<p><strong>英偉達</strong>(NVDA 2.99%) 和 <strong>蘋果</strong>(AAPL -2.62%) 在個人和機構投資者中非常受歡迎，但兩位成功的對沖基金經理在第三季度卻積極買入一隻並賣出另一隻：</p>
<ul>
<li>Citadel Advisors 的 Ken Griffin 購買了 470 萬股英偉達，幾乎將其持股增加了三倍。現在這是他除期權外的第三大持倉。他還賣出了 490 萬股蘋果，將其持股減少了 90%。這曾是他除期權外的第四大持倉。</li>
<li>Point72 Asset Management 的 Steven Cohen 買入了 150 萬股英偉達，將其持股增加了 75%。現在這是他除期權外的最大持倉。同時，他賣出了 150 萬股蘋果，完全退出了該持倉。</li>
</ul>
<p>重要的是，Griffin 和 Cohen 是歷史上最成功的對沖基金經理之一，這使他們成為良好的靈感來源。但投資者在買賣股票時絕不要不做研究。</p>
<h2>英偉達：某些對沖基金經理在第三季度買入的股票</h2>
<p>英偉達是一家加速計算公司，以其圖形處理單元（GPU）而聞名。它在數據中心 GPU 的市場份額達 98%，無論是按收入還是出貨量計算。這些芯片廣泛用於加速計算複雜的工作負載，包括訓練大型語言模型和運行人工智能（AI）應用程序。實際上，英偉達的 GPU 是 AI 計算的黃金標準。</p>
<p>然而，這家公司真正強大之處在於它構建整個數據中心。它用 CPU、互連和網絡設備來補充其 GPU。英偉達還創建了一個強大的開發工具生態系統，幫助程序員編寫 GPU 加速的應用程序。正如 <strong>Susquehanna</strong> 分析師 Chris Rolland 所説，這種垂直整合使得該公司成為 “全球事實上的 AI 使能者”。</p>
<p>投資者常常認為英偉達被高估，因為該股在過去兩年中上漲了 800%，這一時期的特點是對 AI 加速器的巨大需求。但目前股票的市盈率為 52 倍，低於 2023 年 1 月的 62 倍市盈率。此外，考慮到華爾街認為英偉達的收益將在未來三年內以每年 38% 的速度增長，目前的價格非常合理。</p>
<p>長期投資者今天應該感到放心地購買這隻股票。在接下來的 24 個月內再次獲得 800% 回報的可能性非常小，甚至可能不存在，但英偉達仍然可能在未來五年內產生比 <strong>標準普爾 500</strong>(^GSPC -0.22%) 更好的回報。就我個人而言，我會從小額持倉開始，並在價格下跌時購買更多股票。</p>
<h2>蘋果：某些對沖基金經理在第三季度賣出的股票</h2>
<p>蘋果通過跨越硬件和軟件的設計專長建立了品牌權威和定價能力。其高端消費電子設備的生態系統提供了差異化的用户體驗，公司在多個垂直市場中取得了強大的市場地位。最重要的是，蘋果在智能手機銷售中處於市場領先地位，並且在出貨量方面始終排名第二。</p>
<p>蘋果還有一個服務業務，使其能夠更有效地從龐大的用户基礎中獲利，包括 App Store、AppleCare、Apple Pay、iCloud 存儲和訂閲產品。公司在其中一些市場中佔據了強大的市場地位，但該業務部門也是一個主要的監管風險來源。例如，歐洲立法迫使蘋果允許第三方應用商店在其設備上運行。</p>
<p>此外，聯邦法官最近裁定 <strong>Alphabet</strong> 通過向手機制造商支付默認搜索引擎位置的費用，非法壓制了互聯網搜索競爭。實際上，《華爾街日報》報道，Alphabet 在 2022 年支付了蘋果 200 億美元，但當案件最終解決時，這部分收入（屬於服務部門）可能會消失。</p>
<p>估值也是一個問題。蘋果股票在過去兩年中幾乎翻了一番，但這完全是由於市盈率擴張，而不是收益增長。實際上，該股目前的市盈率為 42 倍，是 2023 年初 21 倍估值的兩倍。當公司的收益預計在未來三年內每年增長 10% 時，這一倍數很難證明。</p>
<p>就我個人而言，我認為蘋果股票被高估。該公司尚未證明能夠從人工智能中獲利，而其最後一次獲得 traction 的重大創新是 2016 年的 AirPods。潛在投資者應該另尋他處，而當前股東則應考慮削減其持倉。</p>

蘋果

英偉達

<p>在第三季度，對沖基金經理肯·格里芬和史蒂芬·科恩在英偉達和蘋果股票上進行了重大操作。格里芬購買了 470 萬股英偉達股票，使其持股量增加了三倍，同時出售了 490 萬股蘋果股票，將其持倉減少了 90%。科恩則通過購買 150 萬股將其在英偉達的持股增加了 75%，並完全退出了蘋果。英偉達作為人工智能計算的領導者，儘管過去存在估值擔憂，但被視為長期投資。相比之下，蘋果面臨監管風險，被認為估值過高，其盈利增長落後於股價上漲</p>

<p><strong>Nvidia</strong>(NVDA 2.99%) and <strong>Apple</strong>(AAPL -2.62%) are very popular stocks among individual and institutional investors, but two highly successful hedge fund managers aggressively bought one and sold the other in the third quarter:</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 2.99%) 和 <strong>蘋果</strong>(AAPL -2.62%) 在個人和機構投資者中非常受歡迎，但兩位成功的對沖基金經理在第三季度卻積極買入一隻並賣出另一隻：</p>
</div><ul>
<li>Ken Griffin of Citadel Advisors purchased 4.7 million shares of Nvidia, nearly tripling his stake. It is now his third-largest position excluding options. He also sold 4.9 million shares of Apple, reducing his stake by 90%. It had been his fourth-largest position excluding options.</li>
<li>Steven Cohen of Point72 Asset Management bought 1.5 million shares of Nvidia, increasing his stake by 75%. It is now his largest position excluding options. Meanwhile, he sold 1.5 million shares of Apple, completely exiting the position.</li>
</ul>
<div class="lb-trans"><ul>
<li>Citadel Advisors 的 Ken Griffin 購買了 470 萬股英偉達，幾乎將其持股增加了三倍。現在這是他除期權外的第三大持倉。他還賣出了 490 萬股蘋果，將其持股減少了 90%。這曾是他除期權外的第四大持倉。</li>
<li>Point72 Asset Management 的 Steven Cohen 買入了 150 萬股英偉達，將其持股增加了 75%。現在這是他除期權外的最大持倉。同時，他賣出了 150 萬股蘋果，完全退出了該持倉。</li>
</ul>
</div><p>Importantly, Griffin and Cohen rank among the most successful hedge fund managers in history, which makes them good sources of inspiration. But investors should never buy or sell a stock without doing some research.</p>
<div class="lb-trans"><p>重要的是，Griffin 和 Cohen 是歷史上最成功的對沖基金經理之一，這使他們成為良好的靈感來源。但投資者在買賣股票時絕不要不做研究。</p>
</div><h2>Nvidia: The stock certain hedge fund managers bought in the third quarter</h2>
<div class="lb-trans"><h2>英偉達：某些對沖基金經理在第三季度買入的股票</h2>
</div><p>Nvidia is an accelerated computing company best known for its graphics processing units (GPUs). It has 98% market share in data center GPUs in terms of revenue and shipments. Those chips are widely used to speed up computationally complex workloads, which includes training large language models and running artificial intelligence (AI) applications. Indeed, Nvidia GPUs are the gold standard in AI computing.</p>
<div class="lb-trans"><p>英偉達是一家加速計算公司，以其圖形處理單元（GPU）而聞名。它在數據中心 GPU 的市場份額達 98%，無論是按收入還是出貨量計算。這些芯片廣泛用於加速計算複雜的工作負載，包括訓練大型語言模型和運行人工智能（AI）應用程序。實際上，英偉達的 GPU 是 AI 計算的黃金標準。</p>
</div><p>However, the company is truly formidable because it builds entire data centers. It complements its GPUs with CPUs, interconnects, and networking gear. Nvidia has also created a robust ecosystem of development tools that help programmers write GPU-accelerated applications. That vertical integration has made the company &#34;the world's de facto enabler of AI,&#34; according to <strong>Susquehanna</strong> analyst Chris Rolland.</p>
<div class="lb-trans"><p>然而，這家公司真正強大之處在於它構建整個數據中心。它用 CPU、互連和網絡設備來補充其 GPU。英偉達還創建了一個強大的開發工具生態系統，幫助程序員編寫 GPU 加速的應用程序。正如 <strong>Susquehanna</strong> 分析師 Chris Rolland 所説，這種垂直整合使得該公司成為 “全球事實上的 AI 使能者”。</p>
</div><p>Investors often assume Nvidia is overvalued because the stock has advanced 800% in the last two years, a period defined by immense demand for AI accelerators. But shares currently trade at 52 times earnings, a discount to the multiple of 62 times earnings in January 2023. Moreover, the current price is very reasonable, given that Wall Street thinks Nvidia's earnings will grow at 38% annually over the next three years.</p>
<div class="lb-trans"><p>投資者常常認為英偉達被高估，因為該股在過去兩年中上漲了 800%，這一時期的特點是對 AI 加速器的巨大需求。但目前股票的市盈率為 52 倍，低於 2023 年 1 月的 62 倍市盈率。此外，考慮到華爾街認為英偉達的收益將在未來三年內以每年 38% 的速度增長，目前的價格非常合理。</p>
</div><p>Long-term investors should feel comfortable buying this stock today. The odds of another 800% return in the next 24 months are very slim, perhaps nonexistent, but Nvidia could still generate better returns than the <strong>S&amp;P 500</strong>(^GSPC -0.22%) over the next five years. Personally, I would start with a small position today and buy more shares when the price dips.</p>
<div class="lb-trans"><p>長期投資者今天應該感到放心地購買這隻股票。在接下來的 24 個月內再次獲得 800% 回報的可能性非常小，甚至可能不存在，但英偉達仍然可能在未來五年內產生比 <strong>標準普爾 500</strong>(^GSPC -0.22%) 更好的回報。就我個人而言，我會從小額持倉開始，並在價格下跌時購買更多股票。</p>
</div><h2>Apple: The stock certain hedge fund managers sold in the third quarter</h2>
<div class="lb-trans"><h2>蘋果：某些對沖基金經理在第三季度賣出的股票</h2>
</div><p>Apple has built brand authority and pricing power through design expertise that spans hardware and software. Its ecosystem of premium consumer electronics devices provides a differentiated user experience, and the company has achieved a strong presence in several verticals. Most importantly, Apple is the market leader in smartphone sales and consistently ranks second in terms of shipments.</p>
<div class="lb-trans"><p>蘋果通過跨越硬件和軟件的設計專長建立了品牌權威和定價能力。其高端消費電子設備的生態系統提供了差異化的用户體驗，公司在多個垂直市場中取得了強大的市場地位。最重要的是，蘋果在智能手機銷售中處於市場領先地位，並且在出貨量方面始終排名第二。</p>
</div><p>Apple also has a services business that lets it more effectively monetize its large installed base, including the App Store, AppleCare, Apple Pay, iCloud storage, and subscription products. The company has a strong presence in several of those markets, but that business segment is also a major source of regulatory risk. For instance, European legislation has forced Apple to let third-party app stores on its devices.</p>
<div class="lb-trans"><p>蘋果還有一個服務業務，使其能夠更有效地從龐大的用户基礎中獲利，包括 App Store、AppleCare、Apple Pay、iCloud 存儲和訂閲產品。公司在其中一些市場中佔據了強大的市場地位，但該業務部門也是一個主要的監管風險來源。例如，歐洲立法迫使蘋果允許第三方應用商店在其設備上運行。</p>
</div><p>Additionally, a federal judge recently ruled that <strong>Alphabet</strong> had illegally suppressed internet search competition by paying phone manufacturers for default search engine placement. Indeed, <em>The Wall Street Journal</em> reports that Alphabet paid Apple $20 billion in 2022, but that revenue (which falls under the services segment) could disappear when the case is finally resolved.</p>
<div class="lb-trans"><p>此外，聯邦法官最近裁定 <strong>Alphabet</strong> 通過向手機制造商支付默認搜索引擎位置的費用，非法壓制了互聯網搜索競爭。實際上，《華爾街日報》報道，Alphabet 在 2022 年支付了蘋果 200 億美元，但當案件最終解決時，這部分收入（屬於服務部門）可能會消失。</p>
</div><p>Valuation is also a concern. Apple stock has nearly doubled in the last two years, but that was driven entirely by multiple expansion rather than earnings growth. Indeed, the stock currently trades at 42 times earnings, which is double its valuation of 21 times earnings in early 2023. That multiple is hard to justify when the company's earnings are expected to increase at 10% annually over the next three years.</p>
<div class="lb-trans"><p>估值也是一個問題。蘋果股票在過去兩年中幾乎翻了一番，但這完全是由於市盈率擴張，而不是收益增長。實際上，該股目前的市盈率為 42 倍，是 2023 年初 21 倍估值的兩倍。當公司的收益預計在未來三年內每年增長 10% 時，這一倍數很難證明。</p>
</div><p>Personally, I see Apple stock as overvalued. The company has yet to demonstrate it can monetize artificial intelligence, and its last major innovation that gained traction was AirPods in 2016. Prospective investors should look elsewhere, and current shareholders should consider trimming their positions.</p>
<div class="lb-trans"><p>就我個人而言，我認為蘋果股票被高估。該公司尚未證明能夠從人工智能中獲利，而其最後一次獲得 traction 的重大創新是 2016 年的 AirPods。潛在投資者應該另尋他處，而當前股東則應考慮削減其持倉。</p>
</div>

Nvidia Stock vs. Apple Stock: Billionaires Buy One and Sell the Other Ahead of 2025

- 對沖基金經理在第三季度增持 Nvidia，減持 Apple。  
- Nvidia 市場份額高，未來收益增長預期良好。  
- Apple 面臨估值和監管風險，未來增長乏力。

英偉達股票與蘋果股票：億萬富翁在 2025 年前買入一個並賣出另一個