<p>亿万富翁比尔·阿克曼在第二季度忙于投资全球两大科技公司。他的对冲基金 Pershing Square Capital 新建了在 <strong>亚马逊</strong>(AMZN 3.12%) 的持仓，并增加了对 <strong>谷歌</strong>(GOOGL 3.10%)(GOOG 2.98%) 的股份。</p>
<p>阿克曼是一位备受推崇的投资者，以管理集中投资组合而闻名：截至 6 月 30 日，Pershing Square Capital 的投资组合中仅有 10 家公司。因此，当他进行大规模投资时，零售投资者值得关注，并考虑是否要跟随。</p>
<h2>亚马逊</h2>
<p>Pershing 在第二季度建立了对亚马逊的新持仓，购买了 580 万股。这使其成为该基金的第五大持仓，占其截至 8 月 14 日的总价值的 9.3%。</p>
<p>亚马逊的物流网络一直是其电子商务业务的支柱，现在该公司正在利用人工智能（AI）和比以往更多的机器人来提高效率。该公司正在将 AI 应用于优化配送路线、更有效地管理仓库以及引导司机前往大型公寓等难以找到的投递地点。</p>
<p>与此同时，该公司现在在其履行设施中拥有超过 100 万台机器人，这些机器人由其 Deepfleet AI 模型精心协调。其新型机器人不仅可以搬运重物，有些甚至能比人类更好地识别损坏的商品（这减少了退货数量），还有些甚至可以自我修复。所有这些都节省了成本并加快了运输时间。</p>
<p>AI 还在增强亚马逊的广告业务。商家可以使用其 AI 工具来创建更好的产品列表和广告活动。广告是一项高利润的业务，也是该公司增长最快的业务之一，上季度收入增长了 23%。</p>
<p>总的来说，AI 正在推动亚马逊电子商务运营的强劲经营杠杆。上个季度，其北美部门的收入增长了 8%，而营业收入增长了 16%。这种杠杆正是投资者希望看到的。</p>
<p>与此同时，亚马逊的云计算部门 AWS 仍然是其最盈利和增长最快的部门。该公司创造了云基础设施市场，并仍然占据近 30% 的市场份额。AI 现在也是该部门的主要驱动力。像 Bedrock 和 SageMaker 这样的服务允许客户直接在 AWS 上构建和运行模型，而它最近推出的 Strands 和 Agentcore 则帮助客户构建 AI 代理并安全地在无服务器环境中运行。与此同时，该公司的定制设计的 AI 加速器芯片 Trainium 和 Inferentia 在成本和性能上给予了其优势。AWS 继续快速增长：上季度收入增长了 17.5%，达到 309 亿美元。</p>
<p>亚马逊在 AI 基础设施上的支出很大，但历史表明，该公司在大规模支出时往往能获得丰厚回报。根据分析师对 2026 年预期的共识，亚马逊的前瞻市盈率约为 30，股票仍然看起来很有吸引力，特别是考虑到其增长潜力。</p>
<h2>谷歌</h2>
<p>在第二季度，Pershing 并不仅仅购买了亚马逊的股票。它还增持了 925,000 股谷歌的 A 类股票。这使其在该公司的总持股（包括 A 类和 C 类股票）增加了 8.6%，达到近 1080 万股。根据最新的公开信息，这使其成为该对冲基金的第三大持仓，占其截至 8 月 14 日的总价值的 15%。</p>
<p>投资者担心 AI 聊天机器人的日益使用会削弱谷歌搜索业务，但到目前为止，这种情况并没有发生。事实上，上个季度，谷歌搜索的收入增长加速，同比增长了 12%，达到 542 亿美元。谷歌还将 AI 融入其产品中。超过 20 亿人已经在使用谷歌搜索中的 AI 概述，其新的 AI 模式刚刚开始获得关注。该公司还利用 AI 推动其工具超越简单的文本查询，谷歌镜头和 Circle to Search 是两个突出的例子。新的以商业为中心的工具，如 Shop by AI，也应该为公司创造新的货币化机会。</p>
<p>谷歌的竞争护城河的一个关键方面是分发。Chrome 目前控制着三分之二的浏览器市场，而其 Android 操作系统在超过 70% 的智能手机上运行。这使得谷歌成为数十亿用户接触互联网的第一入口。这也为谷歌提供了大量的数据和搜索查询历史，随后可以将其引入其庞大的广告网络。</p>
<p>云计算是谷歌的另一个重要增长驱动力。谷歌云的收入在第二季度跃升了 32%，而其营业收入翻了一番。客户被谷歌的 Gemini 模型、Vertex AI 平台和定制设计的张量处理单元（TPU）所吸引。这些 TPU 降低了 AI 工作负载的成本，并为谷歌云提供了成本优势。该业务终于达到了规模，并显示出强劲的经营杠杆。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NzMvZ2V0dHlpbWFnZXMtMTQ4MDYzMzI0MC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NzMvZ2V0dHlpbWFnZXMtMTQ4MDYzMzI0MC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images</p>
<p>谷歌还在进行长期投资。随着无人驾驶共享出行业务的强劲势头，它正在将 Waymo 部门的机器人出租车部署到新城市。同时，凭借其 Willow 量子计算芯片，它在减少错误方面取得了重要进展——这是量子计算技术中的核心挑战之一。这些业务距离成熟还有很长的路要走，但其潜在的上行空间巨大。</p>
<p>尽管如此，谷歌的市盈率仅为分析师对 2026 年收益预期的 19 倍。对于一家在搜索、云计算、视频流、移动和 AI 基础设施领域的成熟领导者来说，这个估值是便宜的。在众多大型 AI 股票中，谷歌的估值看起来最具吸引力。</p>
<h2>稳健的买入</h2>
<p>在我看来，亚马逊和谷歌-A 对于长期投资者来说是稳健的投资选择。虽然这些股票并非没有风险，但考虑到它们的市场定位和当前估值，我认为跟随 Ackman 的建议，持有这两只股票是明智的。</p>

亚马逊

谷歌-A

谷歌-C

1 倍做空谷歌 ETF - Direxion

2 倍做多谷歌 ETF - Direxion

亚马逊每日 2 倍做多 ETF - Direxion

<p>亿万富翁比尔·阿克曼通过他的对冲基金 Pershing Square Capital 投资了亚马逊，并在第二季度增加了对 Alphabet 的持股。阿克曼收购了 580 万股亚马逊股票，使其成为该基金的第五大持仓，同时还将 Alphabet 的股份提高了 8.6%。亚马逊在人工智能方面的应用正在提升其物流和广告，推动收入增长，而 Alphabet 的谷歌搜索和云服务尽管面临人工智能竞争，仍然表现良好。投资者可以考虑跟随阿克曼在这些科技股上的投资</p>

<p>Billionaire Bill Ackman was busy in the second quarter, investing in two of the world's largest tech companies. His hedge fund, Pershing Square Capital, started a new position in <strong>Amazon</strong>(AMZN 3.12%) and boosted its stake in <strong>Alphabet</strong>(GOOGL 3.10%)(GOOG 2.98%).</p>
<div class="lb-trans"><p>亿万富翁比尔·阿克曼在第二季度忙于投资全球两大科技公司。他的对冲基金 Pershing Square Capital 新建了在 <strong>亚马逊</strong>(AMZN 3.12%) 的持仓，并增加了对 <strong>谷歌</strong>(GOOGL 3.10%)(GOOG 2.98%) 的股份。</p>
</div><p>Ackman is a well-regarded investor known for running a concentrated portfolio: As of June 30, Pershing Square Capital's portfolio had only 10 companies in it. So when it makes a big investment, it's worth it for retail investors to pay attention and consider whether they want to follow.</p>
<div class="lb-trans"><p>阿克曼是一位备受推崇的投资者，以管理集中投资组合而闻名：截至 6 月 30 日，Pershing Square Capital 的投资组合中仅有 10 家公司。因此，当他进行大规模投资时，零售投资者值得关注，并考虑是否要跟随。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亚马逊</h2>
</div><p>Pershing established a new position in Amazon in the second quarter, picking up 5.8 million shares. That made it the fund's fifth-largest holding, accounting for 9.3% of its value as of Aug. 14.</p>
<div class="lb-trans"><p>Pershing 在第二季度建立了对亚马逊的新持仓，购买了 580 万股。这使其成为该基金的第五大持仓，占其截至 8 月 14 日的总价值的 9.3%。</p>
</div><p>Amazon's logistics network has always been the backbone of its e-commerce business, and now the company is employing artificial intelligence (AI) and even more robotics than before to make it even more efficient. The company is applying AI to such tasks as optimizing delivery routes, stocking warehouses more effectively, and directing drivers to hard-to-find drop-off locations in places like large apartment complexes.</p>
<div class="lb-trans"><p>亚马逊的物流网络一直是其电子商务业务的支柱，现在该公司正在利用人工智能（AI）和比以往更多的机器人来提高效率。该公司正在将 AI 应用于优化配送路线、更有效地管理仓库以及引导司机前往大型公寓等难以找到的投递地点。</p>
</div><p>Meanwhile, the company now has over 1 million robots working in its fulfillment facilities, and they're being carefully orchestrated by its Deepfleet AI model. Its newer robots can do more than just lift heavy packages. Some can spot damaged goods better than humans (which lowers the number of returns), while some can even repair themselves. All of this saves money and speeds up shipping times.</p>
<div class="lb-trans"><p>与此同时，该公司现在在其履行设施中拥有超过 100 万台机器人，这些机器人由其 Deepfleet AI 模型精心协调。其新型机器人不仅可以搬运重物，有些甚至能比人类更好地识别损坏的商品（这减少了退货数量），还有些甚至可以自我修复。所有这些都节省了成本并加快了运输时间。</p>
</div><p>AI is also strengthening Amazon's advertising unit. Merchants can use its AI tools to create better product listings and ad campaigns. Advertising is a high-margin business that also has been one of the company's fastest growing, with revenue up 23% last quarter.</p>
<div class="lb-trans"><p>AI 还在增强亚马逊的广告业务。商家可以使用其 AI 工具来创建更好的产品列表和广告活动。广告是一项高利润的业务，也是该公司增长最快的业务之一，上季度收入增长了 23%。</p>
</div><p>Altogether, AI is helping drive strong operating leverage in Amazon's e-commerce operations. Last quarter, its North American segment's revenue rose 8% while its operating income climbed 16%. That kind of leverage is exactly what investors want to see.</p>
<div class="lb-trans"><p>总的来说，AI 正在推动亚马逊电子商务运营的强劲经营杠杆。上个季度，其北美部门的收入增长了 8%，而营业收入增长了 16%。这种杠杆正是投资者希望看到的。</p>
</div><p>Amazon's cloud computing division, AWS, meanwhile, remains its most profitable segment and its fastest-growing. The company created the cloud infrastructure market and still holds a nearly 30% share of it. AI is now a major driver in that segment, too. Services like Bedrock and SageMaker allow customers to build and run models directly on AWS, while it recently introduced Strands and Agentcore to help customers build AI agents and safely run them in a secure, server-less environment. Meanwhile, the company's custom-designed AI accelerator chips, Trainium and Inferentia, give it an edge in cost and performance. AWS continues to grow quickly: Revenue climbed 17.5% last quarter to $30.9 billion</p>
<div class="lb-trans"><p>与此同时，亚马逊的云计算部门 AWS 仍然是其最盈利和增长最快的部门。该公司创造了云基础设施市场，并仍然占据近 30% 的市场份额。AI 现在也是该部门的主要驱动力。像 Bedrock 和 SageMaker 这样的服务允许客户直接在 AWS 上构建和运行模型，而它最近推出的 Strands 和 Agentcore 则帮助客户构建 AI 代理并安全地在无服务器环境中运行。与此同时，该公司的定制设计的 AI 加速器芯片 Trainium 和 Inferentia 在成本和性能上给予了其优势。AWS 继续快速增长：上季度收入增长了 17.5%，达到 309 亿美元。</p>
</div><p>Amazon is spending heavily on AI infrastructure, but history shows the company has a knack for winning big when it spends big. Trading at a forward price-to-earnings (P/E) ratio of about 30 based on analysts' consensus 2026 estimates, the stock still looks appealing, particularly given its growth runway.</p>
<div class="lb-trans"><p>亚马逊在 AI 基础设施上的支出很大，但历史表明，该公司在大规模支出时往往能获得丰厚回报。根据分析师对 2026 年预期的共识，亚马逊的前瞻市盈率约为 30，股票仍然看起来很有吸引力，特别是考虑到其增长潜力。</p>
</div><h2>Alphabet</h2>
<div class="lb-trans"><h2>谷歌</h2>
</div><p>Amazon wasn't the only tech stock Pershing was buying in the second quarter. It also picked up another 925,000 shares of Alphabet's Class A stock. That increased its total stake in the company (which includes both Class A and Class C shares) by 8.6% to almost 10.8 million shares. Based on the latest public information, that made it the hedge fund's third-largest holding, accounting for 15% of its value as of Aug 14.</p>
<div class="lb-trans"><p>在第二季度，Pershing 并不仅仅购买了亚马逊的股票。它还增持了 925,000 股谷歌的 A 类股票。这使其在该公司的总持股（包括 A 类和 C 类股票）增加了 8.6%，达到近 1080 万股。根据最新的公开信息，这使其成为该对冲基金的第三大持仓，占其截至 8 月 14 日的总价值的 15%。</p>
</div><p>Investors have worried that the growing use of AI chatbots will chip away at Alphabet's Google Search business, but so far, that hasn't happened. In fact, last quarter, Google Search's revenue growth accelerated, increasing by 12% year over year to $54.2 billion. Alphabet has also built AI into its products. More than 2 billion people are already using AI Overviews in Google Search, and its new AI Mode is just starting to gain traction. The company is also using AI to advance its tools beyond simple text queries, with Google Lens and Circle to Search standing out as two prime examples. New commerce-focused tools like Shop by AI should also create new monetization opportunities for the company.</p>
<div class="lb-trans"><p>投资者担心 AI 聊天机器人的日益使用会削弱谷歌搜索业务，但到目前为止，这种情况并没有发生。事实上，上个季度，谷歌搜索的收入增长加速，同比增长了 12%，达到 542 亿美元。谷歌还将 AI 融入其产品中。超过 20 亿人已经在使用谷歌搜索中的 AI 概述，其新的 AI 模式刚刚开始获得关注。该公司还利用 AI 推动其工具超越简单的文本查询，谷歌镜头和 Circle to Search 是两个突出的例子。新的以商业为中心的工具，如 Shop by AI，也应该为公司创造新的货币化机会。</p>
</div><p>One key aspect of Alphabet's competitive moat is distribution. Chrome currently controls two-thirds of the browser market, while its Android operating system runs more than 70% of smartphones. That makes Google the first touchpoint to the internet for billions of users. It also gives Alphabet a huge volume of data and search query histories that it can then funnel into its massive ad network.</p>
<div class="lb-trans"><p>谷歌的竞争护城河的一个关键方面是分发。Chrome 目前控制着三分之二的浏览器市场，而其 Android 操作系统在超过 70% 的智能手机上运行。这使得谷歌成为数十亿用户接触互联网的第一入口。这也为谷歌提供了大量的数据和搜索查询历史，随后可以将其引入其庞大的广告网络。</p>
</div><p>Cloud computing is another big growth driver for Alphabet. Google Cloud's revenue jumped by 32% in Q2 while its operating income more than doubled. Customers are drawn to Alphabet's Gemini models, Vertex AI platform, and its custom-designed tensor processing units (TPUs). These TPUs lower costs for AI workloads and give Google Cloud a cost advantage. The business has finally reached scale and is now showing strong operating leverage.</p>
<div class="lb-trans"><p>云计算是谷歌的另一个重要增长驱动力。谷歌云的收入在第二季度跃升了 32%，而其营业收入翻了一番。客户被谷歌的 Gemini 模型、Vertex AI 平台和定制设计的张量处理单元（TPU）所吸引。这些 TPU 降低了 AI 工作负载的成本，并为谷歌云提供了成本优势。该业务终于达到了规模，并显示出强劲的经营杠杆。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5NzMvZ2V0dHlpbWFnZXMtMTQ4MDYzMzI0MC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829973%2Fgettyimages-1480633240.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>Alphabet also has longer-term bets. It's deploying its Waymo unit's robotaxis into new cities as the driverless ride-share business shows strong momentum. Meanwhile, with its Willow quantum computing chip, it has made meaningful progress on error-reduction -- one of the core challenges in quantum computing technology. These businesses are a long way from being mature, but their upside potential is enormous.</p>
<div class="lb-trans"><p>谷歌还在进行长期投资。随着无人驾驶共享出行业务的强劲势头，它正在将 Waymo 部门的机器人出租车部署到新城市。同时，凭借其 Willow 量子计算芯片，它在减少错误方面取得了重要进展——这是量子计算技术中的核心挑战之一。这些业务距离成熟还有很长的路要走，但其潜在的上行空间巨大。</p>
</div><p>Despite all of this, Alphabet trades at just 19 times analysts' 2026 earnings estimates. That is cheap for a company that's an established leader in search, cloud, video streaming, mobile, and AI infrastructure. Among the big AI stocks, Alphabet looks the most attractively valued.</p>
<div class="lb-trans"><p>尽管如此，谷歌的市盈率仅为分析师对 2026 年收益预期的 19 倍。对于一家在搜索、云计算、视频流、移动和 AI 基础设施领域的成熟领导者来说，这个估值是便宜的。在众多大型 AI 股票中，谷歌的估值看起来最具吸引力。</p>
</div><h2>Solid buys</h2>
<div class="lb-trans"><h2>稳健的买入</h2>
</div><p>In my view, Amazon and Alphabet look like solid buys for long-term investors. While the stocks aren't without risks, given their market positioning and current valuations, I think it makes sense to follow Ackman's lead and own both stocks.</p>
<div class="lb-trans"><p>在我看来，亚马逊和谷歌-A 对于长期投资者来说是稳健的投资选择。虽然这些股票并非没有风险，但考虑到它们的市场定位和当前估值，我认为跟随 Ackman 的建议，持有这两只股票是明智的。</p>
</div>

This Billionaire Was Scooping Up Shares of Amazon and Alphabet in Q2. Should Investors Follow Suit and Buy the Stocks?

- 比尔·阿克曼的对冲基金在第二季度增持亚马逊和谷歌母公司 Alphabet 的股份。  
- 亚马逊利用人工智能和机器人提升物流效率，广告收入增长 23%。  
- Alphabet 的云计算和 AI 产品持续增长，搜索业务收入同比增长 12%。  

这位亿万富翁在第二季度大量购入了亚马逊和 Alphabet 的股票。投资者是否应该跟随他的脚步购买这些股票？