<p>对于一些投资者来说，财报季是每个季度的巅峰。这六周的时间里，华尔街许多最具影响力的企业揭示其运营结果，为投资者提供了宝贵的信息。</p>
<p>然而，也可以提出同样有力的论点，即向证券交易委员会提交的 13F 表格的季度申报与财报季同样重要。13F 表格为投资者提供了一种方式，以查看华尔街顶级基金经理正在买入和卖出的股票。换句话说，这些申报让投资者了解了哪些股票、行业、部门和趋势引起了成功资产管理者的兴趣。</p>
<p>可以说，没有哪个趋势比人工智能（AI）的崛起更为火热。赋予软件和系统在没有人类干预的情况下做出瞬时决策的工具是一个数万亿美元的全球机会，这也解释了为什么 AI 股票飙升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>但并非所有华尔街的知名亿万富翁基金经理都在这场盛宴中。</p>
<p>根据 5 月中旬提交的 13F 表格，详细说明了第一季度的交易活动，Appaloosa 的亿万富翁首席执行官大卫·泰珀在过去一年里大量出售了三只炙手可热的 AI 股票——<strong>Nvidia</strong>（NVDA 0.66%）、<strong>Advanced Micro Devices</strong>（AMD -6.45%）和 <strong>Taiwan Semiconductor Manufacturing</strong>（TSM -0.52%），即台积电。然而，奇怪的是，泰珀却在大量增持另一只最近加入万亿市值俱乐部的 AI 股票。</p>
<h2>亿万富翁大卫·泰珀持续出售 Nvidia、AMD 和台积电的股票</h2>
<p>泰珀和他的团队通常相当活跃，定期增持或减少他们的现有股份。与其关注前一个三个月的变化，从年同比的角度审视 Appaloosa 超过 80 亿美元的投资组合，往往能获得更多的智慧。</p>
<p>在 2024 年 4 月 1 日至 2025 年 3 月 31 日期间，泰珀对三家 AI 革命顶尖公司的股份进行了显著减少或完全退出：</p>
<ul>
<li><strong>Nvidia</strong>：出售 4,120,000 股（减少 93%），已调整以考虑 Nvidia 在 2024 年 6 月的 10 比 1 股票拆分。</li>
<li><strong>Taiwan Semiconductor</strong>：出售 230,000 股（减少 46%）。</li>
<li><strong>Advanced Micro Devices</strong>：出售 1,630,000 股（完全退出）。</li>
</ul>
<p>这三家公司在 AI 领域各自都取得了成功。Nvidia 的图形处理单元（GPU）占据了 AI 加速数据中心中部署的 GPU 的大部分，而 AMD 的 Instinct 系列芯片也在逐渐增加市场份额。与此同时，台积电是全球领先的芯片制造公司，其晶圆级封装能力正在迅速扩展，以满足企业对 AI 基础设施日益增长的需求。</p>
<p>如果 Nvidia、AMD 和台积电一切顺利，那么必须问的问题是：为什么亿万富翁大卫·泰珀在 12 个月内出售了这些股票？</p>
<p>简单的获利了结是一个更为合理的答案。这三家公司在过去三年中其股价显著上涨，泰珀也表明他并不害怕锁定收益。令人担忧的是，这种持续的出售活动可能不仅仅是出于想要减持的愿望。</p>
<p>例如，自 1990 年代中期互联网普及以来，每一个下一个重大技术都经历了一个最终破裂的泡沫。简单来说，投资者不断高估颠覆性技术进步的采用率和/或效用。AI 作为一项技术的成熟需要时间，企业也需要时间来弄清楚如何优化其解决方案并产生正回报。这表明另一个泡沫可能正在酝酿。</p>
<p>而台积电是一家多元化公司，其净销售额中有相当大一部分来自为智能手机、物联网和汽车制造芯片，Nvidia 和 AMD 则越来越依赖企业 GPU 订单。如果 AI 泡沫形成并破裂，这两家公司将受到严重打击。</p>
<p>估值也可能在 Appaloosa 的亿万富翁首席执行官的决策中发挥了作用。历史上，行业领先的企业在下一个重大趋势的推动下，市盈率通常达到过去 12 个月销售额的 30 到 40 倍。截至目前，Nvidia 的市销率（P/S）为 31。</p>
<p>随着股市历史上也处于高位，泰珀可能认为 Nvidia、AMD 和台积电的基础比其各自的股价所暗示的要脆弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这只万亿市值的 AI 股票在泰珀的基金中逆势而上</h2>
<p>尽管亿万富翁大卫·泰珀在过去一年中无疑是人工智能股票的卖方，但根据 13F 申报，有一只万亿市值的 AI 股票却成功逆势而上。在截至 3 月的季度中，Appaloosa 增持了 130,000 股 <strong>Broadcom</strong>（AVGO 2.95%），这是全球仅有的 11 家曾达到 1 万亿美元估值的上市公司之一。</p>
<p>虽然 Nvidia 和 AMD 在 AI 加速数据中心中锁定了大部分 GPU 市场份额，但 Broadcom 是其一系列 AI 网络解决方案的首选。其产品能够连接数万台 AI-GPU，以最大化计算能力，并最小化尾延迟。简单来说，Broadcom 的硬件减少了延迟，从而促进了 AI 赋能软件和系统所需的瞬时决策。</p>
<p>博通也因其定制的人工智能芯片而声名鹊起。在 2024 年末公司第四季度的电话会议上，首席执行官霍克·谭表示，部分超大规模客户在 2027 财年（其财年在 10 月底或 11 月初结束）可能会花费 600 亿到 900 亿美元。只要人工智能仍然是一个热门趋势，博通预计将成为更具不可阻挡性的股票之一。</p>
<p>但阿帕卢萨的特普尔可能最欣赏博通的是，它不仅仅是一家人工智能驱动的公司。虽然人工智能无疑是博通目前最重要的增长驱动力，但它还有许多其他渠道可以产生销售和积极的运营现金流。</p>
<p>在人工智能成为华尔街最热门的事物之前，博通因其在开发下一代智能手机中使用的无线芯片和配件方面的主导作用而闻名。尽管智能手机的增长故事不再像十年前那样辉煌，但全球 5G 服务的持续扩展为博通提供了适度的增长机会。</p>
<p>此外，博通还提供工业产品线和汽车的各种解决方案，并拥有企业网络安全解决方案部门。关键在于，如果人工智能泡沫破裂，博通很可能比硬件巨头英伟达和 AMD 更能应对即将到来的风暴。</p>
<p>最后，特普尔可能发现博通的估值比英伟达等公司的更具吸引力。截至 8 月 5 日，博通的估值为未来一年收益的 35 倍，但似乎具备 20% 或更高的可持续年增长率。</p>

博通

<p>亿万富翁大卫·泰珀（David Tepper）在过去一年中显著减少了他在英伟达（Nvidia）、超微半导体（AMD）和台积电（TSMC）的持股，分别出售了 93%、46% 并完全退出了这些头寸。这一举动发生在人工智能市场蓬勃发展的背景下，引发了关于潜在获利了结或对可能的人工智能泡沫的担忧。尽管出售了这些股票，泰珀却增加了对博通（Broadcom）的投资，这是一家市值万亿美元的人工智能股票，表明他在人工智能领域的战略发生了转变</p>

<p>For some investors, earnings season is the pinnacle of each quarter. This six-week period, where many of Wall Street's most influential businesses lift the hood on their operating results, provides investors with invaluable information.</p>
<div class="lb-trans"><p>对于一些投资者来说，财报季是每个季度的巅峰。这六周的时间里，华尔街许多最具影响力的企业揭示其运营结果，为投资者提供了宝贵的信息。</p>
</div><p>However, an equally strong argument can be made that the quarterly filing of Form 13Fs with the Securities and Exchange Commission is just as important as earnings season. A 13F offers investors a way to see which stocks Wall Street's top money managers have been buying and selling. In other words, these filings clue investors in to the stocks, industries, sectors, and trends that have piqued the interest of highly successful asset managers.</p>
<div class="lb-trans"><p>然而，也可以提出同样有力的论点，即向证券交易委员会提交的 13F 表格的季度申报与财报季同样重要。13F 表格为投资者提供了一种方式，以查看华尔街顶级基金经理正在买入和卖出的股票。换句话说，这些申报让投资者了解了哪些股票、行业、部门和趋势引起了成功资产管理者的兴趣。</p>
</div><p>Arguably no trend has been hotter than the rise of artificial intelligence (AI). Empowering software and systems with the tools to make split-second decisions without human intervention is a multitrillion-dollar global opportunity, which explains why AI stocks have soared.</p>
<div class="lb-trans"><p>可以说，没有哪个趋势比人工智能（AI）的崛起更为火热。赋予软件和系统在没有人类干预的情况下做出瞬时决策的工具是一个数万亿美元的全球机会，这也解释了为什么 AI 股票飙升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828216%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>But not all of Wall Street's prominent billionaire fund managers are along for the ride.</p>
<div class="lb-trans"><p>但并非所有华尔街的知名亿万富翁基金经理都在这场盛宴中。</p>
</div><p>Based on 13Fs filed in mid-May that detail first-quarter trading activity, Appaloosa's billionaire chief David Tepper has been a big-time seller of three red-hot AI stocks -- <strong>Nvidia</strong>(NVDA 0.66%), <strong>Advanced Micro Devices</strong>(AMD -6.45%), and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -0.52%), or TSMC -- over the previous year. Curiously, though, Tepper has been loading up on another AI stock that somewhat recently joined the exclusive trillion-dollar club.</p>
<div class="lb-trans"><p>根据 5 月中旬提交的 13F 表格，详细说明了第一季度的交易活动，Appaloosa 的亿万富翁首席执行官大卫·泰珀在过去一年里大量出售了三只炙手可热的 AI 股票——<strong>Nvidia</strong>（NVDA 0.66%）、<strong>Advanced Micro Devices</strong>（AMD -6.45%）和 <strong>Taiwan Semiconductor Manufacturing</strong>（TSM -0.52%），即台积电。然而，奇怪的是，泰珀却在大量增持另一只最近加入万亿市值俱乐部的 AI 股票。</p>
</div><h2>Billionaire David Tepper has been a persistent seller of Nvidia, AMD, and TSMC stock</h2>
<div class="lb-trans"><h2>亿万富翁大卫·泰珀持续出售 Nvidia、AMD 和台积电的股票</h2>
</div><p>Tepper and his team tend to be fairly active and are regularly building up or reducing their existing stakes. Rather than looking at changes from the prior three-month period, more wisdom can often be gained by examining year-over-year changes to Appaloosa's more than $8 billion dollar investment portfolio.</p>
<div class="lb-trans"><p>泰珀和他的团队通常相当活跃，定期增持或减少他们的现有股份。与其关注前一个三个月的变化，从年同比的角度审视 Appaloosa 超过 80 亿美元的投资组合，往往能获得更多的智慧。</p>
</div><p>Between April 1, 2024, and March 31, 2025, Tepper oversaw a significant reduction in, or the complete exit from, three of the AI revolution's top companies:</p>
<div class="lb-trans"><p>在 2024 年 4 月 1 日至 2025 年 3 月 31 日期间，泰珀对三家 AI 革命顶尖公司的股份进行了显著减少或完全退出：</p>
</div><ul>
<li><strong>Nvidia</strong>: 4,120,000 shares sold (93% reduction), which has been adjusted to account for Nvidia's 10-for-1 stock split in June 2024.</li>
<li><strong>Taiwan Semiconductor</strong>: 230,000 shares sold (46% reduction).</li>
<li><strong>Advanced Micro Devices</strong>: 1,630,000 shares sold (completely exited position).</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Nvidia</strong>：出售 4,120,000 股（减少 93%），已调整以考虑 Nvidia 在 2024 年 6 月的 10 比 1 股票拆分。</li>
<li><strong>Taiwan Semiconductor</strong>：出售 230,000 股（减少 46%）。</li>
<li><strong>Advanced Micro Devices</strong>：出售 1,630,000 股（完全退出）。</li>
</ul>
</div><p>All three of these companies have been successful in their own right within the AI arena. Nvidia's graphics processing units (GPUs) account for the bulk of GPUs deployed in AI-accelerated data centers, while AMD's Instinct series chips are slowly adding market share. Meanwhile, TSMC is the world's leading chip-fabrication company, with its chip-on-wafer-on-substrate capacity rapidly expanding to satiate growing enterprise demand for AI infrastructure.</p>
<div class="lb-trans"><p>这三家公司在 AI 领域各自都取得了成功。Nvidia 的图形处理单元（GPU）占据了 AI 加速数据中心中部署的 GPU 的大部分，而 AMD 的 Instinct 系列芯片也在逐渐增加市场份额。与此同时，台积电是全球领先的芯片制造公司，其晶圆级封装能力正在迅速扩展，以满足企业对 AI 基础设施日益增长的需求。</p>
</div><p>If everything is going to well for Nvidia, AMD, and TSMC, the question that has to be asked is: Why did billionaire David Tepper sell over a 12-month period?</p>
<div class="lb-trans"><p>如果 Nvidia、AMD 和台积电一切顺利，那么必须问的问题是：为什么亿万富翁大卫·泰珀在 12 个月内出售了这些股票？</p>
</div><p>Simple profit-taking is one of the more logical answers. All three companies have seen their shares appreciate noticeably over the trailing-three-year period, and Tepper has demonstrated he's not shy about locking in gains. What's worrisome is there may be more to this persistent selling activity than just a desire to take some chips off the table.</p>
<div class="lb-trans"><p>简单的获利了结是一个更为合理的答案。这三家公司在过去三年中其股价显著上涨，泰珀也表明他并不害怕锁定收益。令人担忧的是，这种持续的出售活动可能不仅仅是出于想要减持的愿望。</p>
</div><p>For example, every next-big-thing technology since (and including) the proliferation of the internet in the mid-1990s has navigated its way through a bubble that eventually burst. In plainer English, investors continually overestimate the adoption rates and/or utility of game-changing technological advances. It's going to take time for AI to mature as a technology and for businesses to figure out how to optimize their solutions and generate a positive return on their investments. This suggests another bubble may be brewing.</p>
<div class="lb-trans"><p>例如，自 1990 年代中期互联网普及以来，每一个下一个重大技术都经历了一个最终破裂的泡沫。简单来说，投资者不断高估颠覆性技术进步的采用率和/或效用。AI 作为一项技术的成熟需要时间，企业也需要时间来弄清楚如何优化其解决方案并产生正回报。这表明另一个泡沫可能正在酝酿。</p>
</div><p>Whereas Taiwan Semiconductor is a diversified company that generates a meaningful percentage of its net sales from fabricating chips for smartphones, Internet of Things, and automotive, Nvidia and AMD are increasingly reliant on enterprise GPU orders. If an AI bubble were to form and burst, these two companies would be hit hard.</p>
<div class="lb-trans"><p>而台积电是一家多元化公司，其净销售额中有相当大一部分来自为智能手机、物联网和汽车制造芯片，Nvidia 和 AMD 则越来越依赖企业 GPU 订单。如果 AI 泡沫形成并破裂，这两家公司将受到严重打击。</p>
</div><p>Valuation may have also come into play for Appaloosa's billionaire chief. Historically, industry-leading businesses thriving on the heels of a next-big-thing trend have topped out at 30 to 40 times trailing-12-month sales. Nvidia's price-to-sales (P/S) ratio is 31, as of this writing.</p>
<div class="lb-trans"><p>估值也可能在 Appaloosa 的亿万富翁首席执行官的决策中发挥了作用。历史上，行业领先的企业在下一个重大趋势的推动下，市盈率通常达到过去 12 个月销售额的 30 到 40 倍。截至目前，Nvidia 的市销率（P/S）为 31。</p>
</div><p>With the stock market also historically pricey, Tepper may view Nvidia, AMD, and TSMC as being on shakier ground than their respective share prices would indicate.</p>
<div class="lb-trans"><p>随着股市历史上也处于高位，泰珀可能认为 Nvidia、AMD 和台积电的基础比其各自的股价所暗示的要脆弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828216%2Fdata-center-engineer-gpu-artificial-intelligence-ai-cloud-server-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 trillion-dollar AI stock is bucking the trend in Tepper's fund</h2>
<div class="lb-trans"><h2>这只万亿市值的 AI 股票在泰珀的基金中逆势而上</h2>
</div><p>Whereas billionaire David Tepper has been an undeniable seller of artificial intelligence stocks over the trailing year, based on 13F filings, there's one trillion-dollar AI stock that's managed to buck the trend. During the March-ended quarter, Appaloosa gobbled up 130,000 shares of <strong>Broadcom</strong>(AVGO 2.95%), which is one of only 11 public companies around the world to have ever reached a $1 trillion valuation.</p>
<div class="lb-trans"><p>尽管亿万富翁大卫·泰珀在过去一年中无疑是人工智能股票的卖方，但根据 13F 申报，有一只万亿市值的 AI 股票却成功逆势而上。在截至 3 月的季度中，Appaloosa 增持了 130,000 股 <strong>Broadcom</strong>（AVGO 2.95%），这是全球仅有的 11 家曾达到 1 万亿美元估值的上市公司之一。</p>
</div><p>While Nvidia and AMD have locked down the lion's share of GPU market share in AI-accelerated data centers, Broadcom is the preferred choice for its host of AI networking solutions. Its products are capable of connecting tens of thousands of AI-GPUs in order to maximize compute capacity, as well as minimize tail latency. Put simply, Broadcom's hardware reduces lag, which facilitates the split-second decisions that need to be made by AI-empowered software and systems.</p>
<div class="lb-trans"><p>虽然 Nvidia 和 AMD 在 AI 加速数据中心中锁定了大部分 GPU 市场份额，但 Broadcom 是其一系列 AI 网络解决方案的首选。其产品能够连接数万台 AI-GPU，以最大化计算能力，并最小化尾延迟。简单来说，Broadcom 的硬件减少了延迟，从而促进了 AI 赋能软件和系统所需的瞬时决策。</p>
</div><p>Broadcom is also making a name for itself thanks to its custom AI chips. During the company's fourth-quarter conference call in late 2024, CEO Hock Tan opined that a few of its hyperscaler clients could spend anywhere from $60 billion to $90 billion in fiscal 2027 (its fiscal year ends in late October or early November). As long as AI remains a hot trend, Broadcom is expected to be one of the more unstoppable stocks.</p>
<div class="lb-trans"><p>博通也因其定制的人工智能芯片而声名鹊起。在 2024 年末公司第四季度的电话会议上，首席执行官霍克·谭表示，部分超大规模客户在 2027 财年（其财年在 10 月底或 11 月初结束）可能会花费 600 亿到 900 亿美元。只要人工智能仍然是一个热门趋势，博通预计将成为更具不可阻挡性的股票之一。</p>
</div><p>But what Appaloosa's Tepper might appreciate most about Broadcom is that it's much more than just an AI-driven company. While AI is, unquestionably, Broadcom's most meaningful growth driver at the moment, it has plenty of other channels that generate sales and positive operating cash flow.</p>
<div class="lb-trans"><p>但阿帕卢萨的特普尔可能最欣赏博通的是，它不仅仅是一家人工智能驱动的公司。虽然人工智能无疑是博通目前最重要的增长驱动力，但它还有许多其他渠道可以产生销售和积极的运营现金流。</p>
</div><p>Before AI became the hottest thing on Wall Street, Broadcom was known for its lead role in developing wireless chips and accessories used in next-generation smartphones. Even though smartphones aren't the growth story they were a decade ago, the ongoing expansion of 5G service globally provides a modest growth opportunity for Broadcom.</p>
<div class="lb-trans"><p>在人工智能成为华尔街最热门的事物之前，博通因其在开发下一代智能手机中使用的无线芯片和配件方面的主导作用而闻名。尽管智能手机的增长故事不再像十年前那样辉煌，但全球 5G 服务的持续扩展为博通提供了适度的增长机会。</p>
</div><p>In addition, it offers an assortment of solutions for industrial product lines and automobiles, as well as owns an enterprise cybersecurity solutions division. The point being that if the AI bubble were to burst, Broadcom would, in all likelihood, be in better shape to navigate the coming storm than hardware giants Nvidia and AMD.</p>
<div class="lb-trans"><p>此外，博通还提供工业产品线和汽车的各种解决方案，并拥有企业网络安全解决方案部门。关键在于，如果人工智能泡沫破裂，博通很可能比硬件巨头英伟达和 AMD 更能应对即将到来的风暴。</p>
</div><p>Lastly, Tepper may have found Broadcom's valuation more palatable than the likes of Nvidia. As of this writing on Aug. 5, Broadcom is valued at 35 times forward-year earnings, but appears to be sporting a sustainable annual growth rate of 20% or greater.</p>
<div class="lb-trans"><p>最后，特普尔可能发现博通的估值比英伟达等公司的更具吸引力。截至 8 月 5 日，博通的估值为未来一年收益的 35 倍，但似乎具备 20% 或更高的可持续年增长率。</p>
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Billionaire David Tepper Is Selling Nvidia, AMD, and TSMC, and Loading Up On Shares of This Trillion-Dollar Artificial Intelligence (AI) Stock Instead

- 投资者关注的财报季与 13F 表格同样重要。  
- 大卫·泰珀在过去一年中大量抛售 Nvidia、AMD 和 TSMC 股票。  
- 泰珀增持了 Broadcom，认为其在 AI 领域具备更强的抗风险能力。

亿万富翁大卫·泰珀正在出售英伟达、AMD 和台积电的股票，并转而增持这只市值万亿美元的人工智能股票