<p>对冲基金最近向美国证券交易委员会提交了最新一批 13F 表格，透露了他们在第二季度末持有的股票。将这些表格与之前的表格进行比较，可以让投资者看到对冲基金和亿万富翁在任何一个季度买入和卖出的股票。</p>
<p>市场总是对投资界的领先人物如何配置资本充满好奇。很少有亿万富翁投资者能引起比斯坦利·德鲁肯米勒更多的关注。作为乔治·索罗斯的门徒，德鲁肯米勒在他创办并经营数十年的杜克斯资本中，始终创造出一些最高的年回报。现在，他经营着杜克斯家族办公室，管理着他自己的数十亿美元。</p>
<p>在第二季度，德鲁肯米勒退出了他在 <strong>特斯拉</strong>（TSLA 5.15%）的持仓，并大量买入了另一只在今年表现优异的 “七大奇迹” 股票。</p>
<h2>抛售特斯拉</h2>
<p>杜克斯家族办公室在这家电动车制造商的持股时间并不长。该基金在 2024 年第四季度开始持有特斯拉的股份，并在第二季度结束了持仓。德鲁肯米勒并不害怕频繁交易，或者在他觉得某只股票变得过于昂贵时卖出，就像他过去对 <strong>英伟达</strong> 所做的那样。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3ODgvYm9hcmRyb29tLTIuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="467" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3ODgvYm9hcmRyb29tLTIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>与许多在这个火热市场中的投资者不同，德鲁肯米勒一直密切关注估值，而特斯拉无疑是那些多年来以天文数字估值交易的公司之一。截至周四，该股票的交易价格约为预期前瞻性收益的 190 倍。与此同时，特斯拉的核心电动车业务在最近几个季度中一直在挣扎。随着联邦 7500 美元电动车税收抵免将在第三季度末到期，电动车行业可能会继续面临困难。</p>
<p>然而，许多投资者似乎对特斯拉的电动车业务关注较少，而更关注该公司其他举措，如机器人出租车和类人机器人，如何推动其未来的业绩。</p>
<p>特斯拉计划让其自动驾驶机器人出租车成为新的自动驾驶叫车队伍的支柱，从而使其能够进入个人交通领域的巨大市场。一些早期分析表明，特斯拉在自动驾驶系统方面的做法比竞争对手如 Waymo 便宜得多。特斯拉已经开始在奥斯汀和旧金山部署机器人出租车（尽管尚未生产其 Cybercabs）。然而，尽管这些车辆能够自动驾驶，但据报道它们被限制在这些城市的设定边界内，并且到目前为止一直由人类远程监控。</p>
<p>考虑到德鲁肯米勒持有特斯拉的时间很短，以及该股票今年的波动性，他和他的团队很可能看到了短期交易机会，除非他们最近的投资逻辑发生了重大变化。</p>
<h2>买入一只在今年表现出色的七大奇迹股票</h2>
<p>杜克斯在第二季度的第二大购买恰好是全球市值第二大的公司——<strong>微软</strong>（MSFT 0.50%）。在这一季度，杜克斯购买了超过 200,000 股这家科技巨头的股票，价值约为 1 亿美元，截至 6 月 30 日。微软今年上涨了约 20%，远超 <strong>标准普尔 500 指数</strong> 约 8% 的涨幅。</p>
<p>我认为许多投资者最初对这家科技巨头的人工智能（AI）投资持怀疑态度，不确定这些投资是否会带来回报。但其最新的季度业绩表明，它们开始见效。在第二季度，微软的 Azure 及其他云服务部门的收入超过了 750 亿美元，比去年同期增长了 34%。公司和开发者可以通过 Azure 访问 OpenAI 的大型语言模型，并可以轻松将生成式 AI 能力集成到工作负载中。</p>
<p>“企业开始从概念验证转向全企业部署，以解锁人工智能的全部投资回报率（ROI），” 微软首席执行官萨提亚·纳德拉在公司第二季度的财报电话会议上表示。“我们的人工智能业务现在的年收入运行率已超过 130 亿美元，同比增长 175%。”</p>
<p>微软目前的前瞻市盈率接近 33，接近其五年平均值略低于 32。它在人工智能方面的执行力很强，也是唯一一家债务信用评级高于美国政府的公司之一。凭借所有这些优势，我认为微软是一只投资者可以永远持有的科技股。</p>

<p>亿万富翁投资者斯坦利·德鲁肯米勒最近出售了他在特斯拉的股份，并重仓投资微软，这是一只 “七大巨头” 股票之一。德鲁肯米勒的杜克斯家族办公室在短暂持有后退出了特斯拉，理由是对其高估值和挣扎中的电动车业务表示担忧。相反，他购买了超过 200,000 股微软的股票，微软今年的股价上涨了 20%，得益于其在人工智能和云服务方面的强劲表现。微软目前的前瞻市盈率接近 33，反映出其强劲的增长前景</p>

<p>Hedge funds recently filed their latest batch of 13F forms with the U.S. Securities and Exchange Commission, divulging what stocks they held at the end of the second quarter. Comparing those forms to the prior set allows investors to see what stocks hedge funds and billionaires have bought and sold in any given quarter.</p>
<div class="lb-trans"><p>对冲基金最近向美国证券交易委员会提交了最新一批 13F 表格，透露了他们在第二季度末持有的股票。将这些表格与之前的表格进行比较，可以让投资者看到对冲基金和亿万富翁在任何一个季度买入和卖出的股票。</p>
</div><p>The market is always curious to see how the leading names in the investing world are allocating capital. Few billionaire investors elicit more interest than Stanley Druckenmiller. A protege of George Soros, Druckenmiller consistently generated some of the highest annual returns out there at Duquesne Capital, which he founded and ran for decades. Now, he operates the Duquesne Family Office, which manages his own billions.</p>
<div class="lb-trans"><p>市场总是对投资界的领先人物如何配置资本充满好奇。很少有亿万富翁投资者能引起比斯坦利·德鲁肯米勒更多的关注。作为乔治·索罗斯的门徒，德鲁肯米勒在他创办并经营数十年的杜克斯资本中，始终创造出一些最高的年回报。现在，他经营着杜克斯家族办公室，管理着他自己的数十亿美元。</p>
</div><p>In the second quarter, Druckenmiller exited his position in <strong>Tesla</strong>(TSLA 5.15%) and piled into another &#34;Magnificent Seven&#34; stock that has crushed the broader stock market this year.</p>
<div class="lb-trans"><p>在第二季度，德鲁肯米勒退出了他在 <strong>特斯拉</strong>（TSLA 5.15%）的持仓，并大量买入了另一只在今年表现优异的 “七大奇迹” 股票。</p>
</div><h2>Dumping Tesla</h2>
<div class="lb-trans"><h2>抛售特斯拉</h2>
</div><p>The Duquesne Family Office didn't own its stake in the electric vehicle (EV) maker for too long. The fund initiated its Tesla position in the fourth quarter of 2024 and closed it in the second quarter. Druckenmiller is not afraid to trade in and out of stocks, or to sell a stock if he feels it has become too expensive, as he did in the past with <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>杜克斯家族办公室在这家电动车制造商的持股时间并不长。该基金在 2024 年第四季度开始持有特斯拉的股份，并在第二季度结束了持仓。德鲁肯米勒并不害怕频繁交易，或者在他觉得某只股票变得过于昂贵时卖出，就像他过去对 <strong>英伟达</strong> 所做的那样。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3ODgvYm9hcmRyb29tLTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829788%2Fboardroom-2.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>Unlike many investors in this red-hot market, Druckenmiller has always been a close observer of valuations, and Tesla is certainly one of those names that has for many years traded at meteoric valuations. As of Thursday, the stock was trading at about 190 times expected forward earnings. Meanwhile, Tesla's core EV business has been struggling in recent quarters. With the federal $7,500 EV tax credit set to expire at the end of the third quarter, the EV industry broadly could continue to struggle.</p>
<div class="lb-trans"><p>与许多在这个火热市场中的投资者不同，德鲁肯米勒一直密切关注估值，而特斯拉无疑是那些多年来以天文数字估值交易的公司之一。截至周四，该股票的交易价格约为预期前瞻性收益的 190 倍。与此同时，特斯拉的核心电动车业务在最近几个季度中一直在挣扎。随着联邦 7500 美元电动车税收抵免将在第三季度末到期，电动车行业可能会继续面临困难。</p>
</div><p>However, many investors seem less concerned about Tesla's EV business and more focused on how the company's other initiatives, such as robotaxis and humanoid robots, could power its results in the future.</p>
<div class="lb-trans"><p>然而，许多投资者似乎对特斯拉的电动车业务关注较少，而更关注该公司其他举措，如机器人出租车和类人机器人，如何推动其未来的业绩。</p>
</div><p>Tesla intends for its self-driving robotaxis to form the backbone of a new autonomous ride-hailing fleet, giving it access to a huge market in the personal transport space. Some early analyses indicate that Tesla's approach to autonomous vehicle systems is much cheaper than rivals like Waymo. Tesla has begun to deploy robotaxis (though not its Cybercabs, which it has yet to produce) in Austin and San Francisco. However, while these vehicles are driving autonomously, they have reportedly been geofenced to stay within set boundaries of those cities, and have been operating with humans monitoring them remotely thus far.</p>
<div class="lb-trans"><p>特斯拉计划让其自动驾驶机器人出租车成为新的自动驾驶叫车队伍的支柱，从而使其能够进入个人交通领域的巨大市场。一些早期分析表明，特斯拉在自动驾驶系统方面的做法比竞争对手如 Waymo 便宜得多。特斯拉已经开始在奥斯汀和旧金山部署机器人出租车（尽管尚未生产其 Cybercabs）。然而，尽管这些车辆能够自动驾驶，但据报道它们被限制在这些城市的设定边界内，并且到目前为止一直由人类远程监控。</p>
</div><p>Given the short period of time that Druckenmiller held Tesla and the stock's volatility this year, it's likely that he and his team saw a short-term trading opportunity, unless there was a significant change in their thesis recently.</p>
<div class="lb-trans"><p>考虑到德鲁肯米勒持有特斯拉的时间很短，以及该股票今年的波动性，他和他的团队很可能看到了短期交易机会，除非他们最近的投资逻辑发生了重大变化。</p>
</div><h2>Buying a Magnificent Seven outperformer that has executed this year</h2>
<div class="lb-trans"><h2>买入一只在今年表现出色的七大奇迹股票</h2>
</div><p>Duquesne's second-largest purchase in the second quarter also happened to be the second-largest company in the world by market cap -- <strong>Microsoft</strong>(MSFT 0.50%). In the quarter, Duquesne bought just over 200,000 shares of the tech giant for a value of roughly $100 million as of June 30. Microsoft is now up by about 20% this year, crushing the <strong>S&amp;P 500</strong>'s roughly 8% gain.</p>
<div class="lb-trans"><p>杜克斯在第二季度的第二大购买恰好是全球市值第二大的公司——<strong>微软</strong>（MSFT 0.50%）。在这一季度，杜克斯购买了超过 200,000 股这家科技巨头的股票，价值约为 1 亿美元，截至 6 月 30 日。微软今年上涨了约 20%，远超 <strong>标准普尔 500 指数</strong> 约 8% 的涨幅。</p>
</div><p>I think many investors were initially skeptical about the tech conglomerate's artificial intelligence (AI) investments and whether or not they would pay off. But its latest quarterly results indicate they are starting to. In Q2, revenue from Microsoft's Azure and other cloud services division, which contains a lot of the company's AI-related business, surpassed $75 billion, a 34% increase from the prior-year period. Companies and developers can access large language models from OpenAI through Azure, and can easily integrate generative AI capabilities into workloads.</p>
<div class="lb-trans"><p>我认为许多投资者最初对这家科技巨头的人工智能（AI）投资持怀疑态度，不确定这些投资是否会带来回报。但其最新的季度业绩表明，它们开始见效。在第二季度，微软的 Azure 及其他云服务部门的收入超过了 750 亿美元，比去年同期增长了 34%。公司和开发者可以通过 Azure 访问 OpenAI 的大型语言模型，并可以轻松将生成式 AI 能力集成到工作负载中。</p>
</div><p>&#34;Enterprises are beginning to move from proof of concepts to enterprisewide deployments to unlock the full ROI [return on investment] of AI,&#34; Microsoft CEO Satya Nadella said on the company's second-quarter earnings call. &#34;And our AI business has now surpassed an annual revenue run rate of $13 billion, up 175% year over year.&#34;</p>
<div class="lb-trans"><p>“企业开始从概念验证转向全企业部署，以解锁人工智能的全部投资回报率（ROI），” 微软首席执行官萨提亚·纳德拉在公司第二季度的财报电话会议上表示。“我们的人工智能业务现在的年收入运行率已超过 130 亿美元，同比增长 175%。”</p>
</div><p>Microsoft currently trades at a forward price-to-earnings ratio of almost 33, which is close to its five-year average of slightly below 32. It's executing on AI and is also one of the only companies with a higher credit rating on its debt than the U.S. government. With all of those advantages, I see Microsoft as one tech stock that investors can buy and hold forever.</p>
<div class="lb-trans"><p>微软目前的前瞻市盈率接近 33，接近其五年平均值略低于 32。它在人工智能方面的执行力很强，也是唯一一家债务信用评级高于美国政府的公司之一。凭借所有这些优势，我认为微软是一只投资者可以永远持有的科技股。</p>
</div>

Billionaire Stanley Druckenmiller Just Dumped Tesla and Piled Into a "Magnificent Seven" Stock That's Crushing the Stock Market This Year

- 对冲基金提交了最新的 13F 表格，披露了二季度持股情况。  
- Stanley Druckenmiller 在二季度退出了特斯拉，增持微软。  
- 微软的云服务收入增长 34%，AI 业务年收入超 130 亿美元。

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特斯拉

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南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

亿万富翁斯坦利·德鲁肯米勒刚刚抛售了特斯拉，并转而投资于一只今年在股市上表现优异的 “七大奇迹” 股票