<p>投资者可能没有意识到，但今天（8 月 14 日）是整个季度中最重要的日子之一。虽然财报季对于帮助投资者了解美国领先企业的运营健康至关重要，但今天到期的 13F 表格申报同样不可或缺。</p>
<p>13F 是一个强制性申报，必须在季度结束后不超过 45 个日历天内提交，适用于管理资产至少为 1 亿美元的机构投资者。它允许投资者追踪华尔街最聪明的资金经理在最新季度（在此情况下为 6 月结束的季度）购买和出售了哪些股票，以及识别成功基金经理关注的趋势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管沃伦·巴菲特是股市上最受关注的亿万富翁投资者，但他并不是唯一以超额投资回报而闻名的亿万富翁。例如，Coatue Management 的菲利普·拉丰特（Philippe Laffont）是一位在人工智能（AI）革命中大举投资的投资者，以发现隐藏在明面上的绝佳交易而闻名。</p>
<p>拉丰特对 AI 演变的看法尤其有趣。具体来说，他在面对 AI 运动时，已经连续八个季度削减了其基金在 <strong>Nvidia</strong>（NVDA -0.83%）的持股，并且在疯狂购买另一只历史上便宜的 AI 股票。</p>
<h2>Coatue Management 的亿万富翁首席已出售其基金 83% 的 Nvidia 持股</h2>
<p>虽然一些亿万富翁资金经理在许多季度前就告别了 AI 图形处理单元（GPU）巨头 Nvidia，但 Coatue Management 的亿万富翁老板在过去两年中以某种程度的一致性削减了其基金的持股。考虑到 Nvidia 在 2024 年 6 月的历史性 10 比 1 股票拆分，拉丰特已监督其基金在这一 AI 巨头中的持股减少了 83%：</p>
<ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
<p>截至 3 月底，Coatue 的前 20 大持股平均持有时间约为 21 个月，这表明拉丰特及其顶级顾问在有机会时并不害怕锁定收益。自 2023 年初以来，Nvidia 的股价飙升超过十二倍，给 Coatue 最优秀的投资者提供了充足的理由兑现收益。</p>
<p>菲利普·拉丰特在八个季度内持续出售的担忧在于，他的心中可能不仅仅是获利了结。</p>
<p>例如，尽管 AI 的可寻址机会极为广阔，但历史先例表明，过去三十年的每一个下一个大趋势在扩张初期都经历过泡沫破裂事件。投资者往往会过度炒作新技术的实用性和早期采用率，最终导致这些高期望未能实现。没有哪家公司比 Nvidia 更直接受益于 AI 的演变，这表明如果 AI 泡沫破裂，它可能会受到最严重的打击。</p>
<p>菲利普·拉丰特的另一个可能考虑因素是 AI-GPU 领域日益增长的竞争。毫无疑问，Nvidia 的 Hopper（H100）和 Blackwell GPU 在计算能力方面处于顶尖地位。但这并不意味着 Hopper 和 Blackwell 在未来几个季度和几年中不会面临逆风。</p>
<p>具体来说，内部竞争可能会成为 Nvidia 的一个障碍。许多按净销售额计算的主要客户正在为其数据中心开发 AI-GPU 和解决方案。尽管这些芯片的速度不及 Nvidia 的，并且没有外部竞争威胁，但它们价格相对便宜，更易于获取，并且能够占用宝贵的数据中心空间。简而言之，这些芯片可能会削弱 Nvidia 的定价权和毛利率。</p>
<p>Nvidia 的估值也令人担忧。历史上，巨型公司在市销率（P/S）大约为 30 到 40 时达到顶峰。截至 8 月 11 日收盘，Nvidia 的市销率超过 30。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亿万富翁菲利普·拉丰特无法停止购买这只现金充裕的 AI 股票</h2>
<p>在另一端，有一只历史上便宜且现金充裕的人工智能股票，Coatue Management 的亿万富翁首席无法停止购买。我说的是总部位于中国的 <strong>阿里巴巴集团</strong>（BABA 3.73%）。</p>
<p>当 2024 年结束时，阿里巴巴在 Coatue 的投资组合中是一个相对被遗忘的持股，仅持有 192,728 股。但在第一季度，拉丰特几乎将这一持股扩大了 20 倍，达到了 3,801,703 股，基于提交的 13F。</p>
<p>虽然阿里巴巴的增长雄心在很大程度上依赖于 AI，但这并不是公司负责大部分现金流的基础运营部门。阿里巴巴通过其在中国的电子商务业务扎根。</p>
<p>尽管美国的在线零售销售已经成熟，但在全球第二大经济体中，蓬勃发展的中产阶级可以在可预见的未来产生高强度的电子商务销售增长。根据 DBS Treasures 的分析，淘宝和天猫合计占中国电子商务市场的 41% 份额。这些平台应该能够继续产生丰厚的现金流，阿里巴巴可以将其重新投入到更快增长和/或更高利润率的项目中。</p>
<p>然而，电子商务并不是阿里巴巴集团唯一领先的领域。根据科技分析公司 Canalys 的估计，阿里云在 2025 财年第一季度占据了中国大陆云基础设施服务支出 33% 的市场份额，几乎是排名第二的华为云 18% 份额的两倍。</p>
<p>阿里巴巴正在积极将生成式人工智能解决方案整合到其云平台中，并为客户提供构建和训练大型语言模型所需的工具。预计这些人工智能解决方案将提升阿里云的需求（和利润率）。</p>
<p>吸引拉丰特关注阿里巴巴的另一个原因可能是公司的资本回报计划。到 2025 财年结束时（截至 3 月 31 日），阿里巴巴拥有 516 亿美元的现金、现金等价物和短期投资，以及 74 亿美元的股权证券和 60 亿美元的限制性现金。结合阿里巴巴众多运营部门产生的现金流，足够的资本可用于股票回购和分红。</p>
<p>阿里巴巴集团股票的一个显著优势是，其历史估值相对便宜，预计市盈率为 11 倍。这一估值略低于过去五年平均的前瞻市盈率，并在历史上高估的股市中显得尤为突出。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>亿万富翁菲利普·拉丰特（Philippe Laffont）连续八个季度出售英伟达（Nvidia）的股票，减少了 83% 的持股比例。这一趋势引发了对潜在获利了结和人工智能泡沫破裂风险的担忧。与此同时，拉丰特显著增加了对阿里巴巴（Alibaba）的投资，这是一只历史上被低估的人工智能股票，将其持股从 192,728 股提升至 3,801,703 股。这一转变反映了拉丰特在不断变化的人工智能领域和 GPU 市场竞争中进行战略调整的决策</p>

<p>Investors may not realize it, but today (Aug. 14) is one of the most important days of the entire quarter. While earnings season is critical in helping investors learn about the operating health of America's leading businesses, Form 13F filings, which are due today, are equally invaluable.</p>
<div class="lb-trans"><p>投资者可能没有意识到，但今天（8 月 14 日）是整个季度中最重要的日子之一。虽然财报季对于帮助投资者了解美国领先企业的运营健康至关重要，但今天到期的 13F 表格申报同样不可或缺。</p>
</div><p>A 13F is a required filing due no later than 45 calendar days following the end to a quarter for institutional investors with at least $100 million in assets under management. It allows investors to track which stocks Wall Street's smartest money managers purchased and sold in the latest quarter (in this instance, the June-ended quarter), as well as identify which trends have the attention of successful fund managers.</p>
<div class="lb-trans"><p>13F 是一个强制性申报，必须在季度结束后不超过 45 个日历天内提交，适用于管理资产至少为 1 亿美元的机构投资者。它允许投资者追踪华尔街最聪明的资金经理在最新季度（在此情况下为 6 月结束的季度）购买和出售了哪些股票，以及识别成功基金经理关注的趋势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828901%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-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>Although Warren Buffett is the stock market's most followed billionaire investor, he's far from the only billionaire known for their outsized investment returns. For instance, Coatue Management's Philippe Laffont, who's been a big investor of the artificial intelligence (AI) revolution, is known for spotting phenomenal deals hiding in plain sight.</p>
<div class="lb-trans"><p>尽管沃伦·巴菲特是股市上最受关注的亿万富翁投资者，但他并不是唯一以超额投资回报而闻名的亿万富翁。例如，Coatue Management 的菲利普·拉丰特（Philippe Laffont）是一位在人工智能（AI）革命中大举投资的投资者，以发现隐藏在明面上的绝佳交易而闻名。</p>
</div><p>Laffont's approach to the evolution of AI has been particularly interesting. Specifically, he's pared down his fund's stake in the face of the AI movement, <strong>Nvidia</strong>(NVDA -0.83%), for eight straight quarters, and has been buying shares of another historically cheap AI stock hand over fist.</p>
<div class="lb-trans"><p>拉丰特对 AI 演变的看法尤其有趣。具体来说，他在面对 AI 运动时，已经连续八个季度削减了其基金在 <strong>Nvidia</strong>（NVDA -0.83%）的持股，并且在疯狂购买另一只历史上便宜的 AI 股票。</p>
</div><h2>Coatue Management's billionaire chief has sold 83% of his fund's Nvidia stake</h2>
<div class="lb-trans"><h2>Coatue Management 的亿万富翁首席已出售其基金 83% 的 Nvidia 持股</h2>
</div><p>While some billionaire money managers bid adieu to AI-graphics processing unit (GPU) colossus Nvidia many quarters ago, Coatue Management billionaire boss has been paring down his fund's stake with some degree of consistency for two full years. Accounting for Nvidia's historic 10-for-1 stock split in June 2024, Laffont has overseen an 83% reduction in his fund's position in this AI powerhouse:</p>
<div class="lb-trans"><p>虽然一些亿万富翁资金经理在许多季度前就告别了 AI 图形处理单元（GPU）巨头 Nvidia，但 Coatue Management 的亿万富翁老板在过去两年中以某种程度的一致性削减了其基金的持股。考虑到 Nvidia 在 2024 年 6 月的历史性 10 比 1 股票拆分，拉丰特已监督其基金在这一 AI 巨头中的持股减少了 83%：</p>
</div><ul>
<li><strong>Q1 2023</strong>: 49,802,020 shares of Nvidia</li>
<li><strong>Q2 2023</strong>: 46,449,700 shares</li>
<li><strong>Q3 2023</strong>: 45,410,400 shares</li>
<li><strong>Q4 2023</strong>: 43,222,010 shares</li>
<li><strong>Q1 2024</strong>: 13,851,410 shares</li>
<li><strong>Q2 2024</strong>: 13,754,447 shares</li>
<li><strong>Q3 2024</strong>: 10,138,161 shares</li>
<li><strong>Q4 2024</strong>: 10,006,488 shares</li>
<li><strong>Q1 2025</strong>: 8,545,835 shares</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
</div><p>With Coatue's average top-20 position held for roughly 21 months, as of the end of March, it demonstrates that Laffont and his top advisors aren't shy about locking in gains when presented with the opportunity. Nvidia shares catapulting more than twelvefold since the start of 2023 has given Coatue's brightest investor plenty of reason to cash in his chips.</p>
<div class="lb-trans"><p>截至 3 月底，Coatue 的前 20 大持股平均持有时间约为 21 个月，这表明拉丰特及其顶级顾问在有机会时并不害怕锁定收益。自 2023 年初以来，Nvidia 的股价飙升超过十二倍，给 Coatue 最优秀的投资者提供了充足的理由兑现收益。</p>
</div><p>The concern with Philippe Laffont's persistent selling spanning eight quarters is there may be more than profit-taking on his mind.</p>
<div class="lb-trans"><p>菲利普·拉丰特在八个季度内持续出售的担忧在于，他的心中可能不仅仅是获利了结。</p>
</div><p>For instance, while the addressable opportunity for AI is sky-high, historical precedent shows that every next-big-thing trend for three decades has endured a bubble-bursting event early in its expansion. Investors have a tendency to overhype the utility and early stage adoption rates of new technologies, which eventually leads to these lofty expectations not being met. No company has been a more direct beneficiary of the evolution of AI than Nvidia, which suggests it would potentially be the hardest hit if the AI bubble were to burst.</p>
<div class="lb-trans"><p>例如，尽管 AI 的可寻址机会极为广阔，但历史先例表明，过去三十年的每一个下一个大趋势在扩张初期都经历过泡沫破裂事件。投资者往往会过度炒作新技术的实用性和早期采用率，最终导致这些高期望未能实现。没有哪家公司比 Nvidia 更直接受益于 AI 的演变，这表明如果 AI 泡沫破裂，它可能会受到最严重的打击。</p>
</div><p>Another possible consideration for Philippe Laffont is growing competition in the AI-GPU space. Make no mistake about it, Nvidia's Hopper (H100) and Blackwell GPUs are at the top of the pedestal, in terms of compute ability. But this doesn't mean Hopper and Blackwell won't endure headwinds in the coming quarters and years.</p>
<div class="lb-trans"><p>菲利普·拉丰特的另一个可能考虑因素是 AI-GPU 领域日益增长的竞争。毫无疑问，Nvidia 的 Hopper（H100）和 Blackwell GPU 在计算能力方面处于顶尖地位。但这并不意味着 Hopper 和 Blackwell 在未来几个季度和几年中不会面临逆风。</p>
</div><p>Specifically, internal competition could prove to be a thorn in Nvidia's side. Many of its leading customers by net sales are developing AI-GPUs and solutions for their data centers. Even though these chips are slower than Nvidia's and they pose no external competitive threat, they're considerably cheaper, more readily accessible, and capable of taking up valuable data-center real estate. In short, these chips could crush Nvidia's pristine pricing power and gross margin.</p>
<div class="lb-trans"><p>具体来说，内部竞争可能会成为 Nvidia 的一个障碍。许多按净销售额计算的主要客户正在为其数据中心开发 AI-GPU 和解决方案。尽管这些芯片的速度不及 Nvidia 的，并且没有外部竞争威胁，但它们价格相对便宜，更易于获取，并且能够占用宝贵的数据中心空间。简而言之，这些芯片可能会削弱 Nvidia 的定价权和毛利率。</p>
</div><p>Nvidia's valuation is worrisome, as well. Historically, megacap companies have peaked with price-to-sales (P/S) ratios of roughly 30 to 40. Nvidia is tipping the scales at a P/S ratio of more than 30, as of the closing bell on Aug. 11.</p>
<div class="lb-trans"><p>Nvidia 的估值也令人担忧。历史上，巨型公司在市销率（P/S）大约为 30 到 40 时达到顶峰。截至 8 月 11 日收盘，Nvidia 的市销率超过 30。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828901%2Fdata-center-employees-artificial-intelligence-network-switch-cloud-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>Billionaire Philippe Laffont can't stop buying this cash-rich AI stock</h2>
<div class="lb-trans"><h2>亿万富翁菲利普·拉丰特无法停止购买这只现金充裕的 AI 股票</h2>
</div><p>On the other end of the spectrum is a historically cheap and cash-rich artificial intelligence stock that Coatue Management's billionaire chief can't stop buying. I'm talking about China-based <strong>Alibaba Group</strong>(BABA 3.73%).</p>
<div class="lb-trans"><p>在另一端，有一只历史上便宜且现金充裕的人工智能股票，Coatue Management 的亿万富翁首席无法停止购买。我说的是总部位于中国的 <strong>阿里巴巴集团</strong>（BABA 3.73%）。</p>
</div><p>When 2024 came to a close, Alibaba was a relatively forgettable holding in Coatue's portfolio, with just 192,728 shares held. But during the first quarter, Laffont came close to 20Xing this stake to 3,801,703 shares, based on the filed 13F.</p>
<div class="lb-trans"><p>当 2024 年结束时，阿里巴巴在 Coatue 的投资组合中是一个相对被遗忘的持股，仅持有 192,728 股。但在第一季度，拉丰特几乎将这一持股扩大了 20 倍，达到了 3,801,703 股，基于提交的 13F。</p>
</div><p>While Alibaba's growth ambitions very much rely on AI, this isn't the company's foundational operating segment responsible for most of its cash flow. Alibaba laid its roots through its e-commerce operations in China.</p>
<div class="lb-trans"><p>虽然阿里巴巴的增长雄心在很大程度上依赖于 AI，但这并不是公司负责大部分现金流的基础运营部门。阿里巴巴通过其在中国的电子商务业务扎根。</p>
</div><p>Whereas online retail sales have matured in the U.S., a burgeoning middle class in the world's No. 2 economy by gross domestic product can generate high-octane e-commerce sales growth for the foreseeable future. Based on an analysis from DBS Treasures, Taobao and Tmall combine to account for a 41% share of China's e-commerce space. These platforms should have little issue continuing to generate bountiful cash flow that Alibaba can redirect to faster-growing and/or higher-margin initiatives.</p>
<div class="lb-trans"><p>尽管美国的在线零售销售已经成熟，但在全球第二大经济体中，蓬勃发展的中产阶级可以在可预见的未来产生高强度的电子商务销售增长。根据 DBS Treasures 的分析，淘宝和天猫合计占中国电子商务市场的 41% 份额。这些平台应该能够继续产生丰厚的现金流，阿里巴巴可以将其重新投入到更快增长和/或更高利润率的项目中。</p>
</div><p>However, e-commerce isn't the only arena that Alibaba Group is leading. According to estimates from tech analysis firm Canalys, Alibaba Cloud reined in 33% of Mainland China's cloud infrastructure service spending during the first quarter, which was nearly double the 18% share Huawei Cloud earned as the No. 2 cloud infrastructure services provider.</p>
<div class="lb-trans"><p>然而，电子商务并不是阿里巴巴集团唯一领先的领域。根据科技分析公司 Canalys 的估计，阿里云在 2025 财年第一季度占据了中国大陆云基础设施服务支出 33% 的市场份额，几乎是排名第二的华为云 18% 份额的两倍。</p>
</div><p>Alibaba is aggressively incorporating generative AI solutions into its cloud platform and giving its clients access to the tools needed to build and train large language models. The expectation is that these AI solutions will enhance demand (and margins) for Alibaba Cloud.</p>
<div class="lb-trans"><p>阿里巴巴正在积极将生成式人工智能解决方案整合到其云平台中，并为客户提供构建和训练大型语言模型所需的工具。预计这些人工智能解决方案将提升阿里云的需求（和利润率）。</p>
</div><p>Something else that's likely attracted Laffont to Alibaba is the company's capital-return program. It closed out fiscal 2025 (ended March 31) with $51.6 billion in cash, cash equivalents, and short-term investments, along with $7.4 billion in equity securities and $6 billion in restricted cash. When combined with the cash flow being generated from Alibaba's numerous operating segments, there's more than enough capital available for share repurchases and dividends.</p>
<div class="lb-trans"><p>吸引拉丰特关注阿里巴巴的另一个原因可能是公司的资本回报计划。到 2025 财年结束时（截至 3 月 31 日），阿里巴巴拥有 516 亿美元的现金、现金等价物和短期投资，以及 74 亿美元的股权证券和 60 亿美元的限制性现金。结合阿里巴巴众多运营部门产生的现金流，足够的资本可用于股票回购和分红。</p>
</div><p>The proverbial cherry on the sundae is that Alibaba Group stock is historically inexpensive at an estimated 11 times forward-year earnings. This is modestly lower than its average forward price-to-earnings (P/E) ratio over the past half-decade, and it stands out amid a historically pricey stock market.</p>
<div class="lb-trans"><p>阿里巴巴集团股票的一个显著优势是，其历史估值相对便宜，预计市盈率为 11 倍。这一估值略低于过去五年平均的前瞻市盈率，并在历史上高估的股市中显得尤为突出。</p>
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Billionaire Philippe Laffont Has Sold Shares of Nvidia for 8 Consecutive Quarters and Is Loading Up On This Historically Cheap Artificial Intelligence (AI) Stock Instead

- 8 月 14 日是投资者关注的重要日子，13F 文件的提交至关重要。  
- Coatue Management 的 Philippe Laffont 持续减持 Nvidia，已减少 83% 的持股。  
- Laffont 大幅增持阿里巴巴，持股从 192,728 股增至 3,801,703 股。  

亿万富翁菲利普·拉丰特已经连续 8 个季度出售英伟达的股票，并转而大量买入这只历史上价格低廉的人工智能股票