<p>亿万富翁史蒂夫·曼德尔及其对冲基金 Lone Pine Capital 一直是个人投资者关注的好对象。尽管一些对冲基金在整体市场表现不佳，但曼德尔在过去三年中大幅超越了市场。因此，当他在投资组合中做出调整时，投资者应该予以关注。</p>
<p>曼德尔在第二季度所做的一件事是出售了一部分 <strong>微软</strong> 的股份。虽然这不是一个大动作，但对冲基金将其持仓减少了约 5%。随后，曼德尔利用部分资金投资于另一只前景看好的人工智能股票，该股票在过去十年中价值增长了近 800%。</p>
<p>那只股票是 <strong>亚马逊</strong>(AMZN -1.16%)。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>AWS 是目前投资亚马逊的最佳理由</h2>
<p>当你想到人工智能时，亚马逊可能不是第一个浮现在脑海中的公司。相反，它更像是一个电子商务投资。虽然这种看法在面向消费者的部分是正确的，但实际上，亚马逊的大部分利润来自与人工智能相关的收入来源。</p>
<p>最大的收入来源是亚马逊网络服务（AWS），即其云计算部门。由于人工智能工作负载产生的巨大需求，云计算公司今年表现强劲。由于越来越多的公司无法合理地花费数百万（甚至数十亿）美元建立一个专门用于训练人工智能模型的数据中心，因此从已经具备能力的公司租用计算能力显得更加合理。这就是云计算的理念，它为该业务部门带来了强劲的增长。</p>
<p>在第二季度，AWS 的销售额增长了 17%，达到了 309 亿美元。这是强劲的增长，但比起其同行微软 Azure 和谷歌云（各自的收入增长超过 30%）略显缓慢。然而，AWS 的规模远大于这两个部门，因此投资者不应该对 AWS 的增长速度较慢感到惊讶。AWS 在第二季度占亚马逊总收入的约 18%，但占其营业利润的 53%。这是因为 AWS 的利润率远高于其电商业务部门，使得 AWS 成为亚马逊投资论点的关键部分。</p>
<p>AWS 正在受到人工智能的显著推动，使其成为该领域的强劲股票选择。</p>
<p>但微软也是一个不错的人工智能选择，那么曼德尔为何从微软转向亚马逊呢？</p>
<h2>亚马逊的股票在长期内看起来更具前景</h2>
<p>从估值的角度来看，这两家公司在增长方面的交易水平都相对昂贵。然而，从未来市盈率（P/E）的角度来看，它们的定价大致相同。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png"/></p>
<p>AMZN 市盈率（前瞻性）数据来源于 YCharts</p>
<p>亚马逊拥有微软所没有的一个优势，那就是亚马逊利润率的持续上升压力。由于 AWS 及其广告服务业务部门是亚马逊增长最快的部分，其利润率正在稳步改善。尽管亚马逊的收入增长率似乎有些缓慢，但其营业收入增长率实际上相当迅速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png"/></p>
<p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
<p>这一趋势仍有数年时间展开，这是从微软转向亚马逊的有力理由。我相信这将在长期内成为一个成功的交易，因为预计亚马逊的利润增长速度将显著快于微软，从而使得该股票在长期内超越其同行，尽管它们的估值相似。</p>
<p>然而，这两只股票仍然是不错的人工智能选择，选择其中任何一只都不会出错。</p>

微软

亚马逊

亚马逊每日 2 倍做多 ETF - Direxion

<p>亿万富翁史蒂夫·曼德尔出售了 5% 的微软股份，以投资于亚马逊，后者在过去十年中增长了近 800%。亚马逊的增长得益于其云计算部门 AWS，该部门在第二季度报告了 17% 的销售增长，达到了 309 亿美元。虽然亚马逊和微软都是强劲的人工智能投资，但曼德尔认为，亚马逊不断改善的利润率和更快的利润增长使其成为更有前景的长期选择</p>

<p>Billionaire Steve Mandel and his hedge fund Lone Pine Capital have been a great one to follow for individual investors. Although some hedge funds have a poor record of underperforming the broader market, Mandel has substantially outperformed the market over the past three years. So, when he makes a move in his portfolio, investors should pay attention.</p>
<div class="lb-trans"><p>亿万富翁史蒂夫·曼德尔及其对冲基金 Lone Pine Capital 一直是个人投资者关注的好对象。尽管一些对冲基金在整体市场表现不佳，但曼德尔在过去三年中大幅超越了市场。因此，当他在投资组合中做出调整时，投资者应该予以关注。</p>
</div><p>One thing Mandel did during Q2 was sell off some of his <strong>Microsoft</strong> shares. Although it wasn't a massive move, the hedge fund reduced its position by about 5%. Then, Mandel used some of those funds to invest in another promising AI stock that has increased in value by nearly 800% over the past decade.</p>
<div class="lb-trans"><p>曼德尔在第二季度所做的一件事是出售了一部分 <strong>微软</strong> 的股份。虽然这不是一个大动作，但对冲基金将其持仓减少了约 5%。随后，曼德尔利用部分资金投资于另一只前景看好的人工智能股票，该股票在过去十年中价值增长了近 800%。</p>
</div><p>That stock? <strong>Amazon</strong>(AMZN -1.16%).</p>
<div class="lb-trans"><p>那只股票是 <strong>亚马逊</strong>(AMZN -1.16%)。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830852%2Fperson-examining-a-graph-on-their-laptop.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>AWS is the best reason to invest in Amazon right now</h2>
<div class="lb-trans"><h2>AWS 是目前投资亚马逊的最佳理由</h2>
</div><p>Amazon may not be the first company that comes to mind when you think about AI. Instead, it probably seems more like an e-commerce investment. While that sentiment is true for the consumer-facing portion, the reality is that a large chunk of Amazon's profits comes from AI-related revenue streams.</p>
<div class="lb-trans"><p>当你想到人工智能时，亚马逊可能不是第一个浮现在脑海中的公司。相反，它更像是一个电子商务投资。虽然这种看法在面向消费者的部分是正确的，但实际上，亚马逊的大部分利润来自与人工智能相关的收入来源。</p>
</div><p>The biggest is from Amazon Web Services (AWS), its cloud computing arm. Cloud computing firms are having a strong year, thanks to the massive demand generated by AI workloads. Because more companies can't justify spending millions (or even billions) of dollars on a data center dedicated to training AI models, it's far more reasonable to rent computing power from a firm that already has the capacity. That's the idea behind cloud computing, and it has translated into strong growth for the business unit.</p>
<div class="lb-trans"><p>最大的收入来源是亚马逊网络服务（AWS），即其云计算部门。由于人工智能工作负载产生的巨大需求，云计算公司今年表现强劲。由于越来越多的公司无法合理地花费数百万（甚至数十亿）美元建立一个专门用于训练人工智能模型的数据中心，因此从已经具备能力的公司租用计算能力显得更加合理。这就是云计算的理念，它为该业务部门带来了强劲的增长。</p>
</div><p>In Q2, AWS's sales rose 17% to $30.9 billion. That's strong growth, but it is a bit slower than its peers, Microsoft Azure and Google Cloud, which each grew revenue by more than 30% in Q2. However, AWS is much larger than both of these units, so it shouldn't surprise investors that AWS is growing at a slower rate. AWS accounted for about 18% of Amazon's total revenue in Q2, but it made up 53% of its operating profit. That's because AWS has far superior margins compared to its commerce business units, making AWS a critical part of the Amazon investment thesis.</p>
<div class="lb-trans"><p>在第二季度，AWS 的销售额增长了 17%，达到了 309 亿美元。这是强劲的增长，但比起其同行微软 Azure 和谷歌云（各自的收入增长超过 30%）略显缓慢。然而，AWS 的规模远大于这两个部门，因此投资者不应该对 AWS 的增长速度较慢感到惊讶。AWS 在第二季度占亚马逊总收入的约 18%，但占其营业利润的 53%。这是因为 AWS 的利润率远高于其电商业务部门，使得 AWS 成为亚马逊投资论点的关键部分。</p>
</div><p>AWS is experiencing a significant boost from AI, making it a strong stock pick in this space.</p>
<div class="lb-trans"><p>AWS 正在受到人工智能的显著推动，使其成为该领域的强劲股票选择。</p>
</div><p>But Microsoft is also a solid AI pick, so why is Mandel moving from Microsoft to Amazon?</p>
<div class="lb-trans"><p>但微软也是一个不错的人工智能选择，那么曼德尔为何从微软转向亚马逊呢？</p>
</div><h2>Amazon's stock looks more promising over the long term</h2>
<div class="lb-trans"><h2>亚马逊的股票在长期内看起来更具前景</h2>
</div><p>From a valuation perspective, both companies trade at fairly expensive levels for their growth. However, they're both priced about the same from a forward price-to-earnings (P/E) standpoint.</p>
<div class="lb-trans"><p>从估值的角度来看，这两家公司在增长方面的交易水平都相对昂贵。然而，从未来市盈率（P/E）的角度来看，它们的定价大致相同。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png" alt="" original-src="https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）数据来源于 YCharts</p>
</div><p>One thing Amazon has going for it that Microsoft doesn't is the steady upward pressure on Amazon's margins. Thanks to AWS and its advertising service business units being the fastest growing in Amazon, its margins are steadily improving. Although Amazon's revenue growth rate appears to be somewhat slow, its operating income growth rate is actually quite rapid.</p>
<div class="lb-trans"><p>亚马逊拥有微软所没有的一个优势，那就是亚马逊利润率的持续上升压力。由于 AWS 及其广告服务业务部门是亚马逊增长最快的部分，其利润率正在稳步改善。尽管亚马逊的收入增长率似乎有些缓慢，但其营业收入增长率实际上相当迅速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png" alt="" original-src="https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增长）数据来源于 YCharts</p>
</div><p>This trend still has years to unfold, which is a solid reason to transition from Microsoft to Amazon. I believe this will be a winning trade over the long term, as Amazon's profits are expected to grow at a significantly faster rate than Microsoft's, resulting in the stock outperforming its peer over the long term due to their similar valuations.</p>
<div class="lb-trans"><p>这一趋势仍有数年时间展开，这是从微软转向亚马逊的有力理由。我相信这将在长期内成为一个成功的交易，因为预计亚马逊的利润增长速度将显著快于微软，从而使得该股票在长期内超越其同行，尽管它们的估值相似。</p>
</div><p>However, both stocks are still solid AI picks, and you can't go wrong with either one.</p>
<div class="lb-trans"><p>然而，这两只股票仍然是不错的人工智能选择，选择其中任何一只都不会出错。</p>
</div>

Billionaire Steve Mandel Just Sold Microsoft Stock to Buy This Dominant Artificial Intelligence (AI) Stock Up Nearly 800% Over the Past Decade

- 史蒂夫·曼德尔及其对冲基金在过去三年中表现优于市场。  
- 曼德尔在第二季度减持微软股份，并投资于亚马逊。  
- AWS 推动亚马逊利润增长，成为长期投资的关键。

亿万富翁史蒂夫·曼德尔刚刚出售了微软的股票，以购买这只在过去十年中上涨近 800% 的领先人工智能股票