<p>每個季度，管理超過 1 億美元的投資公司都需要向證券交易委員會提交 13F 表格。基本上，13F 表格詳細列出了機構投資經理在上個季度買入和賣出的股票，從而提供了一些關於華爾街 “聰明資金” 思考的線索。</p>
<p>不過，除了傳統投資基金外，擁有其他公司投資的大型企業也需要提交 13F 表格。在上個季度，人工智能巨頭 <strong>Alphabet</strong>（NASDAQ: GOOGL）（NASDAQ: GOOG）將其在一隻炙手可熱的網絡安全股票中的持股削減了 83%。</p>
<p>讓我們分析一下 Alphabet 剛剛出售的股票，並探討它可能這樣做的原因。接下來，我將提供我的看法，看看現在是否是跟隨 Alphabet 的好時機。</p>
<h2>Alphabet 剛剛拋售了什麼股票？</h2>
<p>在 2024 年第一季度，Alphabet 較大的一筆出售是 <strong>CrowdStrike</strong>（CRWD 3.61%）。下表展示了 Alphabet 在過去一年中持有的 CrowdStrike 的股份數量。</p>
<table>
<thead>
<tr>
<th>類別</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>持有的 CrowdStrike 股份</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
<p>數據來源：13F.info。</p>
<p>雖然 Alphabet 在大約一年前開始顯著削減其在 CrowdStrike 的持股，但這家互聯網和雲計算領導者在過去三個連續季度中並沒有對其在這隻網絡安全股票的投資做出任何改變。</p>
<p>那麼，為什麼是現在呢？我能想到兩個主要原因，Alphabet 可能剛剛大幅減少其在 CrowdStrike 的持股。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>為什麼 Alphabet 可能出售 CrowdStrike 股票？</h2>
<p>自 2024 年第一季度末以來，CrowdStrike 的股價上漲了 43%（截至本文撰寫時）。這不僅擊敗了 <strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 的回報，而且還遠高於 CrowdStrike 在網絡安全領域的許多同行。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png?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://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png"/></p>
<p>CRWD 數據來源：YCharts</p>
<p>請記住，去年夏天，CrowdStrike 因其軟件平台中發現的漏洞而陷入了一場公關災難——導致其許多客户在全球範圍內發生廣泛的停機。儘管經歷了這場小危機，CrowdStrike 的股票表現出韌性，並從去年 7 月的劇烈拋售中反彈。考慮到這些動態，我認為 Alphabet 選擇在某種勢頭中出售並從中獲利。</p>
<p>鑑於 CrowdStrike 最近的財務指引並沒有給投資者留下深刻印象，我認為 Alphabet 在此時出售的決定可能相當明智。</p>
<p>然而，我認為 Alphabet 減少其在 CrowdStrike 的投資的更大原因是該公司最近收購了 Wiz。</p>
<p>在過去幾年中，Alphabet 在網絡安全領域進行了大量收購。在我看來，將 Wiz 整合到其基於雲的網絡安全產品中——這也是 Alphabet 不斷增長的人工智能部門的一部分——代表了與 CrowdStrike 更直接競爭的機會。</p>
<h2>現在 CrowdStrike 股票值得購買嗎？</h2>
<p>下圖將 CrowdStrike 與其他網絡安全軟件股票的同行進行基準比較，基於市銷率（P/S）倍數。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png?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://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png"/></p>
<p>CRWD 市銷率數據來源：YCharts</p>
<p>CrowdStrike 是這一組股票中價格最高的股票之一，僅次於 <strong>Cloudflare</strong>。更重要的是，CrowdStrike 與其同行之間的倍數差異巨大，並且似乎正在擴大！</p>
<p>即使在這種估值擴張下，CrowdStrike 當前的市銷率為 28.8，仍比其五年高點 65.7 低 56%。</p>
<p>考慮到這一點，我認為 CrowdStrike 實際上開始顯示出成熟業務的跡象。我的意思是，儘管從表面上看估值似乎過高，但當你考慮長期趨勢時，股票現在可能被視為合理。事實上，CrowdStrike 的市銷率水平基本上已經反彈回去年夏天停機消息爆出之前的水平。</p>
<p>在我看來，Alphabet 出於戰略原因削減了在 CrowdStrike 的持股，原因是與 Wiz 的持續整合，或許還希望將資本重新分配到波動性較小的機會中。我認為沒有其他因素驅動了出售 CrowdStrike 股票的決定。</p>
<p>我認為 CrowdStrike 是一個在人工智能和網絡安全交匯處的引人注目的機會——這兩個領域都是巨大的且不斷擴展的可尋址市場機會。擁有長期投資視野的投資者可能希望考慮在當前估值下購買這家網絡安全領導者的股票。</p>

CRWD

<p>Alphabet 大幅減少了在 CrowdStrike 的持股比例，降幅達到 83%，在這隻網絡安全股票表現強勁後出售了股份。此決定可能受到 CrowdStrike 最近收購 Wiz 的影響，該收購與 Alphabet 的人工智能和網絡安全戰略相一致。儘管進行了拋售，CrowdStrike 的估值仍顯合理，並且在不斷增長的人工智能和網絡安全市場中仍然是一個引人注目的投資機會。具有長期投資視角的投資者可能會考慮在當前估值下購買股份</p>

<p>Each quarter, investment firms that manage over $100 million are required to file a form 13F with the Securities and Exchange Commission. Essentially, a 13F breaks down which stocks institutional money managers bought and sold during the last quarter -- thus providing some clues as to what the &#34;smart money&#34; on Wall Street is thinking.</p>
<div class="lb-trans"><p>每個季度，管理超過 1 億美元的投資公司都需要向證券交易委員會提交 13F 表格。基本上，13F 表格詳細列出了機構投資經理在上個季度買入和賣出的股票，從而提供了一些關於華爾街 “聰明資金” 思考的線索。</p>
</div><p>Outside of traditional investment funds, though, large corporations with investments in other companies are also required to file a 13F. Last quarter, artificial intelligence (AI) behemoth <strong>Alphabet</strong>(NASDAQ: GOOGL)(NASDAQ: GOOG) trimmed its stake in a red-hot cybersecurity stock by 83%.</p>
<div class="lb-trans"><p>不過，除了傳統投資基金外，擁有其他公司投資的大型企業也需要提交 13F 表格。在上個季度，人工智能巨頭 <strong>Alphabet</strong>（NASDAQ: GOOGL）（NASDAQ: GOOG）將其在一隻炙手可熱的網絡安全股票中的持股削減了 83%。</p>
</div><p>Let's analyze what stock Alphabet just sold, and explore why it may have done so. From there, I'll provide my opinion on whether or not now is a good time to follow Alphabet's lead.</p>
<div class="lb-trans"><p>讓我們分析一下 Alphabet 剛剛出售的股票，並探討它可能這樣做的原因。接下來，我將提供我的看法，看看現在是否是跟隨 Alphabet 的好時機。</p>
</div><h2>What stock did Alphabet just dump?</h2>
<div class="lb-trans"><h2>Alphabet 剛剛拋售了什麼股票？</h2>
</div><p>One of Alphabet's bigger sells during Q1 was in <strong>CrowdStrike</strong>(CRWD 3.61%). The table below illustrates the number of shares Alphabet owned in CrowdStrike over the last year.</p>
<div class="lb-trans"><p>在 2024 年第一季度，Alphabet 較大的一筆出售是 <strong>CrowdStrike</strong>（CRWD 3.61%）。下表展示了 Alphabet 在過去一年中持有的 CrowdStrike 的股份數量。</p>
</div><table>
<thead>
<tr>
<th>Category</th>
<th>Q1 2024</th>
<th>Q2 2024</th>
<th>Q3 2024</th>
<th>Q4 2024</th>
<th>Q1 2025</th>
</tr>
</thead>
<tbody>
<tr>
<td>Shares owned of CrowdStrike</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>類別</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>持有的 CrowdStrike 股份</td>
<td>855,789</td>
<td>427,895</td>
<td>427,895</td>
<td>427,895</td>
<td>74,230</td>
</tr>
</tbody>
</table>
</div><p>Data source: 13F.info.</p>
<div class="lb-trans"><p>數據來源：13F.info。</p>
</div><p>While Alphabet started to meaningfully trim its position in CrowdStrike around this time last year, the internet and cloud leader hadn't made any changes to its exposure in the cybersecurity stock for the last three consecutive quarters.</p>
<div class="lb-trans"><p>雖然 Alphabet 在大約一年前開始顯著削減其在 CrowdStrike 的持股，但這家互聯網和雲計算領導者在過去三個連續季度中並沒有對其在這隻網絡安全股票的投資做出任何改變。</p>
</div><p>So why now? I can think of two big reasons why Alphabet may have just significantly reduced its position in CrowdStrike.</p>
<div class="lb-trans"><p>那麼，為什麼是現在呢？我能想到兩個主要原因，Alphabet 可能剛剛大幅減少其在 CrowdStrike 的持股。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0MzAvY3liZXJzZWN1cml0eS1wcm90ZWN0aW9uLWxvY2sta2V5LTIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819430%2Fcybersecurity-protection-lock-key-2.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>Why might Alphabet have sold CrowdStrike stock?</h2>
<div class="lb-trans"><h2>為什麼 Alphabet 可能出售 CrowdStrike 股票？</h2>
</div><p>Since the end of Q1 2024, shares of CrowdStrike have gained 43% (as of this writing). Not only does that demolish the returns generated by the <strong>S&amp;P 500</strong> and <strong>Nasdaq Composite</strong>, but it's also considerably higher than many of CrowdStrike's peers in the cybersecurity space.</p>
<div class="lb-trans"><p>自 2024 年第一季度末以來，CrowdStrike 的股價上漲了 43%（截至本文撰寫時）。這不僅擊敗了 <strong>標準普爾 500 指數</strong> 和 <strong>納斯達克綜合指數</strong> 的回報，而且還遠高於 CrowdStrike 在網絡安全領域的許多同行。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png" alt="" original-src="https://media.ycharts.com/charts/f535da63ebea504b84d5084b6c3e5283.png"/></p>
<p>CRWD data by YCharts</p>
<div class="lb-trans"><p>CRWD 數據來源：YCharts</p>
</div><p>Remember, last summer CrowdStrike was at the center of a public relations disaster after a bug was found in its software platform -- causing widespread outages across the globe in many of its customers. Despite this minor crisis, CrowdStrike stock has proven resilient and bounced back from its epic sell-off last July. Given these dynamics, I think Alphabet chose to sell into some momentum and take some gains off the table.</p>
<div class="lb-trans"><p>請記住，去年夏天，CrowdStrike 因其軟件平台中發現的漏洞而陷入了一場公關災難——導致其許多客户在全球範圍內發生廣泛的停機。儘管經歷了這場小危機，CrowdStrike 的股票表現出韌性，並從去年 7 月的劇烈拋售中反彈。考慮到這些動態，我認為 Alphabet 選擇在某種勢頭中出售並從中獲利。</p>
</div><p>Given CrowdStrike's most recent financial guidance didn't exactly impress investors, I think Alphabet's decision to sell when it did could prove quite savvy.</p>
<div class="lb-trans"><p>鑑於 CrowdStrike 最近的財務指引並沒有給投資者留下深刻印象，我認為 Alphabet 在此時出售的決定可能相當明智。</p>
</div><p>The bigger reason I think Alphabet reduced its exposure to CrowdStrike, however, is due to the company's recent acquisition of Wiz.</p>
<div class="lb-trans"><p>然而，我認為 Alphabet 減少其在 CrowdStrike 的投資的更大原因是該公司最近收購了 Wiz。</p>
</div><p>Over the last few years Alphabet has made a flurry of acquisitions in the cybersecurity space. To me, rolling Wiz into its cloud-based cybersecurity products -- which is also part of Alphabet's growing AI division -- represents an opportunity to compete more directly with CrowdStrike.</p>
<div class="lb-trans"><p>在過去幾年中，Alphabet 在網絡安全領域進行了大量收購。在我看來，將 Wiz 整合到其基於雲的網絡安全產品中——這也是 Alphabet 不斷增長的人工智能部門的一部分——代表了與 CrowdStrike 更直接競爭的機會。</p>
</div><h2>Is CrowdStrike stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 CrowdStrike 股票值得購買嗎？</h2>
</div><p>The chart below benchmarks CrowdStrike against a peer set of other cybersecurity software stocks based on the price-to-sales (P/S) multiple.</p>
<div class="lb-trans"><p>下圖將 CrowdStrike 與其他網絡安全軟件股票的同行進行基準比較，基於市銷率（P/S）倍數。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png" alt="" original-src="https://media.ycharts.com/charts/220f756edb24ecbf2a5fc12704f14f45.png"/></p>
<p>CRWD PS Ratio data by YCharts</p>
<div class="lb-trans"><p>CRWD 市銷率數據來源：YCharts</p>
</div><p>CrowdStrike is one of the priciest stocks in this cohort, trailing only <strong>Cloudflare</strong> by a narrow margin. What's more is the disparity between the multiples in CrowdStrike and its peers is huge and appears to be widening!</p>
<div class="lb-trans"><p>CrowdStrike 是這一組股票中價格最高的股票之一，僅次於 <strong>Cloudflare</strong>。更重要的是，CrowdStrike 與其同行之間的倍數差異巨大，並且似乎正在擴大！</p>
</div><p>Even with this valuation expansion, CrowdStrike's current P/S of 28.8 is 56% below its five-year high of 65.7.</p>
<div class="lb-trans"><p>即使在這種估值擴張下，CrowdStrike 當前的市銷率為 28.8，仍比其五年高點 65.7 低 56%。</p>
</div><p>With that in mind, I think CrowdStrike is actually beginning to show signs of a maturing business. What I mean by that is the valuation may appear overextended upon first glance, but when you consider longer-term trends, shares could be seen as reasonable right now. In fact, CrowdStrike's P/S levels have essentially rebounded back to where they were prior to the sell-off last summer when news of the outage broke.</p>
<div class="lb-trans"><p>考慮到這一點，我認為 CrowdStrike 實際上開始顯示出成熟業務的跡象。我的意思是，儘管從表面上看估值似乎過高，但當你考慮長期趨勢時，股票現在可能被視為合理。事實上，CrowdStrike 的市銷率水平基本上已經反彈回去年夏天停機消息爆出之前的水平。</p>
</div><p>To me, Alphabet trimmed its stake in CrowdStrike for strategic reasons due to the ongoing integration with Wiz and perhaps is looking to reallocate capital into less volatile opportunities. I don't think there was much else driving the decision to sell CrowdStrike stock.</p>
<div class="lb-trans"><p>在我看來，Alphabet 出於戰略原因削減了在 CrowdStrike 的持股，原因是與 Wiz 的持續整合，或許還希望將資本重新分配到波動性較小的機會中。我認為沒有其他因素驅動了出售 CrowdStrike 股票的決定。</p>
</div><p>I see CrowdStrike as a compelling opportunity at the intersection of AI and cybersecurity -- both of which are enormous and expanding addressable market opportunities. Investors with a long-run time horizon may want to consider scooping up shares of the cybersecurity leader right now at its current valuation.</p>
<div class="lb-trans"><p>我認為 CrowdStrike 是一個在人工智能和網絡安全交匯處的引人注目的機會——這兩個領域都是巨大的且不斷擴展的可尋址市場機會。擁有長期投資視野的投資者可能希望考慮在當前估值下購買這家網絡安全領導者的股票。</p>
</div>

Alphabet Just Slashed Its Stake in This Monster Artificial Intelligence (AI) Cybersecurity Stock. Should You Follow?

- 投資公司需每季度向 SEC 提交 13F 表格，披露股票買賣情況。  
- Alphabet 在 Q1 大幅減持 CrowdStrike 股票，持股從 855,789 降至 74,230。  
- 此舉可能因 CrowdStrike 股價上漲及 Alphabet 收購 Wiz 以增強競爭力。

Alphabet 剛剛減少了其在這隻巨型人工智能（AI）網絡安全股票中的持股。你是否應該效仿？