<p>个人投资者应该关注一些最成功投资者的活动。亿万富翁对冲基金经理拥有比个人投资者更多的资源和信息，跟随他们是确认你已经做出的决策或产生新想法的好方法。</p>
<p>我关注的一位亿万富翁是斯坦利·德鲁肯米勒，他经营着杜克斯家族办公室。每个季度，持有超过 1 亿美元的基金必须在季度末报告其持仓。然后这些信息会在 45 天后以 13-F 表格的形式向公众发布。最新一轮的报告于 5 月 15 日发布，包含了一些有价值的信息。</p>
<p>杜克斯家族办公室大量增持了我最喜欢的投资人工智能（AI）军备竞赛的方式：<strong>台积电</strong>（TSM -0.73%），也称为 TSMC。我认为这是德鲁肯米勒的一个聪明举动。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>TSMC 是一个中立的 AI 投资</h2>
<p>杜克斯家族办公室不仅仅是购买了一些 TSMC 的股票；它进行了大量增持。在第一季度之前，它仅持有超过 100,000 股该公司的股票。它在本季度大幅增加了持仓，现在持有接近 600,000 股。其在 TSMC 的股份现在占其总持仓的约 3.33%，是其十大最大持仓之一。那么，是什么让它对台积电如此看好呢？</p>
<p>TSMC 是全球最大的合同芯片制造商，能够根据客户的独特设计生产芯片。这是一种互利的关系，因为这样客户不需要维护工厂或花费资源开发芯片制造技术，而 TSMC 也不需要设计或营销其芯片。</p>
<p>根据 TSMC 的定位，该公司并不需要赢得 AI 技术才能在 AI 军备竞赛中获胜；它只需要客户在推动其发展的计算能力上大量支出。对 TSMC 的投资是对未来世界将使用更多计算能力和更先进芯片的押注。这是显而易见的，这也是为什么该公司在我投资的最佳 AI 股票名单中名列前茅。</p>
<p>由于台积电作为几乎所有参与 AI 军备竞赛公司的芯片供应商的独特地位，它对需求的信息获取无与伦比。芯片订单通常提前数年下达，正如 TSMC 在亚利桑那州的工厂已经售罄到 2027 年所证明的那样。因此，当管理层给出预测时，投资者应该明智地倾听。</p>
<p>TSMC 的管理层认为，AI 需求将如此强劲，以至于其与 AI 相关的收入将在未来五年内以 45% 的复合年增长率（CAGR）增长。整体收入预计将以近 20% 的 CAGR 增长，为投资者提供出色的增长。</p>
<p>所有这些信息促使杜克斯家族办公室在第一季度大量增持股票，但它最后一次可以进行此购买的日期是 3 月 31 日，当时市场尚未从关税引发的恐慌中恢复。那么现在仍然是一个好买入时机吗？</p>
<h2>TSMC 的股票仍然比大盘便宜</h2>
<p>尽管台积电的股票在过去几周有所回升，但其交易估值仍然相当吸引人。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.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/89e0a0f5672e9bb445a72bebb08db8fc.png"/></p>
<p>TSM PE 比率（前瞻性）数据来源于 YCharts</p>
<p>在前瞻性收益不到 21 倍的情况下，TSMC 的交易价格低于大盘，后者以约 22.1 倍的前瞻性收益交易，衡量标准为 <strong>标准普尔 500 指数</strong>（^GSPC -0.56%）。</p>
<p>尽管你现在无法以几周前的低价购买 TSMC 的股票，但它仍然比大盘便宜，并且预计其收入增长速度将远快于市场的上涨（每年约 10%）。</p>
<p>这是一种超越市场的股票配方，这使得台积电在这里成为一个明智的买入选择。</p>

台积电

<p>亿万富翁斯坦利·德鲁肯米勒的杜克斯家族办公室显著增加了对台积电（TSMC）的持股，目前拥有近 60 万股，使其成为他们的十大头寸之一。作为最大的合同芯片制造商，台积电有望受益于日益增长的人工智能需求，预计未来五年与人工智能相关的收入将以 45% 的年复合增长率增长。尽管最近股价有所回升，台积电的前瞻市盈率仍低于 21，使其比标准普尔 500 指数更具吸引力，成为一个潜在的强劲投资机会</p>

<p>Individual investors should monitor the activities of some of the most successful investors. Billionaire hedge fund managers have access to more resources and information than individual investors, and following them is a great way to confirm decisions you've already made or generate ideas.</p>
<div class="lb-trans"><p>个人投资者应该关注一些最成功投资者的活动。亿万富翁对冲基金经理拥有比个人投资者更多的资源和信息，跟随他们是确认你已经做出的决策或产生新想法的好方法。</p>
</div><p>One billionaire I follow is Stanley Druckenmiller, who runs the Duquesne Family Office. Every quarter, funds with more than $100 million in holdings must report their holdings at the end of the quarter. Then that information is made available to the public 45 days later in a 13-F form. The latest round of those was released on May 15 and included some valuable information.</p>
<div class="lb-trans"><p>我关注的一位亿万富翁是斯坦利·德鲁肯米勒，他经营着杜克斯家族办公室。每个季度，持有超过 1 亿美元的基金必须在季度末报告其持仓。然后这些信息会在 45 天后以 13-F 表格的形式向公众发布。最新一轮的报告于 5 月 15 日发布，包含了一些有价值的信息。</p>
</div><p>The Duquesne Family Office loaded up on my favorite way to invest in the artificial intelligence (AI) arms race: <strong>Taiwan Semiconductor</strong>(TSM -0.73%), also referred to as TSMC. I think this is a genius move by Druckenmiller.</p>
<div class="lb-trans"><p>杜克斯家族办公室大量增持了我最喜欢的投资人工智能（AI）军备竞赛的方式：<strong>台积电</strong>（TSM -0.73%），也称为 TSMC。我认为这是德鲁肯米勒的一个聪明举动。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819476%2Ftwo-people-looking-at-a-screen-with-data.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>TSMC is a neutral AI play</h2>
<div class="lb-trans"><h2>TSMC 是一个中立的 AI 投资</h2>
</div><p>The Duquesne Family Office didn't just buy some shares of TSMC; it loaded up. Prior to Q1, it owned just over 100,000 shares of the company. It has massively increased its position this quarter and now owns just shy of 600,000 shares. Its TSMC stake now makes up about 3.33% of its total holdings and is one of its 10 largest positions. So what makes it so bullish on Taiwan Semiconductor?</p>
<div class="lb-trans"><p>杜克斯家族办公室不仅仅是购买了一些 TSMC 的股票；它进行了大量增持。在第一季度之前，它仅持有超过 100,000 股该公司的股票。它在本季度大幅增加了持仓，现在持有接近 600,000 股。其在 TSMC 的股份现在占其总持仓的约 3.33%，是其十大最大持仓之一。那么，是什么让它对台积电如此看好呢？</p>
</div><p>TSMC is the world's largest contract chip manufacturer, able to produce chips based on the unique designs of its customers. This is a mutually beneficial relationship, as this way clients don't need to maintain factories or spend resources on developing chip manufacturing technology, and TSMC doesn't need to design or market its chips.</p>
<div class="lb-trans"><p>TSMC 是全球最大的合同芯片制造商，能够根据客户的独特设计生产芯片。这是一种互利的关系，因为这样客户不需要维护工厂或花费资源开发芯片制造技术，而 TSMC 也不需要设计或营销其芯片。</p>
</div><p>Based on how TSMC is positioned, the company doesn't need a winning AI technology to win the AI arms race; it just needs its clients to spend heavily on the computing power that fuels it. An investment in TSMC is a bet that the world will use more computing power and more advanced chips over time. That's a no-brainer, which is why the company is at the top of my list for best AI stocks in which to invest.</p>
<div class="lb-trans"><p>根据 TSMC 的定位，该公司并不需要赢得 AI 技术才能在 AI 军备竞赛中获胜；它只需要客户在推动其发展的计算能力上大量支出。对 TSMC 的投资是对未来世界将使用更多计算能力和更先进芯片的押注。这是显而易见的，这也是为什么该公司在我投资的最佳 AI 股票名单中名列前茅。</p>
</div><p>Because of Taiwan Semiconductor's unique position of being a chip supplier to nearly every company involved in the AI arms race, it has unparalleled access to information about demand. Chip orders are placed years in advance, as evidenced by TSMC's Arizona factory already selling out production through 2027. So when management gives a projection, investors would be wise to listen.</p>
<div class="lb-trans"><p>由于台积电作为几乎所有参与 AI 军备竞赛公司的芯片供应商的独特地位，它对需求的信息获取无与伦比。芯片订单通常提前数年下达，正如 TSMC 在亚利桑那州的工厂已经售罄到 2027 年所证明的那样。因此，当管理层给出预测时，投资者应该明智地倾听。</p>
</div><p>TSMC's management believes that AI demand will be so strong that its AI-related revenue will grow at a 45% compounded annual growth rate (CAGR) over the next five years. Overall revenue should increase at nearly a 20% CAGR, providing outstanding growth for investors.</p>
<div class="lb-trans"><p>TSMC 的管理层认为，AI 需求将如此强劲，以至于其与 AI 相关的收入将在未来五年内以 45% 的复合年增长率（CAGR）增长。整体收入预计将以近 20% 的 CAGR 增长，为投资者提供出色的增长。</p>
</div><p>All of this information contributes to the Duquesne Family Office loading up on shares during Q1, but the last date at which it could have made this purchase was March 31, when the markets hadn't recovered from tariff-induced fears. So is it still a good buy now?</p>
<div class="lb-trans"><p>所有这些信息促使杜克斯家族办公室在第一季度大量增持股票，但它最后一次可以进行此购买的日期是 3 月 31 日，当时市场尚未从关税引发的恐慌中恢复。那么现在仍然是一个好买入时机吗？</p>
</div><h2>TSMC's stock is still cheaper than the broader market</h2>
<div class="lb-trans"><h2>TSMC 的股票仍然比大盘便宜</h2>
</div><p>Despite Taiwan Semiconductor's stock recovering in the past few weeks, it's still trading at a fairly attractive valuation.</p>
<div class="lb-trans"><p>尽管台积电的股票在过去几周有所回升，但其交易估值仍然相当吸引人。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.png" alt="" original-src="https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.png"/></p>
<p>TSM PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>TSM PE 比率（前瞻性）数据来源于 YCharts</p>
</div><p>At less than 21 times forward earnings, TSMC trades at a discount to the broader market, as measured by the <strong>S&amp;P 500</strong>(^GSPC -0.56%), which trades for around 22.1 times forward earnings.</p>
<div class="lb-trans"><p>在前瞻性收益不到 21 倍的情况下，TSMC 的交易价格低于大盘，后者以约 22.1 倍的前瞻性收益交易，衡量标准为 <strong>标准普尔 500 指数</strong>（^GSPC -0.56%）。</p>
</div><p>Although you can't buy TSMC stock for as little as you could just a few weeks ago, it's still cheaper than the broader market and is expected to grow its revenue much faster than the market rises (around 10% per year).</p>
<div class="lb-trans"><p>尽管你现在无法以几周前的低价购买 TSMC 的股票，但它仍然比大盘便宜，并且预计其收入增长速度将远快于市场的上涨（每年约 10%）。</p>
</div><p>That's a recipe for a market-beating stock, which makes Taiwan Semiconductor a smart buy here.</p>
<div class="lb-trans"><p>这是一种超越市场的股票配方，这使得台积电在这里成为一个明智的买入选择。</p>
</div>

Billionaire Stanley Druckenmiller Just Loaded Up on My Favorite Artificial Intelligence (AI) Stock

- 杜克恩家族办公室在第一季度大幅增持台积电股份，现持有近 600,000 股。  
- 台积电是全球最大的合同芯片制造商，预计未来五年 AI 相关收入将以 45% 的年复合增长率增长。  
- 尽管股价回升，台积电的估值仍低于大盘，未来增长潜力巨大。  

亿万富翁斯坦利·德鲁肯米勒刚刚增持了我最钟爱的人工智能（AI）股票