<p>投資者面臨的數據量有時會讓人感到不知所措。在財報季——每個季度的六週期間，絕大多數最具影響力的上市公司會公佈其季度運營結果——以及源源不斷的經濟數據發佈之間，普通投資者很難跟上。</p>
<p>不到兩週前，這些關鍵數據中的一項發佈了，而你很可能錯過了它。</p>
<p>5 月 15 日是管理資產至少為 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 表格提供了華爾街最聰明、最成功的基金經理在最新季度買賣的股票和交易所交易基金（ETF）的簡明快照。在這種情況下，5 月 15 日的提交截止日期概述了截至 3 月的季度交易活動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>可以想象，投資者常常翹首以待，想要了解尊敬的億萬富翁沃倫·巴菲特在 <strong>伯克希爾哈撒韋</strong> 的動向。但奧馬哈的先知只是眾多在華爾街引起轟動的億萬富翁基金經理之一。</p>
<p>例如，Viking Global Investors 的 Ole Andreas Halvorsen 也因其投資才能和發現絕佳交易的能力而聞名。Halvorsen 管理着近 315 億美元的資產，分佈在 91 個持股中，他喜歡將投資組合集中在自己最看好的想法上，就像巴菲特一樣。</p>
<p>但與奧馬哈的先知不同，Halvorsen 非常喜歡科技行業、成長股以及華爾街的熱門趨勢，包括人工智能（AI）的發展。</p>
<p>在第一季度，Viking Global 的 13F 顯示 Halvorsen 大量購買了三隻全球領先的 AI 股票，但有趣的是，他完全拋售了其基金在 “七大奇蹟” 中最便宜的成員的股份。</p>
<h2>Viking Global 的 Halvorsen 正在增持三隻基礎 AI 股票</h2>
<p>需要明確的是，Halvorsen 及其頂級顧問相當活躍。Viking Global 的 91 個持股的平均持有時間略超過 17 個月，這表明他們願意進行波段交易並鎖定利潤。</p>
<p>考慮到這一點，Viking Global 的億萬富翁首席在截至 3 月的季度中批准了對三隻基礎人工智能股票的積極購買：</p>
<ul>
<li><strong>英偉達</strong>(NVDA -1.02%): 購買 4,511,122 股</li>
<li><strong>Meta Platforms</strong>(META -1.39%): 購買 1,466,311 股</li>
<li><strong>特斯拉</strong>(TSLA -0.33%): 購買 350,084 股</li>
</ul>
<p>社交媒體巨頭 Meta Platforms 和北美電動車（EV）領軍企業特斯拉的股份都是新買入，而對 Viking Global 的英偉達股份的增持使其在截至 12 月的季度中的持倉增加了約 222%。</p>
<p>為什麼要增持這三隻股票？首先，AI 的可尋址市場巨大。在《Sizing the Prize》中，普華永道估計到 2030 年將為全球經濟提供 15.7 萬億美元的推動。這是一個足夠大的數字，許多公司都能從中受益。</p>
<p>英偉達的 Hopper（H100）和 Blackwell 圖形處理單元（GPU）目前是希望運行生成性 AI 解決方案和構建/訓練大型語言模型（LLM）的企業的最佳選擇。同時，Meta 和特斯拉是一些領先的應用公司，正在部署 AI 解決方案。Meta 已將生成性 AI 解決方案納入其廣告平台，而 AI 則是特斯拉全自動駕駛軟件的核心，幫助司機。</p>
<p>英偉達、Meta Platforms 和特斯拉還提供了相對可持續的護城河，使其能夠進行激進的創新和投資 AI，而大多數其他企業無法匹敵：</p>
<ul>
<li>英偉達在 AI-GPU 市場中佔據了絕大部分份額，併產生了大量的年度運營現金流。</li>
<li>Meta Platforms 在 3 月平均有 34.3 億日活躍用户訪問其社交網站，遠超任何其他社交媒體公司。</li>
<li>特斯拉依靠其先發優勢，使其能夠比任何其他汽車公司更有利可圖地銷售更多電動車。</li>
</ul>
<p>客觀地説，這些基礎公司都面臨着各自獨特的逆風。英偉達的毛利率已經下降了一年，這可能表明 AI-GPU 競爭的加劇。至於 Meta，其廣告驅動的運營模式與美國和全球經濟的健康息息相關。最後，特斯拉的電動車利潤率因競爭壓力的加大而急劇下降。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>億萬富翁 Halvorsen 告別最便宜的 Mag-7 股票</h2>
<p>另一方面，Ole Andreas Halvorsen 在第一季度監督了 22 只股票的全部出售，以及 28 只股票的減持。</p>
<p>在被拋棄的 22 只股票中，基於前瞻市盈率（P/E）最便宜的七大奇蹟股票是 <strong>Alphabet</strong>(GOOGL -1.37%) (GOOG -1.34%)。Viking Global 出售了其自 2024 年第三季度以來持有的所有 3,661,375 股 A 類股票（GOOGL）。為了提供更多背景，Alphabet 在 2024 年結束時是 Halvorsen 的第 14 大持股（共 85 只）。</p>
<p>Halvorsen 在第一季度對 Alphabet 興趣減退的一個可能原因與大型語言模型（LLM）在搜索中的使用問題有關。一些投資者認為，隨着 LLM 的 “訓練” 和隨着時間的推移變得更聰明，它們將能夠提供與谷歌搜索引擎當前提供的水平相當，甚至更好的搜索體驗。</p>
<p>另一個潛在的擔憂是美國司法部試圖通過迫使 Alphabet 出售其受歡迎的 Chrome 瀏覽器以及可能的 Android 操作系統來拆分該公司。司法部認為，該公司的搜索壟斷抑制了競爭和創新。儘管尚不清楚拆分 Alphabet 是否會導致各部分的總價值減少，但這仍是一個未知變量——華爾街不喜歡未知。</p>
<p>Ole Andreas Halvorsen 放棄其基金在 Alphabet 的股份的第三個因素可能是美國經濟陷入衰退的前景。大約四分之三的 Alphabet 淨銷售額來自廣告。隨着美國國內生產總值初步數據顯示年率收縮 0.3%，人們對衰退形成的擔憂愈發真實。</p>
<p>雖然這些都是切實的擔憂，但合理質疑這些擔憂是否已經反映在 Alphabet 的估值中。例如，谷歌在全球互聯網搜索中始終保持 89% 至 93% 的市場份額，追溯至十多年前。這個盈利豐厚的運營部門不太可能在短期內顯著掙扎。</p>
<p>Alphabet 還擁有大量現金可用於各種人工智能解決方案。例如，將生成性人工智能解決方案納入 Google Cloud，這一全球第三大雲基礎設施服務平台（按總支出計算），應該會加速該部門已經令人印象深刻的增長率。此外，雲服務的利潤率遠高於 Alphabet 的廣告利潤率。</p>
<p>截至目前，Alphabet 股票的前瞻市盈率為 16，投資者的潛在回報似乎遠遠超過任何短期風險。</p>

特斯拉

英偉達

<p>億萬富翁 Ole Andreas Halvorsen 來自 Viking Global Investors 在科技領域進行了重大投資，在第一季度購買了英偉達、Meta Platforms 和特斯拉的大量股份，同時完全出售了在 Alphabet 的股份，後者是 “七大巨頭” 中最便宜的股票。Halvorsen 的策略集中在基礎 AI 股票上，反映出對 AI 市場增長的趨勢，預計到 2030 年將顯著推動全球經濟。儘管潛力巨大，這些公司面臨着獨特的挑戰，包括競爭和經濟依賴</p>

<p>The amount of data thrown investors' way can, at times, feel overwhelming. Between earnings season -- a six-week period each quarter where an overwhelming majority of the most-influential public companies report their quarterly operating results -- and a steady stream of economic data releases, it can be tough for the everyday investor to keep up.</p>
<div class="lb-trans"><p>投資者面臨的數據量有時會讓人感到不知所措。在財報季——每個季度的六週期間，絕大多數最具影響力的上市公司會公佈其季度運營結果——以及源源不斷的經濟數據發佈之間，普通投資者很難跟上。</p>
</div><p>Less than two weeks ago, one of these critical data drops occurred, and it's quite possible you missed it.</p>
<div class="lb-trans"><p>不到兩週前，這些關鍵數據中的一項發佈了，而你很可能錯過了它。</p>
</div><p>May 15 marked 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 provides a concise snapshot of which stocks and exchange-traded funds (ETFs) Wall Street's brightest and most-successful money managers bought and sold in the latest quarter. In this instance, the May 15 filing deadline outlines trading activity for the March-ended quarter.</p>
<div class="lb-trans"><p>5 月 15 日是管理資產至少為 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 表格提供了華爾街最聰明、最成功的基金經理在最新季度買賣的股票和交易所交易基金（ETF）的簡明快照。在這種情況下，5 月 15 日的提交截止日期概述了截至 3 月的季度交易活動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819153%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>As you can imagine, investors often wait on pins and needles to get a look at what esteemed billionaire Warren Buffett has been up to at <strong>Berkshire Hathaway</strong>. But the Oracle of Omaha is just one of many billionaire fund managers known to make waves on Wall Street.</p>
<div class="lb-trans"><p>可以想象，投資者常常翹首以待，想要了解尊敬的億萬富翁沃倫·巴菲特在 <strong>伯克希爾哈撒韋</strong> 的動向。但奧馬哈的先知只是眾多在華爾街引起轟動的億萬富翁基金經理之一。</p>
</div><p>For instance, Ole Andreas Halvorsen of Viking Global Investors is also known for his investing prowess and ability to spot a phenomenal deal. Halvorsen, who's overseeing close to $31.5 billion in AUM spread across 91 holdings, has a penchant for concentrating his portfolio in his best ideas, just like Buffett.</p>
<div class="lb-trans"><p>例如，Viking Global Investors 的 Ole Andreas Halvorsen 也因其投資才能和發現絕佳交易的能力而聞名。Halvorsen 管理着近 315 億美元的資產，分佈在 91 個持股中，他喜歡將投資組合集中在自己最看好的想法上，就像巴菲特一樣。</p>
</div><p>But unlike the Oracle of Omaha, Halvorsen is a big fan of the tech sector, growth stocks, and Wall Street's hottest trends, which includes the evolution of artificial intelligence (AI).</p>
<div class="lb-trans"><p>但與奧馬哈的先知不同，Halvorsen 非常喜歡科技行業、成長股以及華爾街的熱門趨勢，包括人工智能（AI）的發展。</p>
</div><p>During the first quarter, Viking Global investors' 13F shows that Halvorsen was a big-time buyer of three world-leading AI stocks, but curiously dumped the entirety of his fund's stake in the cheapest member of the &#34;Magnificent Seven.&#34;</p>
<div class="lb-trans"><p>在第一季度，Viking Global 的 13F 顯示 Halvorsen 大量購買了三隻全球領先的 AI 股票，但有趣的是，他完全拋售了其基金在 “七大奇蹟” 中最便宜的成員的股份。</p>
</div><h2>Viking Global's Halvorsen is loading up on three foundational AI stocks</h2>
<div class="lb-trans"><h2>Viking Global 的 Halvorsen 正在增持三隻基礎 AI 股票</h2>
</div><p>To be clear, Halvorsen and his top advisors are fairly active. The average holding time of Viking Global's 91 holdings is a little over 17 months, which signals a willingness to swing trade and lock in profits.</p>
<div class="lb-trans"><p>需要明確的是，Halvorsen 及其頂級顧問相當活躍。Viking Global 的 91 個持股的平均持有時間略超過 17 個月，這表明他們願意進行波段交易並鎖定利潤。</p>
</div><p>With this in mind, Viking Global's billionaire chief green-lit the aggressive purchase of three foundational artificial intelligence stocks in the March-ended quarter:</p>
<div class="lb-trans"><p>考慮到這一點，Viking Global 的億萬富翁首席在截至 3 月的季度中批准了對三隻基礎人工智能股票的積極購買：</p>
</div><ul>
<li><strong>Nvidia</strong>(NVDA -1.02%): 4,511,122 shares purchased</li>
<li><strong>Meta Platforms</strong>(META -1.39%): 1,466,311 shares purchased</li>
<li><strong>Tesla</strong>(TSLA -0.33%): 350,084 shares purchased</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>英偉達</strong>(NVDA -1.02%): 購買 4,511,122 股</li>
<li><strong>Meta Platforms</strong>(META -1.39%): 購買 1,466,311 股</li>
<li><strong>特斯拉</strong>(TSLA -0.33%): 購買 350,084 股</li>
</ul>
</div><p>The stakes in social media colossus Meta Platforms and North America's electric-vehicle (EV) kingpin Tesla are both new, while the add to Viking Global's Nvidia stake increased its position by about 222% from the December-ended quarter.</p>
<div class="lb-trans"><p>社交媒體巨頭 Meta Platforms 和北美電動車（EV）領軍企業特斯拉的股份都是新買入，而對 Viking Global 的英偉達股份的增持使其在截至 12 月的季度中的持倉增加了約 222%。</p>
</div><p>Why load up on these three stocks? For one, the addressable market for AI is enormous. In <em>Sizing the Prize</em>, PwC estimated it would provide a $15.7 trillion boost to the global economy by 2030. This is a big enough figure that plenty of companies can benefit.</p>
<div class="lb-trans"><p>為什麼要增持這三隻股票？首先，AI 的可尋址市場巨大。在《Sizing the Prize》中，普華永道估計到 2030 年將為全球經濟提供 15.7 萬億美元的推動。這是一個足夠大的數字，許多公司都能從中受益。</p>
</div><p>Nvidia's Hopper (H100) and Blackwell graphics processing units (GPUs) are currently the top option for businesses wanting to run generative AI solutions and build/train large language models (LLMs). Meanwhile, Meta and Tesla are some of the leading applications companies deploying AI solutions. Meta has incorporated generative AI solutions into its platform for advertisers, while AI is at the heart of Tesla's full self-driving software that assists drivers.</p>
<div class="lb-trans"><p>英偉達的 Hopper（H100）和 Blackwell 圖形處理單元（GPU）目前是希望運行生成性 AI 解決方案和構建/訓練大型語言模型（LLM）的企業的最佳選擇。同時，Meta 和特斯拉是一些領先的應用公司，正在部署 AI 解決方案。Meta 已將生成性 AI 解決方案納入其廣告平台，而 AI 則是特斯拉全自動駕駛軟件的核心，幫助司機。</p>
</div><p>Nvidia, Meta Platforms, and Tesla also offer reasonably sustainable moats, which allows for aggressive innovation and investment in AI that most other businesses can't match:</p>
<div class="lb-trans"><p>英偉達、Meta Platforms 和特斯拉還提供了相對可持續的護城河，使其能夠進行激進的創新和投資 AI，而大多數其他企業無法匹敵：</p>
</div><ul>
<li>Nvidia holds the lion's share of the AI-GPU market and is generating boatloads of annual operating cash flow.</li>
<li>Meta Platforms averaged 3.43 billion daily active people visiting its social sites in March, which is far more eyeballs than any other social media company.</li>
<li>Tesla is leaning on its first-move advantages, which allow it to profitably sell more EVs than any other auto company.</li>
</ul>
<div class="lb-trans"><ul>
<li>英偉達在 AI-GPU 市場中佔據了絕大部分份額，併產生了大量的年度運營現金流。</li>
<li>Meta Platforms 在 3 月平均有 34.3 億日活躍用户訪問其社交網站，遠超任何其他社交媒體公司。</li>
<li>特斯拉依靠其先發優勢，使其能夠比任何其他汽車公司更有利可圖地銷售更多電動車。</li>
</ul>
</div><p>To be objective, none of these foundational companies are without their own unique headwinds. Nvidia's gross margin has been declining for a year, which likely points to an increase in AI-GPU competition. As for Meta, it's ad-driven operating model is intricately tied to the health of the U.S. and global economy. Lastly, Tesla's EV margin has plunged as competitive pressures have mounted.</p>
<div class="lb-trans"><p>客觀地説，這些基礎公司都面臨着各自獨特的逆風。英偉達的毛利率已經下降了一年，這可能表明 AI-GPU 競爭的加劇。至於 Meta，其廣告驅動的運營模式與美國和全球經濟的健康息息相關。最後，特斯拉的電動車利潤率因競爭壓力的加大而急劇下降。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTkxNTMvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819153%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>Billionaire Halvorsen bids adieu to the cheapest Mag-7 stock</h2>
<div class="lb-trans"><h2>億萬富翁 Halvorsen 告別最便宜的 Mag-7 股票</h2>
</div><p>On the other side of the coin, Ole Andreas Halvorsen oversaw the complete sale of 22 stocks during the first quarter, as well as reductions in 28 others.</p>
<div class="lb-trans"><p>另一方面，Ole Andreas Halvorsen 在第一季度監督了 22 只股票的全部出售，以及 28 只股票的減持。</p>
</div><p>Among the 22 stocks that were given the heave-ho is the cheapest Magnificent Seven stock, based on forward price-to-earnings (P/E) ratio, <strong>Alphabet</strong>(GOOGL -1.37%) (GOOG -1.34%). Viking Global sold all 3,661,375 of the Class A shares (GOOGL) it had held since the third quarter of 2024. For added context, Alphabet was Halvorsen's 14th-largest holding (out of 85) when 2024 came to a close.</p>
<div class="lb-trans"><p>在被拋棄的 22 只股票中，基於前瞻市盈率（P/E）最便宜的七大奇蹟股票是 <strong>Alphabet</strong>(GOOGL -1.37%) (GOOG -1.34%)。Viking Global 出售了其自 2024 年第三季度以來持有的所有 3,661,375 股 A 類股票（GOOGL）。為了提供更多背景，Alphabet 在 2024 年結束時是 Halvorsen 的第 14 大持股（共 85 只）。</p>
</div><p>One of the possible reasons Halvorsen's interest in Alphabet faded in the first quarter has to do with the questions surrounding the use of LLMs in search. Some investors believe that as LLM's are &#34;trained&#34; and become smarter over time, they'll be able to provide a level of search that's on par, or potentially better, than what Google's search engine can currently deliver.</p>
<div class="lb-trans"><p>Halvorsen 在第一季度對 Alphabet 興趣減退的一個可能原因與大型語言模型（LLM）在搜索中的使用問題有關。一些投資者認為，隨着 LLM 的 “訓練” 和隨着時間的推移變得更聰明，它們將能夠提供與谷歌搜索引擎當前提供的水平相當，甚至更好的搜索體驗。</p>
</div><p>Another potential worry is the U.S. Justice Department's attempt to break up Alphabet by forcing the company to sell its popular Chrome browser and, possibly, its Android operating system. The Justice Department has argued the company's search monopoly has stifled competition and innovation. Though it's not clear if breaking up Alphabet would mean less value for the sum of the parts, it's an unknown variable -- and Wall Street doesn't like unknowns.</p>
<div class="lb-trans"><p>另一個潛在的擔憂是美國司法部試圖通過迫使 Alphabet 出售其受歡迎的 Chrome 瀏覽器以及可能的 Android 操作系統來拆分該公司。司法部認為，該公司的搜索壟斷抑制了競爭和創新。儘管尚不清楚拆分 Alphabet 是否會導致各部分的總價值減少，但這仍是一個未知變量——華爾街不喜歡未知。</p>
</div><p>The third factor that may have played a role in Ole Andreas Halvorsen ditching his fund's Alphabet stake is the prospect of the U.S. economy falling into a recession. In the neighborhood of three-quarters of Alphabet's net sales come from advertising. With the initial first-quarter read on U.S. gross domestic product showing an annual 0.3% contraction, there's genuine concern of a recession taking shape.</p>
<div class="lb-trans"><p>Ole Andreas Halvorsen 放棄其基金在 Alphabet 的股份的第三個因素可能是美國經濟陷入衰退的前景。大約四分之三的 Alphabet 淨銷售額來自廣告。隨着美國國內生產總值初步數據顯示年率收縮 0.3%，人們對衰退形成的擔憂愈發真實。</p>
</div><p>While these are all tangible concerns, it's fair to question if these worries are already factored into Alphabet's valuation. For instance, Google has consistently maintained an 89% to 93% share of worldwide internet search dating back more than a decade. It's highly unlikely this cash cow of an operating segment is going to notably struggle anytime soon.</p>
<div class="lb-trans"><p>雖然這些都是切實的擔憂，但合理質疑這些擔憂是否已經反映在 Alphabet 的估值中。例如，谷歌在全球互聯網搜索中始終保持 89% 至 93% 的市場份額，追溯至十多年前。這個盈利豐厚的運營部門不太可能在短期內顯著掙扎。</p>
</div><p>Alphabet also has copious amounts of cash on hand to deploy in various AI solutions. For example, incorporating generative AI solutions into Google Cloud, the world's No. 3 cloud infrastructure service platform by total spend, should accelerate this segment's already impressive growth rate. Further, cloud-service margins are considerably juicier than advertising margins for Alphabet.</p>
<div class="lb-trans"><p>Alphabet 還擁有大量現金可用於各種人工智能解決方案。例如，將生成性人工智能解決方案納入 Google Cloud，這一全球第三大雲基礎設施服務平台（按總支出計算），應該會加速該部門已經令人印象深刻的增長率。此外，雲服務的利潤率遠高於 Alphabet 的廣告利潤率。</p>
</div><p>With Alphabet stock trading at a forward P/E of 16, as of this writing, the potential reward for investors appears to heavily outweigh any near-term risks.</p>
<div class="lb-trans"><p>截至目前，Alphabet 股票的前瞻市盈率為 16，投資者的潛在回報似乎遠遠超過任何短期風險。</p>
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Billionaire Ole Andreas Halvorsen Just Bought Nvidia, Tesla, and Meta Platforms, but Dumped His Entire Stake in the Cheapest "Magnificent Seven" Stock

- 機構投資者於 5 月 15 日提交 13F 表格，披露股票交易情況。  
- Viking Global 的 Ole Andreas Halvorsen 增持 Nvidia、Meta 和 Tesla 三隻 AI 股票。  
- Halvorsen 完全出售 Alphabet 股票，因對其未來前景存疑。  

億萬富翁 Ole Andreas Halvorsen 剛剛買入了 NVIDIA、特斯拉和 Meta Platforms，但賣掉了他在最便宜的 “七大傑出股票” 中的全部持股