<p>在過去兩年中，人工智能（AI）在華爾街的頭條新聞中佔據了主導地位——這並非沒有理由。AI 驅動的軟件和系統能夠在沒有人類干預的情況下學習和發展，使得這一技術在全球大多數行業中具有實用性。</p>
<p>儘管估計差異很大，但正如你所預期的那樣，作為一種潛在的顛覆性技術，AI 的可尋址市場應該會產生眾多贏家。在《Sizing the Prize》中，普華永道的分析師預測，到 2030 年，全球國內生產總值將因 AI 革命而增加 26%（15.7 萬億美元）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管在創新方面取得了這一飛躍，華爾街最聰明和最成功的投資者對 AI 股票的看法卻褒貶不一，正如 13F 表格所示。13F 是對至少管理 1 億美元資產的機構投資者的季度報告，允許投資者查看最優秀的資產管理者正在買入和賣出的股票。</p>
<p>然而，13F 並不僅限於知名的億萬富翁資金經理和對沖基金。一些華爾街最具影響力的企業擁有投資部門，如果他們持有超過 1 億美元的資產管理（AUM），則需要提交 13F。</p>
<p>儘管今天是 11 月 14 日，提交截至 9 月季度的 13F 的截止日期，谷歌母公司 <strong>Alphabet</strong>（GOOGL -1.51%）（GOOG -1.54%）提前幾天發佈了其 13F。截至 9 月底，Alphabet 管理着一個包含 42 只股票、價值 18.4 億美元的投資組合。</p>
<p>儘管 Alphabet 的投資團隊在第三季度並沒有特別活躍，但在 AI 領域的兩筆交易絕對引人注目。</p>
<h2>Alphabet 的投資團隊拋售了 Snowflake 的股份</h2>
<p>Alphabet 在第三季度做出的最引人注目的舉動是拋售了 421,050 股雲數據倉儲股票 <strong>Snowflake</strong>（SNOW 4.20%），這代表着與 6 月底相比減少了 79%。在第二季度，Snowflake 曾是按市值計算的前 10 大持股，但現在對 Alphabet 來説已不再是如此。</p>
<p>對 Snowflake 來説，好消息是它仍然擁有一些明確的競爭優勢，這對公司長期發展是有利的。例如，其基於雲的平台建立在最受歡迎的雲基礎設施服務之上。這使得客户能夠在競爭平台之間無縫共享數據，而這在其他情況下可能會很具挑戰性。它還將 AI 和機器學習能力整合到其平台中，以便客户創建生成式 AI 應用程序和構建大型語言模型。</p>
<p>更重要的是，Snowflake 摒棄了基於訂閲的軟件即服務（SaaS）模式，轉而採用按需付費的平台。其客户根據存儲的數據量和使用的 Snowflake 計算積分支付費用。這種透明的定價模式顯然得到了用户的認可。</p>
<p>然而，Snowflake 的估值一直是一個令人不快的問題。當其年銷售增長達到 70% 至 100% 以上時，投資者更願意忽視其三位數的前瞻市盈率（P/E）和相對於銷售的高倍數。但隨着收入增長預計在 2025 財年放緩至 26%（公司的財年在 2025 年 1 月 31 日結束）和 2026 財年放緩至 23%，135 的前瞻市盈率和接近 10 的市銷率讓人難以接受。</p>
<p>人們可能還會對未來經濟疲軟的可能性及其對 Snowflake 底線的影響感到擔憂。自大蕭條以來，美國 M2 貨幣供應量首次顯著下降，加上歷史上最長的收益率曲線倒掛，表明美國經濟在不久的將來衰退的可能性正在增加。歷史上，估值溢價過高的成長股往往在美國經濟和股市短暫下滑期間受到最嚴重的打擊。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Alphabet 將其在這家高增長 AI 軟件提供商的股份增加了四倍</h2>
<p>在另一個極端，Alphabet 的投資團隊在第三季度僅購買了兩隻股票。其中一隻引人注目的是 AI 驅動的 SaaS 提供商 <strong>Freshworks</strong>（FRSH 0.79%）。</p>
<p>在截至 9 月的季度中，谷歌母公司購買了 387 萬股。但這僅僅是冰山一角，Alphabet 在過去 12 個月（自 2023 年 9 月 30 日以來）增加了超過 1270 萬股 Freshworks 的股份，使其在這家高增長公司的持股增加了 302%！</p>
<p>Freshworks 處於一個良好的位置，可以利用對客户關係管理（CRM）軟件解決方案日益增長的需求。CRM 軟件被面向消費者的企業用於提高勞動效率、增加銷售和提升利潤。Freshworks 的一系列解決方案可以幫助處理從員工入職到個性化自助服務渠道、市場營銷和商業分析的所有事務。</p>
<p>隨着人工智能成為自切片面包以來最熱門的事物，Freshworks 將這一技術融入其 CRM 解決方案系列也就不足為奇了。例如，Freddy AI Agent 的推出提供了自動化但又個性化的客户互動，可以釋放人類代理去處理更復雜的任務。</p>
<p>Freshworks 的銷售無疑得益於人工智能，在截至 9 月的季度中增長了 22%，公司將全年銷售預期的中位數上調了 510 萬美元，達到 7.151 億美元。</p>
<p>同樣重要的是，Freshworks 正在吸引更大客户。它在第三季度結束時擁有 22,359 個客户，這些客户每年貢獻至少 5,000 美元的經常性收入，比去年同期增長了 14%。107% 的淨美元留存率也表明，現有客户的支出同比平均增加了 7%。這些都是指向持續兩位數銷售增長的好消息。</p>
<p>如果 Freshworks 能夠在 2028 年之前實現超過 30% 的平均年收益增長，那麼其當前的前瞻市盈率 32 可能會被視為一個便宜的價格。</p>

谷歌-A

谷歌-C

FRSH

<p>谷歌的母公司 Alphabet 已出售其在 Snowflake 的 79% 股份，顯著減少了其持股。這一舉措是在 Alphabet 將重點轉向人工智能的背景下進行的，過去一年其對 Freshworks 的投資增加了 302%。儘管 Snowflake 仍具備競爭優勢，但其收入增長放緩和高估值引發了擔憂。相比之下，Freshworks 在不斷增長的客户關係管理軟件市場中處於良好位置，受益於對人工智能驅動解決方案日益增長的需求</p>

<p>For the better part of the past two years, artificial intelligence (AI) has dominated headlines on Wall Street -- and with good reason. The capacity for AI-driven software and systems to learn and evolve over time without human intervention gives this technology utility in most industries around the globe.</p>
<div class="lb-trans"><p>在過去兩年中，人工智能（AI）在華爾街的頭條新聞中佔據了主導地位——這並非沒有理由。AI 驅動的軟件和系統能夠在沒有人類干預的情況下學習和發展，使得這一技術在全球大多數行業中具有實用性。</p>
</div><p>Though estimates vary wildly, as you'd expect for a potentially game-changing technology, the addressable market for AI should yield numerous winners. In <em>Sizing the Prize</em>, the analysts at PwC forecast a 26% increase ($15.7 trillion) to global gross domestic product by 2030 solely from the AI revolution.</p>
<div class="lb-trans"><p>儘管估計差異很大，但正如你所預期的那樣，作為一種潛在的顛覆性技術，AI 的可尋址市場應該會產生眾多贏家。在《Sizing the Prize》中，普華永道的分析師預測，到 2030 年，全球國內生產總值將因 AI 革命而增加 26%（15.7 萬億美元）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797656%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>Despite this leap forward in innovation, Wall Street's smartest and most-successful investors have mixed feelings about AI stocks, as Form 13F filings demonstrate. A 13F is a required quarterly filing for institutional investors with at least $100 million in assets under management (AUM) that allows investors to see which stocks the brightest asset managers are buying and selling.</p>
<div class="lb-trans"><p>儘管在創新方面取得了這一飛躍，華爾街最聰明和最成功的投資者對 AI 股票的看法卻褒貶不一，正如 13F 表格所示。13F 是對至少管理 1 億美元資產的機構投資者的季度報告，允許投資者查看最優秀的資產管理者正在買入和賣出的股票。</p>
</div><p>However, 13Fs aren't just limited to prominent billionaire money managers and hedge funds. Some of Wall Street's most-influential businesses have investment arms and are required to file a 13F if they hold more than $100 million in AUM.</p>
<div class="lb-trans"><p>然而，13F 並不僅限於知名的億萬富翁資金經理和對沖基金。一些華爾街最具影響力的企業擁有投資部門，如果他們持有超過 1 億美元的資產管理（AUM），則需要提交 13F。</p>
</div><p>Though today, Nov. 14, marks the deadline for 13Fs to be filed for the September-ended quarter, Google parent <strong>Alphabet</strong>(GOOGL -1.51%) (GOOG -1.54%) released its 13F a few days early. As of the end of September, Alphabet was overseeing a 42-stock, $1.84 billion portfolio.</p>
<div class="lb-trans"><p>儘管今天是 11 月 14 日，提交截至 9 月季度的 13F 的截止日期，谷歌母公司 <strong>Alphabet</strong>（GOOGL -1.51%）（GOOG -1.54%）提前幾天發佈了其 13F。截至 9 月底，Alphabet 管理着一個包含 42 只股票、價值 18.4 億美元的投資組合。</p>
</div><p>Though Alphabet's brightest investment minds weren't all that active during the third quarter, two trades on the AI front absolutely stand out.</p>
<div class="lb-trans"><p>儘管 Alphabet 的投資團隊在第三季度並沒有特別活躍，但在 AI 領域的兩筆交易絕對引人注目。</p>
</div><h2>Alphabet's investment team dumped shares of Snowflake</h2>
<div class="lb-trans"><h2>Alphabet 的投資團隊拋售了 Snowflake 的股份</h2>
</div><p>The most eye-popping move made by Alphabet during the third quarter was to send 421,050 shares of cloud-data warehousing stock <strong>Snowflake</strong>(SNOW 4.20%) packing, which represents a 79% reduction from where things stood at the end of June. Snowflake had been a top-10 holding by market value during the second quarter, but this is no longer the case for Alphabet.</p>
<div class="lb-trans"><p>Alphabet 在第三季度做出的最引人注目的舉動是拋售了 421,050 股雲數據倉儲股票 <strong>Snowflake</strong>（SNOW 4.20%），這代表着與 6 月底相比減少了 79%。在第二季度，Snowflake 曾是按市值計算的前 10 大持股，但現在對 Alphabet 來説已不再是如此。</p>
</div><p>The good news for Snowflake is that it still possesses a couple of well-defined competitive advantages that bode positively for the company over the long run. For instance, its cloud-based platform is built atop the most-popular cloud infrastructure services. This allows its clients to seamlessly share data across competing platforms, which might otherwise be challenging. It's also incorporated AI and machine-learning capabilities into its platform to allow customers to create generative AI applications and build large language models.</p>
<div class="lb-trans"><p>對 Snowflake 來説，好消息是它仍然擁有一些明確的競爭優勢，這對公司長期發展是有利的。例如，其基於雲的平台建立在最受歡迎的雲基礎設施服務之上。這使得客户能夠在競爭平台之間無縫共享數據，而這在其他情況下可能會很具挑戰性。它還將 AI 和機器學習能力整合到其平台中，以便客户創建生成式 AI 應用程序和構建大型語言模型。</p>
</div><p>More importantly, Snowflake has shunned the subscription-based software-as-a-service (SaaS) model in favor of a pay-as-you-go platform. Its clients pay based on how much data they store and how many Snowflake Compute Credits are used. This transparent pricing model has clearly resonated with users.</p>
<div class="lb-trans"><p>更重要的是，Snowflake 摒棄了基於訂閲的軟件即服務（SaaS）模式，轉而採用按需付費的平台。其客户根據存儲的數據量和使用的 Snowflake 計算積分支付費用。這種透明的定價模式顯然得到了用户的認可。</p>
</div><p>However, Snowflake's valuation has always been something of an eyesore. When it was delivering 70% to 100%-plus annual sales growth, investors were more than willing to look past its triple-digit forward price-to-earnings (P/E) ratio and nosebleed multiple relative to sales. But with revenue growth slowing to an estimated 26% in fiscal 2025 (the company's fiscal year ends on Jan. 31, 2025) and 23% in fiscal 2026, a forward P/E of 135 and a price-to-sales ratio of close to 10 are tough pills to swallow.</p>
<div class="lb-trans"><p>然而，Snowflake 的估值一直是一個令人不快的問題。當其年銷售增長達到 70% 至 100% 以上時，投資者更願意忽視其三位數的前瞻市盈率（P/E）和相對於銷售的高倍數。但隨着收入增長預計在 2025 財年放緩至 26%（公司的財年在 2025 年 1 月 31 日結束）和 2026 財年放緩至 23%，135 的前瞻市盈率和接近 10 的市銷率讓人難以接受。</p>
</div><p>There may also be some degree of concern about the possibility of economic weakness on the horizon and what it might do to Snowflake's bottom line. The first notable decline in U.S. M2 money supply since the Great Depression, coupled with the longest yield-curve inversion in history, point to the growing likelihood of a U.S. recession in the not-too-distant future. Historically, growth stocks with exorbitant valuation premiums tend to be the hardest hit during these short-lived downturns in the U.S. economy and stock market.</p>
<div class="lb-trans"><p>人們可能還會對未來經濟疲軟的可能性及其對 Snowflake 底線的影響感到擔憂。自大蕭條以來，美國 M2 貨幣供應量首次顯著下降，加上歷史上最長的收益率曲線倒掛，表明美國經濟在不久的將來衰退的可能性正在增加。歷史上，估值溢價過高的成長股往往在美國經濟和股市短暫下滑期間受到最嚴重的打擊。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTc2NTYvd29tYW4td29ya2VyLWVtcGxveWVlLXdlYXJpbmctaGVhZHNldC1jcm0tc29mdHdhcmUtY29tcHV0ZXItb2ZmaWNlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F797656%2Fwoman-worker-employee-wearing-headset-crm-software-computer-office-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>Alphabet has quadrupled its stake in this high-octane AI-software provider</h2>
<div class="lb-trans"><h2>Alphabet 將其在這家高增長 AI 軟件提供商的股份增加了四倍</h2>
</div><p>On the other end of the spectrum, Alphabet's investment team purchased shares in only two stocks during the third quarter. The one that should be raising eyebrows is AI-driven SaaS provider <strong>Freshworks</strong>(FRSH 0.79%).</p>
<div class="lb-trans"><p>在另一個極端，Alphabet 的投資團隊在第三季度僅購買了兩隻股票。其中一隻引人注目的是 AI 驅動的 SaaS 提供商 <strong>Freshworks</strong>（FRSH 0.79%）。</p>
</div><p>In the September-ended quarter, Google's parent picked up 3.87 million shares. But this marks just the tip of the iceberg, with Alphabet adding north of 12.7 million shares of Freshworks over the trailing-12-months (since Sept. 30, 2023), which increased its position in this high-growth company by 302%!</p>
<div class="lb-trans"><p>在截至 9 月的季度中，谷歌母公司購買了 387 萬股。但這僅僅是冰山一角，Alphabet 在過去 12 個月（自 2023 年 9 月 30 日以來）增加了超過 1270 萬股 Freshworks 的股份，使其在這家高增長公司的持股增加了 302%！</p>
</div><p>Freshworks finds itself well-positioned to take advantage of growing demand for customer relationship management (CRM) software solutions. CRM software is used by consumer-facing businesses to improve labor efficiency, increase sales, and boost profits. Freshworks' bevy of solutions can help with everything from employee onboarding to personalized self-service channels, marketing, and business analytics.</p>
<div class="lb-trans"><p>Freshworks 處於一個良好的位置，可以利用對客户關係管理（CRM）軟件解決方案日益增長的需求。CRM 軟件被面向消費者的企業用於提高勞動效率、增加銷售和提升利潤。Freshworks 的一系列解決方案可以幫助處理從員工入職到個性化自助服務渠道、市場營銷和商業分析的所有事務。</p>
</div><p>With artificial intelligence being the hottest thing since sliced bread, it's no surprise that Freshworks is incorporating this technology into its suite of CRM solutions. For instance, the introduction of Freddy AI Agent provides automated yet personal customer interactions that can free up human agents to tackle more complicated tasks.</p>
<div class="lb-trans"><p>隨着人工智能成為自切片面包以來最熱門的事物，Freshworks 將這一技術融入其 CRM 解決方案系列也就不足為奇了。例如，Freddy AI Agent 的推出提供了自動化但又個性化的客户互動，可以釋放人類代理去處理更復雜的任務。</p>
</div><p>Sales for Freshworks were undeniably aided by artificial intelligence and jumped 22% in the September-ended quarter, with the company upping the midpoint of its full-year sales expectations by $5.1 million to $715.1 million.</p>
<div class="lb-trans"><p>Freshworks 的銷售無疑得益於人工智能，在截至 9 月的季度中增長了 22%，公司將全年銷售預期的中位數上調了 510 萬美元，達到 7.151 億美元。</p>
</div><p>Equally important, Freshworks is landing bigger fish. It closed out the third quarter with 22,359 customers contributing at least $5,000 in annual recurring revenue, which is up 14% from the prior-year period. A net dollar retention rate of 107% also signifies that existing clients are spending an average of 7% more on a year-over-year basis. This is all good news that points to sustained double-digit sales growth.</p>
<div class="lb-trans"><p>同樣重要的是，Freshworks 正在吸引更大客户。它在第三季度結束時擁有 22,359 個客户，這些客户每年貢獻至少 5,000 美元的經常性收入，比去年同期增長了 14%。107% 的淨美元留存率也表明，現有客户的支出同比平均增加了 7%。這些都是指向持續兩位數銷售增長的好消息。</p>
</div><p>If Freshworks can achieve 30%-plus average annual earnings growth through 2028, its current forward P/E of 32 might turn out to be a bargain.</p>
<div class="lb-trans"><p>如果 Freshworks 能夠在 2028 年之前實現超過 30% 的平均年收益增長，那麼其當前的前瞻市盈率 32 可能會被視為一個便宜的價格。</p>
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Google Parent Alphabet Sold 79% of Its Stake in Snowflake and Is Piling Into This Supercharged Artificial Intelligence (AI) Stock Instead

- 人工智能在華爾街引發廣泛關注，預計到 2030 年將推動全球 GDP 增長 26%。  
- Alphabet 在第三季度減持 Snowflake 股票 79%，同時增持 Freshworks 股票 302%。  
- Freshworks 利用 AI 技術提升銷售，預計未來將實現持續的雙位數增長。  

谷歌母公司 Alphabet 出售了其在 Snowflake 中 79% 的股份，並轉而投資這個高增長的人工智能（AI）股票