<p>在每个新季度开始约一个半月后，所有管理超过 1 亿美元合格资产的机构基金都必须向证券交易委员会（SEC）提交一份 13F 表格。13F 文件记录了基金在前一个季度末所持有的所有投资。对于散户投资者来说，查看这些文件可能非常有趣，因为它们展示了华尔街高调投资者最近的动向。</p>
<p>亿万富翁投资者比尔·阿克曼创立了对冲基金 Pershing Square Capital Management，并担任其首席执行官。Pershing Square 最近提交的 13F 表格，几周前提交，并没有太多惊喜。但在此之后，公众得知了阿克曼最新的投资。</p>
<h2>比尔·阿克曼刚买了什么股票？</h2>
<p>根据最近的新闻报道，Pershing Square 已经开始在 <strong>亚马逊</strong>（AMZN -0.67%）上建立头寸。从目前的报道来看，Pershing Square 似乎是在四月份开始购买这家电子商务和云计算巨头的股票。因为那是在第一季度结束之后，所以该头寸没有在对冲基金最近的 13F 中报告。</p>
<p>截至 5 月 27 日收盘，亚马逊的股价在 2025 年下跌了大约 6%。</p>
<p>如上图所示，亚马逊年初至今的下跌似乎在四月份触底，当时整个股市在特朗普总统于 4 月 2 日宣布 “解放日” 关税后遭遇了重大打击。</p>
<p>阿克曼可能是在那次因关税引发的抛售后开始买入的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0OTgvZ2V0dHlpbWFnZXMtMTM1ODA0OTg2My00LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0OTgvZ2V0dHlpbWFnZXMtMTM1ODA0OTg2My00LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>阿克曼为什么如此看好亚马逊？</h2>
<p>当谈到大型人工智能（AI）股票时，<strong>微软</strong>、<strong>苹果</strong>、<strong>英伟达</strong> 或 <strong>特斯拉</strong> 等名字可能首先浮现在脑海中。</p>
<p>增长型投资者可能有很多理由想要拥有这些股票中的任何一只。然而，将它们联系在一起的一个共同点是，它们的帝国都依赖于特定的业务。</p>
<p>例如，虽然微软是一家多元化的科技巨头，业务涵盖个人计算、视频游戏、社交媒体和云基础设施等领域，但其 Azure 云平台无疑是其增长叙事的主要驱动力。</p>
<p>苹果销售多种消费电子设备并提供众多服务，但分析师往往根据 iPhone 的表现来评估它。这个动态同样适用于特斯拉，因为华尔街关注的是电动汽车（EV）业务的表现。</p>
<p>最后，虽然英伟达在芯片领域也有相当多样化的业务，但其大部分增长来自数据中心 GPU 业务。因此，任何与数据中心 AI 芯片需求相关的消息都可能对股票产生影响。</p>
<p>我认为阿克曼决定购买亚马逊股票并非巧合。值得提醒的是，Pershing Square 已经在另一只 “七大奇迹” 股票 <strong>Alphabet</strong> 中拥有相当大的头寸。</p>
<p>Alphabet 建立了一个真正的生态系统。凭借 Google 和 YouTube 等平台，它主导了互联网搜索流量。此外，Alphabet 还有自己的云基础设施业务，与微软和亚马逊竞争。此外，该公司还开发了多种在工作效率和网络安全等领域的竞争性 AI 驱动服务。</p>
<p>我认为，Alphabet 相对于其同行的多元化商业模式最初吸引了阿克曼。当你再加上 Alphabet 的交易价格相对于其他 “七大奇迹” 成员的显著折扣时，这只股票变得更加吸引人。</p>
<p>在我看来，亚马逊是 Alphabet 的另一个版本。该公司拥有一个广泛的生态系统，包括电子商务、云计算、物流、订阅、广告、流媒体、实体店购物等。</p>
<p>在人工智能方面，亚马逊正在构建自己的定制硅芯片，并在数据中心基础设施上进行大量投资。</p>
<h2>亚马逊如何成为一家 5 万亿美元的公司</h2>
<p>我最近写了一篇文章，分析了为什么我认为亚马逊可能成为华尔街首个 5 万亿美元的股票。这个论点基于两个核心观点。</p>
<p>首先，亚马逊在人工智能方面的投资才刚刚开始显现成果。投资者现在可以明显看到加速增长的领域是公司的云业务——亚马逊网络服务（AWS）。</p>
<p>然而，类似于 Alphabet，亚马逊有独特的能力通过人工智能的力量将其各项业务串联起来。亚马逊可能正处于其整个生态系统的显著销售增长和利润率扩张的边缘，从而减少对 AWS 强度的依赖。</p>
<p>支撑对亚马逊乐观展望的第二个支柱是，如果公司开始相对于竞争对手产生更高的销售和盈利增长，投资者可能会对其股票给予溢价估值。</p>
<p>然而，在此期间，亚马逊的股票目前看起来合理估值，具有长期投资视野的投资者应该考虑跟随阿克曼的脚步。</p>

亚马逊

<p>亿万富翁比尔·阿克曼通过他的对冲基金 Pershing Square Capital Management 在亚马逊（AMZN）上建立了一个新头寸。这项投资是在亚马逊股票下跌之后进行的，可能受到近期市场状况的影响。阿克曼认为，亚马逊在人工智能领域是一个强有力的竞争者，类似于 Alphabet，因为它拥有多样化的生态系统以及在人工智能和云计算方面的投资。分析师推测，亚马逊有可能成为华尔街首个市值达到 5 万亿美元的公司，这一增长主要得益于其云业务部门和整体业务扩展</p>

<p>About a month and a half into each new quarter, every institutional fund that manages more than $100 million in qualifying assets is required to file a Form 13F with the Securities and Exchange Commission (SEC). The 13F documents all the investments the fund holds at the end of the prior quarter. Looking at these filings can be quite interesting for retail investors, as they show what Wall Street's high-profile investors have been up to recently.</p>
<div class="lb-trans"><p>在每个新季度开始约一个半月后，所有管理超过 1 亿美元合格资产的机构基金都必须向证券交易委员会（SEC）提交一份 13F 表格。13F 文件记录了基金在前一个季度末所持有的所有投资。对于散户投资者来说，查看这些文件可能非常有趣，因为它们展示了华尔街高调投资者最近的动向。</p>
</div><p>Billionaire investor Bill Ackman founded hedge fund Pershing Square Capital Management, and serves as its CEO. Pershing Square's latest 13F, filed a couple of weeks ago, didn't contain many surprises. But in the days since, the public has gotten word of Ackman's latest investment.</p>
<div class="lb-trans"><p>亿万富翁投资者比尔·阿克曼创立了对冲基金 Pershing Square Capital Management，并担任其首席执行官。Pershing Square 最近提交的 13F 表格，几周前提交，并没有太多惊喜。但在此之后，公众得知了阿克曼最新的投资。</p>
</div><h2>What stock did Bill Ackman just buy?</h2>
<div class="lb-trans"><h2>比尔·阿克曼刚买了什么股票？</h2>
</div><p>According to recent news reports, Pershing Square has initiated a position in <strong>Amazon</strong>(AMZN -0.67%). From what's been reported so far, it sounds like Pershing Square started buying shares of the e-commerce and cloud computing giant in April. Because that was after the end of the first quarter, the position was not reported in the hedge fund's most recent 13F.</p>
<div class="lb-trans"><p>根据最近的新闻报道，Pershing Square 已经开始在 <strong>亚马逊</strong>（AMZN -0.67%）上建立头寸。从目前的报道来看，Pershing Square 似乎是在四月份开始购买这家电子商务和云计算巨头的股票。因为那是在第一季度结束之后，所以该头寸没有在对冲基金最近的 13F 中报告。</p>
</div><p>As of the closing bell on May 27, shares of Amazon were down roughly 6% in 2025.</p>
<div class="lb-trans"><p>截至 5 月 27 日收盘，亚马逊的股价在 2025 年下跌了大约 6%。</p>
</div><p>As the chart above shows, Amazon's year-to-date decline appears to have bottomed in April when the stock market as a whole took a massive hit following President Donald Trump's &#34;Liberation Day&#34; tariffs announcement on April 2.</p>
<div class="lb-trans"><p>如上图所示，亚马逊年初至今的下跌似乎在四月份触底，当时整个股市在特朗普总统于 4 月 2 日宣布 “解放日” 关税后遭遇了重大打击。</p>
</div><p>Ackman likely started buying the dip following that tariff-driven sell-off.</p>
<div class="lb-trans"><p>阿克曼可能是在那次因关税引发的抛售后开始买入的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0OTgvZ2V0dHlpbWFnZXMtMTM1ODA0OTg2My00LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819498%2Fgettyimages-1358049863-4.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 Ackman like Amazon so much?</h2>
<div class="lb-trans"><h2>阿克曼为什么如此看好亚马逊？</h2>
</div><p>When it comes to megacap artificial intelligence (AI) stocks, names such as <strong>Microsoft</strong>, <strong>Apple</strong>, <strong>Nvidia</strong>, or <strong>Tesla</strong> might come to mind first.</p>
<div class="lb-trans"><p>当谈到大型人工智能（AI）股票时，<strong>微软</strong>、<strong>苹果</strong>、<strong>英伟达</strong> 或 <strong>特斯拉</strong> 等名字可能首先浮现在脑海中。</p>
</div><p>There are many reasons growth investors might want to own any of those stocks. However, one thing that ties them together to some degree is that each of their empires hinges on a particular business.</p>
<div class="lb-trans"><p>增长型投资者可能有很多理由想要拥有这些股票中的任何一只。然而，将它们联系在一起的一个共同点是，它们的帝国都依赖于特定的业务。</p>
</div><p>For example, while Microsoft is a diversified tech giant with offerings that span the personal computing, video game, social media, and cloud infrastructure spaces, its Azure cloud platform is overwhelmingly the driving force behind its growth narrative.</p>
<div class="lb-trans"><p>例如，虽然微软是一家多元化的科技巨头，业务涵盖个人计算、视频游戏、社交媒体和云基础设施等领域，但其 Azure 云平台无疑是其增长叙事的主要驱动力。</p>
</div><p>Apple sells a number of consumer electronics devices and offers numerous services, but analysts tend to index it based on the performance of the iPhone. This same dynamic can be applied to Tesla as Wall Street is focused on the performance of the electric vehicle (EV) business.</p>
<div class="lb-trans"><p>苹果销售多种消费电子设备并提供众多服务，但分析师往往根据 iPhone 的表现来评估它。这个动态同样适用于特斯拉，因为华尔街关注的是电动汽车（EV）业务的表现。</p>
</div><p>Lastly, while Nvidia also has a fairly diverse business in the chip sector, the majority of its growth has been coming from its data center GPU business. Hence, any news relating to the demand for data center AI chips can have an impact on the stock.</p>
<div class="lb-trans"><p>最后，虽然英伟达在芯片领域也有相当多样化的业务，但其大部分增长来自数据中心 GPU 业务。因此，任何与数据中心 AI 芯片需求相关的消息都可能对股票产生影响。</p>
</div><p>I don't see Ackman's decision to scoop up Amazon stock as a coincidence. As a reminder, Pershing Square already owns a meaningful position in another Magnificent Seven stock: <strong>Alphabet</strong>.</p>
<div class="lb-trans"><p>我认为阿克曼决定购买亚马逊股票并非巧合。值得提醒的是，Pershing Square 已经在另一只 “七大奇迹” 股票 <strong>Alphabet</strong> 中拥有相当大的头寸。</p>
</div><p>Alphabet has built a true ecosystem. It dominates internet search traffic thanks to properties such as Google and YouTube. Moreover, Alphabet has its own cloud infrastructure business that competes with Microsoft and Amazon. And in addition, the company has developed a number of competing AI-powered services in the realms of workplace productivity and cybersecurity, among others.</p>
<div class="lb-trans"><p>Alphabet 建立了一个真正的生态系统。凭借 Google 和 YouTube 等平台，它主导了互联网搜索流量。此外，Alphabet 还有自己的云基础设施业务，与微软和亚马逊竞争。此外，该公司还开发了多种在工作效率和网络安全等领域的竞争性 AI 驱动服务。</p>
</div><p>Alphabet's diversified business model relative to its peers is what I believe initially attracted Ackman. When you layer on top of that the fact Alphabet is trading at a meaningful discount to other members of the Magnificent Seven, the stock becomes even more appealing.</p>
<div class="lb-trans"><p>我认为，Alphabet 相对于其同行的多元化商业模式最初吸引了阿克曼。当你再加上 Alphabet 的交易价格相对于其他 “七大奇迹” 成员的显著折扣时，这只股票变得更加吸引人。</p>
</div><p>To me, Amazon is another version of Alphabet. The company has a broad ecosystem that includes e-commerce, cloud computing, logistics, subscriptions, advertising, streaming, brick-and-mortar shopping, and more.</p>
<div class="lb-trans"><p>在我看来，亚马逊是 Alphabet 的另一个版本。该公司拥有一个广泛的生态系统，包括电子商务、云计算、物流、订阅、广告、流媒体、实体店购物等。</p>
</div><p>On the AI front, Amazon is building its own custom silicon and investing heavily into data center infrastructure.</p>
<div class="lb-trans"><p>在人工智能方面，亚马逊正在构建自己的定制硅芯片，并在数据中心基础设施上进行大量投资。</p>
</div><h2>How Amazon could become a $5 trillion company</h2>
<div class="lb-trans"><h2>亚马逊如何成为一家 5 万亿美元的公司</h2>
</div><p>I recently wrote an article in which I broke down why I think Amazon could become Wall Street's first $5 trillion stock. That thesis hinges on two core ideas.</p>
<div class="lb-trans"><p>我最近写了一篇文章，分析了为什么我认为亚马逊可能成为华尔街首个 5 万亿美元的股票。这个论点基于两个核心观点。</p>
</div><p>First, Amazon's investments in AI have only just started to bear fruit. The most obvious area where investors can see accelerated growth right now is in the company's cloud unit, Amazon Web Services (AWS).</p>
<div class="lb-trans"><p>首先，亚马逊在人工智能方面的投资才刚刚开始显现成果。投资者现在可以明显看到加速增长的领域是公司的云业务——亚马逊网络服务（AWS）。</p>
</div><p>However, similar to Alphabet, Amazon has a unique ability to stitch together its various businesses through the power of AI. Amazon could be on the brink of meaningful sales growth and profit margin expansion across its entire ecosystem, reducing its reliance on the strength of AWS.</p>
<div class="lb-trans"><p>然而，类似于 Alphabet，亚马逊有独特的能力通过人工智能的力量将其各项业务串联起来。亚马逊可能正处于其整个生态系统的显著销售增长和利润率扩张的边缘，从而减少对 AWS 强度的依赖。</p>
</div><p>The second pillar supporting a bullish outlook for Amazon is the potential for investors to apply a premium valuation to its stock should the company start generating superior sales and earnings growth relative to the competition.</p>
<div class="lb-trans"><p>支撑对亚马逊乐观展望的第二个支柱是，如果公司开始相对于竞争对手产生更高的销售和盈利增长，投资者可能会对其股票给予溢价估值。</p>
</div><p>In the interim, though, Amazon stock looks reasonably valued right now, and investors with long time horizons should consider following Ackman's lead.</p>
<div class="lb-trans"><p>然而，在此期间，亚马逊的股票目前看起来合理估值，具有长期投资视野的投资者应该考虑跟随阿克曼的脚步。</p>
</div>

Meet Billionaire Bill Ackman's Newest Artificial Intelligence (AI) Stock, Which I Predict Will Become Wall Street's First $5 Trillion Company (Hint: It's Not Nvidia)

- 机构基金需向 SEC 提交 13F 表格，披露投资情况。  
- 比尔·阿克曼的对冲基金已在 4 月开始增持亚马逊股票。  
- 亚马逊在 AI 和云计算领域的投资可能推动其未来增长。

认识亿万富翁比尔·阿克曼最新投资的人工智能（AI）股票，我预测这将成为华尔街首家市值达到 5 万亿美元的公司（提示：不是英伟达）