<p>11 月並不缺乏重要的新聞發佈。從選舉日到財報季，絕大多數影響力最大的上市公司在六週內報告其季度經營結果，重要的文件很容易被忽視。</p>
<p>例如，11 月 14 日是資產管理規模（AUM）至少為 1 億美元的機構投資者向證券交易委員會提交 13F 表格的截止日期。13F 表格允許投資者跟蹤華爾街頂級資金經理在最近一個季度購買和出售的股票。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>在 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特自 1960 年代中期擔任首席執行官以來， overseeing 其公司 A 類股票（BRK.A）累計回報超過 580 萬%，因此他的交易活動受到投資者的密切關注也就不足為奇了。但他並不是唯一一位擁有成功投資記錄或在華爾街擁有追隨者的億萬富翁資金經理。</p>
<p>億萬富翁菲利普·拉豐自 1999 年創立 Coatue Management 以來，已經為自己贏得了相當大的名聲。拉豐的基金非常專注於科技領域的高增長/創新企業，截至 9 月底的季度，管理的資產接近 270 億美元。</p>
<p>儘管運營的是一個相對集中化的基金——Coatue 在第三季度僅持有 81 只股票——但拉豐最近進行了一些引人注目的交易。特別是，他正在拋售兩家人工智能（AI）領軍企業的股票，並大量買入華爾街表現最佳的股票拆分股票之一。</p>
<h2>拉豐的 Coatue 將英偉達和 AMD 的股票送上了砧板</h2>
<p>在過去兩年中，華爾街上沒有比人工智能的崛起更熱門的趨勢了。根據普華永道分析師的説法，到 2030 年，人工智能可以為全球經濟增加 15.7 萬億美元。這是一個足夠大的可尋址市場，可以產生眾多贏家——投資者希望分一杯羹。</p>
<p>但儘管這個可尋址市場高得驚人，拉豐和他的頂級顧問們卻一直在持續出售華爾街兩大人工智能股票 <strong>英偉達</strong>（NVDA 0.28%）和 <strong>超威半導體</strong>（AMD 3.56%）的股份。</p>
<p>考慮到英偉達在 6 月進行的歷史性 10 比 1 股票拆分，Coatue 在 18 個月內（2023 年 3 月 31 日至 2024 年 9 月 30 日）出售了 39,663,859 股英偉達股票，相當於其持倉減少了 80%。至於 AMD，拉豐在同一 18 個月的時間框架內監督了 4,249,190 股的出售，相當於其持股減少了 50%。</p>
<p>除了簡單的獲利了結外，還有幾個催化劑可能促使拉豐和他的團隊對一些頂級 AI 股票進行減持。</p>
<p>歷史可能提供了一個更具説服力的理由，説明為什麼 Coatue 的頂尖人才正在減少對英偉達和 AMD 的投資。包括互聯網的出現，在過去 30 年中沒有一種顛覆性技術能夠避免早期階段的泡沫。</p>
<p>投資者有一個糟糕的習慣，就是高估新技術被採用和利用的速度。每一個下一個大事件創新都需要充足的時間來成熟，而我們在人工智能方面還沒有達到這個階段。如果 AI 泡沫破裂，AI 數據中心的 “核心”——英偉達和 AMD 幾乎肯定會受到重創。</p>
<p>此外，可能還存在對這兩家公司毛利率的某種程度的擔憂。特別是，英偉達的毛利率因 AI 圖形處理單元（GPU）的稀缺性而飆升，其硬件的需求遠遠超過供應。然而，隨着 AMD 加大對其 Insight MI300X GPU 的生產並推出下一代 MI325X GPU，稀缺性在未來幾個季度應該會減弱。</p>
<p>進一步説，許多按淨銷售額計算的英偉達最大客户——即 “七大奇蹟” 的成員——正在內部開發用於其數據中心的 GPU。儘管這些芯片在計算能力上可能落後於英偉達和 AMD，但它們的存在必然會佔用寶貴的數據中心 “房地產”，並降低英偉達和 AMD 的定價能力（和毛利率）。</p>
<p>最後，內部人士對投資者幾乎沒有提供任何鼓勵。自從英偉達的最後一位內部人士在公開市場上購買股票以來，已經快四年了。與此同時，AMD 的公司高管或董事在過去五年中沒有在公開市場上購買過其公司的股票。如果內部人士對其公司的股票沒有看到價值，投資者或億萬富翁資金經理又為何要看到呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>拉豐正在大量購買這隻高飛的股票拆分股票</h2>
<p>但儘管拉豐一直在持續出售華爾街兩大領先的 AI 公司，他卻在大量買入一家在 6 月完成歷史性股票拆分的頂級消費品牌的股票。我説的是快餐連鎖店 <strong>墨西哥捲餅</strong>（Chipotle Mexican Grill）（CMG -1.59%），該公司進行了 50 比 1 的股票拆分。</p>
<p>根據 Coatue 的 13F，第三季度購買了 4,575,054 股墨西哥捲餅，使其成為拉豐在其近 270 億美元的投資組合中管理的第 30 大持倉。</p>
<p>自 2006 年 1 月首次公開募股價格為 22 美元以來，截至 11 月 29 日收盤，墨西哥捲餅的股價幾乎上漲了 13900%。這些收益建立在信任、定價能力和創新的堅實基礎之上。</p>
<p>例如，Chipotle 承諾使用負責任養殖的肉類，這些肉類不含不必要的抗生素，並在經濟可行的情況下儘量使用本地採購的蔬菜。二十年來，消費者對 Chipotle 的忠誠度非常高，因為它採取了額外措施以確保他們獲得更高質量的食品。</p>
<p>在此基礎上，Chipotle Mexican Grill 的管理團隊早已意識到，如果顧客獲得優質產品，他們願意支付更高的價格。正如二十年前雜貨店因有機和天然食品需求大幅增加而受益，Chipotle 在提高價格以提供新鮮食品方面幾乎沒有遇到問題，這些食品絕不會進入冷凍庫。</p>
<p>創新對公司的成功也至關重要。2018 年，它開始推出 “Chipotlane” 概念，這是一個專門用於數字訂單的自駕車通道。Chipotlane 在 COVID-19 疫情期間特別有用，併為公司開闢了新的銷售渠道。</p>
<p>然而，Chipotle Mexican Grill 的前景有些不明朗。今年八月，<strong>Starbucks</strong> 宣佈挖走 Chipotle 的前首席執行官 Brian Niccol，任其新首席執行官。在運營狀況良好的情況下，管理層的變動並不一定讓現有股東感到安心。</p>
<p>或許更大的擔憂是 Chipotle 的估值。儘管從比喻的鱷梨中擠出的創新有限，但 Chipotle 的交易倍數高達前瞻性年收益的 47 倍。對於一家在截至九月份的季度中僅實現 6% 温和同店銷售增長的公司來説，這確實是一個高昂的溢價。</p>
<p>雖然不可否認 Chipotle 在快休閒餐飲連鎖中擁有明顯的競爭優勢，但很難想象其股票在短期內會有太多額外的上漲空間。</p>

英偉達

<p>億萬富翁菲利普·拉豐正在出售人工智能領軍企業英偉達和 AMD 的股票，分別減少其持倉 80% 和 50%，同時將重點轉向一隻表現優異的拆股股票。這一舉動是在對潛在人工智能泡沫的擔憂以及隨着競爭加劇兩家公司毛利率下降的背景下進行的。拉豐的基金 Coatue Management 有投資高增長科技企業的歷史，目前管理着近 200 億美元的資產</p>

<p>Important news releases weren't hard to come by in November. Between Election Day and earnings season, which sees a majority of the most-influential publicly traded companies report their quarterly operating results in a span of six weeks, an important filing could easily have slipped through the cracks.</p>
<div class="lb-trans"><p>11 月並不缺乏重要的新聞發佈。從選舉日到財報季，絕大多數影響力最大的上市公司在六週內報告其季度經營結果，重要的文件很容易被忽視。</p>
</div><p>For example, Nov. 14 was the 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 allows investors to track which stocks Wall Street's top money managers purchased and sold in the most recent quarter.</p>
<div class="lb-trans"><p>例如，11 月 14 日是資產管理規模（AUM）至少為 1 億美元的機構投資者向證券交易委員會提交 13F 表格的截止日期。13F 表格允許投資者跟蹤華爾街頂級資金經理在最近一個季度購買和出售的股票。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799456%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>With <strong>Berkshire Hathaway</strong>'s Warren Buffett overseeing a cumulative return of greater than 5,800,000% in his company's Class A shares (BRK.A) since he became CEO in the mid-1960s, it's no surprise that his trading activity is closely watched by investors. But he's far from the only billionaire money manager with a successful investment track record or a following on Wall Street.</p>
<div class="lb-trans"><p>在 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特自 1960 年代中期擔任首席執行官以來， overseeing 其公司 A 類股票（BRK.A）累計回報超過 580 萬%，因此他的交易活動受到投資者的密切關注也就不足為奇了。但他並不是唯一一位擁有成功投資記錄或在華爾街擁有追隨者的億萬富翁資金經理。</p>
</div><p>Billionaire Philippe Laffont has made quite a name for himself since founding Coatue Management in 1999. Laffont's fund, which has a very clear focus on high-growth/innovative businesses in the tech space, closed out the September-ended quarter with close to $27 billion in AUM.</p>
<div class="lb-trans"><p>億萬富翁菲利普·拉豐自 1999 年創立 Coatue Management 以來，已經為自己贏得了相當大的名聲。拉豐的基金非常專注於科技領域的高增長/創新企業，截至 9 月底的季度，管理的資產接近 270 億美元。</p>
</div><p>Despite running a relatively concentrated fund -- Coatue ended the third quarter with only 81 holdings -- there have been some eyepopping trades made of late by Laffont. In particular, he's been dumping shares of two artificial intelligence (AI) leaders and is piling into one of Wall Street's top-performing stock-split stocks.</p>
<div class="lb-trans"><p>儘管運營的是一個相對集中化的基金——Coatue 在第三季度僅持有 81 只股票——但拉豐最近進行了一些引人注目的交易。特別是，他正在拋售兩家人工智能（AI）領軍企業的股票，並大量買入華爾街表現最佳的股票拆分股票之一。</p>
</div><h2>Laffont's Coatue sent shares of Nvidia and AMD to the chopping block</h2>
<div class="lb-trans"><h2>拉豐的 Coatue 將英偉達和 AMD 的股票送上了砧板</h2>
</div><p>Over the last two years, there hasn't been a hotter trend on Wall Street than the rise of AI. According to the analysts at PwC, AI can add $15.7 trillion to the global economy by 2030. This is a big enough addressable market that there can be a multitude of winners -- and investors have wanted their piece of the pie.</p>
<div class="lb-trans"><p>在過去兩年中，華爾街上沒有比人工智能的崛起更熱門的趨勢了。根據普華永道分析師的説法，到 2030 年，人工智能可以為全球經濟增加 15.7 萬億美元。這是一個足夠大的可尋址市場，可以產生眾多贏家——投資者希望分一杯羹。</p>
</div><p>But in spite of this sky-high addressable market, Laffont and his top advisors have been persistently selling shares of two of Wall Street's top artificial intelligence stocks, <strong>Nvidia</strong>(NVDA 0.28%) and <strong>Advanced Micro Devices</strong>(AMD 3.56%).</p>
<div class="lb-trans"><p>但儘管這個可尋址市場高得驚人，拉豐和他的頂級顧問們卻一直在持續出售華爾街兩大人工智能股票 <strong>英偉達</strong>（NVDA 0.28%）和 <strong>超威半導體</strong>（AMD 3.56%）的股份。</p>
</div><p>Accounting for Nvidia's historic 10-for-1 stock split in June, Coatue has sold 39,663,859 shares of Nvidia over an 18-month stretch (March 31, 2023 through Sept. 30, 2024), which equates to an 80% reduction in its position. As for AMD, Laffont has overseen the sale of 4,249,190 shares over the same 18-month time frame, which works out to a 50% reduction in its stake.</p>
<div class="lb-trans"><p>考慮到英偉達在 6 月進行的歷史性 10 比 1 股票拆分，Coatue 在 18 個月內（2023 年 3 月 31 日至 2024 年 9 月 30 日）出售了 39,663,859 股英偉達股票，相當於其持倉減少了 80%。至於 AMD，拉豐在同一 18 個月的時間框架內監督了 4,249,190 股的出售，相當於其持股減少了 50%。</p>
</div><p>Aside from simple profit-taking, there are a couple of catalysts that may be encouraging Laffont and his team to ring the register on some of their top AI stocks.</p>
<div class="lb-trans"><p>除了簡單的獲利了結外，還有幾個催化劑可能促使拉豐和他的團隊對一些頂級 AI 股票進行減持。</p>
</div><p>History may offer one of the more compelling reasons why Coatue's brightest minds are reducing their exposure to Nvidia and AMD. Inclusive of the advent of the internet, there hasn't been a game-changing technology in at least 30 years that's avoided an early stage bubble.</p>
<div class="lb-trans"><p>歷史可能提供了一個更具説服力的理由，説明為什麼 Coatue 的頂尖人才正在減少對英偉達和 AMD 的投資。包括互聯網的出現，在過去 30 年中沒有一種顛覆性技術能夠避免早期階段的泡沫。</p>
</div><p>Investors have a terrible habit of overestimating how quickly a new technology will be adopted and utilized. Every next-big-thing innovation needs ample time to mature, and we're just not there yet with artificial intelligence. If the AI bubble were to burst, the &#34;brains&#34; of AI data centers (Nvidia and AMD) would almost certainly be clobbered.</p>
<div class="lb-trans"><p>投資者有一個糟糕的習慣，就是高估新技術被採用和利用的速度。每一個下一個大事件創新都需要充足的時間來成熟，而我們在人工智能方面還沒有達到這個階段。如果 AI 泡沫破裂，AI 數據中心的 “核心”——英偉達和 AMD 幾乎肯定會受到重創。</p>
</div><p>There may also be some degree of concern about gross margin at both companies. In particular, Nvidia's gross margin has soared on account of scarcity for AI-graphics processing units (GPUs) and demand for its hardware handily outpacing supply. However, with AMD ramping up production of its Insight MI300X GPUs and introducing its next-generation MI325X GPU, scarcity should wane in the coming quarters.</p>
<div class="lb-trans"><p>此外，可能還存在對這兩家公司毛利率的某種程度的擔憂。特別是，英偉達的毛利率因 AI 圖形處理單元（GPU）的稀缺性而飆升，其硬件的需求遠遠超過供應。然而，隨着 AMD 加大對其 Insight MI300X GPU 的生產並推出下一代 MI325X GPU，稀缺性在未來幾個季度應該會減弱。</p>
</div><p>To add to this point, many of Nvidia's largest customers by net sales -- i.e., members of the &#34;Magnificent Seven&#34; -- are internally developing GPUs to use in their data centers. Even though these chips are likely to lag Nvidia's and AMD's in computing capabilities, their mere existence is bound to take up valuable data center &#34;real estate&#34; and reduce pricing power (and gross margin) for Nvidia and AMD.</p>
<div class="lb-trans"><p>進一步説，許多按淨銷售額計算的英偉達最大客户——即 “七大奇蹟” 的成員——正在內部開發用於其數據中心的 GPU。儘管這些芯片在計算能力上可能落後於英偉達和 AMD，但它們的存在必然會佔用寶貴的數據中心 “房地產”，並降低英偉達和 AMD 的定價能力（和毛利率）。</p>
</div><p>Lastly, insiders have provided little in the way of encouragement for investors. It's been almost four years since the last insider purchased shares on the open market at Nvidia. Meanwhile, no company executive or director at AMD has bought shares of their company on the open market in over a half-decade. If insiders fail to see value in their company's stock, why should investors, or billionaire money managers, for that matter?</p>
<div class="lb-trans"><p>最後，內部人士對投資者幾乎沒有提供任何鼓勵。自從英偉達的最後一位內部人士在公開市場上購買股票以來，已經快四年了。與此同時，AMD 的公司高管或董事在過去五年中沒有在公開市場上購買過其公司的股票。如果內部人士對其公司的股票沒有看到價值，投資者或億萬富翁資金經理又為何要看到呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTk0NTYvcGFwZXItY2VydGlmaWNhdGUtc2hhcmVzLWludmVzdC1zdG9jay1zcGxpdC1tYXJrZXQtcmV2ZXJzZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F799456%2Fpaper-certificate-shares-invest-stock-split-market-reverse-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 is gobbling up shares of this high-flying stock-split stock</h2>
<div class="lb-trans"><h2>拉豐正在大量購買這隻高飛的股票拆分股票</h2>
</div><p>But while Laffont has been persistently selling two of Wall Street's leading AI companies, he's been piling into shares of a top-performing consumer brand that completed a historic stock split in June. I'm talking about fast-casual restaurant chain <strong>Chipotle Mexican Grill</strong>(CMG -1.59%), which conducted a 50-for-1 stock split.</p>
<div class="lb-trans"><p>但儘管拉豐一直在持續出售華爾街兩大領先的 AI 公司，他卻在大量買入一家在 6 月完成歷史性股票拆分的頂級消費品牌的股票。我説的是快餐連鎖店 <strong>墨西哥捲餅</strong>（Chipotle Mexican Grill）（CMG -1.59%），該公司進行了 50 比 1 的股票拆分。</p>
</div><p>According to Coatue's 13F, 4,575,054 shares of Chipotle were purchased during the third quarter, which made it the 30th-largest position Laffont is overseeing in his fund's nearly $27 billion portfolio.</p>
<div class="lb-trans"><p>根據 Coatue 的 13F，第三季度購買了 4,575,054 股墨西哥捲餅，使其成為拉豐在其近 270 億美元的投資組合中管理的第 30 大持倉。</p>
</div><p>Since its initial public offering price of $22 in January 2006, shares of Chipotle have catapulted higher by almost 13,900%, as of the closing bell on Nov. 29. These gains have been built atop a solid foundation of trust, pricing power, and innovation.</p>
<div class="lb-trans"><p>自 2006 年 1 月首次公開募股價格為 22 美元以來，截至 11 月 29 日收盤，墨西哥捲餅的股價幾乎上漲了 13900%。這些收益建立在信任、定價能力和創新的堅實基礎之上。</p>
</div><p>For instance, Chipotle has pledged to use responsibly raised meats that are free of unnecessary antibiotics, and attempts to use locally sourced vegetables when it's economically feasible to do so. For two decades, consumers have been fiercely loyal to Chipotle for taking these extra steps to ensure they receive higher-quality food.</p>
<div class="lb-trans"><p>例如，Chipotle 承諾使用負責任養殖的肉類，這些肉類不含不必要的抗生素，並在經濟可行的情況下儘量使用本地採購的蔬菜。二十年來，消費者對 Chipotle 的忠誠度非常高，因為它採取了額外措施以確保他們獲得更高質量的食品。</p>
</div><p>To build on the above, Chipotle's Mexican Grill's management team also realized long ago that its customers will gladly pay more if they're receiving a superior product. Just as grocery stores benefited from a significant increase in demand for organic and natural foods two decades ago, Chipotle has had little issue passing along price hikes to deliver fresh food that'll never see a freezer.</p>
<div class="lb-trans"><p>在此基礎上，Chipotle Mexican Grill 的管理團隊早已意識到，如果顧客獲得優質產品，他們願意支付更高的價格。正如二十年前雜貨店因有機和天然食品需求大幅增加而受益，Chipotle 在提高價格以提供新鮮食品方面幾乎沒有遇到問題，這些食品絕不會進入冷凍庫。</p>
</div><p>Innovation has also been vital to the company's success. In 2018, it began rolling out its &#34;Chipotlane&#34; concept, which is a digital order-dedicated drive-thru lane. Chipotlanes came in especially handy during the COVID-19 pandemic and have since ushered in a new sales channel for the company.</p>
<div class="lb-trans"><p>創新對公司的成功也至關重要。2018 年，它開始推出 “Chipotlane” 概念，這是一個專門用於數字訂單的自駕車通道。Chipotlane 在 COVID-19 疫情期間特別有用，併為公司開闢了新的銷售渠道。</p>
</div><p>However, Chipotle Mexican Grill's path forward is a bit clouded. In August, <strong>Starbucks</strong> announced that it was pilfering Chipotle's now-former CEO Brian Niccol to become its new chief. With things going so well from an operating standpoint, a change in the executive suite isn't exactly something that comforts existing shareholders.</p>
<div class="lb-trans"><p>然而，Chipotle Mexican Grill 的前景有些不明朗。今年八月，<strong>Starbucks</strong> 宣佈挖走 Chipotle 的前首席執行官 Brian Niccol，任其新首席執行官。在運營狀況良好的情況下，管理層的變動並不一定讓現有股東感到安心。</p>
</div><p>Perhaps the bigger concern is Chipotle's valuation. Though there's only so much innovation that can be squeezed out of the proverbial avocado, Chipotle is trading at an ultra-aggressive multiple of 47 times forward-year earnings. It's quite the premium to pay for a company that delivered modest same-store sales growth of 6% in the September-ended quarter.</p>
<div class="lb-trans"><p>或許更大的擔憂是 Chipotle 的估值。儘管從比喻的鱷梨中擠出的創新有限，但 Chipotle 的交易倍數高達前瞻性年收益的 47 倍。對於一家在截至九月份的季度中僅實現 6% 温和同店銷售增長的公司來説，這確實是一個高昂的溢價。</p>
</div><p>While there's no denying that Chipotle holds clear-cut competitive advantages over other fast-casual restaurant chains, it's difficult to envision much in the way of additional near-term upside for its shares.</p>
<div class="lb-trans"><p>雖然不可否認 Chipotle 在快休閒餐飲連鎖中擁有明顯的競爭優勢，但很難想象其股票在短期內會有太多額外的上漲空間。</p>
</div>

Billionaire Philippe Laffont Is Dumping Shares of Artificial Intelligence (AI) Leaders Nvidia and AMD in Favor of a Tasty Stock-Split Stock

- 11 月 14 日是機構投資者提交 13F 表格的截止日期。  
- Coatue Management 的 Laffont 大幅減持 Nvidia 和 AMD 股票。  
- Laffont 同時增持 Chipotle Mexican Grill 股票，顯示出對其未來的信心。

億萬富翁菲利普·拉豐正在拋售人工智能（AI）領導者英偉達和 AMD 的股票，轉而青睞一個具有吸引力的股票拆分股票