<p>八月份充满了重要的数据发布。联邦政府的通胀和就业报告、美联储主席杰罗姆·鲍威尔在杰克逊霍尔备受期待的演讲，以及华尔街许多最具影响力企业的财报发布，给投资者带来了大量信息。这也使得一些重要信息容易被忽视。</p>
<p>例如，8 月 14 日是管理资产至少为 1 亿美元的机构投资者向美国监管机构提交 13F 表格的截止日期。13F 提供了华尔街最聪明的资金经理在最新季度（在这种情况下是截至 6 月 30 日的季度）买卖哪些股票的简明快照。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>尽管亿万富翁沃伦·巴菲特在华尔街赢得了相当多的追随者，但他并不是唯一一位对价值有敏锐眼光的亿万富翁基金经理。杜克斯尼家族办公室的亿万富翁老板斯坦利·德鲁肯米勒也以其超额回报和获得惊人交易的能力而闻名。</p>
<p>德鲁肯米勒在人工智能（AI）领域的交易活动尤其引人注目。在过去一年中，根据涵盖 2024 年 7 月 1 日至 2025 年 6 月 30 日交易活动的 13F 文件，杜克斯尼的投资大师将华尔街的两只顶级 AI 股票，<strong>Nvidia</strong>（NVDA 1.10%）和 <strong>Palantir Technologies</strong>（PLTR -0.98%），送上了砧板。但与此同时，他连续四个季度购买了一家重要的 AI 巨头的股票，并将其作为前五大持股。</p>
<h2>亿万富翁斯坦利·德鲁肯米勒将 Nvidia 和 Palantir 送上了砧板</h2>
<p>截至 2024 年中期，杜克斯尼的亿万富翁首席正在管理 29 亿美元的资产，分布在 64 个持股中。这包括在 2024 年 6 月进行 10 比 1 的前分割后持有的 214,060 股 Nvidia，以及 769,965 股 Palantir。到 2025 年 3 月 31 日，这两项持股已完全退出。</p>
<p>出售两只全球最热门 AI 股票的合理解释是德鲁肯米勒在锁定收益。杜克斯尼家族办公室的平均持股时间不到七个月，这表明这位亿万富翁投资者在机会出现时并不害怕兑现其基金的筹码。</p>
<p>截至 8 月 22 日收盘，Nvidia 的股价自 2022 年底以来已上涨约 1120%。其 AI 图形处理单元（GPU）已成为企业在其 AI 加速数据中心中部署的首选。对 AI-GPU 的强劲持续需求，加上 Nvidia 明确的计算优势，使其能够对其硬件收取溢价。</p>
<p>与此同时，Palantir 的股价在同一时间段内上涨了超过 2300%。其基于 AI 和机器学习的 Gotham 平台，帮助联邦政府进行军事任务规划和监督，承担了大量的重任。由于没有明确的替代品，且在规模上没有真正的竞争对手与其企业订阅 Foundry 平台相抗衡，Palantir 的估值溢价相当可观。</p>
<p>对 Nvidia 和 Palantir 股东而言，令人担忧的是德鲁肯米勒是否因超出获利了结的原因而抛售这些股票。</p>
<p>例如，德鲁肯米勒在 2024 年 5 月表示：“AI 现在可能有点被过度炒作，但从长远来看却被低估。” 杜克斯尼的亿万富翁老板敏锐地意识到，过去 30 年中每一个下一个大趋势在扩张阶段早期都经历过泡沫破裂事件。换句话说，投资者在早期的实用性和采用率预期上往往会过于乐观。这最终导致了未能实现的高期望和泡沫的破裂。</p>
<p>没有哪家公司比 Nvidia 更能从 AI 革命中受益。如果泡沫形成并破裂，毫无疑问其股价将受到影响。尽管 Palantir 的多年政府合同和订阅收入将保护其免受立即的收入下滑，但在泡沫破裂事件期间，糟糕的投资者情绪仍可能对其股价造成压力。</p>
<p>估值是另一个可能促使德鲁肯米勒出售的催化剂。Nvidia 和 Palantir 的市销率（P/S）分别为 30 和 117。历史上，处于颠覆性创新前沿的企业市销率最高曾达到 30 到 40。简而言之，Nvidia 和 Palantir 的定价已达到完美的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>杜克斯尼的亿万富翁老板在连续四个季度购买了这只万亿级 AI 股票</h2>
<p>尽管德鲁肯米勒对一些引领 AI 演变的公司在短期内持怀疑态度，但他有一只他根本无法停止为其基金购买的重要人工智能股票。杜克斯尼的 13F 显示，针对万亿级芯片制造商 <strong>台积电</strong>（TSM 1.09%）的购买活动持续了四个连续季度，该公司以其缩写 “TSMC” 而闻名。</p>
<p>以下是德鲁肯米勒在过去一年中对 TSMC 的购买活动的详细信息：</p>
<ul>
<li><strong>2024 年第三季度</strong>：购买 57,355 股</li>
<li><strong>2024 年第四季度</strong>：购买 50,160 股</li>
<li><strong>2025 年第一季度</strong>：购买 491,265 股</li>
<li><strong>2025 年第二季度</strong>：购买 166,305 股（总持股 765,085 股）</li>
</ul>
<p>在短短一年内，TSMC 已成为杜克斯尼超过 40 亿美元投资组合的前五大持股。</p>
<p>台积电在人工智能芯片制造中扮演的角色显然具有吸引力。其晶圆级封装技术（CoWoS）对于包装人工智能加速数据中心所需的高带宽内存至关重要。预计到 2025 年底，台积电的月度 CoWoS 产能将从 2024 年的 35,000 个有效翻倍，达到 65,000 至 75,000 个单位。进一步扩展预计到 2026 年将达到每月 100,000 个单位。这一新增产能将帮助 Nvidia、<strong>Advanced Micro Devices</strong> 及其他芯片制造商提升其人工智能 GPU 的销售。</p>
<p>在此基础上，台积电正在处理相当大的服务积压，一些订单延续至 2026 年。积压订单提供了健康的运营现金流可预测性。</p>
<p>尽管在截至 6 月的季度中，先进芯片占台积电净销售额的 60%，但在人工智能领域之外仍有很多机会。超过四分之一的净销售额来自于用于下一代智能手机的芯片和解决方案。5G 无线网络的普及导致了智能手机的持续升级周期。</p>
<p>台积电的另 10%（合计）净销售额来自物联网设备和用于汽车的芯片。车辆和家用电器对技术的依赖日益增加，这对台积电来说是个好消息。</p>
<p>Duquesne 的亿万富翁首席执行官可能也被台积电的估值所吸引。尽管其未来一年市盈率（P/E）为 21，相较于近年来略显溢价，但台积电年均 20% 以上的盈利增长率使其未来市盈率相当可口。</p>

台积电

半导体 3 倍做多 - Direxion

<p>亿万富翁斯坦利·德鲁肯米勒（Stanley Druckenmiller）已出售他在英伟达（Nvidia）和帕兰提尔（Palantir）这两只领先的人工智能股票中的股份，同时增加了对台积电（TSM）的投资。他的基金杜克斯家族办公室（Duquesne Family Office）在 2025 年 3 月之前退出了英伟达和帕兰提尔，可能是为了在价格大幅上涨后锁定收益。德鲁肯米勒的策略反映了他对人工智能行业的谨慎态度，因为他对潜在的高估和市场泡沫表示担忧。尽管出售了这些股票，他仍然持续购买台积电的股份，表明他对其在人工智能市场的长期潜力持有强烈信心</p>

<p>The month of August has been chock-full of important data releases. The inflation and jobs report from the federal government, Federal Reserve Chair Jerome Powell's highly anticipated speech at Jackson Hole, and earnings releases from many of Wall Street's most influential businesses have deluged investors with information. It's also made it easy for something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>八月份充满了重要的数据发布。联邦政府的通胀和就业报告、美联储主席杰罗姆·鲍威尔在杰克逊霍尔备受期待的演讲，以及华尔街许多最具影响力企业的财报发布，给投资者带来了大量信息。这也使得一些重要信息容易被忽视。</p>
</div><p>For instance, Aug. 14 marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with U.S. regulators. A 13F offers a concise snapshot of which stocks Wall Street's shrewdest money managers bought and sold in the latest quarter (in this case, the quarter ended June 30).</p>
<div class="lb-trans"><p>例如，8 月 14 日是管理资产至少为 1 亿美元的机构投资者向美国监管机构提交 13F 表格的截止日期。13F 提供了华尔街最聪明的资金经理在最新季度（在这种情况下是截至 6 月 30 日的季度）买卖哪些股票的简明快照。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830704%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 billionaire Warren Buffett has earned quite the following on Wall Street, he's not the only billionaire fund manager with a keen eye for value. Duquesne Family Office's billionaire boss Stanley Druckenmiller is also known for his outsize returns and ability to snag amazing deals.</p>
<div class="lb-trans"><p>尽管亿万富翁沃伦·巴菲特在华尔街赢得了相当多的追随者，但他并不是唯一一位对价值有敏锐眼光的亿万富翁基金经理。杜克斯尼家族办公室的亿万富翁老板斯坦利·德鲁肯米勒也以其超额回报和获得惊人交易的能力而闻名。</p>
</div><p>What's particularly interesting about Druckenmiller has been his trading activity within the artificial intelligence (AI) space. Over the previous year, based on 13F filings covering trading activity from July 1, 2024 to June 30, 2025, Duquesne's investment guru sent Wall Street's two top-tier AI stocks, <strong>Nvidia</strong>(NVDA 1.10%) and <strong>Palantir Technologies</strong>(PLTR -0.98%), to the chopping block. But at the same time, he purchased shares of an essential AI titan for four consecutive quarters and made it a top-five holding.</p>
<div class="lb-trans"><p>德鲁肯米勒在人工智能（AI）领域的交易活动尤其引人注目。在过去一年中，根据涵盖 2024 年 7 月 1 日至 2025 年 6 月 30 日交易活动的 13F 文件，杜克斯尼的投资大师将华尔街的两只顶级 AI 股票，<strong>Nvidia</strong>（NVDA 1.10%）和 <strong>Palantir Technologies</strong>（PLTR -0.98%），送上了砧板。但与此同时，他连续四个季度购买了一家重要的 AI 巨头的股票，并将其作为前五大持股。</p>
</div><h2>Nvidia and Palantir were shown the door by billionaire Stanley Druckenmiller</h2>
<div class="lb-trans"><h2>亿万富翁斯坦利·德鲁肯米勒将 Nvidia 和 Palantir 送上了砧板</h2>
</div><p>As of the midpoint of 2024, Duquesne's billionaire chief was overseeing $2.9 billion in AUM spread across 64 holdings. This included 214,060 shares of Nvidia, following its 10-for-1 forward split in June 2024, as well as 769,965 shares of Palantir. By March 31, 2025, both of these holdings were completely exited.</p>
<div class="lb-trans"><p>截至 2024 年中期，杜克斯尼的亿万富翁首席正在管理 29 亿美元的资产，分布在 64 个持股中。这包括在 2024 年 6 月进行 10 比 1 的前分割后持有的 214,060 股 Nvidia，以及 769,965 股 Palantir。到 2025 年 3 月 31 日，这两项持股已完全退出。</p>
</div><p>The logical explanation for selling two of the hottest AI stocks on the planet is that Druckenmiller was locking in gains. The average stock for Duquesne Family Office has been held for less than seven months, which suggests its billionaire investor isn't afraid to cash in his fund's chips when the opportunity presents itself.</p>
<div class="lb-trans"><p>出售两只全球最热门 AI 股票的合理解释是德鲁肯米勒在锁定收益。杜克斯尼家族办公室的平均持股时间不到七个月，这表明这位亿万富翁投资者在机会出现时并不害怕兑现其基金的筹码。</p>
</div><p>Shares of Nvidia have catapulted higher by roughly 1,120% since the end of 2022, as of the closing bell on Aug. 22. Its AI-graphics processing units (GPUs) have become the preferred choice by businesses to deploy in their AI-accelerated data centers. Strong ongoing demand for AI-GPUs, coupled with Nvidia's well-defined compute advantages, have allowed it to charge a premium for its hardware.</p>
<div class="lb-trans"><p>截至 8 月 22 日收盘，Nvidia 的股价自 2022 年底以来已上涨约 1120%。其 AI 图形处理单元（GPU）已成为企业在其 AI 加速数据中心中部署的首选。对 AI-GPU 的强劲持续需求，加上 Nvidia 明确的计算优势，使其能够对其硬件收取溢价。</p>
</div><p>Meanwhile, Palantir's stock has gained well over 2,300% during the same time frame. Its AI and machine learning-fueled Gotham platform, which assists federal governments with military mission planning and oversight, has done a lot of the heavy lifting. With no clear one-for-one replacement for Gotham, and no true competition to its enterprise subscription Foundry platform at scale, Palantir has commanded quite the valuation premium.</p>
<div class="lb-trans"><p>与此同时，Palantir 的股价在同一时间段内上涨了超过 2300%。其基于 AI 和机器学习的 Gotham 平台，帮助联邦政府进行军事任务规划和监督，承担了大量的重任。由于没有明确的替代品，且在规模上没有真正的竞争对手与其企业订阅 Foundry 平台相抗衡，Palantir 的估值溢价相当可观。</p>
</div><p>What might be of concern to Nvidia and Palantir shareholders is if Druckenmiller sent these stocks packing for reasons that go beyond profit-taking.</p>
<div class="lb-trans"><p>对 Nvidia 和 Palantir 股东而言，令人担忧的是德鲁肯米勒是否因超出获利了结的原因而抛售这些股票。</p>
</div><p>As an example, Druckenmiller opined in May 2024 that &#34;AI might be a little overhyped now, but under-hyped long term.&#34; Duquesne's billionaire boss astutely recognizes that every next-big-thing trend over the last 30 years has endured an eventual bubble-bursting event early in its expansion phase. In other words, investors have a propensity to overshoot when it comes to early utility and adoption rate expectations. This eventually leads to lofty expectations that aren't met and the bursting of the bubble.</p>
<div class="lb-trans"><p>例如，德鲁肯米勒在 2024 年 5 月表示：“AI 现在可能有点被过度炒作，但从长远来看却被低估。” 杜克斯尼的亿万富翁老板敏锐地意识到，过去 30 年中每一个下一个大趋势在扩张阶段早期都经历过泡沫破裂事件。换句话说，投资者在早期的实用性和采用率预期上往往会过于乐观。这最终导致了未能实现的高期望和泡沫的破裂。</p>
</div><p>No company has benefited more from the AI revolution than Nvidia. If a bubble were to form and burst, there's little question its shares would feel the impact. Though Palantir's multiyear government contracts and subscription revenue would protect it from an immediate revenue drop-off, poor investor sentiment during a bubble-bursting event would still, likely, weigh on its shares.</p>
<div class="lb-trans"><p>没有哪家公司比 Nvidia 更能从 AI 革命中受益。如果泡沫形成并破裂，毫无疑问其股价将受到影响。尽管 Palantir 的多年政府合同和订阅收入将保护其免受立即的收入下滑，但在泡沫破裂事件期间，糟糕的投资者情绪仍可能对其股价造成压力。</p>
</div><p>Valuation is another catalyst that may have enticed Druckenmiller to sell. Nvidia and Palantir are trading at respective price-to-sales (P/S) ratios of 30 and 117. Historically, businesses on the front line of a game-changing innovation have peaked at P/S ratios of 30 to 40. In short, Nvidia and Palantir are priced for perfection.</p>
<div class="lb-trans"><p>估值是另一个可能促使德鲁肯米勒出售的催化剂。Nvidia 和 Palantir 的市销率（P/S）分别为 30 和 117。历史上，处于颠覆性创新前沿的企业市销率最高曾达到 30 到 40。简而言之，Nvidia 和 Palantir 的定价已达到完美的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830704%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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>Duquesne's billionaire boss has purchased this trillion-dollar AI stock in four straight quarters</h2>
<div class="lb-trans"><h2>杜克斯尼的亿万富翁老板在连续四个季度购买了这只万亿级 AI 股票</h2>
</div><p>Although Druckenmiller remains skeptical of some of the companies leading the evolution of AI over the short run, there is one essential artificial intelligence stock that he simply can't stop buying for his fund. Duquesne's 13Fs show buying activity spanning four consecutive quarters for trillion-dollar chip fabricator <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.09%), which is best-known by its abbreviation, &#34;TSMC.&#34;</p>
<div class="lb-trans"><p>尽管德鲁肯米勒对一些引领 AI 演变的公司在短期内持怀疑态度，但他有一只他根本无法停止为其基金购买的重要人工智能股票。杜克斯尼的 13F 显示，针对万亿级芯片制造商 <strong>台积电</strong>（TSM 1.09%）的购买活动持续了四个连续季度，该公司以其缩写 “TSMC” 而闻名。</p>
</div><p>Here's a breakdown of Druckenmiller's buying activity of TSMC over the previous year:</p>
<div class="lb-trans"><p>以下是德鲁肯米勒在过去一年中对 TSMC 的购买活动的详细信息：</p>
</div><ul>
<li><strong>Q3 2024</strong>: 57,355 shares purchased</li>
<li><strong>Q4 2024</strong>: 50,160 shares purchased</li>
<li><strong>Q1 2025</strong>: 491,265 shares purchased</li>
<li><strong>Q2 2025</strong>: 166,305 shares purchased (765,085 total shares held)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2024 年第三季度</strong>：购买 57,355 股</li>
<li><strong>2024 年第四季度</strong>：购买 50,160 股</li>
<li><strong>2025 年第一季度</strong>：购买 491,265 股</li>
<li><strong>2025 年第二季度</strong>：购买 166,305 股（总持股 765,085 股）</li>
</ul>
</div><p>In just one year, TSMC has become a top-five holding for Duquesne's now greater-than-$4 billion investment portfolio.</p>
<div class="lb-trans"><p>在短短一年内，TSMC 已成为杜克斯尼超过 40 亿美元投资组合的前五大持股。</p>
</div><p>The obvious allure of Taiwan Semiconductor is the role it's playing in AI chip manufacturing. Its chip-on-wafer-on-substrate (CoWoS) technology is essential for the packaging of high-bandwidth memory needed for AI-accelerated data centers. TSMC's monthly CoWoS capacity is expected to effectively double to between 65,000 units to 75,000 units by the end of 2025 from 35,000 per month in 2024. Further expansion is expected to 100,000 monthly units come 2026. This added capacity will help Nvidia, <strong>Advanced Micro Devices</strong>, and other chipmakers ramp up sales of their AI GPUs.</p>
<div class="lb-trans"><p>台积电在人工智能芯片制造中扮演的角色显然具有吸引力。其晶圆级封装技术（CoWoS）对于包装人工智能加速数据中心所需的高带宽内存至关重要。预计到 2025 年底，台积电的月度 CoWoS 产能将从 2024 年的 35,000 个有效翻倍，达到 65,000 至 75,000 个单位。进一步扩展预计到 2026 年将达到每月 100,000 个单位。这一新增产能将帮助 Nvidia、<strong>Advanced Micro Devices</strong> 及其他芯片制造商提升其人工智能 GPU 的销售。</p>
</div><p>To build on the above, TSMC is dealing with quite the backlog for its services, with some orders stretching well into 2026. Backlogged orders provide a healthy level of operating cash flow predictability.</p>
<div class="lb-trans"><p>在此基础上，台积电正在处理相当大的服务积压，一些订单延续至 2026 年。积压订单提供了健康的运营现金流可预测性。</p>
</div><p>While advanced chips accounted for 60% of TSMC's net sales during the June-ended quarter, there's still plenty of opportunity outside of the AI arena. More than a quarter of its net sales trace back to chips and solutions used in next-generation smartphones. The proliferation of 5G wireless networks has led to a steady smartphone upgrade cycle.</p>
<div class="lb-trans"><p>尽管在截至 6 月的季度中，先进芯片占台积电净销售额的 60%，但在人工智能领域之外仍有很多机会。超过四分之一的净销售额来自于用于下一代智能手机的芯片和解决方案。5G 无线网络的普及导致了智能手机的持续升级周期。</p>
</div><p>Another 10% (combined) of Taiwan Semiconductor's net sales derive from Internet of Things devices and chips used in automobiles. Vehicles and household appliances becoming more reliant on technology is excellent news for TSMC.</p>
<div class="lb-trans"><p>台积电的另 10%（合计）净销售额来自物联网设备和用于汽车的芯片。车辆和家用电器对技术的依赖日益增加，这对台积电来说是个好消息。</p>
</div><p>Duquesne's billionaire chief might also be attracted by TSMC's valuation. Though its forward-year price-to-earnings (P/E) ratio of 21 represents a modest premium compared to recent years, TSMC's annual earnings growth rate of 20% or greater makes its forward P/E quite palatable.</p>
<div class="lb-trans"><p>Duquesne 的亿万富翁首席执行官可能也被台积电的估值所吸引。尽管其未来一年市盈率（P/E）为 21，相较于近年来略显溢价，但台积电年均 20% 以上的盈利增长率使其未来市盈率相当可口。</p>
</div>

Billionaire Stanley Druckenmiller Sold His Fund's Stakes in Nvidia and Palantir, and Has Piled Into This Essential Artificial Intelligence (AI) Stock Instead

- 8 月发布了重要数据，包括通胀和就业报告。  
- 杜克恩家族办公室的斯坦利·德鲁肯米勒出售了英伟达和帕兰提尔的股票。  
- 他连续四个季度增持台积电，成为其投资组合的前五大持股。  

亿万富翁斯坦利·德鲁肯米勒已经出售了他基金持有的英伟达和 Palantir 的股份，并转而投资于这个重要的人工智能（AI）股票