<p>對於一些投資者來説，財報季是每個季度中最令人興奮的時期。在六週的時間裏，華爾街最具影響力的企業揭開了它們的面紗，讓投資者一窺其內部運作。</p>
<p>但可以説，金融機構發佈的 13F 表格更能揭示華爾街的內部運作。</p>
<p>在一個季度結束後的 45 個日曆日內，管理資產至少為 1 億美元的機構投資經理必須向證券交易委員會提交 13F 表格。13F 為投資者提供了一個關於華爾街頂級投資經理在上一個季度（在此情況下為第一季度）所做活動的直觀視角。它提供了所有買賣活動的簡明快照，幫助投資者弄清楚哪些股票和趨勢引起了市場上最成功的資產管理者的興趣。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管沃倫·巴菲特是所有資產管理者中最受關注的，但他並不是投資者密切關注的唯一億萬富翁投資經理。另一位備受關注的億萬富翁基金經理是老虎全球管理公司的查斯·科爾曼，他在 2025 年 3 月底時管理的資產接近 266 億美元。</p>
<p>科爾曼之所以引起如此多的關注，是因為他本質上是一個追求增長的投資者。在他的基金的 45 個持股中，你會發現許多高增長的科技股，以及人工智能（AI）公司。</p>
<p>老虎全球最新的 13F 表格中引人注目的是，科爾曼在一年多以來首次增持了人工智能巨頭 <strong>英偉達</strong>（NVIDIA），同時將另外兩隻表現優異的人工智能股票拋棄。</p>
<h2>查斯·科爾曼自 2023 年底以來首次增持老虎全球在英偉達的股份</h2>
<p>考慮到英偉達在 2024 年 6 月進行的歷史性 10 比 1 的股票拆分，老虎全球管理公司在 2023 年結束時持有 9,683,550 股華爾街的人工智能寵兒。2024 年結束時持有的股份數量完全相同。但在 2025 年科技股動盪的第一季度，億萬富翁查斯·科爾曼又增持了 1,284,000 股英偉達（約增加 13%）。</p>
<p>可以説，自 2023 年初以來，投資者湧入英偉達的主要原因是其在人工智能加速的數據中心中佔據的圖形處理單元（GPU）市場份額主導地位。該公司的 Hopper（H100）和下一代 Blackwell GPU 架構佔據了用於推動生成性人工智能解決方案和訓練大型語言模型的芯片的絕大部分。</p>
<p>從表面上看，英偉達的估值也變得更加合理，因為它能夠適應其快速上升的市值。根據對 2027 財年（英偉達的財年在 1 月底結束）每股收益（EPS）預期的共識，截至 5 月 16 日收盤，英偉達的交易市盈率為 24 倍。但在 3 月份的動盪交易中，英偉達的前瞻市盈率（P/E）降至約 19。</p>
<p>進一步説明這一點，英偉達在第一季度近 30% 的峯值到谷底的下跌代表了自 2022 年熊市以來從歷史高點的最大跌幅。這可能是吸引科爾曼出手的誘因。</p>
<p>雖然不可否認英偉達的回報非常特別，但對其未來也存在明顯的擔憂。日益增長的直接和內部競爭威脅着吞噬寶貴的人工智能數據中心市場，這可能進一步壓低其毛利率。</p>
<p>歷史對下一個大熱門投資也並不友好。在過去的 30 多年裏，每一次顛覆性創新都經歷了早期擴張階段的泡沫破裂事件。如果人工智能泡沫破裂，沒有哪家公司會比英偉達受到更直接的傷害。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Datadog 被送入狗屋</h2>
<p>但在查斯·科爾曼忙於為他的基金增持英偉達股份的同時，他也將兩隻高增長的人工智能股票送上了 chopping block。第一隻被大幅拋售的人工智能股票是基於雲的可觀察性和安全平台 <strong>Datadog</strong>（DDOG）。老虎全球的 13F 顯示，所有 979,400 股，價值近 1.4 億美元的股份在第一季度被拋售。</p>
<p>Datadog 作為投資的吸引力在於其超出常規的增長率，始終超過 20%，以及其持續的利潤。在 COVID-19 疫情高峰期，由於其平台的可觀察性特性，Datadog 成為了一個特別受歡迎的名字。換句話説，它是最理想的居家辦公股票之一。</p>
<p>Datadog 還受益於獲得更大客户。由於其能夠吸引年收入至少為 100 萬美元的客户，投資者始終給予該公司溢價估值。儘管更大並不總是更好，但 Datadog 的大合同確實往往會導致更豐厚的利潤。</p>
<p>查斯·科爾曼將 Datadog 送入狗屋，可能與其 2025 年的增長前景温和以及相對於其前景的估值溢價有關。</p>
<p>當 Datadog 在 2 月中旬發佈 2025 年全年展望時，預計銷售額中位數為 31.85 億美元，調整後的每股收益為 1.65 至 1.70 美元。作為比較，華爾街的共識預期為每股收益 2.04 美元，銷售額約為 32.4 億美元。更令人失望的是，報告顯示 2024 年有 462 個客户產生年收入至少為 100 萬美元，同比增長 17%，低於預期。</p>
<p>儘管 Datadog 持續快速增長，但對於一家估值接近預測銷售額 13 倍和 2025 年預計每股收益 69 倍的公司，幾乎沒有（如果有的話）錯誤是可以容忍的。</p>
<h2>這確實要花費一隻&#34;手臂&#34;和一條腿</h2>
<p>億萬富翁 Chase Coleman 放棄的第二隻快速增長的人工智能股票是以知識產權（IP）為驅動的半導體公司 <strong>Arm Holdings</strong>(ARM -3.02%)。Tiger Global Management 在 2024 年結束時持有 Arm 的 30 萬股，但到 3 月底時已無剩餘股份。</p>
<p>Arm 的聲譽在於其作為一家專利和許可公司的幾乎不可逾越的護城河。Arm 並不直接生產和銷售芯片，而是開發和設計 GPU、中央處理單元和系統 IP，供其他公司（如 Nvidia）在設計自己的芯片時使用。由於重複性開支極少，Arm 可以安坐收取豐厚的專利和許可費收入。</p>
<p>Arm 的運營模式的一個優點是它對經濟衰退的影響相對較小。隨着人工智能革命的快速推進，對更節能芯片的需求將使 Arm 保持忙碌。此外，由於沒有實際的芯片供應，Arm 不必過於擔心半導體行業中出現的供過於求和短缺的動態。</p>
<p>那麼，如果 Arm Holdings 公司如此完美地定位於受益於其獨特的知識產權，Coleman 為什麼要擱置他基金的 Arm 股份呢？答案可能在於股票的價格昂貴。</p>
<p>截至 5 月 16 日，Arm 的每股交易價格高達 2025 年預測每股收益的 76 倍，以及今年預計銷售額的 30 倍。能夠維持護城河的公司絕對值得獲得估值溢價——但 30 倍的 2025 年預計銷售額是一個難以接受的高價。</p>
<p>歷史上，沒有一家市值超過 1000 億美元的公司能夠在任何顯著的時間段內維持 30 倍或以上的市盈率（P/S）。我們見證了許多下一個大趨勢的市場領導者，其 P/S 比率達到 30 或更高，最終都遭遇了下跌。沒有理由相信 Arm 會打破這一趨勢。</p>

英偉達

<p>泰戈全球管理公司的 Chase Coleman 增加了 1,284,000 股英偉達的持股，這是超過一年以來的首次增持，同時出售了所有的 Datadog 和另一隻 AI 股票。儘管對競爭和潛在市場調整的擔憂，英偉達在 AI GPU 市場的主導地位和有利的估值吸引了投資者。Coleman 的舉動反映了他在動盪的科技市場中投資重點的戰略轉變</p>

<p>For some investors, earnings season is the most-exciting period of each quarter. Over a span of six weeks, Wall Street's most-influential businesses lift their proverbial hoods and give investors an inside look at what's going on.</p>
<div class="lb-trans"><p>對於一些投資者來説，財報季是每個季度中最令人興奮的時期。在六週的時間裏，華爾街最具影響力的企業揭開了它們的面紗，讓投資者一窺其內部運作。</p>
</div><p>But it can be argued that the release of Form 13Fs by financial institutions is even more telling of Wall Street's innerworkings.</p>
<div class="lb-trans"><p>但可以説，金融機構發佈的 13F 表格更能揭示華爾街的內部運作。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional money managers with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. A 13F provides investors with an over-the-shoulder view of what Wall Street's premier money managers were up to during the previous quarter (the first quarter, in this instance). It offers a concise snapshot of all buying and selling activity, which helps investors figure out which stocks and trends are piquing the interest of the market's most-successful asset managers.</p>
<div class="lb-trans"><p>在一個季度結束後的 45 個日曆日內，管理資產至少為 1 億美元的機構投資經理必須向證券交易委員會提交 13F 表格。13F 為投資者提供了一個關於華爾街頂級投資經理在上一個季度（在此情況下為第一季度）所做活動的直觀視角。它提供了所有買賣活動的簡明快照，幫助投資者弄清楚哪些股票和趨勢引起了市場上最成功的資產管理者的興趣。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818676%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>Though Warren Buffett is the most-followed of all asset managers, he's far from the only billionaire money manager that investors keep close tabs on. Another closely tracked billionaire fund manager that garners plenty of attention is Tiger Global Management's Chase Coleman, who ended March 2025 overseeing almost $26.6 billion in AUM.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特是所有資產管理者中最受關注的，但他並不是投資者密切關注的唯一億萬富翁投資經理。另一位備受關注的億萬富翁基金經理是老虎全球管理公司的查斯·科爾曼，他在 2025 年 3 月底時管理的資產接近 266 億美元。</p>
</div><p>The reason Coleman draws so much interest is because he's a growth-seeking investor at heart. You'll find a number of high-growth tech stocks, along with artificial intelligence (AI) companies, among his funds' 45 holdings.</p>
<div class="lb-trans"><p>科爾曼之所以引起如此多的關注，是因為他本質上是一個追求增長的投資者。在他的基金的 45 個持股中，你會發現許多高增長的科技股，以及人工智能（AI）公司。</p>
</div><p>What stands about the Tiger Global's latest 13F is that Coleman added to his stake in AI colossus <strong>Nvidia</strong>(NVDA 0.01%) for the first time in more than a year, while simultaneously kicking two other high-performing AI stocks to the curb.</p>
<div class="lb-trans"><p>老虎全球最新的 13F 表格中引人注目的是，科爾曼在一年多以來首次增持了人工智能巨頭 <strong>英偉達</strong>（NVIDIA），同時將另外兩隻表現優異的人工智能股票拋棄。</p>
</div><h2>Chase Coleman ups Tiger Global's stake in Nvidia for the first time since the end of 2023</h2>
<div class="lb-trans"><h2>查斯·科爾曼自 2023 年底以來首次增持老虎全球在英偉達的股份</h2>
</div><p>Accounting for Nvidia's historic 10-for-1 forward stock split in June 2024, Tiger Global Management closed out 2023 with 9,683,550 shares of Wall Street's AI darling. It ended 2024 with the exact same number of shares. But during a tumultuous first quarter for tech stocks in 2025, billionaire Chase Coleman picked up an additional 1,284,000 shares of Nvidia (a roughly 13% increase).</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 的股票拆分，老虎全球管理公司在 2023 年結束時持有 9,683,550 股華爾街的人工智能寵兒。2024 年結束時持有的股份數量完全相同。但在 2025 年科技股動盪的第一季度，億萬富翁查斯·科爾曼又增持了 1,284,000 股英偉達（約增加 13%）。</p>
</div><p>Arguably the top reason investors have piled into Nvidia since the start of 2023 is its graphics processing unit (GPU) market share dominance in AI-accelerated data centers. The company's Hopper (H100) and next-generation Blackwell GPU architecture account for the lion's share of the chips being used to power generative AI solutions and train large language models in high-compute data centers.</p>
<div class="lb-trans"><p>可以説，自 2023 年初以來，投資者湧入英偉達的主要原因是其在人工智能加速的數據中心中佔據的圖形處理單元（GPU）市場份額主導地位。該公司的 Hopper（H100）和下一代 Blackwell GPU 架構佔據了用於推動生成性人工智能解決方案和訓練大型語言模型的芯片的絕大部分。</p>
</div><p>On the surface, Nvidia's valuation has also become more palatable as it's been able to grow into its rapidly rising market cap. Based on consensus earnings per share (EPS) expectations for fiscal 2027 (Nvidia's fiscal year ends in late January), Nvidia is trading at 24 times forward-year earnings, as of the closing bell on May 16. But during tumultuous trading in March, Nvidia's forward price-to-earnings (P/E) ratio dipped to approximately 19.</p>
<div class="lb-trans"><p>從表面上看，英偉達的估值也變得更加合理，因為它能夠適應其快速上升的市值。根據對 2027 財年（英偉達的財年在 1 月底結束）每股收益（EPS）預期的共識，截至 5 月 16 日收盤，英偉達的交易市盈率為 24 倍。但在 3 月份的動盪交易中，英偉達的前瞻市盈率（P/E）降至約 19。</p>
</div><p>To build on this point, Nvidia's nearly 30% peak-to-trough decline in the first quarter represents its steepest drop from an all-time high since the 2022 bear market. It may have been carrot that lured Coleman to take a bite.</p>
<div class="lb-trans"><p>進一步説明這一點，英偉達在第一季度近 30% 的峯值到谷底的下跌代表了自 2022 年熊市以來從歷史高點的最大跌幅。這可能是吸引科爾曼出手的誘因。</p>
</div><p>While there's no denying that Nvidia's returns have been special, there are also clear concerns about its future. Growing direct and internal competition threaten to gobble up precious AI data center real estate, which can further weigh down its gross margin.</p>
<div class="lb-trans"><p>雖然不可否認英偉達的回報非常特別，但對其未來也存在明顯的擔憂。日益增長的直接和內部競爭威脅着吞噬寶貴的人工智能數據中心市場，這可能進一步壓低其毛利率。</p>
</div><p>History hasn't been kind to next-big-thing investments, either. For more than 30 years, every game-changing innovation has worked its way through a bubble-bursting event early in its expansion phase. No company would be more directly hurt if the AI bubble bursts than Nvidia.</p>
<div class="lb-trans"><p>歷史對下一個大熱門投資也並不友好。在過去的 30 多年裏，每一次顛覆性創新都經歷了早期擴張階段的泡沫破裂事件。如果人工智能泡沫破裂，沒有哪家公司會比英偉達受到更直接的傷害。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2NzYvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818676%2Finvestor-pressing-sell-button-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>Datadog gets sent to the doghouse</h2>
<div class="lb-trans"><h2>Datadog 被送入狗屋</h2>
</div><p>But while Chase Coleman was busy loading up shares of Nvidia for his fund, he was also sending two high-growth AI stocks to the chopping block. The first of these big-time AI stock sales is cloud-based observability and security platform <strong>Datadog</strong>(DDOG -1.08%). Tiger Global's 13F shows that all 979,400 shares, valued at nearly $140 million to end 2024, were dumped during the first quarter.</p>
<div class="lb-trans"><p>但在查斯·科爾曼忙於為他的基金增持英偉達股份的同時，他也將兩隻高增長的人工智能股票送上了 chopping block。第一隻被大幅拋售的人工智能股票是基於雲的可觀察性和安全平台 <strong>Datadog</strong>（DDOG）。老虎全球的 13F 顯示，所有 979,400 股，價值近 1.4 億美元的股份在第一季度被拋售。</p>
</div><p>The allure of Datadog as an investment has been its outsized growth rate, which has consistently topped 20%, as well as its recurring profits. It was a particularly popular name during the height of the COVID-19 pandemic given the observability aspect of its platform to oversee public and private clouds. In other words, it was one of the most ideally positioned work from home stocks.</p>
<div class="lb-trans"><p>Datadog 作為投資的吸引力在於其超出常規的增長率，始終超過 20%，以及其持續的利潤。在 COVID-19 疫情高峰期，由於其平台的可觀察性特性，Datadog 成為了一個特別受歡迎的名字。換句話説，它是最理想的居家辦公股票之一。</p>
</div><p>Datadog also benefited from landing bigger fish. Investors consistently rewarded the company with a premium valuation due to its ability to snag customers generating at least $1 million in annual recurring revenue (ARR). Though bigger isn't always better, larger contracts for Datadog do have a tendency to lead to juicier margins.</p>
<div class="lb-trans"><p>Datadog 還受益於獲得更大客户。由於其能夠吸引年收入至少為 100 萬美元的客户，投資者始終給予該公司溢價估值。儘管更大並不總是更好，但 Datadog 的大合同確實往往會導致更豐厚的利潤。</p>
</div><p>Chase Coleman sending Datadog to the doghouse likely has to do with its tempered 2025 growth outlook, as well as its valuation premium, relative to its outlook.</p>
<div class="lb-trans"><p>查斯·科爾曼將 Datadog 送入狗屋，可能與其 2025 年的增長前景温和以及相對於其前景的估值溢價有關。</p>
</div><p>When Datadog issued its 2025 full-year outlook in mid-February, it called for a midpoint of $3.185 billion in sales and $1.65 to $1.70 in adjusted EPS. For the sake of comparison, Wall Street's consensus had been for EPS of $2.04 and sales of around $3.24 billion. The cherry on top is that the reported 462 customers generating ARR of at least $1 million in 2024 -- a 17% year-over-year increase -- was below expectations, as well.</p>
<div class="lb-trans"><p>當 Datadog 在 2 月中旬發佈 2025 年全年展望時，預計銷售額中位數為 31.85 億美元，調整後的每股收益為 1.65 至 1.70 美元。作為比較，華爾街的共識預期為每股收益 2.04 美元，銷售額約為 32.4 億美元。更令人失望的是，報告顯示 2024 年有 462 個客户產生年收入至少為 100 萬美元，同比增長 17%，低於預期。</p>
</div><p>While Datadog continues to grow rapidly, few (if any) mistakes will be tolerated for a company already valued at close to 13 times forecast sales and 69 times projected EPS in 2025.</p>
<div class="lb-trans"><p>儘管 Datadog 持續快速增長，但對於一家估值接近預測銷售額 13 倍和 2025 年預計每股收益 69 倍的公司，幾乎沒有（如果有的話）錯誤是可以容忍的。</p>
</div><h2>It really does cost an &#34;Arm&#34; and a leg</h2>
<div class="lb-trans"><h2>這確實要花費一隻&#34;手臂&#34;和一條腿</h2>
</div><p>The second fast-paced AI stock billionaire Chase Coleman gave the heave-ho to is intellectual property (IP)-driven semiconductor company <strong>Arm Holdings</strong>(ARM -3.02%). Tiger Global Management closed out 2024 with 300,000 shares of Arm in its portfolio, but ended March with no shares remaining.</p>
<div class="lb-trans"><p>億萬富翁 Chase Coleman 放棄的第二隻快速增長的人工智能股票是以知識產權（IP）為驅動的半導體公司 <strong>Arm Holdings</strong>(ARM -3.02%)。Tiger Global Management 在 2024 年結束時持有 Arm 的 30 萬股，但到 3 月底時已無剩餘股份。</p>
</div><p>Arm's claim to fame is its virtually insurmountable moat as a royalty and licensing company. Instead of directly producing and selling chips, Arm develops and designs GPUs, central processing units, and systems IP that other companies, like Nvidia, use when designing their own chips. With minimal recurring expenses, Arm can sit back and collect royalty and licensing fee revenue at an enviable margin.</p>
<div class="lb-trans"><p>Arm 的聲譽在於其作為一家專利和許可公司的幾乎不可逾越的護城河。Arm 並不直接生產和銷售芯片，而是開發和設計 GPU、中央處理單元和系統 IP，供其他公司（如 Nvidia）在設計自己的芯片時使用。由於重複性開支極少，Arm 可以安坐收取豐厚的專利和許可費收入。</p>
</div><p>The great thing about Arm's operating model is that it's somewhat agnostic to economic downturns. With the AI revolution rapidly advancing, demand for more energy-efficient chips will keep Arm busy. Further, without any physical chip supply, Arm doesn't have to worry too much about the push-pull dynamics of oversupply and shortage that occurs in the semiconductor industry.</p>
<div class="lb-trans"><p>Arm 的運營模式的一個優點是它對經濟衰退的影響相對較小。隨着人工智能革命的快速推進，對更節能芯片的需求將使 Arm 保持忙碌。此外，由於沒有實際的芯片供應，Arm 不必過於擔心半導體行業中出現的供過於求和短缺的動態。</p>
</div><p>So, why did Coleman shelve his fund's shares of Arm Holdings if the company is so perfectly positioned to benefit from its unique IP? The answer might lie with the stock costing an arm and a leg.</p>
<div class="lb-trans"><p>那麼，如果 Arm Holdings 公司如此完美地定位於受益於其獨特的知識產權，Coleman 為什麼要擱置他基金的 Arm 股份呢？答案可能在於股票的價格昂貴。</p>
</div><p>As of this writing on May 16, a share of Arm is trading at a whopping 76 times forecast EPS for 2025, as well as trading at 30 times projected sales this year. Companies that can sustain moats absolutely deserve a valuation premium -- but 30 times projected 2025 sales is a tough pill to swallow.</p>
<div class="lb-trans"><p>截至 5 月 16 日，Arm 的每股交易價格高達 2025 年預測每股收益的 76 倍，以及今年預計銷售額的 30 倍。能夠維持護城河的公司絕對值得獲得估值溢價——但 30 倍的 2025 年預計銷售額是一個難以接受的高價。</p>
</div><p>Historically, there hasn't been a company with a market cap north of $100 billion that's been able to sustain a price-to-sales (P/S) ratio of 30 or above for any significant length of time. We've witnessed market leaders of next-big-thing trends with P/S ratios of 30 or higher all eventually tumble. There's no reason to believe Arm will buck this trend.</p>
<div class="lb-trans"><p>歷史上，沒有一家市值超過 1000 億美元的公司能夠在任何顯著的時間段內維持 30 倍或以上的市盈率（P/S）。我們見證了許多下一個大趨勢的市場領導者，其 P/S 比率達到 30 或更高，最終都遭遇了下跌。沒有理由相信 Arm 會打破這一趨勢。</p>
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Billionaire Chase Coleman Just Added to Tiger Global's Nvidia Stake for the First Time in Over a Year and Dumped These 2 Artificial Intelligence (AI) Stocks

- 投資者關注財報季和金融機構的 13F 表格。  
- Chase Coleman 增持 Nvidia 股票，同時拋售 Datadog 和 Arm Holdings。  
- Nvidia 在 AI 數據中心市場佔據主導地位，但面臨競爭壓力。  

億萬富翁 Chase Coleman 一年多來首次增持了 Tiger Global 的 NVIDIA 股份，並拋售了這兩隻人工智能股票