<p>每年四次，我们都有一个绝佳的机会来窥探顶级投资者沃伦·巴菲特的投资组合，看看他最近买入或卖出的股票。同时，我们还可以检查哪些股票已经存在了一段时间，并可以被视为这位亿万富翁的关键持仓。</p>
<p>这一时刻发生在管理超过 1 亿美元美国证券的经理们需要向证券交易委员会提交 13F 表格，详细说明他们的最新交易。这是季度性的，最近的截止日期是 5 月 15 日，针对第一季度的交易。在这里，我们可以看到，作为 <strong>伯克希尔·哈撒韦</strong> 的董事长，巴菲特继续维持在两只顶级人工智能（AI）股票上的持仓。实际上，这两只股票合计占他 2580 亿美元投资组合的 26% 以上。</p>
<p>巴菲特并不以投资科技而闻名，但他和他的经理们对某些具有强大竞争地位的优秀企业做出了例外。当然，按照巴菲特的风格，他总是在这些公司价格合理时入场。让我们来看看这两只巴菲特钟爱的 AI 领军企业，并考虑它们今天是否仍然值得购买。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxOTEvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxOTEvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>1. 苹果：占巴菲特投资组合的 25.7%</h2>
<p>沃伦·巴菲特在 2016 年第一季度购买了 <strong>苹果</strong>（AAPL -2.88%）的股票，并逐步增加持仓，直到它成为他最大的持仓。事实上，即使在巴菲特去年出售该公司股票之后，它仍然是他最大的持仓。他多年来的评论表明，苹果及其首席执行官蒂姆·库克在他心中占有重要地位。</p>
<p>在最近的伯克希尔·哈撒韦股东大会上，巴菲特甚至感谢库克为苹果所带来的业绩。巴菲特表示，已故的苹果联合创始人史蒂夫·乔布斯在选择库克接任时 “做出了正确的决定”。</p>
<p>苹果显然拥有巴菲特所珍视的东西：坚固的护城河或竞争优势。这体现在苹果的品牌上，其品牌如此强大，以至于客户热切期待下一个产品更新，即使其他品牌的价格更便宜，他们也不会更换公司的旗舰产品 iPhone。</p>
<p>现在，苹果正在通过苹果智能为其产品注入人工智能。苹果并不是人工智能市场的先行者，而是更倾向于花时间开发适合其风格的工具。苹果智能的基础模型为能够改变用户日常生活的功能提供动力——从写作工具到与 ChatGPT 的顺畅连接。请求可以在设备上或云端处理，但在这两种情况下，重点都是苹果非常重视的隐私问题。</p>
<p>库克表示，人工智能正在推动增长，iPhone 16 在苹果智能可用的市场表现优于尚未推出的市场。</p>
<p>最近几周，由于对公司对中国制造依赖的担忧，苹果股票有所下滑——美国特别关注这一国家的进口关税。但最近两国之间达成的初步协议表明，对苹果等公司的影响将是有限的。此外，苹果还努力多元化其制造基地，将部分业务转移到印度和越南。</p>
<p>所有这些意味着，今天苹果的交易价格为 28 倍的未来收益预期，低于年初的 35 倍，对于长期投资者来说，看起来是一个绝佳的买入机会。</p>
<h2>2. 亚马逊：占巴菲特投资组合的 0.7%</h2>
<p>沃伦·巴菲特曾公开批评自己没有更早购买 <strong>亚马逊</strong>（AMZN -0.87%）。他在 2018 年的一次采访中对 CNBC 表示：“我错过了。” 他说他没有意识到公司的真正潜力。但在接下来的一年，亚马逊出现在伯克希尔·哈撒韦的 13F 中，因为巴菲特的一位投资经理购买了该股票。</p>
<p>自那时以来，亚马逊一直是伯克希尔·哈撒韦的持仓。巴菲特在 2018 年采访中的评论表明，他对亚马逊所取得的一切成就感到印象深刻，因此巴菲特在最初购买亚马逊后继续持有该公司并不令人惊讶。巴菲特在 CNBC 采访中表示，亚马逊 “远远超出了我所能想象的任何成就”。</p>
<p>那么，让我们快速看看这家公司，尽管在巴菲特的投资组合中占比不大，但它稳稳地保持着自己的位置。亚马逊是一家电子商务巨头，在这个市场中实现了爆炸性的增长，但其最大的利润驱动因素是其云计算业务——亚马逊网络服务（AWS）。好消息是，AWS 已经成为人工智能领域的巨头，预计到 2030 年代，这一市场将达到数万亿美元。</p>
<p>AWS 为客户提供广泛的人工智能产品和服务，已经从对这项技术的投资中获益。在最近的一个季度，亚马逊表示，AWS 的年收入达到了 1170 亿美元的运行率，这得益于来自人工智能客户的需求。由于亚马逊是全球云服务的领导者，因此它在继续扩大其人工智能客户基础方面处于良好位置。</p>
<p>所有这些都建立在已经稳固的盈利基础之上。随着时间的推移，该公司的收入和净收入已达到数十亿美元。因此，今天的交易价格为 32 倍的未来收益预期，低于 12 月的约 45 倍，这只股票看起来是另一个沃伦·巴菲特的最爱，对于增长和安全来说都是明智的长期买入。</p>

<p>沃伦·巴菲特的投资组合显示，他的 2580 亿美元投资中有 26.4% 投资于两只领先的人工智能股票：苹果和亚马逊。苹果占投资组合的 25.7%，因其强大的品牌和人工智能整合而受到重视，而亚马逊占 0.7%，因其电子商务和云计算的增长而受到认可。尽管对制造依赖的担忧，苹果仍然被视为长期买入，而亚马逊在人工智能和云服务方面的成就继续给巴菲特留下深刻印象</p>

<p>Four times every year, we get a fantastic opportunity to take a peek inside top investor Warren Buffett's portfolio to see which stocks he's recently bought or sold. At the same time, we can examine which stocks have been around for a while and could be considered key positions for the billionaire.</p>
<div class="lb-trans"><p>每年四次，我们都有一个绝佳的机会来窥探顶级投资者沃伦·巴菲特的投资组合，看看他最近买入或卖出的股票。同时，我们还可以检查哪些股票已经存在了一段时间，并可以被视为这位亿万富翁的关键持仓。</p>
</div><p>This moment happens as managers of more than $100 million in U.S. securities are required to file Form 13F, detailing their latest moves, to the Securities and Exchange Commission. It happens quarterly, this past May 15 being the latest deadline for first-quarter trades. Here, we can see that Buffett, as chairman of <strong>Berkshire Hathaway</strong>, continued to maintain his position in two top artificial intelligence (AI) stocks. In fact, together, they make up more than 26% of his $258 billion portfolio.</p>
<div class="lb-trans"><p>这一时刻发生在管理超过 1 亿美元美国证券的经理们需要向证券交易委员会提交 13F 表格，详细说明他们的最新交易。这是季度性的，最近的截止日期是 5 月 15 日，针对第一季度的交易。在这里，我们可以看到，作为 <strong>伯克希尔·哈撒韦</strong> 的董事长，巴菲特继续维持在两只顶级人工智能（AI）股票上的持仓。实际上，这两只股票合计占他 2580 亿美元投资组合的 26% 以上。</p>
</div><p>Buffett isn't known for investing in technology, but he and his managers have made exceptions for certain incredible businesses with strong competitive positions. Of course, in true Buffett style, he's always gotten in on these players when they've traded for reasonable prices. Let's check out these two AI leaders that Buffett loves and consider whether they're still buys today.</p>
<div class="lb-trans"><p>巴菲特并不以投资科技而闻名，但他和他的经理们对某些具有强大竞争地位的优秀企业做出了例外。当然，按照巴菲特的风格，他总是在这些公司价格合理时入场。让我们来看看这两只巴菲特钟爱的 AI 领军企业，并考虑它们今天是否仍然值得购买。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxOTEvYnVmZmV0dDExLXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819191%2Fbuffett11-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>1. Apple: 25.7% of Buffett's portfolio</h2>
<div class="lb-trans"><h2>1. 苹果：占巴菲特投资组合的 25.7%</h2>
</div><p>Warren Buffett bought <strong>Apple</strong>(AAPL -2.88%) shares in the first quarter of 2016 and progressively added to his position until it became his very biggest. In fact, even after Buffett sold shares of the company last year, it remains his largest holding. Comments he's made throughout the years suggest Apple and its CEO, Tim Cook, remain near and dear to his heart.</p>
<div class="lb-trans"><p>沃伦·巴菲特在 2016 年第一季度购买了 <strong>苹果</strong>（AAPL -2.88%）的股票，并逐步增加持仓，直到它成为他最大的持仓。事实上，即使在巴菲特去年出售该公司股票之后，它仍然是他最大的持仓。他多年来的评论表明，苹果及其首席执行官蒂姆·库克在他心中占有重要地位。</p>
</div><p>During the recent Berkshire Hathaway shareholder meeting, Buffett even thanked Cook for the performance he's driven at Apple. Buffett said the late Apple co-founder Steve Jobs &#34;really made the right decision&#34; when choosing Cook to take over.</p>
<div class="lb-trans"><p>在最近的伯克希尔·哈撒韦股东大会上，巴菲特甚至感谢库克为苹果所带来的业绩。巴菲特表示，已故的苹果联合创始人史蒂夫·乔布斯在选择库克接任时 “做出了正确的决定”。</p>
</div><p>Apple clearly has something Buffett cherishes: a solid moat or competitive advantage. This takes the form of Apple's brand, which is so strong that customers wait eagerly for the next product update and won't switch from the company's flagship product, the iPhone, even though other brands are cheaper.</p>
<div class="lb-trans"><p>苹果显然拥有巴菲特所珍视的东西：坚固的护城河或竞争优势。这体现在苹果的品牌上，其品牌如此强大，以至于客户热切期待下一个产品更新，即使其他品牌的价格更便宜，他们也不会更换公司的旗舰产品 iPhone。</p>
</div><p>Now, Apple is infusing its products with AI in the form of Apple Intelligence. Apple wasn't first to the AI market, instead preferring to take its time to develop tools suited to its style. Apple Intelligence's very own foundation models power features that can make a difference in users' daily lives -- from writing tools to a smooth connection to ChatGPT. Requests are processed either on-device or in the cloud, but in both cases, the focus is on something very important to Apple: privacy.</p>
<div class="lb-trans"><p>现在，苹果正在通过苹果智能为其产品注入人工智能。苹果并不是人工智能市场的先行者，而是更倾向于花时间开发适合其风格的工具。苹果智能的基础模型为能够改变用户日常生活的功能提供动力——从写作工具到与 ChatGPT 的顺畅连接。请求可以在设备上或云端处理，但在这两种情况下，重点都是苹果非常重视的隐私问题。</p>
</div><p>Cook says AI is making a difference for growth, with the iPhone 16 performing better in markets where Apple Intelligence is available than in markets where it has yet to be launched.</p>
<div class="lb-trans"><p>库克表示，人工智能正在推动增长，iPhone 16 在苹果智能可用的市场表现优于尚未推出的市场。</p>
</div><p>Apple stock has slipped in recent weeks on concerns about the company's manufacturing dependence on China -- a country the U.S. has particularly focused on for import tariffs. But a recent initial deal between the two countries suggests the impact on companies such as Apple will be limited. On top of this, Apple has made efforts to diversify its manufacturing base, transitioning some business to India and Vietnam.</p>
<div class="lb-trans"><p>最近几周，由于对公司对中国制造依赖的担忧，苹果股票有所下滑——美国特别关注这一国家的进口关税。但最近两国之间达成的初步协议表明，对苹果等公司的影响将是有限的。此外，苹果还努力多元化其制造基地，将部分业务转移到印度和越南。</p>
</div><p>All of this means that today, trading at 28 times forward earnings estimates, down from 35 times at the start of the year, Apple looks like a great buy for long-term investors.</p>
<div class="lb-trans"><p>所有这些意味着，今天苹果的交易价格为 28 倍的未来收益预期，低于年初的 35 倍，对于长期投资者来说，看起来是一个绝佳的买入机会。</p>
</div><h2>2. Amazon: 0.7% of Buffett's portfolio</h2>
<div class="lb-trans"><h2>2. 亚马逊：占巴菲特投资组合的 0.7%</h2>
</div><p>Warren Buffett once publicly chastised himself for not buying <strong>Amazon</strong>(AMZN -0.87%) sooner. &#34;I blew it,&#34; he told CNBC in a 2018 interview. He said he didn't realize the company's true potential. But the following year, Amazon appeared on Berkshire Hathaway's 13F after one of Buffett's investment managers bought the shares.</p>
<div class="lb-trans"><p>沃伦·巴菲特曾公开批评自己没有更早购买 <strong>亚马逊</strong>（AMZN -0.87%）。他在 2018 年的一次采访中对 CNBC 表示：“我错过了。” 他说他没有意识到公司的真正潜力。但在接下来的一年，亚马逊出现在伯克希尔·哈撒韦的 13F 中，因为巴菲特的一位投资经理购买了该股票。</p>
</div><p>Amazon has remained a Berkshire Hathaway holding ever since. Buffett's comments during that 2018 interview show that he's impressed by all that Amazon has accomplished, so it's not surprising that Buffett has held on to the company after the initial Amazon buy. Amazon has &#34;far surpassed anything I would have dreamt could have been done,&#34; Buffett said in the CNBC interview.</p>
<div class="lb-trans"><p>自那时以来，亚马逊一直是伯克希尔·哈撒韦的持仓。巴菲特在 2018 年采访中的评论表明，他对亚马逊所取得的一切成就感到印象深刻，因此巴菲特在最初购买亚马逊后继续持有该公司并不令人惊讶。巴菲特在 CNBC 采访中表示，亚马逊 “远远超出了我所能想象的任何成就”。</p>
</div><p>So, let's take a quick look at this company that, though a small part of Buffett's portfolio, has securely kept its spot. Amazon is an e-commerce giant and generates explosive growth in this market, but its biggest profit driver is its cloud computing business, Amazon Web Services (AWS). The great news is that AWS has become a giant in AI, a market expected to reach into the trillions of dollars by the 2030s.</p>
<div class="lb-trans"><p>那么，让我们快速看看这家公司，尽管在巴菲特的投资组合中占比不大，但它稳稳地保持着自己的位置。亚马逊是一家电子商务巨头，在这个市场中实现了爆炸性的增长，但其最大的利润驱动因素是其云计算业务——亚马逊网络服务（AWS）。好消息是，AWS 已经成为人工智能领域的巨头，预计到 2030 年代，这一市场将达到数万亿美元。</p>
</div><p>AWS, which offers customers a wide range of AI products and services, has already gained from its investment in this technology. In the recent quarter, Amazon said AWS reached a $117 billion annual revenue run rate, thanks to demand from AI customers. And since Amazon is the worldwide leader in cloud services, it's well positioned to keep growing its AI customer base.</p>
<div class="lb-trans"><p>AWS 为客户提供广泛的人工智能产品和服务，已经从对这项技术的投资中获益。在最近的一个季度，亚马逊表示，AWS 的年收入达到了 1170 亿美元的运行率，这得益于来自人工智能客户的需求。由于亚马逊是全球云服务的领导者，因此它在继续扩大其人工智能客户基础方面处于良好位置。</p>
</div><p>All of this is set against the backdrop of an already solid earnings picture. Over time, the company has increased revenue and net income into the billions of dollars. So, today, trading at 32 times forward earnings estimates, down from about 45 times in December, this stock looks like another Warren Buffett favorite that makes a smart long-term buy for both growth and security.</p>
<div class="lb-trans"><p>所有这些都建立在已经稳固的盈利基础之上。随着时间的推移，该公司的收入和净收入已达到数十亿美元。因此，今天的交易价格为 32 倍的未来收益预期，低于 12 月的约 45 倍，这只股票看起来是另一个沃伦·巴菲特的最爱，对于增长和安全来说都是明智的长期买入。</p>
</div>

26.4% of Warren Buffett's $258 Billion Portfolio Is Invested in 2 Leading Artificial Intelligence Stocks

- 巴菲特的投资组合中，苹果占比 25.7%，亚马逊占比 0.7%。  
- 苹果在 AI 领域持续创新，制造依赖逐步多元化。  
- 亚马逊云服务（AWS）年收入达 1170 亿美元，未来增长潜力巨大。

Motley Fool

沃伦·巴菲特的 2580 亿美元投资组合中有 26.4% 投资于两只主要的人工智能股票