<p>比尔·阿克曼的普兴广场资本管理公司最近提交的第一季度 13F 表格 揭示了一个显著的投资组合变化，吸引了零售和机构投资者的关注。这位亿万富翁激进投资者几乎出售了其基金约 19 亿美元的 <strong>Alphabet</strong>( GOOGL 1.19%)( GOOG 1.07%) 的全部股份，并将收益重新投入到 <strong>Microsoft</strong>( MSFT 0.06%) 的新头寸中。</p>
<p>这一举动反映了 阿克曼的投资哲学——耐心持有以合理价格购买的高质量复合型企业，随后在其他地方出现更好的风险回报机会时果断获利了结。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDk2My9hbHBoYWJldC1hbmQtbWljcm9zb2Z0LWxvZ29zLXNpZGUtYnktc2lkZS5wbmcWdz0zODQwFm9wPXJlc2l6ZQ?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9lZGl0b3JpYWwvaW1hZ2VzLzg3MDk2My9hbHBoYWJldC1hbmQtbWljcm9zb2Z0LWxvZ29zLXNpZGUtYnktc2lkZS5wbmcWdz0zODQwFm9wPXJlc2l6ZQ"/></p>
<p>图片来源：The Motley Fool。</p>
<h2>普兴广场何时投资 Alphabet？</h2>
<p>普兴广场在 2023 年初开始持有 Alphabet，收购了 220 万股 A 类股票和 810 万股 C 类股票。当时，Alphabet 的股价在每股 90 到 100 美元之间。那时，股票相对于其在搜索领域的主导地位、初具规模的云业务以及在人工智能（AI）方面的新兴能力显得被低估。</p>
<p>普兴广场的 Alphabet 股份最终成为其最大持股之一。阿克曼在 Alphabet 的 AI 驱动的反弹中持有该头寸，看到股票价格在公司广告引擎保持韧性以及对 YouTube、Google Cloud 和生成性 AI 的投资开始见效时上涨了三倍多。</p>
<p></p>
<p>GOOGL 数据由 YCharts. 提供。</p>
<p>在 2025 年下半年，普兴广场适度削减了其持股，因为 Alphabet 经历了显著的 估值扩张。在 2026 年第一季度，阿克曼将其基金对 Alphabet 的持股减少了 95%。</p>
<p>阿克曼在社交媒体上解释说，出售 Alphabet 并不是对公司长期前景的看空。事实上，他对 Alphabet 的竞争护城河仍然持乐观态度。这一退出仅仅是谨慎投资组合管理的经典示范。</p>
<p>经过多年的强劲表现和显著的上涨，Alphabet 的股票不再提供以前的安全边际。由于可用的资金有限，阿克曼选择了获利了结，并将资金重新投入到他认为在 Microsoft 中具有更优配置的机会。</p>
<h2>阿克曼在 Microsoft 中买入了回调</h2>
<p>Microsoft 的机会在 2026 年初显现。就在公司在 1 月底发布 2026 财年第二季度业绩后不久，股票急剧下跌，因为投资者对 Azure 云收入增长的温和放缓以及与 AI 基础设施相关的公司激增的 资本支出 计划感到担忧。</p>
<p>这一抛售的剧烈程度——在短短几天内下跌超过 18%——给人一种印象，即投资者担心 Microsoft 在数据中心的重投入以及与 OpenAI 的合作可能无法快速带来足够的回报，以抵消持续的利润和现金流压力。</p>
<p>虽然这些担忧是合理的，但阿克曼可能认为市场的反应过于悲观。根据他在 X（前身为 Twitter）上的帖子，阿克曼在 2 月份开始增持 Microsoft 股票——最终建立了大约 560 万股的核心头寸。</p>
<p>当时，Microsoft 的 前瞻市盈率（P/E）在 20 到 23 之间——显著低于其在 AI 革命期间的交易水平。</p>
<p></p>
<p>MSFT 前瞻市盈率 数据由 YCharts. 提供。</p>
<p>阿克曼选择 买入回调 在多个方面具有战略意义。Microsoft 的 AI 举措，特别是 Copilot 生产力工具和 Azure 云基础设施层，使公司能够在消费者和企业工作流程中大规模捕捉生成性 AI 的货币化机会。</p>
<p>通过在正常估值下将资本分配到一家具有持久竞争优势的蓝筹企业，普兴广场实际上在全球顶级科技企业中以罕见的折扣获得了一个头寸。</p>
<h2>Microsoft 股票仍然值得购买吗？</h2>
<p>截至本文撰写时（5 月 19 日），Microsoft 股票已开始从 2026 年的低点反弹。然而，股票仍比去年底触及的历史高点下跌约 23%。</p>
<p>展开</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcWdz0xMjgWb3A9cmVzaXpl?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Microsoft 股票报价" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-dXJsPWh0dHBzOi8vZy5mb29sY2RuLmNvbS9hcnQvY29tcGFueWxvZ29zL21hcmsvTVNGVC5wbmcWdz0xMjgWb3A9cmVzaXpl"/></p>
<h2>NASDAQ: MSFT</h2>
<p>Microsoft</p>
<p>今日变动</p>
<p>(-0.06%) $-0.24</p>
<p>当前价格</p>
<p>$418.85</p>
<h3>关键数据点</h3>
<p>市值</p>
<p>$3.1 万亿</p>
<p>日内区间</p>
<p>$416.35 - $424.40</p>
<p>52 周区间</p>
<p>$356.28 - $555.45</p>
<p>成交量</p>
<p>1.3 百万</p>
<p>平均成交量</p>
<p>34.1 百万</p>
<p>毛利率</p>
<p>68.31%</p>
<p>股息收益率</p>
<p>0.85%</p>
<p>在我看来，公司的估值相对于其预期的盈利增长仍然合理。同时，覆盖 Microsoft 股票的 卖方分析师 的平均 12 个月目标价为 560 美元——比当前交易水平高出约 34%。</p>
<p>尽管微软股票现在的价格不再像二月份那样便宜，但我认为它仍然算得上是一种引人注目的复合增长股，适合长期耐心投资者的投资。</p>

微软

MSFO

微软每日 2 倍做多 ETF - Direxion

MSFX

<p>亿万富翁比尔·阿克曼几乎出售了他在 Alphabet 的 19 亿美元股份，并转而投资于微软。这一战略转变反映了他的投资理念，即获利了结并将资金重新配置到更好的机会。尽管最近股价下跌，阿克曼仍然认为微软的人工智能举措是强劲的增长动力。他相信微软仍然是一个引人注目的投资，分析师预计其股价将从当前水平上涨 34%</p>

<p>The first-quarter Form 13F that Bill Ackman's Pershing Square Capital Management filed recently revealed a notable portfolio shift that has attracted some attention from retail and institutional investors alike. The billionaire activist investor sold nearly all of his fund's $1.9 billion or so stake in <strong>Alphabet</strong>( GOOGL 1.19%)( GOOG 1.07%) and redirected the proceeds into a new position in <strong>Microsoft</strong>( MSFT 0.06%).</p>
<div class="lb-trans"><p>比尔·阿克曼的普兴广场资本管理公司最近提交的第一季度 13F 表格 揭示了一个显著的投资组合变化，吸引了零售和机构投资者的关注。这位亿万富翁激进投资者几乎出售了其基金约 19 亿美元的 <strong>Alphabet</strong>( GOOGL 1.19%)( GOOG 1.07%) 的全部股份，并将收益重新投入到 <strong>Microsoft</strong>( MSFT 0.06%) 的新头寸中。</p>
</div><p>This move reflected Ackman's investment philosophy -- patient ownership of high-quality compounders bought at reasonable prices, followed by decisive profit-taking when better risk-reward setups form elsewhere.</p>
<div class="lb-trans"><p>这一举动反映了 阿克曼的投资哲学——耐心持有以合理价格购买的高质量复合型企业，随后在其他地方出现更好的风险回报机会时果断获利了结。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84NzA5NjMvYWxwaGFiZXQtYW5kLW1pY3Jvc29mdC1sb2dvcy1zaWRlLWJ5LXNpZGUucG5nJnc9Mzg0MA" alt="Alphabet and Microsoft logos side by side." original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F870963%2Falphabet-and-microsoft-logos-side-by-side.png&amp;w=3840&amp;op=resize"/></p>
<p>Image source: The Motley Fool.</p>
<div class="lb-trans"><p>图片来源：The Motley Fool。</p>
</div><h2>When did Pershing Square invest in Alphabet?</h2>
<div class="lb-trans"><h2>普兴广场何时投资 Alphabet？</h2>
</div><p>Pershing Square initiated its position in Alphabet in early 2023, acquiring 2.2 million Class A shares and 8.1 million Class C shares. Back then, Alphabet traded between $90 and $100 per share. At the time, the stock appeared undervalued relative to its dominant position in search, its budding cloud business, and its emerging capabilities in artificial intelligence (AI).</p>
<div class="lb-trans"><p>普兴广场在 2023 年初开始持有 Alphabet，收购了 220 万股 A 类股票和 810 万股 C 类股票。当时，Alphabet 的股价在每股 90 到 100 美元之间。那时，股票相对于其在搜索领域的主导地位、初具规模的云业务以及在人工智能（AI）方面的新兴能力显得被低估。</p>
</div><p>Pershing Square's Alphabet stake eventually grew into one of its largest holdings. Ackman held onto the position through Alphabet's AI-driven rally, watching shares more than triple as the company's advertising engine remained resilient and its investments in YouTube, Google Cloud, and generative AI began to bear fruit.</p>
<div class="lb-trans"><p>普兴广场的 Alphabet 股份最终成为其最大持股之一。阿克曼在 Alphabet 的 AI 驱动的反弹中持有该头寸，看到股票价格在公司广告引擎保持韧性以及对 YouTube、Google Cloud 和生成性 AI 的投资开始见效时上涨了三倍多。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>GOOGL data by YCharts.</p>
<div class="lb-trans"><p>GOOGL 数据由 YCharts. 提供。</p>
</div><p>During the second half of 2025, Pershing Square modestly trimmed its stake as Alphabet witnessed substantial valuation expansion. During the first quarter of 2026, Ackman reduced his fund's exposure to Alphabet by 95% across both share classes.</p>
<div class="lb-trans"><p>在 2025 年下半年，普兴广场适度削减了其持股，因为 Alphabet 经历了显著的 估值扩张。在 2026 年第一季度，阿克曼将其基金对 Alphabet 的持股减少了 95%。</p>
</div><p>Ackman took to social media to explain that the Alphabet sale was not a bearish call on the company's long-term prospects. In fact, he remains bullish on Alphabet's competitive moat. The exit merely represented a classic demonstration of prudent portfolio management.</p>
<div class="lb-trans"><p>阿克曼在社交媒体上解释说，出售 Alphabet 并不是对公司长期前景的看空。事实上，他对 Alphabet 的竞争护城河仍然持乐观态度。这一退出仅仅是谨慎投资组合管理的经典示范。</p>
</div><p>After years of strong performance and a significant run-up, Alphabet stock no longer offered the same margin of safety it once did. With limited dry powder available, Ackman chose to take gains off the table and redeploy funds into what he views as a superior setup in Microsoft.</p>
<div class="lb-trans"><p>经过多年的强劲表现和显著的上涨，Alphabet 的股票不再提供以前的安全边际。由于可用的资金有限，阿克曼选择了获利了结，并将资金重新投入到他认为在 Microsoft 中具有更优配置的机会。</p>
</div><h2>Ackman bought the dip in Microsoft</h2>
<div class="lb-trans"><h2>阿克曼在 Microsoft 中买入了回调</h2>
</div><p>The Microsoft opportunity crystallized in early 2026. Shortly after the company delivered its fiscal 2026 second-quarter results in late January, the stock dropped sharply as investors became concerned about a modest slowdown in Azure cloud revenue growth and the company's surging capital expenditure plans tied to AI infrastructure.</p>
<div class="lb-trans"><p>Microsoft 的机会在 2026 年初显现。就在公司在 1 月底发布 2026 财年第二季度业绩后不久，股票急剧下跌，因为投资者对 Azure 云收入增长的温和放缓以及与 AI 基础设施相关的公司激增的 资本支出 计划感到担忧。</p>
</div><p>The starkness of that sell-off -- more than 18% over the course of a few sessions -- gave the impression that investors feared that Microsoft's heavy spending on data centers and its partnership with OpenAI might not deliver returns fast enough to offset ongoing margin and cash-flow pressures.</p>
<div class="lb-trans"><p>这一抛售的剧烈程度——在短短几天内下跌超过 18%——给人一种印象，即投资者担心 Microsoft 在数据中心的重投入以及与 OpenAI 的合作可能无法快速带来足够的回报，以抵消持续的利润和现金流压力。</p>
</div><p>While these concerns were valid, Ackman likely viewed the market's reaction as overly pessimistic. Per his post on X (formerly Twitter), Ackman began accumulating Microsoft stock in February -- ultimately building a core position of roughly 5.6 million shares.</p>
<div class="lb-trans"><p>虽然这些担忧是合理的，但阿克曼可能认为市场的反应过于悲观。根据他在 X（前身为 Twitter）上的帖子，阿克曼在 2 月份开始增持 Microsoft 股票——最终建立了大约 560 万股的核心头寸。</p>
</div><p>At the time, Microsoft was trading at forward price-to-earnings (P/E) multiples between 20 and 23 -- meaningfully below the levels it traded at previously during the AI revolution.</p>
<div class="lb-trans"><p>当时，Microsoft 的 前瞻市盈率（P/E）在 20 到 23 之间——显著低于其在 AI 革命期间的交易水平。</p>
</div><p></p>
<div class="lb-trans"><p></p>
</div><p>MSFT PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>MSFT 前瞻市盈率 数据由 YCharts. 提供。</p>
</div><p>Ackman's decision to buy the dip made strategic sense for several reasons. Microsoft's AI initiatives, particularly Copilot productivity tools and the Azure cloud infrastructure layer, position the company to capture monetization from generative AI at scale across both consumer and enterprise workflows.</p>
<div class="lb-trans"><p>阿克曼选择 买入回调 在多个方面具有战略意义。Microsoft 的 AI 举措，特别是 Copilot 生产力工具和 Azure 云基础设施层，使公司能够在消费者和企业工作流程中大规模捕捉生成性 AI 的货币化机会。</p>
</div><p>By allocating capital at a normalized valuation into a blue chip business with durable competitive advantages, Pershing Square essentially secured a position in one of the world's premier big tech franchises at a rare discount.</p>
<div class="lb-trans"><p>通过在正常估值下将资本分配到一家具有持久竞争优势的蓝筹企业，普兴广场实际上在全球顶级科技企业中以罕见的折扣获得了一个头寸。</p>
</div><h2>Is Microsoft stock still a buy?</h2>
<div class="lb-trans"><h2>Microsoft 股票仍然值得购买吗？</h2>
</div><p>As of this writing (May 19), Microsoft stock has started to rebound from its 2026 low points. Nevertheless, shares are still down roughly 23% from the all-time high they touched late last year.</p>
<div class="lb-trans"><p>截至本文撰写时（5 月 19 日），Microsoft 股票已开始从 2026 年的低点反弹。然而，股票仍比去年底触及的历史高点下跌约 23%。</p>
</div><p>Expand</p>
<div class="lb-trans"><p>展开</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vYXJ0L2NvbXBhbnlsb2dvcy9tYXJrL01TRlQucG5nJnc9MTI4" alt="Microsoft Stock Quote" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Fart%2Fcompanylogos%2Fmark%2FMSFT.png&amp;w=128&amp;op=resize"/></p>
<h2>NASDAQ: MSFT</h2>
<div class="lb-trans"><h2>NASDAQ: MSFT</h2>
</div><p>Microsoft</p>
<div class="lb-trans"><p>Microsoft</p>
</div><p>Today's Change</p>
<div class="lb-trans"><p>今日变动</p>
</div><p>(-0.06%) $-0.24</p>
<div class="lb-trans"><p>(-0.06%) $-0.24</p>
</div><p>Current Price</p>
<div class="lb-trans"><p>当前价格</p>
</div><p>$418.85</p>
<div class="lb-trans"><p>$418.85</p>
</div><h3>Key Data Points</h3>
<div class="lb-trans"><h3>关键数据点</h3>
</div><p>Market Cap</p>
<div class="lb-trans"><p>市值</p>
</div><p>$3.1T</p>
<div class="lb-trans"><p>$3.1 万亿</p>
</div><p>Day's Range</p>
<div class="lb-trans"><p>日内区间</p>
</div><p>$416.35 - $424.40</p>
<div class="lb-trans"><p>$416.35 - $424.40</p>
</div><p>52wk Range</p>
<div class="lb-trans"><p>52 周区间</p>
</div><p>$356.28 - $555.45</p>
<div class="lb-trans"><p>$356.28 - $555.45</p>
</div><p>Volume</p>
<div class="lb-trans"><p>成交量</p>
</div><p>1.3M</p>
<div class="lb-trans"><p>1.3 百万</p>
</div><p>Avg Vol</p>
<div class="lb-trans"><p>平均成交量</p>
</div><p>34.1M</p>
<div class="lb-trans"><p>34.1 百万</p>
</div><p>Gross Margin</p>
<div class="lb-trans"><p>毛利率</p>
</div><p>68.31%</p>
<div class="lb-trans"><p>68.31%</p>
</div><p>Dividend Yield</p>
<div class="lb-trans"><p>股息收益率</p>
</div><p>0.85%</p>
<div class="lb-trans"><p>0.85%</p>
</div><p>In my view, the company's valuation remains reasonable relative to its expected earnings growth. Meanwhile, the average 12-month price target among sell-side analysts covering Microsoft stock is $560 -- about 34% higher than current trading levels.</p>
<div class="lb-trans"><p>在我看来，公司的估值相对于其预期的盈利增长仍然合理。同时，覆盖 Microsoft 股票的 卖方分析师 的平均 12 个月目标价为 560 美元——比当前交易水平高出约 34%。</p>
</div><p>Although Microsoft stock is not the screaming bargain it was back in February, I think it still qualifies as a compelling compounder trading at a price that will reward patient investors over a long time horizon.</p>
<div class="lb-trans"><p>尽管微软股票现在的价格不再像二月份那样便宜，但我认为它仍然算得上是一种引人注目的复合增长股，适合长期耐心投资者的投资。</p>
</div>

Billionaire Bill Ackman Sold Alphabet and Bought the Dip in This Magnificent Artificial Intelligence (AI) Stock Instead

- Ackman 售出几乎所有 Alphabet 股票，将资金转向微软，反映投资哲学。  
- 他在 2023 年初购入 Alphabet 股份，经过股价上涨后选择获利了结。  
- 近期他以有利估值增持微软，认为市场反应过于悲观。

亿万富翁比尔·阿克曼卖掉了 Alphabet 的股票，转而在这只杰出的人工智能（AI）股票的低点进行买入