<p>数据是华尔街的货币，而这种数据的数量非常丰富。在每个季度的收益季节——大多数 <strong>S&amp;P 500</strong> 公司报告其运营结果的六周时间段——以及经济数据发布之间，投资者需要吸收的信息几乎是压倒性的。有时，一些重要的信息可能会被忽视。</p>
<p>例如，5 月 15 日是管理至少 1 亿美元资产的机构投资者向证券交易委员会提交 13F 表格的截止日期——你可能错过了这一点。</p>
<p>这一提交的截止日期为季度结束后不超过 45 个日历天，详细列出了华尔街最聪明的资金经理在最新季度购买和出售的股票、交易所交易基金（ETFs）和（选择的）股票期权。这可以提供关于哪些有影响力的股票正在受到关注或失宠的重要线索。</p>
<p>虽然 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特是股市上最受关注的资金经理，但他并不是唯一一个能够影响市场的亿万富翁投资者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>例如，杜克斯尼家族办公室的斯坦利·德鲁肯米勒和孤松资本的斯蒂芬·曼德尔都有着出色的投资记录，以及数十亿美元的管理资产。</p>
<p>德鲁肯米勒和曼德尔各自基金的第一季度 13F 报告中，特别值得注意的是他们对人工智能（AI）革命的态度。这两位亿万富翁都抛弃了华尔街的主要 AI 股票，转而投资于一家对企业 AI 数据中心至关重要的公司。</p>
<h2>亿万富翁德鲁肯米勒和曼德尔完全抛弃了他们的英伟达股票</h2>
<p>普华永道的分析师预计，到 2030 年，人工智能的可寻址市场将达到 15.7 万亿美元，这为数百家公司提供了分一杯羹的机会。然而，没有哪家公司比 <strong>英伟达</strong>（NVDA 1.69%）更直接地受益于 AI 的演变。这也是亿万富翁斯坦利·德鲁肯米勒和斯蒂芬·曼德尔抛售的股票。</p>
<p>考虑到英伟达在 2024 年 6 月进行的 10 比 1 的前分拆，杜克斯尼家族办公室在 2023 年 6 月结束的季度持有 9,500,750 股英伟达股票。同时，孤松资本在 2023 年 6 月底也持有 6,416,490 股英伟达股票。</p>
<p>但在接下来的 15 个月里，德鲁肯米勒和 12 个月里，曼德尔这两位亿万富翁将完全清空各自基金的英伟达持股。</p>
<p>尽管不可否认英伟达的霍普（H100）图形处理单元（GPU）和布莱克威尔 GPU 架构是 AI 加速数据中心的首选选项，并且很明显没有其他外部竞争对手在计算能力上能与英伟达的硬件相抗衡，但德鲁肯米勒和曼德尔仍然有合理的理由兑现他们的筹码。</p>
<p>一个明显的卖出理由就是简单的获利了结。英伟达的股票从 2023 年初飙升至 2024 年底，使其估值增加了超过 3 万亿美元。我们从未见过一家巨型企业如此迅速地增加 3 万亿美元的市值，这可能促使这两位亿万富翁锁定他们的收益。</p>
<p>但这次卖出活动背后可能不仅仅是获利了结。</p>
<p>例如，合理的预期是竞争压力将在硬件领域加大。尽管霍普和布莱克威尔在高计算数据中心中占据了大部分 AI-GPU 市场份额，但外部竞争对手正在加大现有芯片的生产，并推出更节能的硬件。</p>
<p>更重要的是，许多英伟达的顶级客户正在开发自己的 AI-GPU 和 AI 解决方案。尽管这些芯片的速度可能不及霍普或布莱克威尔，但预计它们会便宜得多，并且不会像英伟达的硬件那样出现积压。这对英伟达因 AI-GPU 稀缺而获得的定价权构成了直接威胁。</p>
<p>历史上，英伟达的处境也并不乐观。尽管 AI 支持着一个庞大的可寻址市场，但过去三十多年来，每一项下一个重大技术和创新都经历过早期泡沫破裂事件。简而言之，投资者历史上有强烈的倾向高估新创新获得实用性和被主流接受的速度。</p>
<p>随着人工智能可能需要时间来成熟，作为最直接受益者的英伟达，如果泡沫形成并破裂，可能会感受到痛苦。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这是德鲁肯米勒和曼德尔眼中的新 AI 宠儿</h2>
<p>尽管杜克斯尼和孤松的亿万富翁首席在动荡的第一季度减少了持有的股票数量，但他们都有在购买的一只人工智能股票——它在 AI 加速数据中心的扩展中扮演着至关重要的角色。</p>
<p>德鲁肯米勒和曼德尔眼中的新 AI 宠儿正是领先的芯片制造公司 <strong>台湾半导体制造公司</strong>（TSM 0.80%），通常被称为 “台积电”。杜克斯尼在 2023 年 3 月结束的季度中通过增加 491,265 股台积电的股份，使其现有股份增加了五倍以上，而孤松资本的 13F 显示在 2025 年第一季度购买了 104,937 股台积电。</p>
<p>大多数人工智能 GPU 公司依赖于台积电的制造服务，包括行业领导者英伟达和主要竞争对手 <strong>超微半导体</strong>。台积电正在快速扩大其每月的芯片 - 晶圆 - 基板（CoWoS）产能，从 2024 年的约 35,000 个单位预计到 2026 年达到 135,000 个单位。CoWoS 是一种用于封装高带宽内存的技术，这对于在高计算数据中心中进行瞬时决策的软件和系统是必需的。</p>
<p>由于过去两年对 AI-GPU 的需求超过了供应，台积电享有了其芯片制造服务的显著积压，并且其净销售额越来越多地倾向于高性能计算，这为公司带来了更高的利润率。截至 3 月底的季度，台积电来自高性能计算的净销售额同比激增，从 46% 上升至 59%。</p>
<p>尽管人工智能泡沫可能破裂对台湾半导体制造公司构成担忧，但公司的订单积压和收入多样化提供了一定程度的保护。</p>
<p>例如，第一季度 28% 的净销售额来自于用于智能手机的先进芯片。<strong>苹果</strong> 显著依赖台积电为 iPhone 提供芯片。智能手机和无线服务接入的一个好处是，它们都已演变为大多数美国人的基本需求。尽管智能手机芯片的需求增长速度不如以前那么快，但这一领域的现金流对台积电来说往往是高度可预测的。</p>
<p>台积电在物联网和汽车领域也有广阔的机会。随着家庭和车辆对技术的依赖加深，像台积电这样的公司将被依赖于制造这些先进芯片。</p>
<p>最后，德鲁肯米勒和曼德尔可能对台积电股票在第一季度的下跌感到鼓舞。尽管台积电的股票（目前）并不历史性便宜，但其股价在 3 月底的尾声时跌至接近 15 的前瞻市盈率。与英伟达相比，这使得其倍数具有吸引力。</p>

英伟达

<p>亿万富翁斯坦利·德鲁肯米勒（Stanley Druckenmiller）和斯蒂芬·曼德尔（Stephen Mandel）已退出对英伟达（Nvidia）的投资，因对竞争压力和潜在市场调整的担忧。这两位投资者已完全出售其英伟达的持股，尽管该股票的价值大幅上涨，他们选择投资于另一家对企业数据中心至关重要的人工智能公司。这一转变反映了在应对不断变化的人工智能技术及其相关风险时，锁定利润的战略举措</p>

<p>Data is Wall Street's currency, and there's an abundance of it to go around. Between earnings season -- the six-week stretch each quarter where most <strong>S&amp;P 500</strong> companies report their operating results -- and economic data releases, there's an almost overwhelming amount of information for investors to absorb. Occasionally, something important can fall through the cracks.</p>
<div class="lb-trans"><p>数据是华尔街的货币，而这种数据的数量非常丰富。在每个季度的收益季节——大多数 <strong>S&amp;P 500</strong> 公司报告其运营结果的六周时间段——以及经济数据发布之间，投资者需要吸收的信息几乎是压倒性的。有时，一些重要的信息可能会被忽视。</p>
</div><p>For example, May 15 marked the deadline for institutional investors overseeing at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission -- and you might have missed it.</p>
<div class="lb-trans"><p>例如，5 月 15 日是管理至少 1 亿美元资产的机构投资者向证券交易委员会提交 13F 表格的截止日期——你可能错过了这一点。</p>
</div><p>This filing, which is due no later than 45 calendar days following the end to a quarter, details which stocks, exchange-traded funds (ETFs), and (select) stock options Wall Street's brightest money managers purchased and sold in the latest quarter. It can offer big-time clues as to which influential stocks are garnering interest or falling out of favor.</p>
<div class="lb-trans"><p>这一提交的截止日期为季度结束后不超过 45 个日历天，详细列出了华尔街最聪明的资金经理在最新季度购买和出售的股票、交易所交易基金（ETFs）和（选择的）股票期权。这可以提供关于哪些有影响力的股票正在受到关注或失宠的重要线索。</p>
</div><p>While <strong>Berkshire Hathaway</strong>'s Warren Buffett is the stock market's most-followed money manager, he's far from the only billionaire investor known to move markets.</p>
<div class="lb-trans"><p>虽然 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特是股市上最受关注的资金经理，但他并不是唯一一个能够影响市场的亿万富翁投资者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820160%2Fmoney-manager-stock-chart-market-level-2-data-invest-getty.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><p>For instance, Duquesne Family Office's Stanley Druckenmiller and Lone Pine Capital's Stephen Mandel have exemplary investment track records of their own, along with billions of dollars in assets under management.</p>
<div class="lb-trans"><p>例如，杜克斯尼家族办公室的斯坦利·德鲁肯米勒和孤松资本的斯蒂芬·曼德尔都有着出色的投资记录，以及数十亿美元的管理资产。</p>
</div><p>What's particularly noteworthy about the first-quarter 13Fs from Druckenmiller's and Mandel's respective funds has been their approach to the artificial intelligence (AI) revolution. Both billionaires have dumped the preeminent AI stock on Wall Street in favor of a company that's critical to enterprise AI data centers.</p>
<div class="lb-trans"><p>德鲁肯米勒和曼德尔各自基金的第一季度 13F 报告中，特别值得注意的是他们对人工智能（AI）革命的态度。这两位亿万富翁都抛弃了华尔街的主要 AI 股票，转而投资于一家对企业 AI 数据中心至关重要的公司。</p>
</div><h2>Billionaires Druckenmiller and Mandel have completely dumped their Nvidia stock</h2>
<div class="lb-trans"><h2>亿万富翁德鲁肯米勒和曼德尔完全抛弃了他们的英伟达股票</h2>
</div><p>With the analysts at PwC pegging the addressable market for artificial intelligence at $15.7 trillion by 2030, there's room for hundreds of businesses to get their piece of the pie. However, no company has been a more direct beneficiary of the evolution of AI than <strong>Nvidia</strong>(NVDA 1.69%). It's also the stock billionaires Stanley Druckenmiller and Stephen Mandel sent packing.</p>
<div class="lb-trans"><p>普华永道的分析师预计，到 2030 年，人工智能的可寻址市场将达到 15.7 万亿美元，这为数百家公司提供了分一杯羹的机会。然而，没有哪家公司比 <strong>英伟达</strong>（NVDA 1.69%）更直接地受益于 AI 的演变。这也是亿万富翁斯坦利·德鲁肯米勒和斯蒂芬·曼德尔抛售的股票。</p>
</div><p>Accounting for Nvidia's 10-for-1 forward split in June 2024, Duquesne Family Office held 9,500,750 shares in the June-ended quarter of 2023. Meanwhile, Lone Pine Capital possessed 6,416,490 shares of Nvidia, also at the end of June 2023.</p>
<div class="lb-trans"><p>考虑到英伟达在 2024 年 6 月进行的 10 比 1 的前分拆，杜克斯尼家族办公室在 2023 年 6 月结束的季度持有 9,500,750 股英伟达股票。同时，孤松资本在 2023 年 6 月底也持有 6,416,490 股英伟达股票。</p>
</div><p>But over the following 15 months for Druckenmiller and 12 months for Mandel, both billionaires would oversee the complete purge of their respective fund's Nvidia holdings.</p>
<div class="lb-trans"><p>但在接下来的 15 个月里，德鲁肯米勒和 12 个月里，曼德尔这两位亿万富翁将完全清空各自基金的英伟达持股。</p>
</div><p>While there's no denying that Nvidia's Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the preferred options in AI-accelerated data centers, and it's pretty clear that no other external competitors are particularly close to challenging Nvidia's hardware in terms of compute abilities, there are still viable reasons for Druckenmiller and Mandel to have cashed in their chips.</p>
<div class="lb-trans"><p>尽管不可否认英伟达的霍普（H100）图形处理单元（GPU）和布莱克威尔 GPU 架构是 AI 加速数据中心的首选选项，并且很明显没有其他外部竞争对手在计算能力上能与英伟达的硬件相抗衡，但德鲁肯米勒和曼德尔仍然有合理的理由兑现他们的筹码。</p>
</div><p>One obvious reason to sell is simple profit-taking. Nvidia stock skyrocketed from early 2023 into late 2024, which increased its valuation by more than $3 trillion. We've never witnessed a megacap business add $3 trillion in market cap so quickly before, which may have encouraged these two billionaires to lock in their gains.</p>
<div class="lb-trans"><p>一个明显的卖出理由就是简单的获利了结。英伟达的股票从 2023 年初飙升至 2024 年底，使其估值增加了超过 3 万亿美元。我们从未见过一家巨型企业如此迅速地增加 3 万亿美元的市值，这可能促使这两位亿万富翁锁定他们的收益。</p>
</div><p>But there might be more than just profit-taking behind this selling activity.</p>
<div class="lb-trans"><p>但这次卖出活动背后可能不仅仅是获利了结。</p>
</div><p>For instance, it's only logical to expect competitive pressures to mount in the hardware arena. Even though Hopper and Blackwell hold most of the AI-GPU market share in high-compute data centers, external competitors are ramping up production of existing chips and bringing more energy-efficient hardware to market.</p>
<div class="lb-trans"><p>例如，合理的预期是竞争压力将在硬件领域加大。尽管霍普和布莱克威尔在高计算数据中心中占据了大部分 AI-GPU 市场份额，但外部竞争对手正在加大现有芯片的生产，并推出更节能的硬件。</p>
</div><p>What's more, many of Nvidia's top customers by net sales are developing AI-GPUs and AI solutions of their own. Even though these chips aren't going to be as fast as the Hopper or Blackwell, they're expected to be considerably cheaper and they won't be backlogged like Nvidia's hardware. This is a direct threat to the AI-GPU scarcity that's afforded Nvidia superior pricing power for its GPUs.</p>
<div class="lb-trans"><p>更重要的是，许多英伟达的顶级客户正在开发自己的 AI-GPU 和 AI 解决方案。尽管这些芯片的速度可能不及霍普或布莱克威尔，但预计它们会便宜得多，并且不会像英伟达的硬件那样出现积压。这对英伟达因 AI-GPU 稀缺而获得的定价权构成了直接威胁。</p>
</div><p>History isn't exactly in Nvidia's corner, either. Despite AI supporting a lofty addressable market, every next-big-thing technology and innovation for more than three decades has endured an early stage bubble-bursting event. In short, investors have a historically strong tendency to overestimate how quickly a new innovation will gain utility and be adopted on a mainstream basis.</p>
<div class="lb-trans"><p>历史上，英伟达的处境也并不乐观。尽管 AI 支持着一个庞大的可寻址市场，但过去三十多年来，每一项下一个重大技术和创新都经历过早期泡沫破裂事件。简而言之，投资者历史上有强烈的倾向高估新创新获得实用性和被主流接受的速度。</p>
</div><p>With artificial intelligence likely needing time to mature as a technology, it's the most-direct beneficiary, Nvidia, which could feel the pain if a bubble forms and bursts.</p>
<div class="lb-trans"><p>随着人工智能可能需要时间来成熟，作为最直接受益者的英伟达，如果泡沫形成并破裂，可能会感受到痛苦。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820160%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-getty.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>This is the new AI apple of Druckenmiller's and Mandel's eye</h2>
<div class="lb-trans"><h2>这是德鲁肯米勒和曼德尔眼中的新 AI 宠儿</h2>
</div><p>While Duquesne's and Lone Pine's billionaire chiefs pared down the number of stocks they're holding amid a volatile first quarter, there's one artificial intelligence stock both have been buying -- and it plays a vital role in the expansion of AI-accelerated data centers.</p>
<div class="lb-trans"><p>尽管杜克斯尼和孤松的亿万富翁首席在动荡的第一季度减少了持有的股票数量，但他们都有在购买的一只人工智能股票——它在 AI 加速数据中心的扩展中扮演着至关重要的角色。</p>
</div><p>The new AI apple of Druckenmiller's and Mandel's eye is none other than leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.80%), which is more commonly known as &#34;TSMC.&#34; Duquesne more than quintupled its existing stake by adding 491,265 shares of TSMC during the March-ended quarter, while Lone Pine's 13F shows that 104,937 shares of TSMC were purchased in the first quarter of 2025.</p>
<div class="lb-trans"><p>德鲁肯米勒和曼德尔眼中的新 AI 宠儿正是领先的芯片制造公司 <strong>台湾半导体制造公司</strong>（TSM 0.80%），通常被称为 “台积电”。杜克斯尼在 2023 年 3 月结束的季度中通过增加 491,265 股台积电的股份，使其现有股份增加了五倍以上，而孤松资本的 13F 显示在 2025 年第一季度购买了 104,937 股台积电。</p>
</div><p>Most AI-GPU companies rely on Taiwan Semi's fabrication services, including industry leader Nvidia and key rival <strong>Advanced Micro Devices</strong>. TSMC is in the process of rapidly expanding its monthly chip-on-wafer-on-substrate (CoWoS) capacity from approximately 35,000 units in 2024 to an estimated 135,000 units monthly by 2026. CoWoS is a technology used to package high-bandwidth memory, which is necessary for high-compute data centers where software and systems are making split-second decisions.</p>
<div class="lb-trans"><p>大多数人工智能 GPU 公司依赖于台积电的制造服务，包括行业领导者英伟达和主要竞争对手 <strong>超微半导体</strong>。台积电正在快速扩大其每月的芯片 - 晶圆 - 基板（CoWoS）产能，从 2024 年的约 35,000 个单位预计到 2026 年达到 135,000 个单位。CoWoS 是一种用于封装高带宽内存的技术，这对于在高计算数据中心中进行瞬时决策的软件和系统是必需的。</p>
</div><p>With demand for AI-GPUs overwhelming their supply over the last two years, TSMC has enjoyed a significant backlog for its chip fabrication services and has seen more its net sales skew toward high-performance computing, which can yield higher margins for the company. On a year-over-year basis, TSMC's net sales from high-performance computing surged from 46% to 59%, as of the March-ended quarter.</p>
<div class="lb-trans"><p>由于过去两年对 AI-GPU 的需求超过了供应，台积电享有了其芯片制造服务的显著积压，并且其净销售额越来越多地倾向于高性能计算，这为公司带来了更高的利润率。截至 3 月底的季度，台积电来自高性能计算的净销售额同比激增，从 46% 上升至 59%。</p>
</div><p>Although the possible bursting of an AI bubble would be a concern for Taiwan Semiconductor Manufacturing, the company's order backlog and revenue diversification offers some semblance of protection.</p>
<div class="lb-trans"><p>尽管人工智能泡沫可能破裂对台湾半导体制造公司构成担忧，但公司的订单积压和收入多样化提供了一定程度的保护。</p>
</div><p>For instance, 28% of net sales in the first quarter derived from advanced chips used in smartphones. <strong>Apple</strong> prominently leans on TSMC for the chips used in the iPhone. The great thing about smartphones and wireless service access is they've both evolved into basic necessities for most Americans. Even though demand for smartphone chips isn't growing as quickly as it once did, the cash flow from this segment tends to be highly predictable for TSMC.</p>
<div class="lb-trans"><p>例如，第一季度 28% 的净销售额来自于用于智能手机的先进芯片。<strong>苹果</strong> 显著依赖台积电为 iPhone 提供芯片。智能手机和无线服务接入的一个好处是，它们都已演变为大多数美国人的基本需求。尽管智能手机芯片的需求增长速度不如以前那么快，但这一领域的现金流对台积电来说往往是高度可预测的。</p>
</div><p>Taiwan Semi has a long runway of opportunity in Internet of Things and automotive, as well. As homes and vehicles become more technology-dependent, companies like TSMC will be relied on to manufacture these advanced chips.</p>
<div class="lb-trans"><p>台积电在物联网和汽车领域也有广阔的机会。随着家庭和车辆对技术的依赖加深，像台积电这样的公司将被依赖于制造这些先进芯片。</p>
</div><p>Lastly, Druckenmiller and Mandel may have been encouraged by the dip in Taiwan Semiconductor's stock in the first quarter. Though TSMC stock isn't (currently) historically inexpensive, its shares did drop to a forward price-to-earnings ratio of nearly 15 during tail-end of the March quarter. This makes for an attractive multiple, when compared to Nvidia.</p>
<div class="lb-trans"><p>最后，德鲁肯米勒和曼德尔可能对台积电股票在第一季度的下跌感到鼓舞。尽管台积电的股票（目前）并不历史性便宜，但其股价在 3 月底的尾声时跌至接近 15 的前瞻市盈率。与英伟达相比，这使得其倍数具有吸引力。</p>
</div>

Billionaires Stanley Druckenmiller and Stephen Mandel Both Exited Their Stakes in Nvidia and Have Piled Into This Leading Artificial Intelligence (AI) Stock Instead

- 机构投资者需在季度结束后 45 天内提交 13F 表格，披露持股情况。  
- Druckenmiller 和 Mandel 完全抛售 Nvidia 股票，转向台积电。  
- 台积电在 AI 数据中心扩张中扮演关键角色，销售额持续增长。  

亿万富翁斯坦利·德鲁肯米勒和斯蒂芬·曼德尔已经退出了他们在英伟达的持股，并转而投资于这只领先的人工智能（AI）股票