<p>三十年前，互联网的出现和普及是美国企业和华尔街的一个分水岭时刻。除了为企业开辟新的市场和销售产品及服务的渠道，互联网还打破了华尔街与主街之间的壁垒。</p>
<p>在 1980 年代，投资者必须等待早晨的报纸或收看金融新闻网络，以了解他们的股票在最新交易中的表现。如果他们想查看公司的财务报表，年度报告需要邮寄给潜在或现有的股东。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvc21hcnRwaG9uZS1yZXRhaWwtaW52ZXN0aW5nLXJvYmluaG9vZC1idXktc2VsbC1yZXRpcmUtc3RvY2stbWFya2V0LWNyeXB0by1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvc21hcnRwaG9uZS1yZXRhaWwtaW52ZXN0aW5nLXJvYmluaG9vZC1idXktc2VsbC1yZXRpcmUtc3RvY2stbWFya2V0LWNyeXB0by1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>随着互联网的发展，信息壁垒被打破。散户投资者可以即时访问收入报表、资产负债表、投资者演示文稿和主要财务头条，并且可以通过点击按钮在线买卖股票。随着时间的推移，散户投资者在华尔街上逐渐成为一股力量，在线经纪商也注意到了这一点。</p>
<p><strong>Robinhood</strong>(HOOD 0.47%) 已成为一个特别受欢迎的在线投资平台，专为普通投资者服务。像美国主要交易所的股票免佣金交易以及购买部分股票的能力等福利，深受散户投资者的欢迎。</p>
<p>Robinhood 还有一个值得注意的功能，即其 “100 个最受欢迎” 排行榜，列出了平台上成员持有的 100 种最受欢迎的证券（股票和交易所交易基金）。散户投资者在 Robinhood 上的第一大持股是一家预计将在 2050 年前在某个行业中拥有 5 万亿美元可寻址市场机会的多行业领导者。</p>
<h2>散户投资者涌入 “七大奇迹”</h2>
<p>如果说 Robinhood 的散户投资者有一个显著特征，那就是他们普遍偏爱成长股和行业领导者。“七大奇迹” 的所有七个成员都是平台上前 14 大持股之一。</p>
<p>大约五年前，<strong>Apple</strong>(AAPL -0.84%) 是 Robinhood 上的第一大持股。投资者被他们熟知的热门产品（iPhone）、Apple 在过去十多年中持续超越基准 <strong>S&amp;P 500</strong> 的表现以及其由首席执行官 Tim Cook 领导的顶尖管理团队所吸引。</p>
<p>最近，人工智能（AI）巨头 <strong>Nvidia</strong>(NVDA -0.82%) 曾短暂位居 Robinhood 排行榜的首位。Nvidia 的图形处理单元（GPU）被企业广泛选择作为 AI 加速数据中心的 “大脑”。</p>
<p>首席执行官 Jensen Huang 不遗余力地确保他的公司通过每年推出新的 AI-GPU 来保持计算优势。在今年推出并逐步推广 Blackwell Ultra 之后，Huang 预计将在 2026 年和 2027 年下半年监督 Vera Rubin 和 Vera Rubin Ultra 的推出。Nvidia 在 GPU 领域的持续竞争优势使其拥有了卓越的定价能力，并积累了相当可观的订单积压。</p>
<p>但尽管如此，Nvidia 目前在 Robinhood 上是第二大持股，而 Apple 则降至第三位。目前 Robinhood 上持有最多的股票有望取代这两家巨头。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvdHNsYS1tb2RlbC0zLWRyaXZpbmctZG93bi13aW50ZXJ5LXJvYWQuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvdHNsYS1tb2RlbC0zLWRyaXZpbmctZG93bi13aW50ZXJ5LXJvYWQuanBnJnc9NzAw"/></p>
<p>图片来源：Tesla。</p>
<h2>Robinhood 的第一大持股拥有令人瞩目的可寻址市场（同时也存在许多风险）</h2>
<p>在过去四年中，散户投资者在 Robinhood 上持有最多的股票一直是 Mag-7 成员 <strong>Tesla</strong>(TSLA 3.97%)。</p>
<p>大多数投资者都熟悉 Tesla，作为北美领先的电动车（EV）制造商。Tesla 在过去两年交付了大约 180 万辆电动车，并且是半个世纪以来第一家从零开始建立大规模生产的汽车公司。它还连续五年盈利，这是其他纯电动车制造商无法做到的。</p>
<p>但首席执行官 Elon Musk 已将公司的愿景扩展到远超销售和租赁电动车的范围。Tesla 正在加大其能源生产和储存部门的力度，预计将成为自动驾驶出租车的领导者，并正在开发其人形机器人系列 Optimus。</p>
<p>根据 <strong>Morgan Stanley</strong> 在 5 月发布的研究报告，人形机器人可寻址市场到 2050 年可能达到或超过 5 万亿美元，这使其成为一个潜在的比汽车更大的机会。Morgan Stanley 的 Adam Jonas，一位长期看好 Tesla 的分析师，认为人形机器人将在工业领域用于重复性任务，技术进步将随着时间的推移降低其成本。</p>
<p>虽然在电动车销售、自动驾驶出租车、能源储存和生产以及人形机器人等多个领域发展的多元化策略在纸面上看起来很不错，但这充满了风险。</p>
<p>首先，Tesla 在电动车领域的竞争优势正在减弱。尽管它仍然保持着明显的盈利能力，但在过去三年中，它已经多次降低电动车车队的售价。这些都是全球竞争压力加大的明显迹象，并对 Tesla 的车辆利润产生了不利影响。</p>
<p>此外，Tesla 的利润并不像表面上看起来那么强劲。公司超过一半的税前收入可以追溯到汽车监管信用和现金产生的利息收入。这些都是不可持续和非创新的收入来源，正如唐纳德·特朗普总统的 “美丽大法案” 在 9 月 30 日取消了国内汽车监管信用所证明的那样。</p>
<p>然而，Tesla 最大的投资风险可能就是其首席执行官 Elon Musk。虽然不可否认 Musk 已使 Tesla 不再单纯依赖电动车销售，但他的大多数承诺都未能兑现。</p>
<p>例如，特斯拉的亿万富翁首席执行官已经连续 11 年声称他的公司距离完全自动驾驶（FSD）只有 “一年” 的时间，但特斯拉的 FSD 仍未超越 2 级。马斯克还宣传了 Cybertruck 的预售，但最终未能如愿。最后一根稻草是特斯拉在德克萨斯州奥斯汀推出的机器人出租车的地理围栏限制。如果马斯克的承诺从特斯拉的市值中剔除，投资者采取 “让我看看” 的态度，特斯拉的股票可能会失去大部分价值。</p>
<p>虽然 Robinhood 的散户投资者的第一大持仓有着可观的市场潜力，但其风险预示着未来将会有一段颠簸的旅程。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>特斯拉目前是 Robinhood 上持有量最大的股票，预计到 2050 年其可寻址市场将达到 5 万亿美元，主要受益于其在类人机器人和能源解决方案方面的扩展。这一趋势表明散户投资者偏好成长股，特斯拉已取代苹果和英伟达等之前的领导者。尽管特斯拉在电动车领域盈利且市场领先，但在多元化其商业模式时仍面临竞争压力和风险</p>

<p>The advent and proliferation of the internet three decades ago was a watershed moment for corporate America and Wall Street. Aside from opening new doors for businesses to market and sell their products and services, the internet broke down barriers between Wall Street and Main Street.</p>
<div class="lb-trans"><p>三十年前，互联网的出现和普及是美国企业和华尔街的一个分水岭时刻。除了为企业开辟新的市场和销售产品及服务的渠道，互联网还打破了华尔街与主街之间的壁垒。</p>
</div><p>In the 1980s, investors had to wait for the morning paper or tune into a financial news network for a glimpse at how their stock(s) performed in the latest session. If they wanted to peruse at a company's financial statements, annual reports needed to be mailed to prospective/existing shareholders.</p>
<div class="lb-trans"><p>在 1980 年代，投资者必须等待早晨的报纸或收看金融新闻网络，以了解他们的股票在最新交易中的表现。如果他们想查看公司的财务报表，年度报告需要邮寄给潜在或现有的股东。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvc21hcnRwaG9uZS1yZXRhaWwtaW52ZXN0aW5nLXJvYmluaG9vZC1idXktc2VsbC1yZXRpcmUtc3RvY2stbWFya2V0LWNyeXB0by1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834443%2Fsmartphone-retail-investing-robinhood-buy-sell-retire-stock-market-crypto-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>With the internet, the information barrier was torn down. Retail investors had instant access to income statements, balance sheets, investor presentations, major financial headlines, and could buy and sell shares of stock online at the click of a button. Over time, retail investors have grown into a force on Wall Street, and online brokers have taken notice.</p>
<div class="lb-trans"><p>随着互联网的发展，信息壁垒被打破。散户投资者可以即时访问收入报表、资产负债表、投资者演示文稿和主要财务头条，并且可以通过点击按钮在线买卖股票。随着时间的推移，散户投资者在华尔街上逐渐成为一股力量，在线经纪商也注意到了这一点。</p>
</div><p><strong>Robinhood</strong>(HOOD 0.47%) has become an especially popular online investing platform that's catered to everyday investors. Perks like commission-free trading for stocks on major U.S. exchanges, as well as the ability to buy fractional shares, have hit home with retail investors.</p>
<div class="lb-trans"><p><strong>Robinhood</strong>(HOOD 0.47%) 已成为一个特别受欢迎的在线投资平台，专为普通投资者服务。像美国主要交易所的股票免佣金交易以及购买部分股票的能力等福利，深受散户投资者的欢迎。</p>
</div><p>Something else noteworthy about Robinhood is its &#34;100 Most Popular&#34; leaderboard, which lists the 100 most held securities (stocks and exchange-traded funds) by members on its platform. The No. 1 holding by retail investors on Robinhood is a projected multi-industry leader looking at a $5 trillion addressable opportunity by 2050 in one of industries.</p>
<div class="lb-trans"><p>Robinhood 还有一个值得注意的功能，即其 “100 个最受欢迎” 排行榜，列出了平台上成员持有的 100 种最受欢迎的证券（股票和交易所交易基金）。散户投资者在 Robinhood 上的第一大持股是一家预计将在 2050 年前在某个行业中拥有 5 万亿美元可寻址市场机会的多行业领导者。</p>
</div><h2>Retail investors pile into the &#34;Magnificent Seven&#34;</h2>
<div class="lb-trans"><h2>散户投资者涌入 “七大奇迹”</h2>
</div><p>If there's one defining characteristic of Robinhood's retail investors, it's that they generally favor growth stocks and industry leaders. All seven members of the &#34;Magnificent Seven&#34; are among the top-14 holdings on the platform.</p>
<div class="lb-trans"><p>如果说 Robinhood 的散户投资者有一个显著特征，那就是他们普遍偏爱成长股和行业领导者。“七大奇迹” 的所有七个成员都是平台上前 14 大持股之一。</p>
</div><p>Roughly five years ago, <strong>Apple</strong>(AAPL -0.84%) was the No. 1 holding on Robinhood. Investors were attracted by the popular products they knew (iPhone), Apple's steady outperformance of the benchmark <strong>S&amp;P 500</strong> for more than a decade, and its top-notch management team, led by CEO Tim Cook.</p>
<div class="lb-trans"><p>大约五年前，<strong>Apple</strong>(AAPL -0.84%) 是 Robinhood 上的第一大持股。投资者被他们熟知的热门产品（iPhone）、Apple 在过去十多年中持续超越基准 <strong>S&amp;P 500</strong> 的表现以及其由首席执行官 Tim Cook 领导的顶尖管理团队所吸引。</p>
</div><p>More recently, artificial intelligence (AI) colossus <strong>Nvidia</strong>(NVDA -0.82%) spent a brief period atop the Robinhood leaderboard. Nvidia's graphics processing units (GPUs) are being overwhelmingly chosen as the &#34;brains&#34; of AI-accelerated data centers by businesses.</p>
<div class="lb-trans"><p>最近，人工智能（AI）巨头 <strong>Nvidia</strong>(NVDA -0.82%) 曾短暂位居 Robinhood 排行榜的首位。Nvidia 的图形处理单元（GPU）被企业广泛选择作为 AI 加速数据中心的 “大脑”。</p>
</div><p>CEO Jensen Huang is sparing no expense to ensure his company maintains its compute advantages by bringing a new AI-GPU to market each year. Following the launch and ramp of Blackwell Ultra this year, Huang is expected to oversee the rollout of Vera Rubin and Vera Rubin Ultra in the second-halves of 2026 and 2027, respectively. Nvidia's sustained competitive edge in GPUs has afforded it exceptional pricing power and built up quite the order backlog.</p>
<div class="lb-trans"><p>首席执行官 Jensen Huang 不遗余力地确保他的公司通过每年推出新的 AI-GPU 来保持计算优势。在今年推出并逐步推广 Blackwell Ultra 之后，Huang 预计将在 2026 年和 2027 年下半年监督 Vera Rubin 和 Vera Rubin Ultra 的推出。Nvidia 在 GPU 领域的持续竞争优势使其拥有了卓越的定价能力，并积累了相当可观的订单积压。</p>
</div><p>But in spite of this dominance, Nvidia is currently the No. 2 holding on Robinhood, with Apple falling to the No. 3 spot. The most held stock on Robinhood right now has the distinction of dethroning both of these juggernauts.</p>
<div class="lb-trans"><p>但尽管如此，Nvidia 目前在 Robinhood 上是第二大持股，而 Apple 则降至第三位。目前 Robinhood 上持有最多的股票有望取代这两家巨头。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQ0NDMvdHNsYS1tb2RlbC0zLWRyaXZpbmctZG93bi13aW50ZXJ5LXJvYWQuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834443%2Ftsla-model-3-driving-down-wintery-road.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Tesla.</p>
<div class="lb-trans"><p>图片来源：Tesla。</p>
</div><h2>Robinhood's No. 1 holding has eye-popping addressable markets (and plenty of risks, as well)</h2>
<div class="lb-trans"><h2>Robinhood 的第一大持股拥有令人瞩目的可寻址市场（同时也存在许多风险）</h2>
</div><p>For much of the past four years, the most held stock by retail investors on Robinhood has been Mag-7 member <strong>Tesla</strong>(TSLA 3.97%).</p>
<div class="lb-trans"><p>在过去四年中，散户投资者在 Robinhood 上持有最多的股票一直是 Mag-7 成员 <strong>Tesla</strong>(TSLA 3.97%)。</p>
</div><p>Most investors are familiar with Tesla as North America's leading electric-vehicle (EV) manufacturer. Tesla has delivered in the neighborhood of 1.8 million EVs in each of the last two years, and was the first auto company in more than a half-century to build itself from the ground up to mass production. It's also been profitable for five consecutive years, which is something no other pure-play EV maker can say.</p>
<div class="lb-trans"><p>大多数投资者都熟悉 Tesla，作为北美领先的电动车（EV）制造商。Tesla 在过去两年交付了大约 180 万辆电动车，并且是半个世纪以来第一家从零开始建立大规模生产的汽车公司。它还连续五年盈利，这是其他纯电动车制造商无法做到的。</p>
</div><p>But CEO Elon Musk has expanded his company's vision well beyond selling and leasing EVs. Tesla is ramping its energy generation and storage segment, expects to become a leader in self-driving robotaxis, and is developing Optimus, its line of humanoid robots.</p>
<div class="lb-trans"><p>但首席执行官 Elon Musk 已将公司的愿景扩展到远超销售和租赁电动车的范围。Tesla 正在加大其能源生产和储存部门的力度，预计将成为自动驾驶出租车的领导者，并正在开发其人形机器人系列 Optimus。</p>
</div><p>According to a May-issued research note from <strong>Morgan Stanley</strong>, the humanoid robot addressable market can reach or exceed $5 trillion globally by 2050, making it a potentially larger opportunity than autos. Morgan Stanley's Adam Jonas, who's been a longtime Tesla bull, sees humanoid robots being used for repetitive tasks in the industrial sector, with technology advances reducing their cost over time.</p>
<div class="lb-trans"><p>根据 <strong>Morgan Stanley</strong> 在 5 月发布的研究报告，人形机器人可寻址市场到 2050 年可能达到或超过 5 万亿美元，这使其成为一个潜在的比汽车更大的机会。Morgan Stanley 的 Adam Jonas，一位长期看好 Tesla 的分析师，认为人形机器人将在工业领域用于重复性任务，技术进步将随着时间的推移降低其成本。</p>
</div><p>While a multifaceted approach that sees Tesla evolve in EV sales, robotaxis, energy storage and generation, and humanoid robots sounds great on paper, it's rife with risks.</p>
<div class="lb-trans"><p>虽然在电动车销售、自动驾驶出租车、能源储存和生产以及人形机器人等多个领域发展的多元化策略在纸面上看起来很不错，但这充满了风险。</p>
</div><p>For starters, Tesla's competitive edge in EVs has been waning. Though it remains decisively profitable, it's reduced the sale price of its EV fleet on more than a half-dozen occasions over the last three years. These are clear signs that competitive pressures are mounting globally, and it's having an adverse impact on Tesla's vehicle margin.</p>
<div class="lb-trans"><p>首先，Tesla 在电动车领域的竞争优势正在减弱。尽管它仍然保持着明显的盈利能力，但在过去三年中，它已经多次降低电动车车队的售价。这些都是全球竞争压力加大的明显迹象，并对 Tesla 的车辆利润产生了不利影响。</p>
</div><p>Additionally, Tesla's profits aren't quite as strong as they appear. More than half of the company's pre-tax income can be traced to automotive regulatory credits and interest income earned on its cash. These are unsustainable and non-innovative income sources, as evidenced by President Donald Trump's &#34;Big, Beautiful Bill&#34; removing domestic automotive regulatory credits on Sept. 30.</p>
<div class="lb-trans"><p>此外，Tesla 的利润并不像表面上看起来那么强劲。公司超过一半的税前收入可以追溯到汽车监管信用和现金产生的利息收入。这些都是不可持续和非创新的收入来源，正如唐纳德·特朗普总统的 “美丽大法案” 在 9 月 30 日取消了国内汽车监管信用所证明的那样。</p>
</div><p>However, the biggest investment risk with Tesla might just be its head honcho, Elon Musk. While there's no denying that Musk has moved Tesla beyond a sole reliance on EV sales, the overwhelming majority of Musk's promises go unfulfilled.</p>
<div class="lb-trans"><p>然而，Tesla 最大的投资风险可能就是其首席执行官 Elon Musk。虽然不可否认 Musk 已使 Tesla 不再单纯依赖电动车销售，但他的大多数承诺都未能兑现。</p>
</div><p>For example, Tesla's billionaire CEO has been claiming his company is &#34;one year away&#34; from Level 5 full-self driving (FSD) for 11 consecutive years, yet Tesla's FSD hasn't moved beyond Level 2. Musk also touted pre-sales of the Cybertruck, which ultimately fell flat. The final straw has been the geofenced launch of robotaxis in Austin, Texas. If Musk's promises are removed from Tesla's market cap and investors were to take a &#34;show-me&#34; approach, it's possible Tesla stock could lose most of its value.</p>
<div class="lb-trans"><p>例如，特斯拉的亿万富翁首席执行官已经连续 11 年声称他的公司距离完全自动驾驶（FSD）只有 “一年” 的时间，但特斯拉的 FSD 仍未超越 2 级。马斯克还宣传了 Cybertruck 的预售，但最终未能如愿。最后一根稻草是特斯拉在德克萨斯州奥斯汀推出的机器人出租车的地理围栏限制。如果马斯克的承诺从特斯拉的市值中剔除，投资者采取 “让我看看” 的态度，特斯拉的股票可能会失去大部分价值。</p>
</div><p>While the No. 1 holding for Robinhood's retail investors has a sizable addressable market, its risks portend a bumpy ride.</p>
<div class="lb-trans"><p>虽然 Robinhood 的散户投资者的第一大持仓有着可观的市场潜力，但其风险预示着未来将会有一段颠簸的旅程。</p>
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The No. 1 Holding on Robinhood Is Expected to Be at the Center of a $5 Trillion Addressable Opportunity by 2050 (Hint: It's not Nvidia)

- 互联网的普及改变了投资者获取信息的方式。  
- Robinhood 平台上，特斯拉成为零售投资者的首选股票。  
- 特斯拉面临竞争压力和管理风险，未来发展存在不确定性。  

Robinhood 上的头号持仓预计到 2050 年将成为一个 5 万亿美元市场机会的核心（提示：这不是 Nvidia）