<p>每个季度，管理超过 1 亿美元的投资公司都需要向证券交易委员会提交 13F 表格。基本上，13F 表格详细列出了机构投资经理在上个季度买入和卖出的股票，从而提供了一些关于华尔街 “聪明资金” 思考的线索。</p>
<p>不过，除了传统投资基金外，拥有其他公司投资的大型企业也需要提交 13F 表格。在上个季度，人工智能巨头 <strong>Alphabet</strong>（NASDAQ: GOOGL）（NASDAQ: GOOG）将其在一只炙手可热的网络安全股票中的持股削减了 83%。</p>
<p>让我们分析一下 Alphabet 刚刚出售的股票，并探讨它可能这样做的原因。接下来，我将提供我的看法，看看现在是否是跟随 Alphabet 的好时机。</p>
<h2>Alphabet 刚刚抛售了什么股票？</h2>
<p>在 2024 年第一季度，Alphabet 较大的一笔出售是 <strong>CrowdStrike</strong>（CRWD 3.61%）。下表展示了 Alphabet 在过去一年中持有的 CrowdStrike 的股份数量。</p>
<table>
<thead>
<tr>
<th>类别</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>持有的 CrowdStrike 股份</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
<p>数据来源：13F.info。</p>
<p>虽然 Alphabet 在大约一年前开始显著削减其在 CrowdStrike 的持股，但这家互联网和云计算领导者在过去三个连续季度中并没有对其在这只网络安全股票的投资做出任何改变。</p>
<p>那么，为什么是现在呢？我能想到两个主要原因，Alphabet 可能刚刚大幅减少其在 CrowdStrike 的持股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>为什么 Alphabet 可能出售 CrowdStrike 股票？</h2>
<p>自 2024 年第一季度末以来，CrowdStrike 的股价上涨了 43%（截至本文撰写时）。这不仅击败了 <strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 的回报，而且还远高于 CrowdStrike 在网络安全领域的许多同行。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.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/f535da63ebea504b84d5084b6c3e5283.png"/></p>
<p>CRWD 数据来源：YCharts</p>
<p>请记住，去年夏天，CrowdStrike 因其软件平台中发现的漏洞而陷入了一场公关灾难——导致其许多客户在全球范围内发生广泛的停机。尽管经历了这场小危机，CrowdStrike 的股票表现出韧性，并从去年 7 月的剧烈抛售中反弹。考虑到这些动态，我认为 Alphabet 选择在某种势头中出售并从中获利。</p>
<p>鉴于 CrowdStrike 最近的财务指引并没有给投资者留下深刻印象，我认为 Alphabet 在此时出售的决定可能相当明智。</p>
<p>然而，我认为 Alphabet 减少其在 CrowdStrike 的投资的更大原因是该公司最近收购了 Wiz。</p>
<p>在过去几年中，Alphabet 在网络安全领域进行了大量收购。在我看来，将 Wiz 整合到其基于云的网络安全产品中——这也是 Alphabet 不断增长的人工智能部门的一部分——代表了与 CrowdStrike 更直接竞争的机会。</p>
<h2>现在 CrowdStrike 股票值得购买吗？</h2>
<p>下图将 CrowdStrike 与其他网络安全软件股票的同行进行基准比较，基于市销率（P/S）倍数。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.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/220f756edb24ecbf2a5fc12704f14f45.png"/></p>
<p>CRWD 市销率数据来源：YCharts</p>
<p>CrowdStrike 是这一组股票中价格最高的股票之一，仅次于 <strong>Cloudflare</strong>。更重要的是，CrowdStrike 与其同行之间的倍数差异巨大，并且似乎正在扩大！</p>
<p>即使在这种估值扩张下，CrowdStrike 当前的市销率为 28.8，仍比其五年高点 65.7 低 56%。</p>
<p>考虑到这一点，我认为 CrowdStrike 实际上开始显示出成熟业务的迹象。我的意思是，尽管从表面上看估值似乎过高，但当你考虑长期趋势时，股票现在可能被视为合理。事实上，CrowdStrike 的市销率水平基本上已经反弹回去年夏天停机消息爆出之前的水平。</p>
<p>在我看来，Alphabet 出于战略原因削减了在 CrowdStrike 的持股，原因是与 Wiz 的持续整合，或许还希望将资本重新分配到波动性较小的机会中。我认为没有其他因素驱动了出售 CrowdStrike 股票的决定。</p>
<p>我认为 CrowdStrike 是一个在人工智能和网络安全交汇处的引人注目的机会——这两个领域都是巨大的且不断扩展的可寻址市场机会。拥有长期投资视野的投资者可能希望考虑在当前估值下购买这家网络安全领导者的股票。</p>

CRWD

<p>Alphabet 大幅减少了在 CrowdStrike 的持股比例，降幅达到 83%，在这只网络安全股票表现强劲后出售了股份。此决定可能受到 CrowdStrike 最近收购 Wiz 的影响，该收购与 Alphabet 的人工智能和网络安全战略相一致。尽管进行了抛售，CrowdStrike 的估值仍显合理，并且在不断增长的人工智能和网络安全市场中仍然是一个引人注目的投资机会。具有长期投资视角的投资者可能会考虑在当前估值下购买股份</p>

<p>Each quarter, investment firms that manage over $100 million are required to file a form 13F with the Securities and Exchange Commission. Essentially, a 13F breaks down which stocks institutional money managers bought and sold during the last quarter -- thus providing some clues as to what the &#34;smart money&#34; on Wall Street is thinking.</p>
<div class="lb-trans"><p>每个季度，管理超过 1 亿美元的投资公司都需要向证券交易委员会提交 13F 表格。基本上，13F 表格详细列出了机构投资经理在上个季度买入和卖出的股票，从而提供了一些关于华尔街 “聪明资金” 思考的线索。</p>
</div><p>Outside of traditional investment funds, though, large corporations with investments in other companies are also required to file a 13F. Last quarter, artificial intelligence (AI) behemoth <strong>Alphabet</strong>(NASDAQ: GOOGL)(NASDAQ: GOOG) trimmed its stake in a red-hot cybersecurity stock by 83%.</p>
<div class="lb-trans"><p>不过，除了传统投资基金外，拥有其他公司投资的大型企业也需要提交 13F 表格。在上个季度，人工智能巨头 <strong>Alphabet</strong>（NASDAQ: GOOGL）（NASDAQ: GOOG）将其在一只炙手可热的网络安全股票中的持股削减了 83%。</p>
</div><p>Let's analyze what stock Alphabet just sold, and explore why it may have done so. From there, I'll provide my opinion on whether or not now is a good time to follow Alphabet's lead.</p>
<div class="lb-trans"><p>让我们分析一下 Alphabet 刚刚出售的股票，并探讨它可能这样做的原因。接下来，我将提供我的看法，看看现在是否是跟随 Alphabet 的好时机。</p>
</div><h2>What stock did Alphabet just dump?</h2>
<div class="lb-trans"><h2>Alphabet 刚刚抛售了什么股票？</h2>
</div><p>One of Alphabet's bigger sells during Q1 was in <strong>CrowdStrike</strong>(CRWD 3.61%). The table below illustrates the number of shares Alphabet owned in CrowdStrike over the last year.</p>
<div class="lb-trans"><p>在 2024 年第一季度，Alphabet 较大的一笔出售是 <strong>CrowdStrike</strong>（CRWD 3.61%）。下表展示了 Alphabet 在过去一年中持有的 CrowdStrike 的股份数量。</p>
</div><table>
<thead>
<tr>
<th>Category</th>
<th>Q1 2024</th>
<th>Q2 2024</th>
<th>Q3 2024</th>
<th>Q4 2024</th>
<th>Q1 2025</th>
</tr>
</thead>
<tbody>
<tr>
<td>Shares owned of CrowdStrike</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>类别</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>持有的 CrowdStrike 股份</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
</div><p>Data source: 13F.info.</p>
<div class="lb-trans"><p>数据来源：13F.info。</p>
</div><p>While Alphabet started to meaningfully trim its position in CrowdStrike around this time last year, the internet and cloud leader hadn't made any changes to its exposure in the cybersecurity stock for the last three consecutive quarters.</p>
<div class="lb-trans"><p>虽然 Alphabet 在大约一年前开始显著削减其在 CrowdStrike 的持股，但这家互联网和云计算领导者在过去三个连续季度中并没有对其在这只网络安全股票的投资做出任何改变。</p>
</div><p>So why now? I can think of two big reasons why Alphabet may have just significantly reduced its position in CrowdStrike.</p>
<div class="lb-trans"><p>那么，为什么是现在呢？我能想到两个主要原因，Alphabet 可能刚刚大幅减少其在 CrowdStrike 的持股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819430%2Fcybersecurity-protection-lock-key-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>Why might Alphabet have sold CrowdStrike stock?</h2>
<div class="lb-trans"><h2>为什么 Alphabet 可能出售 CrowdStrike 股票？</h2>
</div><p>Since the end of Q1 2024, shares of CrowdStrike have gained 43% (as of this writing). Not only does that demolish the returns generated by the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong>, but it's also considerably higher than many of CrowdStrike's peers in the cybersecurity space.</p>
<div class="lb-trans"><p>自 2024 年第一季度末以来，CrowdStrike 的股价上涨了 43%（截至本文撰写时）。这不仅击败了 <strong>标准普尔 500 指数</strong> 和 <strong>纳斯达克综合指数</strong> 的回报，而且还远高于 CrowdStrike 在网络安全领域的许多同行。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png" alt="" original-src="https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png"/></p>
<p>CRWD data by YCharts</p>
<div class="lb-trans"><p>CRWD 数据来源：YCharts</p>
</div><p>Remember, last summer CrowdStrike was at the center of a public relations disaster after a bug was found in its software platform -- causing widespread outages across the globe in many of its customers. Despite this minor crisis, CrowdStrike stock has proven resilient and bounced back from its epic sell-off last July. Given these dynamics, I think Alphabet chose to sell into some momentum and take some gains off the table.</p>
<div class="lb-trans"><p>请记住，去年夏天，CrowdStrike 因其软件平台中发现的漏洞而陷入了一场公关灾难——导致其许多客户在全球范围内发生广泛的停机。尽管经历了这场小危机，CrowdStrike 的股票表现出韧性，并从去年 7 月的剧烈抛售中反弹。考虑到这些动态，我认为 Alphabet 选择在某种势头中出售并从中获利。</p>
</div><p>Given CrowdStrike's most recent financial guidance didn't exactly impress investors, I think Alphabet's decision to sell when it did could prove quite savvy.</p>
<div class="lb-trans"><p>鉴于 CrowdStrike 最近的财务指引并没有给投资者留下深刻印象，我认为 Alphabet 在此时出售的决定可能相当明智。</p>
</div><p>The bigger reason I think Alphabet reduced its exposure to CrowdStrike, however, is due to the company's recent acquisition of Wiz.</p>
<div class="lb-trans"><p>然而，我认为 Alphabet 减少其在 CrowdStrike 的投资的更大原因是该公司最近收购了 Wiz。</p>
</div><p>Over the last few years Alphabet has made a flurry of acquisitions in the cybersecurity space. To me, rolling Wiz into its cloud-based cybersecurity products -- which is also part of Alphabet's growing AI division -- represents an opportunity to compete more directly with CrowdStrike.</p>
<div class="lb-trans"><p>在过去几年中，Alphabet 在网络安全领域进行了大量收购。在我看来，将 Wiz 整合到其基于云的网络安全产品中——这也是 Alphabet 不断增长的人工智能部门的一部分——代表了与 CrowdStrike 更直接竞争的机会。</p>
</div><h2>Is CrowdStrike stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 CrowdStrike 股票值得购买吗？</h2>
</div><p>The chart below benchmarks CrowdStrike against a peer set of other cybersecurity software stocks based on the price-to-sales (P/S) multiple.</p>
<div class="lb-trans"><p>下图将 CrowdStrike 与其他网络安全软件股票的同行进行基准比较，基于市销率（P/S）倍数。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png" alt="" original-src="https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png"/></p>
<p>CRWD PS Ratio data by YCharts</p>
<div class="lb-trans"><p>CRWD 市销率数据来源：YCharts</p>
</div><p>CrowdStrike is one of the priciest stocks in this cohort, trailing only <strong>Cloudflare</strong> by a narrow margin. What's more is the disparity between the multiples in CrowdStrike and its peers is huge and appears to be widening!</p>
<div class="lb-trans"><p>CrowdStrike 是这一组股票中价格最高的股票之一，仅次于 <strong>Cloudflare</strong>。更重要的是，CrowdStrike 与其同行之间的倍数差异巨大，并且似乎正在扩大！</p>
</div><p>Even with this valuation expansion, CrowdStrike's current P/S of 28.8 is 56% below its five-year high of 65.7.</p>
<div class="lb-trans"><p>即使在这种估值扩张下，CrowdStrike 当前的市销率为 28.8，仍比其五年高点 65.7 低 56%。</p>
</div><p>With that in mind, I think CrowdStrike is actually beginning to show signs of a maturing business. What I mean by that is the valuation may appear overextended upon first glance, but when you consider longer-term trends, shares could be seen as reasonable right now. In fact, CrowdStrike's P/S levels have essentially rebounded back to where they were prior to the sell-off last summer when news of the outage broke.</p>
<div class="lb-trans"><p>考虑到这一点，我认为 CrowdStrike 实际上开始显示出成熟业务的迹象。我的意思是，尽管从表面上看估值似乎过高，但当你考虑长期趋势时，股票现在可能被视为合理。事实上，CrowdStrike 的市销率水平基本上已经反弹回去年夏天停机消息爆出之前的水平。</p>
</div><p>To me, Alphabet trimmed its stake in CrowdStrike for strategic reasons due to the ongoing integration with Wiz and perhaps is looking to reallocate capital into less volatile opportunities. I don't think there was much else driving the decision to sell CrowdStrike stock.</p>
<div class="lb-trans"><p>在我看来，Alphabet 出于战略原因削减了在 CrowdStrike 的持股，原因是与 Wiz 的持续整合，或许还希望将资本重新分配到波动性较小的机会中。我认为没有其他因素驱动了出售 CrowdStrike 股票的决定。</p>
</div><p>I see CrowdStrike as a compelling opportunity at the intersection of AI and cybersecurity -- both of which are enormous and expanding addressable market opportunities. Investors with a long-run time horizon may want to consider scooping up shares of the cybersecurity leader right now at its current valuation.</p>
<div class="lb-trans"><p>我认为 CrowdStrike 是一个在人工智能和网络安全交汇处的引人注目的机会——这两个领域都是巨大的且不断扩展的可寻址市场机会。拥有长期投资视野的投资者可能希望考虑在当前估值下购买这家网络安全领导者的股票。</p>
</div>

Alphabet Just Slashed Its Stake in This Monster Artificial Intelligence (AI) Cybersecurity Stock. Should You Follow?

- 投资公司需每季度向 SEC 提交 13F 表格，披露股票买卖情况。  
- Alphabet 在 Q1 大幅减持 CrowdStrike 股票，持股从 855,789 降至 74,230。  
- 此举可能因 CrowdStrike 股价上涨及 Alphabet 收购 Wiz 以增强竞争力。

Alphabet 刚刚减少了其在这只巨型人工智能（AI）网络安全股票中的持股。你是否应该效仿？