<p>凯西·伍德再次进入了良好的状态。她作为 Ark Invest 的首席执行官管理的最大交易所交易基金（ETF）在过去一年中上涨了 77%，远超市场表现。她所青睐的激进成长股在华尔街受到追捧，投资者也在关注她的动态。</p>
<p>她在周二的买入量比平时略多，增加了她的基金在 <strong>超威半导体</strong>（AMD -0.82%）、<strong>爱彼迎</strong>（ABNB 1.77%）和 <strong>Figma</strong>（FIG 2.10%）的现有持仓。让我们更仔细地看看这三只充满活力的股票。</p>
<h2>1. 超威半导体</h2>
<p>最近超威半导体的投资者经历了一段疯狂的旅程。这家中央处理器（CPU）、图形处理器（GPU）及其他类型微处理器的制造商，自从在四月初因特朗普总统的关税担忧而触底以来，其股价已翻了一番。然而，尽管出现了这样的激增，该股票在过去一年中的交易价格仅上涨了 5%。是的，这家芯片制造商在过去一年中表现不及市场。没有人说投资超威半导体会是无聊的。</p>
<p>如今购买超威半导体股票的理由很明确。生成性人工智能（AI）的需求激增意味着科技公司将继续建设庞大的新数据中心，以产生资源密集型的结果。超威半导体制造的芯片推动数据中心进行 AI 渲染。虽然它不是这个细分市场的领头羊，但显然这里有空间容纳不止一只 “狗”。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="546" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>有迹象表明超威半导体的股票可能正在喘息——其股价从上个月触及的 52 周高点下滑了 15%。在经历了一年的加速收入增长后，超威半导体的营收增长在第二季度放缓至 32%。管理层预计当前季度的年同比收入增长仅为 28%。</p>
<p>上周末，一位分析师对该股票进行了下调。Erste Group 的汉斯·恩格尔认为，考虑到其运营利润率没有改善以及股本回报率不尽如人意，其估值偏高。超威半导体目前的交易价格约为明年预期收益的 27 倍，恩格尔认为这有点过高。因此，他将之前的买入评级改为持有评级。</p>
<p>对于一家经历增长放缓的公司来说，这一估值似乎偏高，但还有外部因素导致了拖累。超威半导体和该领域的其他公司一样，受到贸易战的影响，限制了其强大的 Instinct MI308 GPU 在中国的销售。不过，它在其他地方仍在销售大量芯片，其客户端和游戏部门正在复苏，第二季度销售增长了 69%。</p>
<h2>2. 爱彼迎</h2>
<p>爱彼迎的股东可能需要度假。该股票在过去一年中仅上涨了 4%——尽管 2025 年的市场环境普遍向好，但年初至今交易价格下跌了 7%。作为预订度假房产的顶级应用，爱彼迎已经连续第四年实现收入增长。然而，它在最新季度录得的 13% 的年同比增长是超过一年以来最健康的结果。</p>
<p>投资爱彼迎确实有很多值得担忧的理由。贸易战的言辞使国际旅行变得不那么令人愉快。在国内，越来越多的公司要求员工返回办公室工作，这意味着将有更少的人能够在远程工作时使用爱彼迎进行旅行。然而，对公司前景最大的担忧是美国经济可能正在放缓。消费者信心在过去一年中持续下降，当人们对自己的财务状况感到担忧时，他们可能不会认为度假是明智之举。同时，酒店连锁企业也开始进入爱彼迎的细分市场，为渴望不同体验的忠诚客户提供独立房产租赁。</p>
<p>好消息是，爱彼迎仍然是一个赚钱的公司。在过去一年中，它产生了 43 亿美元的自由现金流。管理层似乎认为在当前价格下该股票是个好交易，因为它在今年夏天宣布了一项 60 亿美元的股票回购授权。它的交易价格仅为前瞻性收益的 25 倍，这是该旅游平台运营商的历史低点。</p>
<h2>3. Figma</h2>
<p>很难将 Figma 视为市场落后者。它在两个月前以每股 33 美元的价格定价首次公开募股（IPO）。这家提供网站、应用程序和其他数字平台云设计工具的公司，截至周二收盘时，其股价比那时上涨了 64%。然而，由于首次公开募股时的热潮——该股票超额认购了 40 倍——其股价在交易的第二天曾飙升至 143 美元。</p>
<p>Figma 并不便宜，但自 7 月底的高点以来已下跌超过 60%。Ark Invest 参与了首次公开募股，伍德在最近几周随着股价下跌而增加了该持仓。</p>
<p>Figma 满足了许多成长投资者的要求。去年收入增长了 48%。今年增长有所放缓——今年前两季度的年同比增长分别为 46% 和 41%——但这仍然是一个健康的增速。它处于一个竞争激烈的领域，但显然正在扩大其对不断增长的受众的吸引力。它的市盈率远高于超威半导体或爱彼迎，但在首次公开募股后的急剧回调确实为投资者提供了潜在的入场点。至少伍德似乎是这么认为的。</p>

AMDL

<p>凯西·伍德（Cathie Wood），方舟投资（Ark Invest）的首席执行官，近期在先进微电子（AMD）、爱彼迎（Airbnb）和 Figma 上进行了大量购买，因为她的 ETF 在过去一年中上涨了 77%。尽管对人工智能芯片的需求强劲，AMD 仍面临近期股价下跌和估值担忧的挑战。爱彼迎的股价表现不佳，但仍保持盈利，并计划进行 60 亿美元的股票回购。Figma 的首次公开募股（IPO）非常成功，交易价格显著高于其初始价格。伍德的投资反映了她在市场波动中对成长股的关注</p>

<p>Cathie Wood is in a good groove again. The largest of the exchange-traded funds (ETFs) she manages as CEO of Ark Invest is up by 77% over the past year, crushing the market. The aggressive growth stocks she favors are in style on Wall Street, and investors are paying attention to her moves.</p>
<div class="lb-trans"><p>凯西·伍德再次进入了良好的状态。她作为 Ark Invest 的首席执行官管理的最大交易所交易基金（ETF）在过去一年中上涨了 77%，远超市场表现。她所青睐的激进成长股在华尔街受到追捧，投资者也在关注她的动态。</p>
</div><p>She did a little more buying than usual on Tuesday, adding to her funds' existing positions in <strong>Advanced Micro Devices</strong>(AMD -0.82%), <strong>Airbnb</strong>(ABNB 1.77%), and <strong>Figma</strong>(FIG 2.10%). Let's take a closer look at these three dynamic stocks.</p>
<div class="lb-trans"><p>她在周二的买入量比平时略多，增加了她的基金在 <strong>超威半导体</strong>（AMD -0.82%）、<strong>爱彼迎</strong>（ABNB 1.77%）和 <strong>Figma</strong>（FIG 2.10%）的现有持仓。让我们更仔细地看看这三只充满活力的股票。</p>
</div><h2>1. Advanced Micro Devices</h2>
<div class="lb-trans"><h2>1. 超威半导体</h2>
</div><p>It has been a wild ride lately for AMD investors. The maker of central processing units (CPUs), graphics processing units (GPUs), and other types of microprocessors has seen its shares more than double since bottoming out in early April after the first wave of concerns about President Donald Trump's tariffs rattled the market. However, despite that surge, the stock is barely trading 5% higher over the past year. Yes, this chipmaker has underperformed the market over the past year. No one said that investing in AMD was going to be boring.</p>
<div class="lb-trans"><p>最近超威半导体的投资者经历了一段疯狂的旅程。这家中央处理器（CPU）、图形处理器（GPU）及其他类型微处理器的制造商，自从在四月初因特朗普总统的关税担忧而触底以来，其股价已翻了一番。然而，尽管出现了这样的激增，该股票在过去一年中的交易价格仅上涨了 5%。是的，这家芯片制造商在过去一年中表现不及市场。没有人说投资超威半导体会是无聊的。</p>
</div><p>The case for buying AMD stock these days is clear. Booming demand for generative artificial intelligence (AI) means that tech players will keep building out massive new data centers to crank out resource-intensive results. AMD makes chips that propel data centers onto their AI-rendering journeys. It's not the top dog in this niche, but there is clearly room for more than one canine here.</p>
<div class="lb-trans"><p>如今购买超威半导体股票的理由很明确。生成性人工智能（AI）的需求激增意味着科技公司将继续建设庞大的新数据中心，以产生资源密集型的结果。超威半导体制造的芯片推动数据中心进行 AI 渲染。虽然它不是这个细分市场的领头羊，但显然这里有空间容纳不止一只 “狗”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833900%2Fgettyimages-576603370.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>There are some signs that AMD stock might be taking a breather -- the shares have slipped by 15% from the 52-week high they touched last month. After a year of accelerating revenue growth, AMD's top-line increase slowed to 32% in the second quarter. Management is forecasting revenue growth of just 28% year over year in the current quarter.</p>
<div class="lb-trans"><p>有迹象表明超威半导体的股票可能正在喘息——其股价从上个月触及的 52 周高点下滑了 15%。在经历了一年的加速收入增长后，超威半导体的营收增长在第二季度放缓至 32%。管理层预计当前季度的年同比收入增长仅为 28%。</p>
</div><p>One analyst did downgrade the stock late last week. Erste Group's Hans Engel feels that its valuation is elevated given the lack of improvement in its operating margins and its unimpressive returns on equity. AMD also trades now for about 27 times next year's expected earnings, which Engel believes is a bit too high. So he replaced his earlier buy rating on the stock with a hold rating.</p>
<div class="lb-trans"><p>上周末，一位分析师对该股票进行了下调。Erste Group 的汉斯·恩格尔认为，考虑到其运营利润率没有改善以及股本回报率不尽如人意，其估值偏高。超威半导体目前的交易价格约为明年预期收益的 27 倍，恩格尔认为这有点过高。因此，他将之前的买入评级改为持有评级。</p>
</div><p>That valuation may seem high for a company experiencing decelerating growth, but there are external issues contributing to the drag. AMD, like others in this space, has been caught in the crossfire of the trade war, which is restricting sales of its potent Instinct MI308 GPUs into China. It's still selling plenty of chips elsewhere, though, and its client and gaming segment is in the midst of a resurgence, with sales up 69% in the second quarter.</p>
<div class="lb-trans"><p>对于一家经历增长放缓的公司来说，这一估值似乎偏高，但还有外部因素导致了拖累。超威半导体和该领域的其他公司一样，受到贸易战的影响，限制了其强大的 Instinct MI308 GPU 在中国的销售。不过，它在其他地方仍在销售大量芯片，其客户端和游戏部门正在复苏，第二季度销售增长了 69%。</p>
</div><h2>2. Airbnb</h2>
<div class="lb-trans"><h2>2. 爱彼迎</h2>
</div><p>Airbnb shareholders could probably use a vacation. The stock is up just 4% over the past year -- and trading 7% lower year to date despite 2025's generally buoyant market environment. The top app for booking vacation properties has found revenue growth for the fourth consecutive year. However, the 13% year-over-year increase it booked in its latest quarter was its healthiest result in more than a year.</p>
<div class="lb-trans"><p>爱彼迎的股东可能需要度假。该股票在过去一年中仅上涨了 4%——尽管 2025 年的市场环境普遍向好，但年初至今交易价格下跌了 7%。作为预订度假房产的顶级应用，爱彼迎已经连续第四年实现收入增长。然而，它在最新季度录得的 13% 的年同比增长是超过一年以来最健康的结果。</p>
</div><p>There are certainly plenty of reasons to be concerned about investing in Airbnb. Trade war rhetoric is making international travel less savory. Closer to home, more companies are requiring employees to return to working in offices, which means fewer will be able to travel -- often using an Airbnb -- while still getting work done remotely. The biggest area of looming concern for the company's outlook, though, is that the U.S. economy may be softening. Consumer confidence has been dropping for the past year, and when people are worried about their finances, they may not see springing for a getaway as prudent. Meanwhile, hotel chains are hopping into Airbnb's niche, offering standalone property rentals to loyalty club members who are pining for something different.</p>
<div class="lb-trans"><p>投资爱彼迎确实有很多值得担忧的理由。贸易战的言辞使国际旅行变得不那么令人愉快。在国内，越来越多的公司要求员工返回办公室工作，这意味着将有更少的人能够在远程工作时使用爱彼迎进行旅行。然而，对公司前景最大的担忧是美国经济可能正在放缓。消费者信心在过去一年中持续下降，当人们对自己的财务状况感到担忧时，他们可能不会认为度假是明智之举。同时，酒店连锁企业也开始进入爱彼迎的细分市场，为渴望不同体验的忠诚客户提供独立房产租赁。</p>
</div><p>The good news is that Airbnb is still a moneymaker. It has generated $4.3 billion in free cash flow over the past year. Management appears to see the stock as a good deal at current prices, given that it announced a $6 billion share buyback authorization this summer. It's trading at just 25 times forward earnings, a historical low for the travel platform operator.</p>
<div class="lb-trans"><p>好消息是，爱彼迎仍然是一个赚钱的公司。在过去一年中，它产生了 43 亿美元的自由现金流。管理层似乎认为在当前价格下该股票是个好交易，因为它在今年夏天宣布了一项 60 亿美元的股票回购授权。它的交易价格仅为前瞻性收益的 25 倍，这是该旅游平台运营商的历史低点。</p>
</div><h2>3. Figma</h2>
<div class="lb-trans"><h2>3. Figma</h2>
</div><p>It's hard to consider Figma a market laggard. It priced its initial public offering (IPO) at $33 per share just two months ago. The provider of cloud-based design tools for websites, apps, and other digital platforms was 64% higher than that as of Tuesday's close. However, because of the initial feeding frenzy around the offering -- which was 40 times oversubscribed -- the stock had jumped as high as $143 on its second day of trading.</p>
<div class="lb-trans"><p>很难将 Figma 视为市场落后者。它在两个月前以每股 33 美元的价格定价首次公开募股（IPO）。这家提供网站、应用程序和其他数字平台云设计工具的公司，截至周二收盘时，其股价比那时上涨了 64%。然而，由于首次公开募股时的热潮——该股票超额认购了 40 倍——其股价在交易的第二天曾飙升至 143 美元。</p>
</div><p>Figma is not textbook cheap, but it is down more than 60% from its late July peak. Ark Invest got in on the IPO, and Wood has been adding to that position in recent weeks as the shares have moved lower.</p>
<div class="lb-trans"><p>Figma 并不便宜，但自 7 月底的高点以来已下跌超过 60%。Ark Invest 参与了首次公开募股，伍德在最近几周随着股价下跌而增加了该持仓。</p>
</div><p>Figma checks off a lot of boxes for growth investors. Revenue rose by 48% last year. It is decelerating this year -- with year-over-year growth of 46% and 41% through the first two quarters of this year, respectively -- but that's still a healthy clip. It is in a competitive space, but it's clearly broadening its appeal to a growing audience. It trades at a much higher earnings multiple than AMD or Airbnb, but its sharp pullback after the initial IPO pop does provide a potential entry point for investors. Wood seems to think so, at least.</p>
<div class="lb-trans"><p>Figma 满足了许多成长投资者的要求。去年收入增长了 48%。今年增长有所放缓——今年前两季度的年同比增长分别为 46% 和 41%——但这仍然是一个健康的增速。它处于一个竞争激烈的领域，但显然正在扩大其对不断增长的受众的吸引力。它的市盈率远高于超威半导体或爱彼迎，但在首次公开募股后的急剧回调确实为投资者提供了潜在的入场点。至少伍德似乎是这么认为的。</p>
</div>

Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought

- Cathie Wood 管理的 ETF 在过去一年上涨 77%，引起投资者关注。  
- 她增持了 AMD、Airbnb 和 Figma 三只股票，显示出对这些公司的信心。  
- 尽管面临挑战，Figma 和 AMD 仍展现出强劲的增长潜力。

凯西·伍德开始寻找投资机会：她刚刚买入的 3 只股票