<p>得益於互聯網的出現，普通投資者不再難以獲取信息。在每個季度的財報季節——大多數 <strong>S&amp;P 500</strong> 公司報告其運營結果的六週——以及每週的經濟報告之間，投資者可能會感到不知所措，導致重要數據被忽視。</p>
<p>你可能沒有意識到，但可以輕鬆描述為第三季度最重要的數據發佈發生在八月中旬。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>在每個季度結束後的 45 個日曆日內，管理資產至少為 1 億美元的機構投資者必須向證券交易委員會提交 13F 表格。簡單來説，13F 告訴投資者華爾街最聰明的資金經理在最新季度（在這種情況下是截至 6 月的季度）購買和出售了哪些股票。</p>
<p>坦率地説，13F 遠非完美。它們不列出空頭頭寸（如果存在的話），而且由於在季度結束後最多需 45 天提交，因此對於活躍的對沖基金來説，可能提供過時的信息。儘管如此，它們確實提供了關於哪些股票、行業、部門和趨勢受到頂級資金經理關注的寶貴線索。</p>
<p>雖然 <strong>Berkshire Hathaway</strong> 的首席執行官沃倫·巴菲特可能是華爾街上最受關注的資產管理者，但其他一些億萬富翁投資者也往往吸引人羣，包括 Coatue Management 的菲利普·拉豐。截止 6 月底，拉豐及其團隊主要投資於顛覆性科技股票，管理的資產接近 257 億美元。</p>
<p>但真正引人注目的是拉豐及其團隊在華爾街三隻最熱門的人工智能（AI）股票上的操作。</p>
<h2>拉豐的 Coatue 大幅拋售了 Nvidia 和 Palantir 的股份</h2>
<p>在最近的記憶中，幾乎沒有比半導體巨頭 <strong>Nvidia</strong>(NVDA -1.36%) 和基於雲的數據挖掘專家 <strong>Palantir Technologies</strong>(PLTR -2.76%) 更熱門的 AI 股票了。</p>
<p>對 AI 圖形處理單元（GPU）的超乎尋常的需求使得 Nvidia 自 2023 年初以來增加了超過 3 萬億美元的市值。與此同時，Palantir 的股價在大約 22 個月內上漲了 601%。這一增長得益於其 AI 驅動的 Gotham 平台，該平台旨在幫助聯邦政府規劃和執行任務，以及收集數據。</p>
<p>儘管 Nvidia 和 Palantir 都具備競爭優勢且不可替代，但拉豐和他的 Coatue 團隊卻果斷地拋售了這兩隻股票。在 2023 年 3 月 30 日至 2024 年 6 月 30 日之間，拉豐監督了其基金在 Nvidia 中持股的 72% 的出售。相比之下，Coatue 的頂尖投資團隊，包括拉豐，在截至 6 月的季度中拋售了 Palantir 的全部股份（4,816,195 股）。</p>
<p>儘管獲利了結是可以解釋這一拋售活動的合理原因，但還有其他阻力可能促使拉豐及其投資顧問選擇跳船。</p>
<p>歷史是無法忽視的事實，尤其是關於 Nvidia 的歷史。包括 1990 年代中期的互聯網在內，過去三十年沒有任何下一件大事的創新或技術能夠避免早期階段的泡沫。換句話説，投資者有一個糟糕的習慣，即高估顛覆性技術成為主流的速度，而這在歷史上對引領這些趨勢的企業（如 Nvidia）最終結果都不佳。</p>
<p>此外，Nvidia 將面臨一系列新的競爭。儘管外部競爭對手獲得了大部分關注，但內部競爭可能是更大的擔憂。Nvidia 的四大客户按淨銷售額排名均在開發自己的 AI GPU，這可能最終縮小 Nvidia 贏得寶貴數據中心 “房地產” 的機會。</p>
<p>至於 Palantir，估值可能是 Coatue 投資團隊最關注的問題。儘管在規模上不可替代確實值得一定程度的估值溢價，但 Palantir 目前的估值為 2025 年預測每股收益（EPS）的 105 倍，以及預測收入的 29 倍。</p>
<p>考慮到 Gotham 的銷售上限相對有限，這一估值極具攻擊性。也就是説，Palantir 只會與美國政府及其盟友合作，這限制了該平台在國內邊界之外的覆蓋範圍。</p>
<p>但當 Coatue 的頂尖投資者忙於將 Nvidia 和 Palantir 的股份送上砧板時，他們卻在另一家頂級人工智能基礎設施公司上大舉增持。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>拉豐在這家 AI 基礎設施領導者的持股今年增加了超過 3500%</h2>
<p>在截至 6 月的季度中，拉豐及其團隊進行了六項新購買，並增加了 21 項現有持股。雖然這些新增持股大多數相對較小，但其中一個持續引人注目的是拉豐對全球領先的芯片製造公司 <strong>台灣半導體制造</strong>(TSM -1.25%) 的大舉購買。</p>
<p>當 2024 年開始時，Coatue Management 僅持有 312,466 股台灣半導體，這在該基金的市值排名中位列第 66 位。六個月後，它現在是第三大持股，總持股達到 11,393,702 股。這意味着在 2024 年上半年，總持股增加了超過 3500%。</p>
<p>正如你所想象的那樣，圍繞台積電的興奮感與其在為人工智能加速的數據中心生產 GPU 方面的角色有關。Nvidia 的 H100 GPU（通常稱為 “Hopper”）及其後續 GPU 架構（Blackwell）的訂單積壓，這意味着台積電將看到其服務的長期需求。</p>
<p>就台積電而言，該公司一直在積極投資其生產能力。雖然該公司計劃到 2026 年實現每月 80,000 片晶圓的芯片 - 晶圓 - 基板（CoWoS）封裝能力，但至少有一位華爾街分析師認為台積電的進度比計劃提前了一年。高帶寬內存的封裝是人工智能加速數據中心的成本效益必要條件，這意味着台積電在供應鏈中扮演着至關重要的角色。</p>
<p>儘管人工智能無疑是推動台積電發展的強勁動力，但 Laffont 及其團隊可能意識到，其生產遠不止於 AI-GPU。例如，該公司負責製造所有蘋果定製芯片，包括用於其市場領先的 iPhone 的芯片。</p>
<p>如果歷史重演，未來某個時刻人工智能泡沫破裂，台積電在某種程度上將受到保護，因為它在人工智能成為熱門事物之前就已經建立了多個銷售渠道。雖然這些其他銷售渠道無法提供與人工智能相同的增長潛力，但廣泛的銷售多樣性最終對台積電來説是一個積極因素。</p>
<p>最後，Laffont 及其顧問可能會被台積電仍然具有吸引力的估值所吸引。儘管預測可能會變化，但該公司的股票以 2025 年預測每股收益的 24 倍進行估值，銷售和盈利增長超過 20%。</p>

PLTR

<p>億萬富翁菲利普·拉豐（Philippe Laffont）通過其科圖管理公司（Coatue Management）顯著減少了對英偉達（Nvidia）和 Palantir 的持股，出售了其在英偉達的 72% 股份，並完全撤資於 Palantir。此決定是在對市場泡沫的擔憂以及英偉達面臨日益激烈的競爭和 Palantir 高估值的背景下做出的。相反，拉豐今年在另一家人工智能基礎設施公司的投資增加了超過 3500%，這表明他正戰略性地轉向人工智能領域中更有前景的機會</p>

<p>Thanks to the advent of the internet, information is no longer at a premium for everyday investors. Between earnings season -- the six weeks every quarter where a majority of <strong>S&amp;P 500</strong> companies report their operating results -- and weekly economic reports, investors can become overwhelmed and allow important data to slip through the cracks.</p>
<div class="lb-trans"><p>得益於互聯網的出現，普通投資者不再難以獲取信息。在每個季度的財報季節——大多數 <strong>S&amp;P 500</strong> 公司報告其運營結果的六週——以及每週的經濟報告之間，投資者可能會感到不知所措，導致重要數據被忽視。</p>
</div><p>You might not realize it, but what can easily be described as the most important data dump of the third quarter occurred in mid-August.</p>
<div class="lb-trans"><p>你可能沒有意識到，但可以輕鬆描述為第三季度最重要的數據發佈發生在八月中旬。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795613%2Fmoney-manager-stock-chart-market-level-2-data-invest-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>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. In simple terms, a 13F tells investors which stocks Wall Street's smartest money managers purchased and sold in the latest quarter (in this case, the June-ended quarter).</p>
<div class="lb-trans"><p>在每個季度結束後的 45 個日曆日內，管理資產至少為 1 億美元的機構投資者必須向證券交易委員會提交 13F 表格。簡單來説，13F 告訴投資者華爾街最聰明的資金經理在最新季度（在這種情況下是截至 6 月的季度）購買和出售了哪些股票。</p>
</div><p>To be upfront, 13Fs are far from perfect. They don't list short positions (if any exist), and since they're filed up to 45 days following the end to a quarter, they can provide stale information for active hedge funds. Nevertheless, they do offer invaluable clues as to which stocks, industries, sectors, and trends have the undivided attention of top-tier money managers.</p>
<div class="lb-trans"><p>坦率地説，13F 遠非完美。它們不列出空頭頭寸（如果存在的話），而且由於在季度結束後最多需 45 天提交，因此對於活躍的對沖基金來説，可能提供過時的信息。儘管如此，它們確實提供了關於哪些股票、行業、部門和趨勢受到頂級資金經理關注的寶貴線索。</p>
</div><p>While <strong>Berkshire Hathaway</strong> CEO Warren Buffett is probably the most-followed asset manager on Wall Street, a number of other billionaire investors also tend to draw a crowd, including Philippe Laffont of Coatue Management. Laffont and his team predominantly invest in game-changing tech stocks and were overseeing close to $25.7 billion in AUM, as of the end of June.</p>
<div class="lb-trans"><p>雖然 <strong>Berkshire Hathaway</strong> 的首席執行官沃倫·巴菲特可能是華爾街上最受關注的資產管理者，但其他一些億萬富翁投資者也往往吸引人羣，包括 Coatue Management 的菲利普·拉豐。截止 6 月底，拉豐及其團隊主要投資於顛覆性科技股票，管理的資產接近 257 億美元。</p>
</div><p>But the real eyebrow-raiser is what Laffont and his team have been up to with three of Wall Street's hottest artificial intelligence (AI) stocks.</p>
<div class="lb-trans"><p>但真正引人注目的是拉豐及其團隊在華爾街三隻最熱門的人工智能（AI）股票上的操作。</p>
</div><h2>Laffont's Coatue has aggressively sold shares of Nvidia and Palantir</h2>
<div class="lb-trans"><h2>拉豐的 Coatue 大幅拋售了 Nvidia 和 Palantir 的股份</h2>
</div><p>There arguably haven't been two hotter AI stocks in recent memory than semiconductor behemoth <strong>Nvidia</strong>(NVDA -1.36%) and cloud-based data-mining specialist <strong>Palantir Technologies</strong>(PLTR -2.76%).</p>
<div class="lb-trans"><p>在最近的記憶中，幾乎沒有比半導體巨頭 <strong>Nvidia</strong>(NVDA -1.36%) 和基於雲的數據挖掘專家 <strong>Palantir Technologies</strong>(PLTR -2.76%) 更熱門的 AI 股票了。</p>
</div><p>Otherworldly demand for AI-graphics processing units (GPUs) has helped Nvidia tack on more than $3 trillion in market value since the start of 2023. Meanwhile, Palantir's shares are up a cool 601% in roughly 22 months. This gain has been fueled by its AI-driven Gotham platform, which is tasked with helping federal governments plan and execute missions, as well as gather data.</p>
<div class="lb-trans"><p>對 AI 圖形處理單元（GPU）的超乎尋常的需求使得 Nvidia 自 2023 年初以來增加了超過 3 萬億美元的市值。與此同時，Palantir 的股價在大約 22 個月內上漲了 601%。這一增長得益於其 AI 驅動的 Gotham 平台，該平台旨在幫助聯邦政府規劃和執行任務，以及收集數據。</p>
</div><p>Despite both Nvidia and Palantir possessing competitive advantages and being irreplaceable, Laffont and his crew at Coatue have been decisive sellers of both stocks. Between March 30, 2023 and June 30, 2024, Laffont oversaw the sale of 72% of his fund's stake in Nvidia. Comparatively, Coatue's brightest investment minds, which includes Laffont, dumped the entirety of their stake in Palantir in the June-ended quarter (4,816,195 shares).</p>
<div class="lb-trans"><p>儘管 Nvidia 和 Palantir 都具備競爭優勢且不可替代，但拉豐和他的 Coatue 團隊卻果斷地拋售了這兩隻股票。在 2023 年 3 月 30 日至 2024 年 6 月 30 日之間，拉豐監督了其基金在 Nvidia 中持股的 72% 的出售。相比之下，Coatue 的頂尖投資團隊，包括拉豐，在截至 6 月的季度中拋售了 Palantir 的全部股份（4,816,195 股）。</p>
</div><p>Although profit-taking is a logical reason that can sum up this selling activity, there are other headwinds that may have encouraged Laffont and his investment advisors to jump ship.</p>
<div class="lb-trans"><p>儘管獲利了結是可以解釋這一拋售活動的合理原因，但還有其他阻力可能促使拉豐及其投資顧問選擇跳船。</p>
</div><p>History is the elephant in the room that can't be ignored, especially with regard to Nvidia. Including the internet in the mid-1990s, no next-big-thing innovation or technology for three decades has avoided an early stage bubble. In other words, investors have a terrible habit of overestimating how quickly game-changing technologies will become mainstream, and it historically ends up poorly for the businesses leading these trends, such as Nvidia.</p>
<div class="lb-trans"><p>歷史是無法忽視的事實，尤其是關於 Nvidia 的歷史。包括 1990 年代中期的互聯網在內，過去三十年沒有任何下一件大事的創新或技術能夠避免早期階段的泡沫。換句話説，投資者有一個糟糕的習慣，即高估顛覆性技術成為主流的速度，而這在歷史上對引領這些趨勢的企業（如 Nvidia）最終結果都不佳。</p>
</div><p>Additionally, Nvidia is set to face a slew of new competition. Though external competitors receive most of the spotlight, internal competition might be the bigger concern. All four of Nvidia's largest customers by net sales are developing AI-GPUs of their own, which could ultimately narrow the opportunity for Nvidia to win valuable data center &#34;real estate.&#34;</p>
<div class="lb-trans"><p>此外，Nvidia 將面臨一系列新的競爭。儘管外部競爭對手獲得了大部分關注，但內部競爭可能是更大的擔憂。Nvidia 的四大客户按淨銷售額排名均在開發自己的 AI GPU，這可能最終縮小 Nvidia 贏得寶貴數據中心 “房地產” 的機會。</p>
</div><p>As for Palantir, valuation might be the most front-and-center concern for Coatue's investment team. While being irreplaceable at scale does deserve some level of valuation premium, Palantir is now valued at 105 times forecast earnings per share (EPS) for 2025, as well as a multiple of 29 times forecast revenue.</p>
<div class="lb-trans"><p>至於 Palantir，估值可能是 Coatue 投資團隊最關注的問題。儘管在規模上不可替代確實值得一定程度的估值溢價，但 Palantir 目前的估值為 2025 年預測每股收益（EPS）的 105 倍，以及預測收入的 29 倍。</p>
</div><p>This is an extremely aggressive valuation given that Gotham's sales ceiling is somewhat limited. This is to say that Palantir will only work with the U.S. government and its allies, which limits the platform's reach beyond domestic borders.</p>
<div class="lb-trans"><p>考慮到 Gotham 的銷售上限相對有限，這一估值極具攻擊性。也就是説，Palantir 只會與美國政府及其盟友合作，這限制了該平台在國內邊界之外的覆蓋範圍。</p>
</div><p>But while Coatue's brightest investors have been busy sending shares of Nvidia and Palantir to the chopping block, they've been absolutely piling into another top-tier artificial intelligence infrastructure player.</p>
<div class="lb-trans"><p>但當 Coatue 的頂尖投資者忙於將 Nvidia 和 Palantir 的股份送上砧板時，他們卻在另一家頂級人工智能基礎設施公司上大舉增持。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTU2MTMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F795613%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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><h2>Laffont's stake in this AI infrastructure leader has increased by more than 3,500% this year</h2>
<div class="lb-trans"><h2>拉豐在這家 AI 基礎設施領導者的持股今年增加了超過 3500%</h2>
</div><p>During the June-ended quarter, Laffont and his team made six new purchases and added to 21 existing holdings. While most of these additions were relatively small, the one that continues to stand out is Laffont's aggressive purchases of world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -1.25%).</p>
<div class="lb-trans"><p>在截至 6 月的季度中，拉豐及其團隊進行了六項新購買，並增加了 21 項現有持股。雖然這些新增持股大多數相對較小，但其中一個持續引人注目的是拉豐對全球領先的芯片製造公司 <strong>台灣半導體制造</strong>(TSM -1.25%) 的大舉購買。</p>
</div><p>When 2024 began, Coatue Management was holding just 312,466 shares of Taiwan Semi, and it was the fund's 66th-largest holding by market value. Six months later, it's now the third-biggest holding, with 11,393,702 total shares held. This works out to an increase of more than 3,500% in total shares held in the first-half of 2024.</p>
<div class="lb-trans"><p>當 2024 年開始時，Coatue Management 僅持有 312,466 股台灣半導體，這在該基金的市值排名中位列第 66 位。六個月後，它現在是第三大持股，總持股達到 11,393,702 股。這意味着在 2024 年上半年，總持股增加了超過 3500%。</p>
</div><p>As you can rightly imagine, the excitement surrounding Taiwan Semi has to do with its role in producing GPUs for AI-accelerated data centers. Orders for Nvidia's H100 GPU (commonly known as the &#34;Hopper&#34;) and successor GPU architecture (Blackwell) are backlogged, which means Taiwan Semi should see long-tail demand for its services.</p>
<div class="lb-trans"><p>正如你所想象的那樣，圍繞台積電的興奮感與其在為人工智能加速的數據中心生產 GPU 方面的角色有關。Nvidia 的 H100 GPU（通常稱為 “Hopper”）及其後續 GPU 架構（Blackwell）的訂單積壓，這意味着台積電將看到其服務的長期需求。</p>
</div><p>For its part, Taiwan Semiconductor has been proactively investing in its production capacity. Whereas the company has been shooting for chip-on-wafer-on-substrate (CoWoS) packaging capacity of 80,000 wafers per month by 2026, at least one Wall Street analyst believes Taiwan Semi is a full year ahead of schedule. The packaging of high-bandwidth memory is a cost-effective necessity for AI-accelerated data centers, which means Taiwan Semi plays a vital role in the supply chain.</p>
<div class="lb-trans"><p>就台積電而言，該公司一直在積極投資其生產能力。雖然該公司計劃到 2026 年實現每月 80,000 片晶圓的芯片 - 晶圓 - 基板（CoWoS）封裝能力，但至少有一位華爾街分析師認為台積電的進度比計劃提前了一年。高帶寬內存的封裝是人工智能加速數據中心的成本效益必要條件，這意味着台積電在供應鏈中扮演着至關重要的角色。</p>
</div><p>Although artificial intelligence has been the undeniable wind in Taiwan Semiconductor's sails, Laffont and his team likely recognize that its production entails far more than just AI-GPUs. For instance, it's the company responsible for making all of Apple's customized chips, including those that go into its market-leading iPhone.</p>
<div class="lb-trans"><p>儘管人工智能無疑是推動台積電發展的強勁動力，但 Laffont 及其團隊可能意識到，其生產遠不止於 AI-GPU。例如，該公司負責製造所有蘋果定製芯片，包括用於其市場領先的 iPhone 的芯片。</p>
</div><p>If history were to rhyme, once again, and the AI bubble does burst at some point in the future, Taiwan Semi would be somewhat insulated in the respect that it had multiple sales channels well established long before AI was the hottest thing since sliced bread. While these other sales channels fail to offer the same level of growth potential as AI, a broad degree of sales diversity is, ultimately, a positive for Taiwan Semiconductor.</p>
<div class="lb-trans"><p>如果歷史重演，未來某個時刻人工智能泡沫破裂，台積電在某種程度上將受到保護，因為它在人工智能成為熱門事物之前就已經建立了多個銷售渠道。雖然這些其他銷售渠道無法提供與人工智能相同的增長潛力，但廣泛的銷售多樣性最終對台積電來説是一個積極因素。</p>
</div><p>Lastly, Laffont and his advisors may be attracted to Taiwan Semi's still-attractive valuation. With the understanding that forecasts can and do change, shares are valued at a multiple of 24 times forecast EPS for 2025, with sales and earnings growth of greater than 20%.</p>
<div class="lb-trans"><p>最後，Laffont 及其顧問可能會被台積電仍然具有吸引力的估值所吸引。儘管預測可能會變化，但該公司的股票以 2025 年預測每股收益的 24 倍進行估值，銷售和盈利增長超過 20%。</p>
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Billionaire Philippe Laffont of Coatue Is Dumping Shares of Nvidia and Palantir and Piling Into This Artificial Intelligence (AI) Infrastructure Juggernaut

- 投資者在季度財報和經濟報告中可能會感到信息過載。  
- Coatue Management 大幅減持 Nvidia 和 Palantir，轉而增持台積電。  
- 台積電在 AI 數據中心中扮演關鍵角色，預計將受益於持續需求。  

億萬富翁菲利普·拉豐特正在拋售 Nvidia 和 Palantir 的股票，並投資於這個人工智能基礎設施巨頭