<p>对于一些投资者来说，财报季是每个季度中最令人兴奋的时期。在六周的时间里，华尔街最具影响力的企业揭开了它们的面纱，让投资者一窥其内部运作。</p>
<p>但可以说，金融机构发布的 13F 表格更能揭示华尔街的内部运作。</p>
<p>在一个季度结束后的 45 个日历日内，管理资产至少为 1 亿美元的机构投资经理必须向证券交易委员会提交 13F 表格。13F 为投资者提供了一个关于华尔街顶级投资经理在上一个季度（在此情况下为第一季度）所做活动的直观视角。它提供了所有买卖活动的简明快照，帮助投资者弄清楚哪些股票和趋势引起了市场上最成功的资产管理者的兴趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管沃伦·巴菲特是所有资产管理者中最受关注的，但他并不是投资者密切关注的唯一亿万富翁投资经理。另一位备受关注的亿万富翁基金经理是老虎全球管理公司的查斯·科尔曼，他在 2025 年 3 月底时管理的资产接近 266 亿美元。</p>
<p>科尔曼之所以引起如此多的关注，是因为他本质上是一个追求增长的投资者。在他的基金的 45 个持股中，你会发现许多高增长的科技股，以及人工智能（AI）公司。</p>
<p>老虎全球最新的 13F 表格中引人注目的是，科尔曼在一年多以来首次增持了人工智能巨头 <strong>英伟达</strong>（NVIDIA），同时将另外两只表现优异的人工智能股票抛弃。</p>
<h2>查斯·科尔曼自 2023 年底以来首次增持老虎全球在英伟达的股份</h2>
<p>考虑到英伟达在 2024 年 6 月进行的历史性 10 比 1 的股票拆分，老虎全球管理公司在 2023 年结束时持有 9,683,550 股华尔街的人工智能宠儿。2024 年结束时持有的股份数量完全相同。但在 2025 年科技股动荡的第一季度，亿万富翁查斯·科尔曼又增持了 1,284,000 股英伟达（约增加 13%）。</p>
<p>可以说，自 2023 年初以来，投资者涌入英伟达的主要原因是其在人工智能加速的数据中心中占据的图形处理单元（GPU）市场份额主导地位。该公司的 Hopper（H100）和下一代 Blackwell GPU 架构占据了用于推动生成性人工智能解决方案和训练大型语言模型的芯片的绝大部分。</p>
<p>从表面上看，英伟达的估值也变得更加合理，因为它能够适应其快速上升的市值。根据对 2027 财年（英伟达的财年在 1 月底结束）每股收益（EPS）预期的共识，截至 5 月 16 日收盘，英伟达的交易市盈率为 24 倍。但在 3 月份的动荡交易中，英伟达的前瞻市盈率（P/E）降至约 19。</p>
<p>进一步说明这一点，英伟达在第一季度近 30% 的峰值到谷底的下跌代表了自 2022 年熊市以来从历史高点的最大跌幅。这可能是吸引科尔曼出手的诱因。</p>
<p>虽然不可否认英伟达的回报非常特别，但对其未来也存在明显的担忧。日益增长的直接和内部竞争威胁着吞噬宝贵的人工智能数据中心市场，这可能进一步压低其毛利率。</p>
<p>历史对下一个大热门投资也并不友好。在过去的 30 多年里，每一次颠覆性创新都经历了早期扩张阶段的泡沫破裂事件。如果人工智能泡沫破裂，没有哪家公司会比英伟达受到更直接的伤害。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Datadog 被送入狗屋</h2>
<p>但在查斯·科尔曼忙于为他的基金增持英伟达股份的同时，他也将两只高增长的人工智能股票送上了 chopping block。第一只被大幅抛售的人工智能股票是基于云的可观察性和安全平台 <strong>Datadog</strong>（DDOG）。老虎全球的 13F 显示，所有 979,400 股，价值近 1.4 亿美元的股份在第一季度被抛售。</p>
<p>Datadog 作为投资的吸引力在于其超出常规的增长率，始终超过 20%，以及其持续的利润。在 COVID-19 疫情高峰期，由于其平台的可观察性特性，Datadog 成为了一个特别受欢迎的名字。换句话说，它是最理想的居家办公股票之一。</p>
<p>Datadog 还受益于获得更大客户。由于其能够吸引年收入至少为 100 万美元的客户，投资者始终给予该公司溢价估值。尽管更大并不总是更好，但 Datadog 的大合同确实往往会导致更丰厚的利润。</p>
<p>查斯·科尔曼将 Datadog 送入狗屋，可能与其 2025 年的增长前景温和以及相对于其前景的估值溢价有关。</p>
<p>当 Datadog 在 2 月中旬发布 2025 年全年展望时，预计销售额中位数为 31.85 亿美元，调整后的每股收益为 1.65 至 1.70 美元。作为比较，华尔街的共识预期为每股收益 2.04 美元，销售额约为 32.4 亿美元。更令人失望的是，报告显示 2024 年有 462 个客户产生年收入至少为 100 万美元，同比增长 17%，低于预期。</p>
<p>尽管 Datadog 持续快速增长，但对于一家估值接近预测销售额 13 倍和 2025 年预计每股收益 69 倍的公司，几乎没有（如果有的话）错误是可以容忍的。</p>
<h2>这确实要花费一只&#34;手臂&#34;和一条腿</h2>
<p>亿万富翁 Chase Coleman 放弃的第二只快速增长的人工智能股票是以知识产权（IP）为驱动的半导体公司 <strong>Arm Holdings</strong>(ARM -3.02%)。Tiger Global Management 在 2024 年结束时持有 Arm 的 30 万股，但到 3 月底时已无剩余股份。</p>
<p>Arm 的声誉在于其作为一家专利和许可公司的几乎不可逾越的护城河。Arm 并不直接生产和销售芯片，而是开发和设计 GPU、中央处理单元和系统 IP，供其他公司（如 Nvidia）在设计自己的芯片时使用。由于重复性开支极少，Arm 可以安坐收取丰厚的专利和许可费收入。</p>
<p>Arm 的运营模式的一个优点是它对经济衰退的影响相对较小。随着人工智能革命的快速推进，对更节能芯片的需求将使 Arm 保持忙碌。此外，由于没有实际的芯片供应，Arm 不必过于担心半导体行业中出现的供过于求和短缺的动态。</p>
<p>那么，如果 Arm Holdings 公司如此完美地定位于受益于其独特的知识产权，Coleman 为什么要搁置他基金的 Arm 股份呢？答案可能在于股票的价格昂贵。</p>
<p>截至 5 月 16 日，Arm 的每股交易价格高达 2025 年预测每股收益的 76 倍，以及今年预计销售额的 30 倍。能够维持护城河的公司绝对值得获得估值溢价——但 30 倍的 2025 年预计销售额是一个难以接受的高价。</p>
<p>历史上，没有一家市值超过 1000 亿美元的公司能够在任何显著的时间段内维持 30 倍或以上的市盈率（P/S）。我们见证了许多下一个大趋势的市场领导者，其 P/S 比率达到 30 或更高，最终都遭遇了下跌。没有理由相信 Arm 会打破这一趋势。</p>

英伟达

<p>泰戈全球管理公司的 Chase Coleman 增加了 1,284,000 股英伟达的持股，这是超过一年以来的首次增持，同时出售了所有的 Datadog 和另一只 AI 股票。尽管对竞争和潜在市场调整的担忧，英伟达在 AI GPU 市场的主导地位和有利的估值吸引了投资者。Coleman 的举动反映了他在动荡的科技市场中投资重点的战略转变</p>

<p>For some investors, earnings season is the most-exciting period of each quarter. Over a span of six weeks, Wall Street's most-influential businesses lift their proverbial hoods and give investors an inside look at what's going on.</p>
<div class="lb-trans"><p>对于一些投资者来说，财报季是每个季度中最令人兴奋的时期。在六周的时间里，华尔街最具影响力的企业揭开了它们的面纱，让投资者一窥其内部运作。</p>
</div><p>But it can be argued that the release of Form 13Fs by financial institutions is even more telling of Wall Street's innerworkings.</p>
<div class="lb-trans"><p>但可以说，金融机构发布的 13F 表格更能揭示华尔街的内部运作。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional money managers with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. A 13F provides investors with an over-the-shoulder view of what Wall Street's premier money managers were up to during the previous quarter (the first quarter, in this instance). It offers a concise snapshot of all buying and selling activity, which helps investors figure out which stocks and trends are piquing the interest of the market's most-successful asset managers.</p>
<div class="lb-trans"><p>在一个季度结束后的 45 个日历日内，管理资产至少为 1 亿美元的机构投资经理必须向证券交易委员会提交 13F 表格。13F 为投资者提供了一个关于华尔街顶级投资经理在上一个季度（在此情况下为第一季度）所做活动的直观视角。它提供了所有买卖活动的简明快照，帮助投资者弄清楚哪些股票和趋势引起了市场上最成功的资产管理者的兴趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818676%2Fmoney-manager-stock-chart-market-level-2-data-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><p>Though Warren Buffett is the most-followed of all asset managers, he's far from the only billionaire money manager that investors keep close tabs on. Another closely tracked billionaire fund manager that garners plenty of attention is Tiger Global Management's Chase Coleman, who ended March 2025 overseeing almost $26.6 billion in AUM.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特是所有资产管理者中最受关注的，但他并不是投资者密切关注的唯一亿万富翁投资经理。另一位备受关注的亿万富翁基金经理是老虎全球管理公司的查斯·科尔曼，他在 2025 年 3 月底时管理的资产接近 266 亿美元。</p>
</div><p>The reason Coleman draws so much interest is because he's a growth-seeking investor at heart. You'll find a number of high-growth tech stocks, along with artificial intelligence (AI) companies, among his funds' 45 holdings.</p>
<div class="lb-trans"><p>科尔曼之所以引起如此多的关注，是因为他本质上是一个追求增长的投资者。在他的基金的 45 个持股中，你会发现许多高增长的科技股，以及人工智能（AI）公司。</p>
</div><p>What stands about the Tiger Global's latest 13F is that Coleman added to his stake in AI colossus <strong>Nvidia</strong>(NVDA 0.01%) for the first time in more than a year, while simultaneously kicking two other high-performing AI stocks to the curb.</p>
<div class="lb-trans"><p>老虎全球最新的 13F 表格中引人注目的是，科尔曼在一年多以来首次增持了人工智能巨头 <strong>英伟达</strong>（NVIDIA），同时将另外两只表现优异的人工智能股票抛弃。</p>
</div><h2>Chase Coleman ups Tiger Global's stake in Nvidia for the first time since the end of 2023</h2>
<div class="lb-trans"><h2>查斯·科尔曼自 2023 年底以来首次增持老虎全球在英伟达的股份</h2>
</div><p>Accounting for Nvidia's historic 10-for-1 forward stock split in June 2024, Tiger Global Management closed out 2023 with 9,683,550 shares of Wall Street's AI darling. It ended 2024 with the exact same number of shares. But during a tumultuous first quarter for tech stocks in 2025, billionaire Chase Coleman picked up an additional 1,284,000 shares of Nvidia (a roughly 13% increase).</p>
<div class="lb-trans"><p>考虑到英伟达在 2024 年 6 月进行的历史性 10 比 1 的股票拆分，老虎全球管理公司在 2023 年结束时持有 9,683,550 股华尔街的人工智能宠儿。2024 年结束时持有的股份数量完全相同。但在 2025 年科技股动荡的第一季度，亿万富翁查斯·科尔曼又增持了 1,284,000 股英伟达（约增加 13%）。</p>
</div><p>Arguably the top reason investors have piled into Nvidia since the start of 2023 is its graphics processing unit (GPU) market share dominance in AI-accelerated data centers. The company's Hopper (H100) and next-generation Blackwell GPU architecture account for the lion's share of the chips being used to power generative AI solutions and train large language models in high-compute data centers.</p>
<div class="lb-trans"><p>可以说，自 2023 年初以来，投资者涌入英伟达的主要原因是其在人工智能加速的数据中心中占据的图形处理单元（GPU）市场份额主导地位。该公司的 Hopper（H100）和下一代 Blackwell GPU 架构占据了用于推动生成性人工智能解决方案和训练大型语言模型的芯片的绝大部分。</p>
</div><p>On the surface, Nvidia's valuation has also become more palatable as it's been able to grow into its rapidly rising market cap. Based on consensus earnings per share (EPS) expectations for fiscal 2027 (Nvidia's fiscal year ends in late January), Nvidia is trading at 24 times forward-year earnings, as of the closing bell on May 16. But during tumultuous trading in March, Nvidia's forward price-to-earnings (P/E) ratio dipped to approximately 19.</p>
<div class="lb-trans"><p>从表面上看，英伟达的估值也变得更加合理，因为它能够适应其快速上升的市值。根据对 2027 财年（英伟达的财年在 1 月底结束）每股收益（EPS）预期的共识，截至 5 月 16 日收盘，英伟达的交易市盈率为 24 倍。但在 3 月份的动荡交易中，英伟达的前瞻市盈率（P/E）降至约 19。</p>
</div><p>To build on this point, Nvidia's nearly 30% peak-to-trough decline in the first quarter represents its steepest drop from an all-time high since the 2022 bear market. It may have been carrot that lured Coleman to take a bite.</p>
<div class="lb-trans"><p>进一步说明这一点，英伟达在第一季度近 30% 的峰值到谷底的下跌代表了自 2022 年熊市以来从历史高点的最大跌幅。这可能是吸引科尔曼出手的诱因。</p>
</div><p>While there's no denying that Nvidia's returns have been special, there are also clear concerns about its future. Growing direct and internal competition threaten to gobble up precious AI data center real estate, which can further weigh down its gross margin.</p>
<div class="lb-trans"><p>虽然不可否认英伟达的回报非常特别，但对其未来也存在明显的担忧。日益增长的直接和内部竞争威胁着吞噬宝贵的人工智能数据中心市场，这可能进一步压低其毛利率。</p>
</div><p>History hasn't been kind to next-big-thing investments, either. For more than 30 years, every game-changing innovation has worked its way through a bubble-bursting event early in its expansion phase. No company would be more directly hurt if the AI bubble bursts than Nvidia.</p>
<div class="lb-trans"><p>历史对下一个大热门投资也并不友好。在过去的 30 多年里，每一次颠覆性创新都经历了早期扩张阶段的泡沫破裂事件。如果人工智能泡沫破裂，没有哪家公司会比英伟达受到更直接的伤害。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818676%2Finvestor-pressing-sell-button-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>Datadog gets sent to the doghouse</h2>
<div class="lb-trans"><h2>Datadog 被送入狗屋</h2>
</div><p>But while Chase Coleman was busy loading up shares of Nvidia for his fund, he was also sending two high-growth AI stocks to the chopping block. The first of these big-time AI stock sales is cloud-based observability and security platform <strong>Datadog</strong>(DDOG -1.08%). Tiger Global's 13F shows that all 979,400 shares, valued at nearly $140 million to end 2024, were dumped during the first quarter.</p>
<div class="lb-trans"><p>但在查斯·科尔曼忙于为他的基金增持英伟达股份的同时，他也将两只高增长的人工智能股票送上了 chopping block。第一只被大幅抛售的人工智能股票是基于云的可观察性和安全平台 <strong>Datadog</strong>（DDOG）。老虎全球的 13F 显示，所有 979,400 股，价值近 1.4 亿美元的股份在第一季度被抛售。</p>
</div><p>The allure of Datadog as an investment has been its outsized growth rate, which has consistently topped 20%, as well as its recurring profits. It was a particularly popular name during the height of the COVID-19 pandemic given the observability aspect of its platform to oversee public and private clouds. In other words, it was one of the most ideally positioned work from home stocks.</p>
<div class="lb-trans"><p>Datadog 作为投资的吸引力在于其超出常规的增长率，始终超过 20%，以及其持续的利润。在 COVID-19 疫情高峰期，由于其平台的可观察性特性，Datadog 成为了一个特别受欢迎的名字。换句话说，它是最理想的居家办公股票之一。</p>
</div><p>Datadog also benefited from landing bigger fish. Investors consistently rewarded the company with a premium valuation due to its ability to snag customers generating at least $1 million in annual recurring revenue (ARR). Though bigger isn't always better, larger contracts for Datadog do have a tendency to lead to juicier margins.</p>
<div class="lb-trans"><p>Datadog 还受益于获得更大客户。由于其能够吸引年收入至少为 100 万美元的客户，投资者始终给予该公司溢价估值。尽管更大并不总是更好，但 Datadog 的大合同确实往往会导致更丰厚的利润。</p>
</div><p>Chase Coleman sending Datadog to the doghouse likely has to do with its tempered 2025 growth outlook, as well as its valuation premium, relative to its outlook.</p>
<div class="lb-trans"><p>查斯·科尔曼将 Datadog 送入狗屋，可能与其 2025 年的增长前景温和以及相对于其前景的估值溢价有关。</p>
</div><p>When Datadog issued its 2025 full-year outlook in mid-February, it called for a midpoint of $3.185 billion in sales and $1.65 to $1.70 in adjusted EPS. For the sake of comparison, Wall Street's consensus had been for EPS of $2.04 and sales of around $3.24 billion. The cherry on top is that the reported 462 customers generating ARR of at least $1 million in 2024 -- a 17% year-over-year increase -- was below expectations, as well.</p>
<div class="lb-trans"><p>当 Datadog 在 2 月中旬发布 2025 年全年展望时，预计销售额中位数为 31.85 亿美元，调整后的每股收益为 1.65 至 1.70 美元。作为比较，华尔街的共识预期为每股收益 2.04 美元，销售额约为 32.4 亿美元。更令人失望的是，报告显示 2024 年有 462 个客户产生年收入至少为 100 万美元，同比增长 17%，低于预期。</p>
</div><p>While Datadog continues to grow rapidly, few (if any) mistakes will be tolerated for a company already valued at close to 13 times forecast sales and 69 times projected EPS in 2025.</p>
<div class="lb-trans"><p>尽管 Datadog 持续快速增长，但对于一家估值接近预测销售额 13 倍和 2025 年预计每股收益 69 倍的公司，几乎没有（如果有的话）错误是可以容忍的。</p>
</div><h2>It really does cost an &#34;Arm&#34; and a leg</h2>
<div class="lb-trans"><h2>这确实要花费一只&#34;手臂&#34;和一条腿</h2>
</div><p>The second fast-paced AI stock billionaire Chase Coleman gave the heave-ho to is intellectual property (IP)-driven semiconductor company <strong>Arm Holdings</strong>(ARM -3.02%). Tiger Global Management closed out 2024 with 300,000 shares of Arm in its portfolio, but ended March with no shares remaining.</p>
<div class="lb-trans"><p>亿万富翁 Chase Coleman 放弃的第二只快速增长的人工智能股票是以知识产权（IP）为驱动的半导体公司 <strong>Arm Holdings</strong>(ARM -3.02%)。Tiger Global Management 在 2024 年结束时持有 Arm 的 30 万股，但到 3 月底时已无剩余股份。</p>
</div><p>Arm's claim to fame is its virtually insurmountable moat as a royalty and licensing company. Instead of directly producing and selling chips, Arm develops and designs GPUs, central processing units, and systems IP that other companies, like Nvidia, use when designing their own chips. With minimal recurring expenses, Arm can sit back and collect royalty and licensing fee revenue at an enviable margin.</p>
<div class="lb-trans"><p>Arm 的声誉在于其作为一家专利和许可公司的几乎不可逾越的护城河。Arm 并不直接生产和销售芯片，而是开发和设计 GPU、中央处理单元和系统 IP，供其他公司（如 Nvidia）在设计自己的芯片时使用。由于重复性开支极少，Arm 可以安坐收取丰厚的专利和许可费收入。</p>
</div><p>The great thing about Arm's operating model is that it's somewhat agnostic to economic downturns. With the AI revolution rapidly advancing, demand for more energy-efficient chips will keep Arm busy. Further, without any physical chip supply, Arm doesn't have to worry too much about the push-pull dynamics of oversupply and shortage that occurs in the semiconductor industry.</p>
<div class="lb-trans"><p>Arm 的运营模式的一个优点是它对经济衰退的影响相对较小。随着人工智能革命的快速推进，对更节能芯片的需求将使 Arm 保持忙碌。此外，由于没有实际的芯片供应，Arm 不必过于担心半导体行业中出现的供过于求和短缺的动态。</p>
</div><p>So, why did Coleman shelve his fund's shares of Arm Holdings if the company is so perfectly positioned to benefit from its unique IP? The answer might lie with the stock costing an arm and a leg.</p>
<div class="lb-trans"><p>那么，如果 Arm Holdings 公司如此完美地定位于受益于其独特的知识产权，Coleman 为什么要搁置他基金的 Arm 股份呢？答案可能在于股票的价格昂贵。</p>
</div><p>As of this writing on May 16, a share of Arm is trading at a whopping 76 times forecast EPS for 2025, as well as trading at 30 times projected sales this year. Companies that can sustain moats absolutely deserve a valuation premium -- but 30 times projected 2025 sales is a tough pill to swallow.</p>
<div class="lb-trans"><p>截至 5 月 16 日，Arm 的每股交易价格高达 2025 年预测每股收益的 76 倍，以及今年预计销售额的 30 倍。能够维持护城河的公司绝对值得获得估值溢价——但 30 倍的 2025 年预计销售额是一个难以接受的高价。</p>
</div><p>Historically, there hasn't been a company with a market cap north of $100 billion that's been able to sustain a price-to-sales (P/S) ratio of 30 or above for any significant length of time. We've witnessed market leaders of next-big-thing trends with P/S ratios of 30 or higher all eventually tumble. There's no reason to believe Arm will buck this trend.</p>
<div class="lb-trans"><p>历史上，没有一家市值超过 1000 亿美元的公司能够在任何显著的时间段内维持 30 倍或以上的市盈率（P/S）。我们见证了许多下一个大趋势的市场领导者，其 P/S 比率达到 30 或更高，最终都遭遇了下跌。没有理由相信 Arm 会打破这一趋势。</p>
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Billionaire Chase Coleman Just Added to Tiger Global's Nvidia Stake for the First Time in Over a Year and Dumped These 2 Artificial Intelligence (AI) Stocks

- 投资者关注财报季和金融机构的 13F 表格。  
- Chase Coleman 增持 Nvidia 股票，同时抛售 Datadog 和 Arm Holdings。  
- Nvidia 在 AI 数据中心市场占据主导地位，但面临竞争压力。  

亿万富翁 Chase Coleman 一年多来首次增持了 Tiger Global 的 NVIDIA 股份，并抛售了这两只人工智能股票