<p>想知道什么新技术最能激发亿万富翁投资者的兴趣吗？看看他们的主要持股。例如，人工智能（AI）股票在亿万富翁大卫·泰珀的阿帕卢萨对冲基金的前十大投资中占据了六个名额。</p>
<p>然而，泰珀对一些 AI 领军企业的偏好高于其他企业。他刚刚出售了三只 AI 股票，但却增持了 <strong>Nvidia</strong>(NVDA -0.40%)。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NjcvbWFuLXBvaW50aW5nLXRvLWFpLW9uLWRpc3BsYXkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="443" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NjcvbWFuLXBvaW50aW5nLXRvLWFpLW9uLWRpc3BsYXkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>泰珀在 2025 年第二季度的重大 AI 举动</h2>
<p>阿帕卢萨在 2025 年第二季度的 13F 监管文件揭示了几项重大 AI 举动。泰珀在第二季度购买了大约 145 万股 Nvidia，增加了他在这家 GPU 制造商的持股比例超过 483%。Nvidia 现在是阿帕卢萨的第七大持股。</p>
<p>然而，泰珀似乎对他对冲基金的最大持股有所不满。他在第二季度出售了大约 216 万股 <strong>阿里巴巴集团控股</strong>(BABA -1.14%)，这使阿帕卢萨的持股比例减少了 23.4%。尽管如此，阿里巴巴仍然是泰珀最大的持股。</p>
<p>这位亿万富翁将他在 <strong>Meta Platforms</strong>(META -1.19%) 的持股削减了 27.3%。然而，Meta 仍占阿帕卢萨投资组合的近 4.6%，是对冲基金的第六大持股。</p>
<p>泰珀似乎对谷歌母公司 <strong>Alphabet</strong>(GOOG 0.17%)(GOOGL 0.18%) 的态度也不那么积极。他将对冲基金在这家搜索和云服务巨头的持股减少了大约 25.4%。尽管如此，Alphabet 仍然在阿帕卢萨的前十大持股中，排名第八。</p>
<h2>这位亿万富翁的理由是什么？</h2>
<p>亿万富翁投资者并不总是解释他们买卖的理由。我们只能推测泰珀在购买 Nvidia 时的理由，以及为何出售阿里巴巴、Meta 和 Alphabet 的股份。</p>
<p>推测泰珀为何增加阿帕卢萨在 Nvidia 的持股是相对简单的。这家公司继续主导 AI 芯片市场，其 Blackwell GPU 的需求强劲。随着 Nvidia 的一些最大客户提到在扩展数据中心能力方面的重大投资，泰珀可能预计这家芯片制造商的强劲增长将持续。</p>
<p>他为何出售阿里巴巴？也许泰珀觉得在 2025 年大幅上涨后，股票的上涨空间不大。他或许还认为特朗普政府对中国进口商品征收的高额关税可能会影响阿里巴巴的电子商务和云服务客户，最终影响阿里巴巴本身。</p>
<p>泰珀可能不喜欢 Meta 的估值，其前瞻市盈率为 29。虽然这个前瞻市盈率低于 Nvidia，但这位亿万富翁可能认为 Meta 的增长潜力不及 Nvidia。</p>
<p>出售 Alphabet 的理由更难以解释。该股票的定价并不高，股价仅约为前瞻市盈率的 21 倍。泰珀可能对 Alphabet 面临的挑战感到担忧，包括反垄断的不确定性以及来自生成性 AI 对谷歌搜索主导地位的威胁。</p>
<p>##（有些）不同的看法</p>
<p>我认为泰珀增持 Nvidia 的股票是明智的。我的直觉是，该公司在本月晚些时候公布季度业绩时将超出预期。不过，我对他在第二季度的其他主要 AI 举动有不同的看法。</p>
<p>在我看来，阿里巴巴的估值实在太具吸引力，无法忽视，其股票的前瞻市盈率仅为 14 倍。我还预测这家中国公司的云业务将加速增长。</p>
<p>Meta 的 AI 战略在某些方面似乎已经开始见效。用户在其社交媒体应用上的停留时间增加，广告转化率也在上升。更重要的是，随着 AI 眼镜市场的扩展，该公司可能会迎来巨大的机会。它在 AI 超级智能方面的重大投资也可以视为一种 “彩票”。</p>
<p>至于 Alphabet，它是美国主要 AI 领导者中估值最具吸引力的公司之一。谷歌云的业务正在蓬勃发展。谷歌搜索上的 AI 概述和 AI 模式的推出似乎减少了来自其他生成性 AI 应用的威胁。如果机器人出租车市场如一些人所预期那样爆炸性增长，Waymo 可能会成为不久的将来的巨大增长驱动力。</p>
<p>泰珀在第二季度出售阿里巴巴、Meta 和 Alphabet 无疑有其合理的理由。然而，我认为这三只 AI 股票对于那些不是亿万富翁的长期投资者来说都是很好的选择。</p>

<p>亿万富翁大卫·泰珀的阿帕卢萨对冲基金在 2025 年第二季度对人工智能股票进行了重大操作。泰珀将其在英伟达的持股增加了超过 483%，同时出售了阿里巴巴、Meta 和 Alphabet 的股份。尽管出售，阿里巴巴仍然是他最大的持股。泰珀进行这些操作的理由是投机性的，英伟达在人工智能芯片市场的主导地位可能影响了他增持股份的决定。对阿里巴巴增长潜力和 Meta 估值的担忧可能促使了这些出售。总体而言，泰珀的行动反映了他在不断变化的人工智能领域中对英伟达的战略关注</p>

<p>Want to know what new technology excites billionaire investors the most? Look at their top holdings. For example, artificial intelligence (AI) stocks take six spots among the top 10 investments of billionaire David Tepper's Appaloosa hedge fund.</p>
<div class="lb-trans"><p>想知道什么新技术最能激发亿万富翁投资者的兴趣吗？看看他们的主要持股。例如，人工智能（AI）股票在亿万富翁大卫·泰珀的阿帕卢萨对冲基金的前十大投资中占据了六个名额。</p>
</div><p>However, Tepper favors some AI leaders more than others. He just sold three AI stocks but loaded up on <strong>Nvidia</strong>(NVDA -0.40%).</p>
<div class="lb-trans"><p>然而，泰珀对一些 AI 领军企业的偏好高于其他企业。他刚刚出售了三只 AI 股票，但却增持了 <strong>Nvidia</strong>(NVDA -0.40%)。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NjcvbWFuLXBvaW50aW5nLXRvLWFpLW9uLWRpc3BsYXkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829967%2Fman-pointing-to-ai-on-display.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>Tepper's big Q2 AI moves</h2>
<div class="lb-trans"><h2>泰珀在 2025 年第二季度的重大 AI 举动</h2>
</div><p>Appaloosa's 13F regulatory filing for the second quarter of 2025 revealed several big AI moves. Tepper bought around 1.45 million additional shares of Nvidia in Q2, boosting his stake in the GPU maker by more than 483%. Nvidia now ranks as Appaloosa's seventh largest position.</p>
<div class="lb-trans"><p>阿帕卢萨在 2025 年第二季度的 13F 监管文件揭示了几项重大 AI 举动。泰珀在第二季度购买了大约 145 万股 Nvidia，增加了他在这家 GPU 制造商的持股比例超过 483%。Nvidia 现在是阿帕卢萨的第七大持股。</p>
</div><p>However, Tepper seemed to sour somewhat on his hedge fund's top holding. He sold roughly 2.16 million shares of <strong>Alibaba Group Holding</strong>(BABA -1.14%) (BABA -1.14%) in Q2, which reduced Appaloosa's stake by 23.4%. Even after this sale, though, Alibaba remains Tepper's largest holding.</p>
<div class="lb-trans"><p>然而，泰珀似乎对他对冲基金的最大持股有所不满。他在第二季度出售了大约 216 万股 <strong>阿里巴巴集团控股</strong>(BABA -1.14%)，这使阿帕卢萨的持股比例减少了 23.4%。尽管如此，阿里巴巴仍然是泰珀最大的持股。</p>
</div><p>The billionaire slashed his position in <strong>Meta Platforms</strong>(META -1.19%) by 27.3%. However, Meta still makes up almost 4.6% of Appaloosa's portfolio and is the hedge fund's sixth largest holding.</p>
<div class="lb-trans"><p>这位亿万富翁将他在 <strong>Meta Platforms</strong>(META -1.19%) 的持股削减了 27.3%。然而，Meta 仍占阿帕卢萨投资组合的近 4.6%，是对冲基金的第六大持股。</p>
</div><p>Tepper also appeared to be less favorable about Google parent <strong>Alphabet</strong>(GOOG 0.17%)(GOOGL 0.18%). He reduced his hedge fund's position in the search and cloud services giant by roughly 25.4%. Alphabet nonetheless continues to rank among Appaloosa's top 10 holdings, coming in at No. 8.</p>
<div class="lb-trans"><p>泰珀似乎对谷歌母公司 <strong>Alphabet</strong>(GOOG 0.17%)(GOOGL 0.18%) 的态度也不那么积极。他将对冲基金在这家搜索和云服务巨头的持股减少了大约 25.4%。尽管如此，Alphabet 仍然在阿帕卢萨的前十大持股中，排名第八。</p>
</div><h2>What's the billionaire's rationale?</h2>
<div class="lb-trans"><h2>这位亿万富翁的理由是什么？</h2>
</div><p>Billionaire investors don't always explain the reasoning behind their buys and sells. We can only speculate about Tepper's rationale in buying Nvidia while selling shares of Alibaba, Meta, and Alphabet.</p>
<div class="lb-trans"><p>亿万富翁投资者并不总是解释他们买卖的理由。我们只能推测泰珀在购买 Nvidia 时的理由，以及为何出售阿里巴巴、Meta 和 Alphabet 的股份。</p>
</div><p>It's a pretty easy guess as to why the hedge fund manager increased Appaloosa's position in Nvidia. The company continues to dominate the AI chip market, with its Blackwell GPUs enjoying strong demand. With several of Nvidia's largest customers mentioning significant investments in expanding their data center capacity, Tepper probably expects the chipmaker's robust growth to continue.</p>
<div class="lb-trans"><p>推测泰珀为何增加阿帕卢萨在 Nvidia 的持股是相对简单的。这家公司继续主导 AI 芯片市场，其 Blackwell GPU 的需求强劲。随着 Nvidia 的一些最大客户提到在扩展数据中心能力方面的重大投资，泰珀可能预计这家芯片制造商的强劲增长将持续。</p>
</div><p>Why did he sell Alibaba? Maybe Tepper felt the stock didn't have as much room to run after soaring so far in 2025. He perhaps also thinks the steep tariffs the Trump administration has imposed on Chinese imports could hurt Alibaba's e-commerce and cloud services customers and ultimately affect Alibaba itself.</p>
<div class="lb-trans"><p>他为何出售阿里巴巴？也许泰珀觉得在 2025 年大幅上涨后，股票的上涨空间不大。他或许还认为特朗普政府对中国进口商品征收的高额关税可能会影响阿里巴巴的电子商务和云服务客户，最终影响阿里巴巴本身。</p>
</div><p>Tepper might not like Meta's valuation, with its forward price-to-earnings ratio of 29. While this forward earnings multiple is below Nvidia's, the billionaire probably doesn't think Meta will be able to grow as much as Nvidia.</p>
<div class="lb-trans"><p>泰珀可能不喜欢 Meta 的估值，其前瞻市盈率为 29。虽然这个前瞻市盈率低于 Nvidia，但这位亿万富翁可能认为 Meta 的增长潜力不及 Nvidia。</p>
</div><p>The sale of Alphabet is more difficult to explain. The stock isn't priced exorbitantly, with shares trading at only around 21 times forward earnings. Tepper might be concerned about Alphabet's challenges, including antitrust uncertainty and threats to Google's search dominance from generative AI.</p>
<div class="lb-trans"><p>出售 Alphabet 的理由更难以解释。该股票的定价并不高，股价仅约为前瞻市盈率的 21 倍。泰珀可能对 Alphabet 面临的挑战感到担忧，包括反垄断的不确定性以及来自生成性 AI 对谷歌搜索主导地位的威胁。</p>
</div><h2>A (somewhat) different take</h2>
<div class="lb-trans"><p>##（有些）不同的看法</p>
</div><p>I think Tepper was smart to scoop up more shares of Nvidia. My hunch is that the company will beat expectations when it reports quarterly results later this month. I have a different take on his other major AI moves in Q2, though.</p>
<div class="lb-trans"><p>我认为泰珀增持 Nvidia 的股票是明智的。我的直觉是，该公司在本月晚些时候公布季度业绩时将超出预期。不过，我对他在第二季度的其他主要 AI 举动有不同的看法。</p>
</div><p>Alibaba's valuation is simply too compelling to ignore, in my view, with its shares trading at only 14 times forward earnings. I also predict accelerating growth for the Chinese company's cloud unit.</p>
<div class="lb-trans"><p>在我看来，阿里巴巴的估值实在太具吸引力，无法忽视，其股票的前瞻市盈率仅为 14 倍。我还预测这家中国公司的云业务将加速增长。</p>
</div><p>Meta's AI strategy already seems to be paying off in some ways. Users are spending more time on its social media apps. Ad conversion rates are increasing. More importantly, the company could have a huge opportunity as the AI glasses market expands. It also has a lottery ticket of sorts with the big bet on AI superintelligence.</p>
<div class="lb-trans"><p>Meta 的 AI 战略在某些方面似乎已经开始见效。用户在其社交媒体应用上的停留时间增加，广告转化率也在上升。更重要的是，随着 AI 眼镜市场的扩展，该公司可能会迎来巨大的机会。它在 AI 超级智能方面的重大投资也可以视为一种 “彩票”。</p>
</div><p>As for Alphabet, it's one of the most attractively valued major U.S. AI leaders. Google Cloud's business is booming. The launches of AI Overviews and AI Mode on Google Search appear to have reduced the threat from other genAI applications. Waymo could be a huge growth driver in the not-too-distant future if the robotaxi market explodes as some expect.</p>
<div class="lb-trans"><p>至于 Alphabet，它是美国主要 AI 领导者中估值最具吸引力的公司之一。谷歌云的业务正在蓬勃发展。谷歌搜索上的 AI 概述和 AI 模式的推出似乎减少了来自其他生成性 AI 应用的威胁。如果机器人出租车市场如一些人所预期那样爆炸性增长，Waymo 可能会成为不久的将来的巨大增长驱动力。</p>
</div><p>Tepper no doubt had good reasons to sell Alibaba, Meta, and Alphabet in Q2. However, I think all three AI stocks are great picks to buy for long-term investors who aren't billionaires.</p>
<div class="lb-trans"><p>泰珀在第二季度出售阿里巴巴、Meta 和 Alphabet 无疑有其合理的理由。然而，我认为这三只 AI 股票对于那些不是亿万富翁的长期投资者来说都是很好的选择。</p>
</div>

Billionaire David Tepper Just Sold These 3 Artificial Intelligence (AI) Stocks but Loaded Up on Nvidia

- 大卫·泰珀的对冲基金在 2025 年第二季度增持了 Nvidia，持股增加 483%。  
- 他减持了阿里巴巴、Meta 和 Alphabet，分别减少 23.4%、27.3% 和 25.4%。  
- 泰珀的操作反映了对 AI 市场的看好及对其他科技股的谨慎态度。  

Motley Fool

英伟达

谷歌-A

谷歌-C

亿万富翁大卫·泰珀刚刚卖出了三只人工智能（AI）股票，但却大量买入了英伟达