<p>三週多前，投資者收到了可以説是第四季度最重要的數據發佈——這與任何經濟報告或特定的財報無關。</p>
<p>11 月 14 日，星期四，是至少管理着 1 億美元資產的機構投資者提交 13F 表格的截止日期。這是向證券交易委員會提交的必需文件，必須在季度結束後不超過 45 天內提交，詳細説明華爾街最優秀的資金經理購買和出售了哪些股票。</p>
<p>儘管 13F 表格有其侷限性——因為它們是在季度結束後 45 天提交的，可能會為活躍的對沖基金提供過時的投資組合快照——但它們可以提供有關華爾街最成功的投資者關注的股票、行業和趨勢的寶貴信息。</p>
<p>雖然 13F 提交季歷來關注 <strong>伯克希爾·哈撒韋</strong> 的沃倫·巴菲特買賣的股票，但他並不是唯一一個以其卓越回報而聞名的億萬富翁投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>例如，專業投資者和普通投資者往往密切關注億萬富翁菲利普·拉豐特（Philippe Laffont），他在 Coatue Management 工作，以專注於高增長的科技和醫療公司而聞名。拉豐特的基金在截至 9 月的季度結束時，管理着近 270 億美元的資產，分散投資於 81 只股票。</p>
<p>但拉豐特在過去一年（截至 9 月 30 日）的交易活動中，特別值得注意的是他對華爾街兩隻行業領先的成長股的處理方式。</p>
<h2>拉豐特的 Coatue 削減了在全球領先的 AI 股票中的持股</h2>
<p>儘管 Coatue Management 在第三季度完全退出了七個頭寸，並減少了對其他 17 個頭寸的持股，但最引人注目的舉動是拉豐特持續出售華爾街最受追捧的人工智能（AI）股票 <strong>英偉達</strong>（NVIDIA）（NVDA -2.55%）。</p>
<p>考慮到英偉達在 2024 年 6 月進行的歷史性 10 比 1 股票拆分，截至 2023 年 9 月 30 日，Coatue 持有 45,410,400 股華爾街的 AI 寵兒。僅僅 12 個月後，這一持股已減少 78%，降至僅 10,138,161 股。</p>
<p>温和的獲利了結無疑是拉豐特持續出售英偉達股票的合理解釋。在不到兩年的時間裏，英偉達的市值增加了超過 3 萬億美元，其在數據中心的圖形處理單元（GPU）幾乎壟斷的市場份額引領了這一增長。我們從未見過市場領先企業的價值增長如此之快。</p>
<p>但深入分析表明，可能還有其他潛在的賣出催化劑，這可能影響 Coatue 的頂尖人才（由拉豐特領導）減少其持股。</p>
<p>首先，競爭正在大幅增加。儘管英偉達在 AI-GPU 市場的領先市場份額沒有危險，但它將在數據中心的 “房地產” 方面面臨來自各方的競爭。</p>
<p>正如我過去所爭論的，內部競爭是英偉達面臨的最大威脅，因為華爾街和投資者主要關注外部競爭對手，如 <strong>超微半導體</strong>（AMD）。許多按淨銷售額計算的英偉達最大客户，恰好是 “七大巨頭” 的成員，正在開發自己的 AI-GPU。儘管這些芯片在計算優勢上不及英偉達的 Hopper（H100）芯片和後續的 Blackwell GPU，但它們將更便宜且更易獲得。這使得英偉達在未來的數據中心房地產中失去機會。</p>
<p>監管機構對英偉達的生活也沒有輕鬆。2022 年和 2023 年，美國監管機構加強了對向中國出口 AI 芯片和設備的限制。對英偉達來説，問題在於中國是其主要市場之一，這些限制可能會降低其上限。</p>
<p>英偉達面臨的另一個問題是歷史並不站在它這一邊。自 1990 年代中期互聯網出現以來，沒有任何顛覆性技術或創新能夠避免泡沫破裂事件。所有技術都需要時間來成熟，而大多數企業在其 AI 投資方面缺乏明確的計劃，表明我們距離 AI 成為成熟技術還遠。如果歷史重演，AI 泡沫破裂，英偉達的股票將受到重創。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>拉豐特在這家行業領導者的持股增加了超過 30,000%!</h2>
<p>拉豐特和他的團隊在成長股的購買上也非常挑剔。或許在過去一年（截至 9 月 30 日）中，沒有哪家行業領導者的增持比金融科技巨頭 <strong>PayPal Holdings</strong>（PYPL 0.13%）更為一致。</p>
<p>截至 2023 年 9 月 30 日，Coatue 僅持有 27,168 股 PayPal。但在接下來的 12 個月中，增持了超過 823 萬股，使 Coatue 在該公司的持股增加了 30,296%! 根據市值，PayPal 已成為拉豐特基金的第 14 大持股。</p>
<p>與英偉達類似，PayPal 也面臨着自身獨特的逆風。該公司正在應對日益增長的數字支付競爭，並因此看到其利潤受到擠壓。此外，還有關於美國經濟疲軟的擔憂。PayPal 與大多數金融和科技股票一樣，具有周期性，如果美國進入衰退，其運營表現可能會受到影響。</p>
<p>但儘管面臨這些挑戰，仍有許多催化劑使 PayPal 成為一個有吸引力的投資。</p>
<p>可以説，最大的進步是亞歷克斯·克里斯（Alex Chriss）於 2023 年 9 月擔任首席執行官。他對小型企業所需的成功要素有着敏鋭的理解，並且不怕採取措施來促進創新和/或減少開支。</p>
<p>為了進一步説明這一點，PayPal 在 1 月舉辦了一場活動，推出了六項新創新，旨在支持商家並提高消費者對數字支付的信心。這些創新包括密碼鑰匙集成，以加快結賬速度，以及依賴人工智能的 PayPal 智能收據，能夠對消費者可能想要購買的商品進行預測性建議。</p>
<p>另一個值得注意的催化劑是，PayPal 的關鍵績效指標（KPI）大多朝着正確的方向發展。儘管經歷了一段活躍賬户停滯期，但總支付量在排除貨幣波動的情況下，始終以高個位數或低雙位數的速度持續增長。此外，活躍賬户在過去 12 個月（TTM）內的平均支付交易數量從 2020 年底的 40.9 飆升至 2024 年 9 月 30 日的 61.4。活躍用户的參與度比以往任何時候都高，這應該會導致公司毛利潤的穩定增長。</p>
<p>投資者也不應忽視 PayPal 慷慨的資本回報計劃。在截至 2023 年 9 月 30 日的過去 12 個月（TTM）內，公司回購了 8700 萬股股票，耗資 54 億美元。減少流通股數量預計將提升每股收益（EPS），並使公司的股票對以基本面為導向的投資者更具吸引力。</p>
<p>儘管 PayPal 仍需證明懷疑者是錯誤的，但公司的運營表現和持續創新表明，這一切將在不久的將來發生。</p>

英偉達

<p>億萬富翁菲利普·拉豐的 Coatue Management 大幅削減了在英偉達的持股比例，減少了 78%，從超過 4500 萬股降至略超過 1000 萬股。這一舉措是在人工智能 GPU 市場競爭加劇以及影響英偉達在中國運營的監管挑戰背景下進行的。儘管如此，拉豐在過去一年中對金融科技領軍企業 PayPal 的投資增加了超過 30000%，顯示出其向更高增長科技股的戰略轉變</p>

<p>A little over three weeks ago, investors received what can arguably be described as the most-important data release of the fourth quarter -- and it has nothing to do with any economic report or specific earnings release.</p>
<div class="lb-trans"><p>三週多前，投資者收到了可以説是第四季度最重要的數據發佈——這與任何經濟報告或特定的財報無關。</p>
</div><p>Thursday, Nov. 14, marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F. This is a required filing with the Securities and Exchange Commission no later than 45 days following the end to a quarter that details which stocks Wall Street's greatest money managers purchased and sold.</p>
<div class="lb-trans"><p>11 月 14 日，星期四，是至少管理着 1 億美元資產的機構投資者提交 13F 表格的截止日期。這是向證券交易委員會提交的必需文件，必須在季度結束後不超過 45 天內提交，詳細説明華爾街最優秀的資金經理購買和出售了哪些股票。</p>
</div><p>Although 13Fs have their limitations -- since they're filed 45 days following the end to a quarter, they may provide a stale portfolio snapshot for active hedge funds -- they can provide valuable information about the stocks, industries, and trends that have the attention of Wall Street's most-successful investors.</p>
<div class="lb-trans"><p>儘管 13F 表格有其侷限性——因為它們是在季度結束後 45 天提交的，可能會為活躍的對沖基金提供過時的投資組合快照——但它們可以提供有關華爾街最成功的投資者關注的股票、行業和趨勢的寶貴信息。</p>
</div><p>While 13F filing season has historically been about seeing which stocks <strong>Berkshire Hathaway</strong>'s Warren Buffett has been buying and selling, he's far from the only billionaire investor known for their phenomenal returns on Wall Street.</p>
<div class="lb-trans"><p>雖然 13F 提交季歷來關注 <strong>伯克希爾·哈撒韋</strong> 的沃倫·巴菲特買賣的股票，但他並不是唯一一個以其卓越回報而聞名的億萬富翁投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800261%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>For instance, professional and everyday investors tend to pay close attention to billionaire Philippe Laffont at Coatue Management, who's known for focusing on higher-growth tech and healthcare companies. Laffont's fund closed out the September-ended quarter with close to $27 billion in AUM that was spread across 81 stocks.</p>
<div class="lb-trans"><p>例如，專業投資者和普通投資者往往密切關注億萬富翁菲利普·拉豐特（Philippe Laffont），他在 Coatue Management 工作，以專注於高增長的科技和醫療公司而聞名。拉豐特的基金在截至 9 月的季度結束時，管理着近 270 億美元的資產，分散投資於 81 只股票。</p>
</div><p>But what's particularly noteworthy about Laffont's trading activity over the trailing year (ended Sept. 30) has been his approach to two of Wall Street's industry-leading growth stocks.</p>
<div class="lb-trans"><p>但拉豐特在過去一年（截至 9 月 30 日）的交易活動中，特別值得注意的是他對華爾街兩隻行業領先的成長股的處理方式。</p>
</div><h2>Laffont's Coatue slashes its stake in the world's leading AI stock</h2>
<div class="lb-trans"><h2>拉豐特的 Coatue 削減了在全球領先的 AI 股票中的持股</h2>
</div><p>Though Coatue Management completely exited seven positions during the third quarter and reduced its holdings in 17 others, the most eye-popping of all moves has been Laffont's persistent selling in Wall Street's most-prized artificial intelligence (AI) stock, <strong>Nvidia</strong>(NVDA -2.55%).</p>
<div class="lb-trans"><p>儘管 Coatue Management 在第三季度完全退出了七個頭寸，並減少了對其他 17 個頭寸的持股，但最引人注目的舉動是拉豐特持續出售華爾街最受追捧的人工智能（AI）股票 <strong>英偉達</strong>（NVIDIA）（NVDA -2.55%）。</p>
</div><p>Accounting for Nvidia's historic 10-for-1 stock split, which occurred in June 2024, Coatue held 45,410,400 shares of Wall Street's AI darling, as of Sept. 30, 2023. Just 12 months later, this position has been slashed by 78% to just 10,138,161 shares.</p>
<div class="lb-trans"><p>考慮到英偉達在 2024 年 6 月進行的歷史性 10 比 1 股票拆分，截至 2023 年 9 月 30 日，Coatue 持有 45,410,400 股華爾街的 AI 寵兒。僅僅 12 個月後，這一持股已減少 78%，降至僅 10,138,161 股。</p>
</div><p>Benign profit-taking is certainly a viable explanation for Laffont's continued selling of Nvidia stock. In less than two years, Nvidia has added more than $3 trillion in market value, with its near-monopoly share of graphics processing units (GPUs) in data centers leading the charge. We've never witnessed a market-leading businesses increase in value as quickly as Nvidia.</p>
<div class="lb-trans"><p>温和的獲利了結無疑是拉豐特持續出售英偉達股票的合理解釋。在不到兩年的時間裏，英偉達的市值增加了超過 3 萬億美元，其在數據中心的圖形處理單元（GPU）幾乎壟斷的市場份額引領了這一增長。我們從未見過市場領先企業的價值增長如此之快。</p>
</div><p>But digging below the surface reveals other potential sell-side catalysts, which may be influencing Coatue's brightest minds (led by Laffont) to reduce their stake.</p>
<div class="lb-trans"><p>但深入分析表明，可能還有其他潛在的賣出催化劑，這可能影響 Coatue 的頂尖人才（由拉豐特領導）減少其持股。</p>
</div><p>To start with the obvious, competition is picking up in a big way. Although Nvidia is in no danger of ceding its leading market share in AI-GPUs, it'll have competition for data center &#34;real estate&#34; coming at it from all angles.</p>
<div class="lb-trans"><p>首先，競爭正在大幅增加。儘管英偉達在 AI-GPU 市場的領先市場份額沒有危險，但它將在數據中心的 “房地產” 方面面臨來自各方的競爭。</p>
</div><p>As I've argued in the past, internal competition is the biggest threat for Nvidia given that Wall Street and investors are primarily focused on external competitors, such as <strong>Advanced Micro Devices</strong>. Many of Nvidia's largest customers by net sales, which happen to be members of the &#34;Magnificent Seven,&#34; are developing AI-GPUs of their own. Even though these chips lack the same computing advantages as Nvidia's Hopper (H100) chip and successor Blackwell GPU, they're going to be cheaper and more easily accessible. It's a recipe for Nvidia to lose out on future data center real estate.</p>
<div class="lb-trans"><p>正如我過去所爭論的，內部競爭是英偉達面臨的最大威脅，因為華爾街和投資者主要關注外部競爭對手，如 <strong>超微半導體</strong>（AMD）。許多按淨銷售額計算的英偉達最大客户，恰好是 “七大巨頭” 的成員，正在開發自己的 AI-GPU。儘管這些芯片在計算優勢上不及英偉達的 Hopper（H100）芯片和後續的 Blackwell GPU，但它們將更便宜且更易獲得。這使得英偉達在未來的數據中心房地產中失去機會。</p>
</div><p>Regulators aren't making life easy for Nvidia, either. In 2022 and 2023, U.S. regulators beefed up restrictions on exports of AI chips and equipment to China. The problem for Nvidia is that China is one of its top markets, and these restrictions are likely to lower its ceiling.</p>
<div class="lb-trans"><p>監管機構對英偉達的生活也沒有輕鬆。2022 年和 2023 年，美國監管機構加強了對向中國出口 AI 芯片和設備的限制。對英偉達來説，問題在於中國是其主要市場之一，這些限制可能會降低其上限。</p>
</div><p>The other problem for Nvidia is that history isn't on its side. Since the advent of the internet in the mid-1990s, there hasn't been a game-changing technology or innovation that's avoided a bubble-bursting event. All technologies need time to mature, and the lack of well-defined game plans from most businesses with regard to their AI investments signals that we're nowhere close to AI being a mature technology. If history were to rhyme and the AI bubble were to burst, Nvidia stock would be hit hard.</p>
<div class="lb-trans"><p>英偉達面臨的另一個問題是歷史並不站在它這一邊。自 1990 年代中期互聯網出現以來，沒有任何顛覆性技術或創新能夠避免泡沫破裂事件。所有技術都需要時間來成熟，而大多數企業在其 AI 投資方面缺乏明確的計劃，表明我們距離 AI 成為成熟技術還遠。如果歷史重演，AI 泡沫破裂，英偉達的股票將受到重創。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDAyNjEvZGlnaXRhbC1wYXltZW50LWNvbnRhY3RsZXNzLWNhc2hhcHAtdmVubW8tZmludGVjaC1zbWFydHBob25lLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F800261%2Fdigital-payment-contactless-cashapp-venmo-fintech-smartphone-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 has increased his fund's stake in this industry leader by more than 30,000%!</h2>
<div class="lb-trans"><h2>拉豐特在這家行業領導者的持股增加了超過 30,000%!</h2>
</div><p>Laffont and his crew have been selective buyers of growth stocks, too. Perhaps no industry leader has been added to with more consistency over the trailing year (ended Sept. 30) than fintech goliath <strong>PayPal Holdings</strong>(PYPL 0.13%).</p>
<div class="lb-trans"><p>拉豐特和他的團隊在成長股的購買上也非常挑剔。或許在過去一年（截至 9 月 30 日）中，沒有哪家行業領導者的增持比金融科技巨頭 <strong>PayPal Holdings</strong>（PYPL 0.13%）更為一致。</p>
</div><p>As of Sept. 30, 2023, Coatue held just 27,168 shares of PayPal. But over the next 12 months, more than 8.23 million shares were added, which increased Coatue's stake in the company by a cool 30,296%! PayPal has become the 14th-largest holding for Laffont's fund, based on market value.</p>
<div class="lb-trans"><p>截至 2023 年 9 月 30 日，Coatue 僅持有 27,168 股 PayPal。但在接下來的 12 個月中，增持了超過 823 萬股，使 Coatue 在該公司的持股增加了 30,296%! 根據市值，PayPal 已成為拉豐特基金的第 14 大持股。</p>
</div><p>Similar to Nvidia, PayPal is not without its own unique headwinds. The company is contending with growing digital payment competition and has seen its margins pinched as a result. There have also been concerns about the U.S. economy weakening. PayPal, like most financial and tech stocks, is cyclical, and would likely see its operating performance falter if the U.S. were to enter a recession.</p>
<div class="lb-trans"><p>與英偉達類似，PayPal 也面臨着自身獨特的逆風。該公司正在應對日益增長的數字支付競爭，並因此看到其利潤受到擠壓。此外，還有關於美國經濟疲軟的擔憂。PayPal 與大多數金融和科技股票一樣，具有周期性，如果美國進入衰退，其運營表現可能會受到影響。</p>
</div><p>But in spite of these challenges, there are a number of catalysts that make PayPal an attractive investment.</p>
<div class="lb-trans"><p>但儘管面臨這些挑戰，仍有許多催化劑使 PayPal 成為一個有吸引力的投資。</p>
</div><p>You could argue that the biggest leap forward was the hiring of Alex Chriss as CEO, who took over in September 2023. Chriss has a keen understanding of what small businesses need to excel, and he hasn't been afraid to pull levers to spur innovation and/or reduce spending.</p>
<div class="lb-trans"><p>可以説，最大的進步是亞歷克斯·克里斯（Alex Chriss）於 2023 年 9 月擔任首席執行官。他對小型企業所需的成功要素有着敏鋭的理解，並且不怕採取措施來促進創新和/或減少開支。</p>
</div><p>To build on this point, PayPal hosted an event in January where it unveiled six new innovations designed to support merchants and improve consumer confidence in digital payments. These innovations include passkey integration to expedite checkout, as well as PayPal Smart Receipts, which rely on AI to make predictive suggestions for what consumers might want to purchase next.</p>
<div class="lb-trans"><p>為了進一步説明這一點，PayPal 在 1 月舉辦了一場活動，推出了六項新創新，旨在支持商家並提高消費者對數字支付的信心。這些創新包括密碼鑰匙集成，以加快結賬速度，以及依賴人工智能的 PayPal 智能收據，能夠對消費者可能想要購買的商品進行預測性建議。</p>
</div><p>Another catalyst worth noting is that PayPal's key performance indicators are (mostly) heading in the right direction. Despite a period of active account stagnation, total payment volume has consistently grown by high-single-digits or low-double-digits, excluding currency movements. Additionally, the average number of payment transactions by active accounts on a trailing-12-month (TTM) basis has soared from 40.9 to end 2020 to 61.4, as of Sept. 30, 2024. Active users are more engaged than ever, which should lead to steady growth in the company's gross profit.</p>
<div class="lb-trans"><p>另一個值得注意的催化劑是，PayPal 的關鍵績效指標（KPI）大多朝着正確的方向發展。儘管經歷了一段活躍賬户停滯期，但總支付量在排除貨幣波動的情況下，始終以高個位數或低雙位數的速度持續增長。此外，活躍賬户在過去 12 個月（TTM）內的平均支付交易數量從 2020 年底的 40.9 飆升至 2024 年 9 月 30 日的 61.4。活躍用户的參與度比以往任何時候都高，這應該會導致公司毛利潤的穩定增長。</p>
</div><p>Investors would be wise not to overlook PayPal's generous capital-return program, either. On a TTM basis, ended Sept. 30, the company repurchased 87 million shares of its stock for $5.4 billion. Reducing its outstanding share count is expected to lift earnings per share (EPS) and make the company's stock more attractive to fundamentally focused investors.</p>
<div class="lb-trans"><p>投資者也不應忽視 PayPal 慷慨的資本回報計劃。在截至 2023 年 9 月 30 日的過去 12 個月（TTM）內，公司回購了 8700 萬股股票，耗資 54 億美元。減少流通股數量預計將提升每股收益（EPS），並使公司的股票對以基本面為導向的投資者更具吸引力。</p>
</div><p>While PayPal still has to prove skeptics wrong, the company's operating performance and ongoing innovation suggest it'll happen sooner rather than later.</p>
<div class="lb-trans"><p>儘管 PayPal 仍需證明懷疑者是錯誤的，但公司的運營表現和持續創新表明，這一切將在不久的將來發生。</p>
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Billionaire Philippe Laffont Sold 78% of Coatue's Stake in Nvidia and Has More Than 300X'd His Position in This Industry-Leading Growth Stock

- 機構投資者於 11 月 14 日提交 13F 表格，披露股票交易情況。  
- Coatue Management 削減了對 Nvidia 的持股 78%，同時增持 PayPal 超過 30,000%。  
- Nvidia 面臨競爭加劇和出口限制，PayPal 則在新 CEO 帶領下推出創新以應對挑戰。  

億萬富翁菲利普·拉豐特出售了 Coatue 在英偉達 78% 的股份，並且在這隻行業領先的成長股中增加了超過 300 倍的持倉量