<p>我监测亿万富翁在对冲基金中的投资，这为我提供了投资思路，并帮助我判断对某只股票的看法是否仍然相关。</p>
<p>我关注的基金之一是查斯·科尔曼的老虎全球管理基金，该基金在第一季度对一些顶级人工智能（AI）股票进行了重大购买。科尔曼和他的团队买入了哪些股票呢？让我们来看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>信息有些过时</h2>
<p>如果一个基金的资产超过 1 亿美元，它需要向证券交易委员会（SEC）披露其季度末持仓。然后，在一个季度结束后的 45 天，该信息通过 13-F 表格向投资公众公布。尽管这些信息对投资者来说有些滞后，但它仍然可以让投资者了解基金的动态，特别是与之前几个季度的持仓相比。</p>
<p>在第一季度，老虎全球管理购买了一些大型 AI 股票。这些股票包括 <strong>微软</strong>（MSFT 0.30%）、<strong>亚马逊</strong>（AMZN 0.45%）、<strong>英伟达</strong>（NVDA 3.23%）和 <strong>台积电</strong>（TSM 0.51%）。这四只股票在第一季度之前已经在老虎全球管理的投资组合中，因此这些代表了科尔曼和他的团队的进一步购买。</p>
<p>虽然我们不知道这些股票在第一季度具体何时被购买，但我们知道自季度末以来，每只股票的价格都上涨了。这四只股票中有哪只现在值得购买吗？</p>
<h2>这四只股票的价格仍然低于 2024 年大部分时间的水平</h2>
<p>如果你通过前瞻市盈率（P/E）来分析每只股票，你可以理解每只股票相对于其他股票的估值水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.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/f27e23f5cc9cc350c4f3e2e08496c471.png"/></p>
<p>MSFT 前瞻市盈率数据来自 YCharts</p>
<p>首先显而易见的是，这四只股票的估值仍然处于 2024 年大部分时间的交易区间的底部。因此，即使它们在几周前可能以更低的价格被购买，但考虑到它们的区间，它们仍然具有吸引力。</p>
<p>第二个显著的特点是，台积电的估值相对于其他三只股票来说更为便宜。台积电的股票可以以低于 21 倍的前瞻市盈率购买，这一点非常重要，因为 <strong>标准普尔 500 指数</strong> 的前瞻市盈率为 22.1 倍。这是一个低于市场的倍数，但台积电预计在未来五年将实现巨大的增长。管理层认为，其与 AI 相关的收入可以以 45% 的复合年增长率（CAGR）增长，而整体收入的 CAGR 将接近 20%。</p>
<p>这比未来五年整体市场的增长速度（通常约为每年 10%）要快，使得台积电的股票现在成为一个绝佳的购买选择。</p>
<p>其他三只股票则需要更多的努力。它们的估值处于溢价水平，因此需要实现超越市场的增长。</p>
<p>英伟达可能是最容易为其辩护的公司，因为其 GPU 帝国仍在扩展，以满足 AI 军备竞赛的巨大计算需求。华尔街分析师预计，英伟达在 2026 财年的收入增长将达到 53%（截至 2026 年 1 月），明年的增长为 24%，因此英伟达有足够的增长来证明其溢价的价格标签。</p>
<p>亚马逊在 2025 年和 2026 年的预计收入增长分别为 9% 和 10%。这可能立即引起投资者的警惕，因为这低于整体市场的增长。然而，亚马逊并不是一个收入增长故事；它是一个利润扩张故事。在过去几年中，亚马逊的高利润率部门增长速度远快于低利润率部门，从而使其利润率大幅提升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.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/96206e11b2d68ea764a4b211bea2ebbc.png"/></p>
<p>AMZN 营业利润率（TTM）数据来自 YCharts</p>
<p>这种扩张尚未结束，使得亚马逊成为一个值得考虑购买的股票。</p>
<p>最后是微软，预计在 2025 年和 2026 年的收入增长速度分别为 14% 和 13%，这相当可观。然而，微软没有像亚马逊那样的利润扩张故事，这在一定程度上限制了其回报潜力。</p>
<p>虽然微软在过去几年中证明了自己是一家强大而有韧性的企业，但我认为我不想像其他三只股票那样拥有这只股票。它的价格与亚马逊和英伟达一样昂贵，但没有足够的增长潜力来证明其成本。</p>
<p>微软并不是一只_糟糕_的 AI 股票，但它没有其他股票的潜力，这就是为什么它在我列出的老虎全球管理本季度购买的四只 AI 股票中排名最后。</p>

英伟达

亚马逊

台积电

<p>Chase Coleman 的 Tiger Global Management 基金在第一季度大幅购买了人工智能股票，包括微软、亚马逊、英伟达和台积电。尽管这些股票的价格高于之前，但仍然具有吸引力。台积电因其较低的估值和预计 45% 的人工智能相关收入年复合增长率而特别引人注目。英伟达显示出强劲的增长潜力，而亚马逊则专注于利润扩张。微软虽然表现稳健，但缺乏其他股票的增长潜力，在这四只购买的人工智能股票中排名最后</p>

<p>I monitor billionaires' investments in hedge funds, which gives me investment ideas and helps me determine whether my thoughts on a particular stock are still relevant.</p>
<div class="lb-trans"><p>我监测亿万富翁在对冲基金中的投资，这为我提供了投资思路，并帮助我判断对某只股票的看法是否仍然相关。</p>
</div><p>One of the funds I follow is Chase Coleman's Tiger Global Management fund, which made some major purchases of top artificial intelligence (AI) stocks during the first quarter. What stocks did Coleman and his team load up on? Let's take a look.</p>
<div class="lb-trans"><p>我关注的基金之一是查斯·科尔曼的老虎全球管理基金，该基金在第一季度对一些顶级人工智能（AI）股票进行了重大购买。科尔曼和他的团队买入了哪些股票呢？让我们来看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819475%2Fthree-people-debating-on-stock-data-information.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>The information is a bit dated</h2>
<div class="lb-trans"><h2>信息有些过时</h2>
</div><p>If a fund has over $100 million in assets, it is required to divulge its end-of-quarter holdings to the Securities and Exchange Commission (SEC). Then, 45 days after the close of a quarter, that information is made available to the investing public through a Form 13-F. Although this information comes to investors a bit late, it still gives investors an idea of what the fund is doing, especially when compared to its holdings in previous quarters.</p>
<div class="lb-trans"><p>如果一个基金的资产超过 1 亿美元，它需要向证券交易委员会（SEC）披露其季度末持仓。然后，在一个季度结束后的 45 天，该信息通过 13-F 表格向投资公众公布。尽管这些信息对投资者来说有些滞后，但它仍然可以让投资者了解基金的动态，特别是与之前几个季度的持仓相比。</p>
</div><p>During the first quarter, Tiger Global Management purchased a few big-time AI stocks. These included <strong>Microsoft</strong>(MSFT 0.30%), <strong>Amazon</strong>(AMZN 0.45%), <strong>Nvidia</strong>(NVDA 3.23%), and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.51%). All four of these stocks were already in Tiger Global Management's portfolio prior to Q1, so these represent further buys from Coleman and his team.</p>
<div class="lb-trans"><p>在第一季度，老虎全球管理购买了一些大型 AI 股票。这些股票包括 <strong>微软</strong>（MSFT 0.30%）、<strong>亚马逊</strong>（AMZN 0.45%）、<strong>英伟达</strong>（NVDA 3.23%）和 <strong>台积电</strong>（TSM 0.51%）。这四只股票在第一季度之前已经在老虎全球管理的投资组合中，因此这些代表了科尔曼和他的团队的进一步购买。</p>
</div><p>Although we don't know exactly when the stocks were bought in Q1, we know that since the end of the quarter, each has risen in price. Are any of these four worth buying right now?</p>
<div class="lb-trans"><p>虽然我们不知道这些股票在第一季度具体何时被购买，但我们知道自季度末以来，每只股票的价格都上涨了。这四只股票中有哪只现在值得购买吗？</p>
</div><h2>All four of the stocks are still cheaper than they were for most of 2024</h2>
<div class="lb-trans"><h2>这四只股票的价格仍然低于 2024 年大部分时间的水平</h2>
</div><p>If you examine each stock by its forward price-to-earnings (P/E) ratio, you can understand how highly each stock is valued relative to the others.</p>
<div class="lb-trans"><p>如果你通过前瞻市盈率（P/E）来分析每只股票，你可以理解每只股票相对于其他股票的估值水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.png" alt="" original-src="https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.png"/></p>
<p>MSFT PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>MSFT 前瞻市盈率数据来自 YCharts</p>
</div><p>The first thing that stands out is that all four of these stocks are still valued at the bottom end of their trading range throughout most of 2024. So, even though they <em>could</em> have been purchased for much cheaper prices just a few weeks ago, they're still attractive considering their range.</p>
<div class="lb-trans"><p>首先显而易见的是，这四只股票的估值仍然处于 2024 年大部分时间的交易区间的底部。因此，即使它们在几周前可能以更低的价格被购买，但考虑到它们的区间，它们仍然具有吸引力。</p>
</div><p>The second thing that stands out is how cheap Taiwan Semiconductor is compared to the other three. Taiwan Semi's stock can be purchased for under 21 times forward earnings, which is significant because the <strong>S&amp;P 500</strong> trades for 22.1 times forward earnings. This is a lower-than-market multiple, yet Taiwan Semi is expected to deliver monster growth over the next five years. Management believes its AI-related revenue can increase at a 45% compound annual growth rate (CAGR), and its overall revenue CAGR will approach 20%.</p>
<div class="lb-trans"><p>第二个显著的特点是，台积电的估值相对于其他三只股票来说更为便宜。台积电的股票可以以低于 21 倍的前瞻市盈率购买，这一点非常重要，因为 <strong>标准普尔 500 指数</strong> 的前瞻市盈率为 22.1 倍。这是一个低于市场的倍数，但台积电预计在未来五年将实现巨大的增长。管理层认为，其与 AI 相关的收入可以以 45% 的复合年增长率（CAGR）增长，而整体收入的 CAGR 将接近 20%。</p>
</div><p>That's faster than the broader market's growth over the next five years (usually around 10% annually), making Taiwan Semiconductor stock a fantastic buy right now.</p>
<div class="lb-trans"><p>这比未来五年整体市场的增长速度（通常约为每年 10%）要快，使得台积电的股票现在成为一个绝佳的购买选择。</p>
</div><p>The other three have a bit more work to do. They're trading at a premium valuation, so they will need to deliver market-beating growth.</p>
<div class="lb-trans"><p>其他三只股票则需要更多的努力。它们的估值处于溢价水平，因此需要实现超越市场的增长。</p>
</div><p>Nvidia is probably the easiest company to make this case for, as its GPU empire is still expanding to meet the massive computing needs of the AI arms race. Wall Street analysts expect 53% revenue growth in fiscal year 2026 (ending January 2026) and 24% next year, so Nvidia has the growth to justify its premium price tag.</p>
<div class="lb-trans"><p>英伟达可能是最容易为其辩护的公司，因为其 GPU 帝国仍在扩展，以满足 AI 军备竞赛的巨大计算需求。华尔街分析师预计，英伟达在 2026 财年的收入增长将达到 53%（截至 2026 年 1 月），明年的增长为 24%，因此英伟达有足够的增长来证明其溢价的价格标签。</p>
</div><p>Amazon's projected revenue growth in 2025 and 2026 is 9% and 10%, respectively. This might immediately throw red flags for investors, as it's slower than the broader market's growth. However, Amazon isn't a revenue growth story; it's a margin expansion story. Over the past few years, Amazon's higher-margin segments have grown much faster than its lower-margin ones, allowing its margins to expand dramatically.</p>
<div class="lb-trans"><p>亚马逊在 2025 年和 2026 年的预计收入增长分别为 9% 和 10%。这可能立即引起投资者的警惕，因为这低于整体市场的增长。然而，亚马逊并不是一个收入增长故事；它是一个利润扩张故事。在过去几年中，亚马逊的高利润率部门增长速度远快于低利润率部门，从而使其利润率大幅提升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.png" alt="" original-src="https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.png"/></p>
<p>AMZN Operating Margin (TTM) data by YCharts</p>
<div class="lb-trans"><p>AMZN 营业利润率（TTM）数据来自 YCharts</p>
</div><p>This expansion isn't done yet, making Amazon an intriguing stock to consider buying.</p>
<div class="lb-trans"><p>这种扩张尚未结束，使得亚马逊成为一个值得考虑购买的股票。</p>
</div><p>Last is Microsoft, which is expected to grow revenue at a 14% and 13% pace in 2025 and 2026, respectively, which is quite impressive. However, Microsoft doesn't have the same margin expansion story as Amazon, which slightly caps its return potential.</p>
<div class="lb-trans"><p>最后是微软，预计在 2025 年和 2026 年的收入增长速度分别为 14% 和 13%，这相当可观。然而，微软没有像亚马逊那样的利润扩张故事，这在一定程度上限制了其回报潜力。</p>
</div><p>While Microsoft has proven to be a strong and resilient business over the past few years, I don't think I'd want to own the stock as much as the other three. It's just as expensive as Amazon and Nvidia, yet it doesn't have quite the growth upside to justify the cost.</p>
<div class="lb-trans"><p>虽然微软在过去几年中证明了自己是一家强大而有韧性的企业，但我认为我不想像其他三只股票那样拥有这只股票。它的价格与亚马逊和英伟达一样昂贵，但没有足够的增长潜力来证明其成本。</p>
</div><p>Microsoft isn't a <em>bad</em> AI stock to own, but it doesn't have the same potential as the others, which is why it's at the bottom of my list for the four AI stocks that Tiger Global Management bought this quarter.</p>
<div class="lb-trans"><p>微软并不是一只_糟糕_的 AI 股票，但它没有其他股票的潜力，这就是为什么它在我列出的老虎全球管理本季度购买的四只 AI 股票中排名最后。</p>
</div>

Billionaire Chase Coleman Just Loaded Up on 4 Brilliant AI Stocks

- Tiger Global Management 在第一季度增持了微软、亚马逊、英伟达和台积电等 AI 股票。  
- 台积电的估值低于市场水平，预计未来五年将实现 45% 的复合年增长率。  
- 其他三只股票需实现超越市场的增长才能证明其高估值的合理性。  

亿万富翁查斯·科尔曼刚刚增持了 4 只优秀的人工智能股票