<p>没有人会说持续到 11 月底的市场下跌相当于 2008 年，但从多种指标来看，这绝对是自 4 月份崩盘以来市场所经历的最严重的下跌。从更广泛的角度来看，标准普尔 1500 指数中高于其 50 日均线的股票比例降至 30%，这是自 4 月份以来的最低水平；至于个股，许多高飞的人工智能领军企业和其他股票显然突破了中期支撑，许多股票从其峰值高点回落了 30% 或 40%。</p>
<p>当然，没有人希望出现如此严峻的回调，但现在市场已经稳健反弹，这使得优劣分明——几周前许多投机性股票飞涨，而现在你可以看出哪些股票是机构投资者在下跌期间不愿意出售和/或在市场开始反弹时急于购买的。</p>
<p>换句话说，这就形成了经典的鸡蛋与网球的对比：鸡蛋是指在调整期间下跌的股票……然后在地板上破碎，基本上就躺在那里不动。而网球则恰恰相反，受到糟糕市场的影响下跌几天或几周，但随后迅速反弹，恢复大部分（或全部）失去的地面。</p>
<p>虽然并非所有的鸡蛋都是 “坏” 股票，我们在这里关注的是短期迹象（一些下面的鸡蛋从长远来看仍然看起来不错），但关键是，就目前而言，通常更好地将新买入集中在网球上——它们是机构急于进入的，或者在最初不愿意出售的股票。</p>
<p>[text_ad]</p>
<p>今天我们来看看科技和人工智能领域的一些例子：</p>
<h2>评估市场的人工智能领军企业</h2>
<p>首先是芯片领域的两家巨头：<strong>Nvidia (NVDA)</strong> 和 <strong>Broadcom (AVGO)</strong> 都是优秀的公司，但都受到人工智能领域新趋势的影响，与 OpenAI 关系更密切的公司（如 Nvidia）遭遇了一些抛售，而与谷歌关系更密切的公司（如 Broadcom）则找到了买家。（许多人认为谷歌最新的人工智能进展使其在目前远远领先于 OpenAI。）事实上，在 10 月底试图突破后，NVDA 迅速回落，已经两周未能反弹，并且一直低于其 50 日均线。与此同时，虽然 AVGO 确实短暂突破了 50 日均线，但最近几天又迅速回升，实际上在近期触及了新高，然后稍微回落。因此，NVDA 是短期的鸡蛋，而 AVGO 则表现得像个网球。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/1fd7db3/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/1fd7db3/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/a723252/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/a723252/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p>这些都是位置良好的巨头公司，所以让我们看看另一端的情况：所谓的高性能计算（HPC）股票，基本上就像是超大规模和新云公司的房东，只不过他们不是租办公室或居住空间，而是租用计算能力（有时还包括存储和通常的电力）。这个组中有三只高飞的股票，但有趣的是，所有股票在调整后看起来都不同。</p>
<p><strong>Iren (IREN)</strong> 可能是其中最大的变动者，但在 11 月的动荡中几乎被砍半，尽管最近几天许多科技股都有所反弹，但它几乎没有起色。然后是 <strong>Applied Digital (APLD)</strong>，情况稍好一些，从 10 月中旬到 11 月中旬遭受重创，此后反弹……但并不算特别令人印象深刻，仅仅回到了其 50 日均线。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/f669d08/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/f669d08/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/54488a9/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/54488a9/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p>现在将这两者与 <strong>TeraWulf (WULF)</strong> 进行比较，尽管其调整虽然剧烈，但在图表上看起来更为正常——而且它实际上在上周反弹回到了旧高点！事情总是可能发生变化，但 WULF 无疑看起来像是 HPC 主题中的网球。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/9756ee7/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/9756ee7/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p>然后我们有三个名字，它们不直接属于人工智能领域——尽管像现在大多数事物一样，它们与之有联系。在这里，我比较了两个在 10 月底有美丽的财报缺口的名字，就在市场回落之前。其中一个是 <strong>Cloudflare (NET)</strong>，这是我从基本面上非常喜欢的名字，但你可以看到该股在缺口后迅速崩溃至数月低点，反弹至今也只是微不足道。因此，到目前为止，它是一个鸡蛋。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/29de658/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/29de658/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p><strong>Datadog (DDOG)</strong> 稍微好一些，但基本上也在同一阵营——完全放弃了财报的涨幅，自从最近的市场低点以来，它根本没有反弹！</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/fd6752c/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/fd6752c/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p>但接下来是 <strong>JFrog (FROG)</strong>，这是我在 <em>Cabot Growth Investor</em> 中关注的股票。这个故事的细节可能有点复杂，但它的平台使客户能够更高效地管理、分发和增加软件开发的安全性，提供所有工件的单一记录来源（基本上包括从源代码到图像、图表或文档的任何东西），提供对过程的可见性，同时简化开发，确保合规性等等。</p>
<p>随着人工智能和机器学习模型的流行，JFrog 的模块需求越来越大，因为它们加速了人工智能模型和代理的开发、训练和部署；事实上，它的平台已集成到 Nvidia 的软件套件中，以构建人工智能代理。至于这只股票，注意它在与 NET 和 DDOG 同一时间出现了跳空上涨——但它保持了大部分涨幅，并且仍然接近高点，这显示出显著的韧性。</p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/e7480f0/2147483647/strip/true/crop/523x381+0+0/resize/464x338?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="464" height="338" original-src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/e7480f0/2147483647/strip/true/crop/523x381+0+0/resize/464x338"/></p>
<p>当然，这就是今天的情况——也许市场还会有一两次波动，继续扰动局势。但我想强调的是，虽然没有人喜欢下跌的市场，但采用鸡蛋与网球的心态可以指引你找到那些可能引领下一轮上涨的股票。</p>
<p>[author_ad]</p>

APLD

WULF

<p>市场在 11 月底的下跌非常严重，影响了人工智能领军企业和其他股票。Nvidia (NVDA) 和 Broadcom (AVGO) 的趋势截然不同，NVDA 表现不佳，而 AVGO 则出现反弹。高性能计算股票如 Iren (IREN)、Applied Digital (APLD) 和 TeraWulf (WULF) 的复苏模式各异。Cloudflare (NET) 和 Datadog (DDOG) 在财报发布后面临挑战，其中 NET 的表现更为疲软。市场关注那些快速反弹的股票，称之为 “网球”，而那些持续下跌的股票则称为 “鸡蛋”</p>

<p>Nobody is going to say the market dip that lasted into late November was the equivalent of 2008, but it definitely was the most severe the market has seen since the April implosion by a variety of measures. On a broader scale, the percentage of stocks north of their 50-day lines on the S&amp;P 1500 (that’s the small, mid and large caps combined) fell to 30%, the lowest level since April; and as for individual stocks, a ton of highflying AI leaders and other stocks clearly cracked intermediate-term support, with many giving up 30% or 40% from their spike highs.</p>
<div class="lb-trans"><p>没有人会说持续到 11 月底的市场下跌相当于 2008 年，但从多种指标来看，这绝对是自 4 月份崩盘以来市场所经历的最严重的下跌。从更广泛的角度来看，标准普尔 1500 指数中高于其 50 日均线的股票比例降至 30%，这是自 4 月份以来的最低水平；至于个股，许多高飞的人工智能领军企业和其他股票显然突破了中期支撑，许多股票从其峰值高点回落了 30% 或 40%。</p>
</div><p>Nobody is rooting for such a tough pullback, of course, but now that the market has bounced back solidly, it has allowed the wheat to separate from the chaff—whereas so many speculative things were flying a few weeks ago, now you can tell which names institutional investors were hesitant to sell during the dip and/or eager to buy once the market started bouncing.</p>
<div class="lb-trans"><p>当然，没有人希望出现如此严峻的回调，但现在市场已经稳健反弹，这使得优劣分明——几周前许多投机性股票飞涨，而现在你可以看出哪些股票是机构投资者在下跌期间不愿意出售和/或在市场开始反弹时急于购买的。</p>
</div><p>Said another way, it sets up a classic Eggs versus Tennis Balls situation: Eggs are stocks that fall during a correction … and then splatter on the floor, and (mostly) just lie there broken. Tennis balls, of course, are the opposite, getting pulled down by a bad market for a few days or weeks—but then quickly snap back and regain most (or all) of their lost ground.</p>
<div class="lb-trans"><p>换句话说，这就形成了经典的鸡蛋与网球的对比：鸡蛋是指在调整期间下跌的股票……然后在地板上破碎，基本上就躺在那里不动。而网球则恰恰相反，受到糟糕市场的影响下跌几天或几周，但随后迅速反弹，恢复大部分（或全部）失去的地面。</p>
</div><p>While not all eggs are “bad” stocks and we’re looking at shorter-term signs here (some eggs below still look fine longer term), the point is that, for the here and now, it’s usually better to focus new buying on the tennis balls—they’re the ones institutions are eager to get in, or were hesitant to sell in the first place.</p>
<div class="lb-trans"><p>虽然并非所有的鸡蛋都是 “坏” 股票，我们在这里关注的是短期迹象（一些下面的鸡蛋从长远来看仍然看起来不错），但关键是，就目前而言，通常更好地将新买入集中在网球上——它们是机构急于进入的，或者在最初不愿意出售的股票。</p>
</div><p>[text_ad]</p>
<div class="lb-trans"><p>[text_ad]</p>
</div><p>Let’s take a look at a few examples today in the tech and AI space:</p>
<div class="lb-trans"><p>今天我们来看看科技和人工智能领域的一些例子：</p>
</div><h2>Taking Stock of the Market’s AI Leaders</h2>
<div class="lb-trans"><h2>评估市场的人工智能领军企业</h2>
</div><p>First are two mega-caps in the chip space: <strong>Nvidia (NVDA)</strong> and <strong>Broadcom (AVGO)</strong> are both great companies, but both are being affected by a new trend being seen within the AI space, with those more tied to OpenAI (like Nvidia) suffering some selling, while others more tied to Google (like Broadcom) finding buyers. (Many see Google’s latest AI advancements with Gemini putting it far out front of OpenAI for the moment.) Indeed, after trying to break out in late October, NVDA came right back down and hasn’t been able to bounce much and has been living below its 50-day line for two weeks. Meanwhile, while AVGO did crack the 50-day line for a bit, it’s raced back in recent days, actually tagging new high ground before easing of late. So far, NVDA is the near-term egg, while AVGO is acting like a tennis ball.</p>
<div class="lb-trans"><p>首先是芯片领域的两家巨头：<strong>Nvidia (NVDA)</strong> 和 <strong>Broadcom (AVGO)</strong> 都是优秀的公司，但都受到人工智能领域新趋势的影响，与 OpenAI 关系更密切的公司（如 Nvidia）遭遇了一些抛售，而与谷歌关系更密切的公司（如 Broadcom）则找到了买家。（许多人认为谷歌最新的人工智能进展使其在目前远远领先于 OpenAI。）事实上，在 10 月底试图突破后，NVDA 迅速回落，已经两周未能反弹，并且一直低于其 50 日均线。与此同时，虽然 AVGO 确实短暂突破了 50 日均线，但最近几天又迅速回升，实际上在近期触及了新高，然后稍微回落。因此，NVDA 是短期的鸡蛋，而 AVGO 则表现得像个网球。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/1fd7db3/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90LzJkLzE4LzJkMzc0ODNkNDU3NmJjNjI3NzU2MGE1YzYwYzUvbnZkYS0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/1fd7db3/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2F2d%2F18%2F2d37483d4576bc6277560a5c60c5%2Fnvda-12-5-25.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/a723252/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90LzIyL2I2LzE3YWVlMjg0NGZmMGEyODIzMjMwOGQ4ZDYwZWQvYXZnby0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/a723252/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2F22%2Fb6%2F17aee2844ff0a28232308d8d60ed%2Favgo-12-5-25.png"/></p>
<p>Those are well-situated mega-caps, so let’s look at the other end of the spectrum: So-called high-performance computing (HPC) stocks, which are essentially like landlords for the hyperscalers and neocloud firms, except instead of renting offices or living space, they’re renting computing power (sometimes with storage and usually electricity, too). There were three highfliers in this group, but interestingly, all look different post-correction.</p>
<div class="lb-trans"><p>这些都是位置良好的巨头公司，所以让我们看看另一端的情况：所谓的高性能计算（HPC）股票，基本上就像是超大规模和新云公司的房东，只不过他们不是租办公室或居住空间，而是租用计算能力（有时还包括存储和通常的电力）。这个组中有三只高飞的股票，但有趣的是，所有股票在调整后看起来都不同。</p>
</div><p><strong>Iren (IREN)</strong> might have been the biggest mover of them all, but it nearly got cut in half during the November mayhem, and it’s barely gotten off its knees in recent days, even as many tech stocks have. Then there’s <strong>Applied Digital (APLD)</strong>, which is a bit better, getting hit hard from mid-October to mid-November and bouncing since then … but not overly impressively, only back to its 50-day line.</p>
<div class="lb-trans"><p><strong>Iren (IREN)</strong> 可能是其中最大的变动者，但在 11 月的动荡中几乎被砍半，尽管最近几天许多科技股都有所反弹，但它几乎没有起色。然后是 <strong>Applied Digital (APLD)</strong>，情况稍好一些，从 10 月中旬到 11 月中旬遭受重创，此后反弹……但并不算特别令人印象深刻，仅仅回到了其 50 日均线。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/f669d08/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90L2U1LzBjL2U1NTYyMDcyNDkxZDlmZWFhMDdmN2ZkNjc0OWMvaXJlbi0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/f669d08/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2Fe5%2F0c%2Fe5562072491d9feaa07f7fd6749c%2Firen-12-5-25.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/54488a9/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90LzE2L2Q2L2ZjZWMwYTU0NGRhOWI4YmE1YzFiZmFkYzcyM2MvYXBsZC0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/54488a9/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2F16%2Fd6%2Ffcec0a544da9b8ba5c1bfadc723c%2Fapld-12-5-25.png"/></p>
<p>Now compare both of those to <strong>TeraWulf (WULF)</strong>, whose correction, while sharp, looked far more normal on its chart—and it actually rallied back to its old highs last week! Things can always change, but WULF certainly looks like the tennis ball of the HPC theme.</p>
<div class="lb-trans"><p>现在将这两者与 <strong>TeraWulf (WULF)</strong> 进行比较，尽管其调整虽然剧烈，但在图表上看起来更为正常——而且它实际上在上周反弹回到了旧高点！事情总是可能发生变化，但 WULF 无疑看起来像是 HPC 主题中的网球。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/9756ee7/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90LzdhLzdiL2U1NTJlN2MzNDk0MWEyOGM0Yzg2N2MyM2FhZjQvd3VsZi0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/9756ee7/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2F7a%2F7b%2Fe552e7c34941a28c4c867c23aaf4%2Fwulf-12-5-25.png"/></p>
<p>Then we have three names that are outside the direct AI space—though, like most everything these days, there are links to it. Here I’m comparing two names that had beautiful earnings gaps in late October, just before the market rolled over. One is <strong>Cloudflare (NET)</strong>, a name that I love fundamentally, but you can see the stock quickly imploded to multi-month lows after the gap, and the bounce has been modest at best. So far, it’s an egg.</p>
<div class="lb-trans"><p>然后我们有三个名字，它们不直接属于人工智能领域——尽管像现在大多数事物一样，它们与之有联系。在这里，我比较了两个在 10 月底有美丽的财报缺口的名字，就在市场回落之前。其中一个是 <strong>Cloudflare (NET)</strong>，这是我从基本面上非常喜欢的名字，但你可以看到该股在缺口后迅速崩溃至数月低点，反弹至今也只是微不足道。因此，到目前为止，它是一个鸡蛋。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/29de658/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90L2FjLzgxLzk2ZWY2Zjk4NDI1YjkwYjA0MjliMTA3OWNmNmEvbmV0LTEyLTUtMjUucG5n" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/29de658/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2Fac%2F81%2F96ef6f98425b90b0429b1079cf6a%2Fnet-12-5-25.png"/></p>
<p><strong>Datadog (DDOG)</strong> is a touch better, but it’s mostly in the same camp—a complete give-up of the earnings move and, since the recent market low, it hasn’t bounced at all!</p>
<div class="lb-trans"><p><strong>Datadog (DDOG)</strong> 稍微好一些，但基本上也在同一阵营——完全放弃了财报的涨幅，自从最近的市场低点以来，它根本没有反弹！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/fd6752c/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90L2U4L2RkLzkzMjM4OTVhNDg0MmEzNzIyNDQ4YzhiMGUxYWMvZGRvZy0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/fd6752c/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2Fe8%2Fdd%2F9323895a4842a3722448c8b0e1ac%2Fddog-12-5-25.png"/></p>
<p>But then there’s <strong>JFrog (FROG)</strong>, a stock that’s on my Watch List in <em>Cabot Growth Investor</em>. The details of the story can be a bit of an ice-cream headache, but its platform allows clients to more efficiently manage, distribute and add security in the development of software, providing a single source of record for all the artifacts (which includes basically anything, from source code to images to diagrams or documentation), providing visibility into the process, while streamlining development, ensuring compliance and much more.</p>
<div class="lb-trans"><p>但接下来是 <strong>JFrog (FROG)</strong>，这是我在 <em>Cabot Growth Investor</em> 中关注的股票。这个故事的细节可能有点复杂，但它的平台使客户能够更高效地管理、分发和增加软件开发的安全性，提供所有工件的单一记录来源（基本上包括从源代码到图像、图表或文档的任何东西），提供对过程的可见性，同时简化开发，确保合规性等等。</p>
</div><p>And with AI and machine learning models all the rage, JFrog’s modules are becoming more in demand as they speed up the development, training and deployment of AI models and agents; in fact, its platform is integrated into Nvidia’s software suite to build AI agents. As for the stock, notice how it gapped up around the same time as NET and DDOG—but it held most of its move and remains perched near highs, which is notable resilience.</p>
<div class="lb-trans"><p>随着人工智能和机器学习模型的流行，JFrog 的模块需求越来越大，因为它们加速了人工智能模型和代理的开发、训练和部署；事实上，它的平台已集成到 Nvidia 的软件套件中，以构建人工智能代理。至于这只股票，注意它在与 NET 和 DDOG 同一时间出现了跳空上涨——但它保持了大部分涨幅，并且仍然接近高点，这显示出显著的韧性。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://cabot.brightspotgocdn.com/dims4/default/e7480f0/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90//query-dXJsPWh0dHBzOi8vazItcHJvZC1jYWJvdC5zMy51cy1lYXN0LTEuYW1hem9uYXdzLmNvbS9icmlnaHRzcG90L2M5Lzk4LzFjY2JkMmRmNGM2OGIxYzYyNDAzZmYyYzA2NmYvZnJvZy0xMi01LTI1LnBuZw" alt="" original-src="https://cabot.brightspotgocdn.com/dims4/default/e7480f0/2147483647/strip/true/crop/523x381+0+0/resize/464x338!/quality/90/?url=https%3A%2F%2Fk2-prod-cabot.s3.us-east-1.amazonaws.com%2Fbrightspot%2Fc9%2F98%2F1ccbd2df4c68b1c62403ff2c066f%2Ffrog-12-5-25.png"/></p>
<p>Of course, this is how things look today—maybe the market has another wobble or two that continues to shake things up. But my larger point is that, while no one prefers down markets, using an eggs vs. tennis ball mindset can point you toward the stocks that are likely to lead the next advance.</p>
<div class="lb-trans"><p>当然，这就是今天的情况——也许市场还会有一两次波动，继续扰动局势。但我想强调的是，虽然没有人喜欢下跌的市场，但采用鸡蛋与网球的心态可以指引你找到那些可能引领下一轮上涨的股票。</p>
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