<p>投資者在華爾街從不缺乏數據。成千上萬家上市公司每三個月報告其營運業績，經濟數據也定期發佈，很容易有重要信息被忽略。</p>
<p>8 月 14 日，可以説整個第三季度最重要的數據公佈發生了——你有可能錯過了。這是機構投資者提交 13F 表格給證券交易委員會的截止日期，要求資產管理規模至少 1 億美元的機構投資者提交。13F 提供了華爾街最成功資產管理人在最新季度（本例為截至 6 月的季度）購買和出售的股票的簡明概況。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管 <strong>伯克希爾哈撒韋</strong> 首席執行官沃倫·巴菲特可能是最受關注的資金經理，億萬富翁史蒂文·科恩的 Point72 資產管理公司往往引起很多關注。</p>
<p>科恩的對沖基金可能最令人驚訝的一點是，其中包含數千個頭寸，資產規模超過 380 億美元，他及其團隊對華爾街人工智能（AI）寵兒 <strong>英偉達</strong> 的態度。</p>
<h2>科恩幾乎清空了 Point72 在英偉達的持股</h2>
<p>截至 2023 年 9 月底，科恩的基金持有英偉達的 16457320 股，這使其成為 Point72 按市值計算的第五大股票持倉（不包括期權）。我還應該提到，這個股數已經根據英偉達在 2024 年 6 月進行的歷史性 10 對 1 股票分割進行了調整。</p>
<p>但在接下來的九個月內，截至 6 月 30 日，科恩監督將這一頭寸減少了 87%，至 2115018 股。</p>
<p>自 2023 年初以來，英偉達股價飆升了 822%，截至 10 月 11 日收盤，科恩的大舉拋售可能只是為了獲利和資產重新配置。然而，這個故事可能比表面看到的更復雜。</p>
<p>例如，可以肯定的是，英偉達將面臨日益激烈的競爭。外部競爭對手將推出新的人工智能圖形處理單元（GPU），希望他們的硬件能夠取代英偉達備受歡迎的 H100 和繼任者 AI-GPU 架構 Blackwell。</p>
<p>但英偉達面臨的更大問題可能是內部競爭。該公司四大客户按淨銷售額排序——<strong>微軟</strong>、<strong>Meta Platforms</strong>、<strong>亞馬遜</strong> 和 <strong>Alphabet</strong>——都在內部開發用於數據中心的 AI-GPU。如果這些內部開發的芯片在易用性和成本上更有優勢，那麼英偉達保持計算優勢就不會太重要。換句話説，這意味着英偉達將失去來自其頂級客户的未來訂單。</p>
<p>歷史是另一個可能讓 Point72 最聰明的投資頭腦，包括史蒂文·科恩，對英偉達感到不安的因素。過去三十年來，每一項改變遊戲規則的技術，包括互聯網，都經歷了早期的泡沫破裂事件。投資者有一種可怕的習慣，就是高估新技術的接受程度，從而導致最終的失望。</p>
<p>沒有哪家市場領先的企業比英偉達更直接受益於人工智能革命。如果人工智能泡沫破裂，英偉達的股價邏輯上會受到比同行更嚴重的打擊。</p>
<p>監管環境對英偉達也不利。在過去兩年中，美國監管機構限制了英偉達高性能 AI-GPU 向中國的出口。如果無法進入世界第二大經濟體，英偉達每個季度可能會損失數十億美元的銷售額。</p>
<p>然而，儘管億萬富翁史蒂文·科恩及其團隊一直忙於拋售英偉達股票，他們卻大舉投資於一家高飛的股票分拆公司，該公司具有無可否認的競爭優勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>科恩的 Point72 在這家表現優異的股票分拆公司中大舉投資</h2>
<p>在科恩在截至 6 月的季度中監督增持的眾多持倉中，可能沒有一家比快餐連鎖餐廳 <strong>墨式燒烤</strong> 更引人注目。墨式燒烤在 6 月 25 日交易結束後完成了其有史以來第一次股票分拆。這次分拆的規模為 50 對 1，是紐約證券交易所歷史上最大的之一。</p>
<p>在第二季度，科恩的基金購買了 1458700 股墨式燒烤，將其 3 月份的持股增加了驚人的 446%，至 1785950 股。與英偉達類似，這個股數已經進行了調整以反映公司的分拆。</p>
<p>吸引 Point72 最聰明的投資頭腦大舉投資墨式燒烤股票的誘因是其許多明確定義的競爭優勢。</p>
<p>差異化是墨式燒烤能夠在競爭激烈的餐廳行業脱穎而出的重要原因。其承諾使用負責任飼養的肉類，不含不必要的抗生素，並在可能的情況下本地採購蔬菜，得到了消費者的認可。</p>
<p>正如二十年前的有機/天然食品趨勢讓雜貨店受益一樣，墨式燒烤的管理團隊迅速意識到，他們的顧客願意為更高質量的食品支付更多。考慮到過去幾年食品成本顯著上漲，這種定價權尤為重要。</p>
<p>公司有限的菜單也有助於使其脱穎而出。通過保持相對較小的菜單，Chipotle 確保其員工可以快速準備食物並準備餐點，以保持店內隊伍的流動。此外，小菜單在推出新品時會引起更大的關注。</p>
<p>Chipotle 業務受益於 Chipotlanes 的推出，這也需要得到認可。Chipotlanes 是專門用於完成移動訂單的駛入式車道。移動訂購為公司的銷售渠道增加了新的維度，並幫助將品牌介紹給 Z 世代。</p>
<p>毫無疑問，自 2006 年 1 月成為上市公司以來，Chipotle Mexican Grill 已經遠遠超出了預期，但可能會讓投資者，包括 Steven Cohen，感到不滿意的一個方面是其估值。儘管 Chipotle 值得比同行公司溢價，但截至 10 月 11 日，公司的前瞻市盈率（P/E）為 45，對於一家餐飲連鎖公司來説有點過高。</p>
<p>由於一些有機增長是由價格上漲而不是額外訂單驅動的，這使得公司過高的前瞻市盈率更加令人不滿。畢竟，對於一家餐飲連鎖公司，人們只能期待有限的創新。</p>
<p>儘管億萬富翁 Steven Cohen 投資了一家真正超級股票分拆股票，但其短期上漲空間似乎有限。</p>

墨式燒烤

<p>億萬富豪史蒂文·科恩的 Point72 資產管理公司已將其在英偉達的持股大幅減少了 87%，賣出至 2,115,018 股。這一舉動是在英偉達股價在 2023 年上漲了 822% 之後進行的，可能表明在人工智能 GPU 領域競爭加劇的背景下進行了利潤回吐。與此同時，科恩的基金大舉投資於墨式燒烤，將持股增加了 446%，達到 1,785,950 股，這是在該公司歷史性的 50 比 1 股票分拆之後進行的，突顯了其在餐飲行業的競爭優勢</p>

<p>Investors are never at a loss for data on Wall Street. With thousands of publicly traded companies reporting their operating results every three months, and economic data rolling out with regularity, it can be easy for something important to slip through the cracks.</p>
<div class="lb-trans"><p>投資者在華爾街從不缺乏數據。成千上萬家上市公司每三個月報告其營運業績，經濟數據也定期發佈，很容易有重要信息被忽略。</p>
</div><p>On Aug. 14, arguably the most important data dump of the entire third quarter occurred -- and there's a possibility you missed it. This was the filing deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission. A 13F provides an easy-to-understand snapshot of which stocks Wall Street's most-successful asset managers purchased and sold in the latest quarter (in this case, the June-ended quarter).</p>
<div class="lb-trans"><p>8 月 14 日，可以説整個第三季度最重要的數據公佈發生了——你有可能錯過了。這是機構投資者提交 13F 表格給證券交易委員會的截止日期，要求資產管理規模至少 1 億美元的機構投資者提交。13F 提供了華爾街最成功資產管理人在最新季度（本例為截至 6 月的季度）購買和出售的股票的簡明概況。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793904%2Fprofessional-stock-trader-broker-analyze-stock-chart-invest-retire-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><p>Although <strong>Berkshire Hathaway</strong> CEO Warren Buffett is probably the most closely tracked money manager, billionaire Steven Cohen of Point72 Asset Management tends to generate a lot of buzz.</p>
<div class="lb-trans"><p>儘管 <strong>伯克希爾哈撒韋</strong> 首席執行官沃倫·巴菲特可能是最受關注的資金經理，億萬富翁史蒂文·科恩的 Point72 資產管理公司往往引起很多關注。</p>
</div><p>Perhaps the most surprising aspect of Cohen's hedge fund, which contains thousands of positions and has more than $38 billion in AUM, has been his and his team's approach to Wall Street's artificial intelligence (AI) darling, <strong>Nvidia</strong>(NVDA -4.69%).</p>
<div class="lb-trans"><p>科恩的對沖基金可能最令人驚訝的一點是，其中包含數千個頭寸，資產規模超過 380 億美元，他及其團隊對華爾街人工智能（AI）寵兒 <strong>英偉達</strong> 的態度。</p>
</div><h2>Cohen has dumped almost the entirety of Point72's stake in Nvidia</h2>
<div class="lb-trans"><h2>科恩幾乎清空了 Point72 在英偉達的持股</h2>
</div><p>At the end of September 2023, Cohen's fund held 16,457,320 shares of Nvidia, which made it Point72's fifth-largest stock holding by market value (excluding options). I should also mention that this share count has been adjusted for Nvidia's historic 10-for-1 stock split, which was carried out in June 2024.</p>
<div class="lb-trans"><p>截至 2023 年 9 月底，科恩的基金持有英偉達的 16457320 股，這使其成為 Point72 按市值計算的第五大股票持倉（不包括期權）。我還應該提到，這個股數已經根據英偉達在 2024 年 6 月進行的歷史性 10 對 1 股票分割進行了調整。</p>
</div><p>But over the next nine months, through June 30, Cohen oversaw an 87% reduction of this position to 2,115,018 shares.</p>
<div class="lb-trans"><p>但在接下來的九個月內，截至 6 月 30 日，科恩監督將這一頭寸減少了 87%，至 2115018 股。</p>
</div><p>With Nvidia's stock catapulting by 822% since the start of 2023, as of the closing bell on Oct. 11, Cohen's aggressive selling might represent nothing more than profit-taking and asset reallocation. Then again, there may be more to this story than meets the eye.</p>
<div class="lb-trans"><p>自 2023 年初以來，英偉達股價飆升了 822%，截至 10 月 11 日收盤，科恩的大舉拋售可能只是為了獲利和資產重新配置。然而，這個故事可能比表面看到的更復雜。</p>
</div><p>For example, it's a given that Nvidia is set to face growing competition. External competitors will be bringing new AI-graphics processing units (GPUs) to market with the hope that their hardware can dethrone Nvidia's ultra-popular H100 and successor AI-GPU architecture, Blackwell.</p>
<div class="lb-trans"><p>例如，可以肯定的是，英偉達將面臨日益激烈的競爭。外部競爭對手將推出新的人工智能圖形處理單元（GPU），希望他們的硬件能夠取代英偉達備受歡迎的 H100 和繼任者 AI-GPU 架構 Blackwell。</p>
</div><p>But the bigger issue for Nvidia might be internal competition. The company's four-largest customers by net sales -- <strong>Microsoft</strong>, <strong>Meta Platforms</strong>, <strong>Amazon</strong>, and <strong>Alphabet</strong> -- are all internally developing AI-GPUs for their data centers. Nvidia maintaining its computing advantage superiority won't matter much if ease of access to AI-GPUs and cost are more advantageous for these internally developed chips. In other words, this suggests Nvidia will lose out on future orders from its top customers.</p>
<div class="lb-trans"><p>但英偉達面臨的更大問題可能是內部競爭。該公司四大客户按淨銷售額排序——<strong>微軟</strong>、<strong>Meta Platforms</strong>、<strong>亞馬遜</strong> 和 <strong>Alphabet</strong>——都在內部開發用於數據中心的 AI-GPU。如果這些內部開發的芯片在易用性和成本上更有優勢，那麼英偉達保持計算優勢就不會太重要。換句話説，這意味着英偉達將失去來自其頂級客户的未來訂單。</p>
</div><p>History is another factor that might be making Point72's brightest investment minds, including Steven Cohen, skittish about Nvidia. Every game-changing technology for the last three decades, including the internet, went through a bubble-bursting event early in its existence. Investors have a terrible habit of overestimating the uptake of new technologies, thus leading to eventual disappointment.</p>
<div class="lb-trans"><p>歷史是另一個可能讓 Point72 最聰明的投資頭腦，包括史蒂文·科恩，對英偉達感到不安的因素。過去三十年來，每一項改變遊戲規則的技術，包括互聯網，都經歷了早期的泡沫破裂事件。投資者有一種可怕的習慣，就是高估新技術的接受程度，從而導致最終的失望。</p>
</div><p>No market-leading business has benefited from the AI revolution more directly than Nvidia. If the AI bubble were to burst, Nvidia's stock would logically be hit harder than its peers.</p>
<div class="lb-trans"><p>沒有哪家市場領先的企業比英偉達更直接受益於人工智能革命。如果人工智能泡沫破裂，英偉達的股價邏輯上會受到比同行更嚴重的打擊。</p>
</div><p>The regulatory landscape hasn't done Nvidia any favors, either. In each of the previous two years, U.S. regulators restricted the export of Nvidia's high-powered AI-GPUs to China. Without access to the world's No. 2 economy, Nvidia could be missing out on billions of dollars in sales each quarter.</p>
<div class="lb-trans"><p>監管環境對英偉達也不利。在過去兩年中，美國監管機構限制了英偉達高性能 AI-GPU 向中國的出口。如果無法進入世界第二大經濟體，英偉達每個季度可能會損失數十億美元的銷售額。</p>
</div><p>But while billionaire Steven Cohen and his team have been busy sending shares of Nvidia to the chopping block, they've absolutely piled into a high-flying stock-split stock with undeniable competitive advantages.</p>
<div class="lb-trans"><p>然而，儘管億萬富翁史蒂文·科恩及其團隊一直忙於拋售英偉達股票，他們卻大舉投資於一家高飛的股票分拆公司，該公司具有無可否認的競爭優勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTM5MDQvcGFwZXItc3RvY2stY2VydGlmaWNhdGUtc2hhcmVzLXNwbGl0LXB1YmxpYy1jb21wYW55LW55c2UtbmFzZGFxLWdldHR5LmpwZWcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F793904%2Fpaper-stock-certificate-shares-split-public-company-nyse-nasdaq-getty.jpeg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Cohen's Point72 takes a big bite out of this outperforming stock-split stock</h2>
<div class="lb-trans"><h2>科恩的 Point72 在這家表現優異的股票分拆公司中大舉投資</h2>
</div><p>Among the numerous holdings that Cohen oversaw the addition to in the June-ended quarter, arguably none stands out more than fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG 0.89%). Chipotle completed its first-ever split after the close of trading on June 25. The magnitude of this split, 50-for-1, was one of the largest in the history of the New York Stock Exchange.</p>
<div class="lb-trans"><p>在科恩在截至 6 月的季度中監督增持的眾多持倉中，可能沒有一家比快餐連鎖餐廳 <strong>墨式燒烤</strong> 更引人注目。墨式燒烤在 6 月 25 日交易結束後完成了其有史以來第一次股票分拆。這次分拆的規模為 50 對 1，是紐約證券交易所歷史上最大的之一。</p>
</div><p>During the second quarter, Cohen's fund purchased 1,458,700 shares of Chipotle, which increased its March-ended stake by a whopping 446% to 1,785,950 shares. Similar to Nvidia, this share count has been adjusted to account for the company's split.</p>
<div class="lb-trans"><p>在第二季度，科恩的基金購買了 1458700 股墨式燒烤，將其 3 月份的持股增加了驚人的 446%，至 1785950 股。與英偉達類似，這個股數已經進行了調整以反映公司的分拆。</p>
</div><p>The lure that likely attracted Point72's brightest investment minds to take a big bite out of Chipotle's stock is its many well-defined competitive edges.</p>
<div class="lb-trans"><p>吸引 Point72 最聰明的投資頭腦大舉投資墨式燒烤股票的誘因是其許多明確定義的競爭優勢。</p>
</div><p>Differentiation has been a big reason Chipotle Mexican Grill has been able to stand out in the highly competitive restaurant landscape. Its pledge to use responsibly raised meats that are free of unnecessary antibiotics, as well as source vegetables locally, when possible, has resonated with consumers.</p>
<div class="lb-trans"><p>差異化是墨式燒烤能夠在競爭激烈的餐廳行業脱穎而出的重要原因。其承諾使用負責任飼養的肉類，不含不必要的抗生素，並在可能的情況下本地採購蔬菜，得到了消費者的認可。</p>
</div><p>Just as grocery stores capitalized on the organic/natural food trend two decades ago, Chipotle's management team quickly realized that its customers would gladly pay more for higher-quality food. Given that food costs have notably risen over the last couple of years, this pricing power has come in especially handy.</p>
<div class="lb-trans"><p>正如二十年前的有機/天然食品趨勢讓雜貨店受益一樣，墨式燒烤的管理團隊迅速意識到，他們的顧客願意為更高質量的食品支付更多。考慮到過去幾年食品成本顯著上漲，這種定價權尤為重要。</p>
</div><p>The company's limited menu also helps it stand out from the crowd. By keeping its menu relatively small, Chipotle ensures that its staff can quickly prep food and prepare meals to keep the lines in its stores moving. Further, a small menu leads to a bigger buzz when new items are introduced.</p>
<div class="lb-trans"><p>公司有限的菜單也有助於使其脱穎而出。通過保持相對較小的菜單，Chipotle 確保其員工可以快速準備食物並準備餐點，以保持店內隊伍的流動。此外，小菜單在推出新品時會引起更大的關注。</p>
</div><p>The lift Chipotle's business has enjoyed from the introduction of Chipotlanes -- drive-thru lanes devoted to fulfilling mobile orders -- needs to be recognized, too. Mobile ordering has added a new dimension to the company's sales channels, as well as helped introduce the brand to Generation Z.</p>
<div class="lb-trans"><p>Chipotle 業務受益於 Chipotlanes 的推出，這也需要得到認可。Chipotlanes 是專門用於完成移動訂單的駛入式車道。移動訂購為公司的銷售渠道增加了新的維度，並幫助將品牌介紹給 Z 世代。</p>
</div><p>While there's no denying that Chipotle Mexican Grill has handily outperformed expectations since becoming a public company in January 2006, the one aspect that might leave a bad taste in the mouth of investors, including Steven Cohen, is its valuation. Though Chipotle is worthy of a premium to its peers, the company's forward price-to-earnings (P/E) ratio of 45, as of Oct. 11, is a bit excessive for a restaurant chain.</p>
<div class="lb-trans"><p>毫無疑問，自 2006 年 1 月成為上市公司以來，Chipotle Mexican Grill 已經遠遠超出了預期，但可能會讓投資者，包括 Steven Cohen，感到不滿意的一個方面是其估值。儘管 Chipotle 值得比同行公司溢價，但截至 10 月 11 日，公司的前瞻市盈率（P/E）為 45，對於一家餐飲連鎖公司來説有點過高。</p>
</div><p>With some of its organic growth being driven by higher prices and not additional orders, it makes the company's outsized forward P/E ratio even more egregious. There is, after all, only so much innovation that can be expected from a restaurant chain.</p>
<div class="lb-trans"><p>由於一些有機增長是由價格上漲而不是額外訂單驅動的，這使得公司過高的前瞻市盈率更加令人不滿。畢竟，對於一家餐飲連鎖公司，人們只能期待有限的創新。</p>
</div><p>Although billionaire Steven Cohen has invested in a truly supercharged stock-split stock, its near-term upside looks to be limited.</p>
<div class="lb-trans"><p>儘管億萬富翁 Steven Cohen 投資了一家真正超級股票分拆股票，但其短期上漲空間似乎有限。</p>
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Billionaire Steven Cohen Sold 87% of Point72's Stake in Nvidia and Is Piling Into This Supercharged Stock-Split Stock

- 機構投資者在 8 月 14 日提交了 13F 表格，顯示其持股變動。  
- Steven Cohen 減持 Nvidia 股票 87%，轉而增持 Chipotle 股票 446%。  
- Nvidia 面臨競爭和監管挑戰，Chipotle 具備定價能力和市場優勢。

億萬富翁史蒂文·科恩出售了 Point72 在英偉達 87% 的股份，並正在大量投資於這隻表現強勁的拆股股票