<div class="lb-trans"><p>这种持续的卖出活动背后似乎有三个可能的原因。首先，Alphabet 可能只是锁定利润。当谷歌母公司在 2022 年末和 2023 年初建立这个头寸时，CrowdStrike 的股票价值在 100 美元低位。Alphabet 的大部分卖出发生在 CrowdStrike 的股票稳固在 300 到 400 美元区间时。</p>
</div><p>Valuation is a secondary concern. If CrowdStrike was to meet Wall Street's consensus of $4.79 billion in the current fiscal year, representing 21% year-over-year growth, it would have a price-to-sales ratio of almost 23. Further, it's trading at 127 times forecast earnings per share this year. This type of premium leaves no room for error.</p>
<div class="lb-trans"><p>估值是一个次要问题。如果 CrowdStrike 在当前财政年度能够达到华尔街共识的 47.9 亿美元，代表 21% 的同比增长，它的市销率将接近 23。此外，它的预期每股收益的市盈率为 127 倍。这种溢价类型几乎没有出错的空间。</p>
</div><p>The third catalyst behind this selling might be related to CrowdStrike's faulty update to its Falcon security platform in July 2024, which caused update errors for computers worldwide using the Windows operating system. Though CrowdStrike resolved the mess it created, there's always the potential for short-term customer retention issues.</p>
<div class="lb-trans"><p>第三个导致卖出的催化剂可能与 CrowdStrike 在 2024 年 7 月对其 Falcon 安全平台的错误更新有关，该更新导致全球使用 Windows 操作系统的计算机出现更新错误。尽管 CrowdStrike 解决了它造成的混乱，但短期客户留存问题始终存在潜在风险。</p>
</div><p>On the bright side, cybersecurity has evolved into something of a basic necessity. With businesses shifting their data and that of their customers online and into the cloud, the onus of protecting this information is frequently falling to third-party providers like CrowdStrike.</p>
<div class="lb-trans"><p>好的一面是，网络安全已经演变为一种基本需求。随着企业将其数据及客户数据转移到在线和云端，保护这些信息的责任常常落在像 CrowdStrike 这样的第三方提供商身上。</p>
</div><p>Additionally, CrowdStrike's customers have been rapidly expanding their usage of multiple services. When CrowdStrike's fiscal 2025 came to a close on Jan. 31, 2025, nearly half of its customers had adopted at least six cloud subscription modules. The company's subscription-based model has led to an adjusted subscription margin of 80%!</p>
<div class="lb-trans"><p>此外，CrowdStrike 的客户正在迅速扩大对多项服务的使用。当 CrowdStrike 的 2025 财政年度于 2025 年 1 月 31 日结束时，近一半的客户至少采用了六个云订阅模块。公司的订阅模式导致调整后的订阅利润率高达 80%!</p>
</div><p>Though it could take some time for CrowdStrike to grow into its current valuation, the company's long-term future remains bright.</p>
<div class="lb-trans"><p>尽管 CrowdStrike 可能需要一些时间才能适应其当前的估值，但公司的长期前景依然光明。</p>
</div>

Alphabet Just Made a Moonshot Stock One of Its Biggest Investments and Dumped 83% of Its Stake in a High-Flying Artificial Intelligence (AI) Giant

- 华尔街在过去七周经历了繁忙的经济数据和政策变化。  
- Alphabet 在第一季度投资了 15.8 亿美元，新增 AST SpaceMobile 股票。  
- 同时，Alphabet 大幅减持了 CrowdStrike 股票，持股减少 83%。  

Alphabet 刚刚将一个 Moonshot 项目的股票变成其最大投资之一，并出售了其在一家表现优异的人工智能（AI）巨头中 83% 的股份