<p>個人投資者應該關注一些最成功投資者的活動。億萬富翁對沖基金經理擁有比個人投資者更多的資源和信息，跟隨他們是確認你已經做出的決策或產生新想法的好方法。</p>
<p>我關注的一位億萬富翁是斯坦利·德魯肯米勒，他經營着杜克斯家族辦公室。每個季度，持有超過 1 億美元的基金必須在季度末報告其持倉。然後這些信息會在 45 天后以 13-F 表格的形式向公眾發佈。最新一輪的報告於 5 月 15 日發佈，包含了一些有價值的信息。</p>
<p>杜克斯家族辦公室大量增持了我最喜歡的投資人工智能（AI）軍備競賽的方式：<strong>台積電</strong>（TSM -0.73%），也稱為 TSMC。我認為這是德魯肯米勒的一個聰明舉動。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>TSMC 是一箇中立的 AI 投資</h2>
<p>杜克斯家族辦公室不僅僅是購買了一些 TSMC 的股票；它進行了大量增持。在第一季度之前，它僅持有超過 100,000 股該公司的股票。它在本季度大幅增加了持倉，現在持有接近 600,000 股。其在 TSMC 的股份現在佔其總持倉的約 3.33%，是其十大最大持倉之一。那麼，是什麼讓它對台積電如此看好呢？</p>
<p>TSMC 是全球最大的合同芯片製造商，能夠根據客户的獨特設計生產芯片。這是一種互利的關係，因為這樣客户不需要維護工廠或花費資源開發芯片製造技術，而 TSMC 也不需要設計或營銷其芯片。</p>
<p>根據 TSMC 的定位，該公司並不需要贏得 AI 技術才能在 AI 軍備競賽中獲勝；它只需要客户在推動其發展的計算能力上大量支出。對 TSMC 的投資是對未來世界將使用更多計算能力和更先進芯片的押注。這是顯而易見的，這也是為什麼該公司在我投資的最佳 AI 股票名單中名列前茅。</p>
<p>由於台積電作為幾乎所有參與 AI 軍備競賽公司的芯片供應商的獨特地位，它對需求的信息獲取無與倫比。芯片訂單通常提前數年下達，正如 TSMC 在亞利桑那州的工廠已經售罄到 2027 年所證明的那樣。因此，當管理層給出預測時，投資者應該明智地傾聽。</p>
<p>TSMC 的管理層認為，AI 需求將如此強勁，以至於其與 AI 相關的收入將在未來五年內以 45% 的複合年增長率（CAGR）增長。整體收入預計將以近 20% 的 CAGR 增長，為投資者提供出色的增長。</p>
<p>所有這些信息促使杜克斯家族辦公室在第一季度大量增持股票，但它最後一次可以進行此購買的日期是 3 月 31 日，當時市場尚未從關税引發的恐慌中恢復。那麼現在仍然是一個好買入時機嗎？</p>
<h2>TSMC 的股票仍然比大盤便宜</h2>
<p>儘管台積電的股票在過去幾周有所回升，但其交易估值仍然相當吸引人。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.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/89e0a0f5672e9bb445a72bebb08db8fc.png"/></p>
<p>TSM PE 比率（前瞻性）數據來源於 YCharts</p>
<p>在前瞻性收益不到 21 倍的情況下，TSMC 的交易價格低於大盤，後者以約 22.1 倍的前瞻性收益交易，衡量標準為 <strong>標準普爾 500 指數</strong>（^GSPC -0.56%）。</p>
<p>儘管你現在無法以幾周前的低價購買 TSMC 的股票，但它仍然比大盤便宜，並且預計其收入增長速度將遠快於市場的上漲（每年約 10%）。</p>
<p>這是一種超越市場的股票配方，這使得台積電在這裏成為一個明智的買入選擇。</p>

台積電

<p>億萬富翁斯坦利·德魯肯米勒的杜克斯家族辦公室顯著增加了對台積電（TSMC）的持股，目前擁有近 60 萬股，使其成為他們的十大頭寸之一。作為最大的合同芯片製造商，台積電有望受益於日益增長的人工智能需求，預計未來五年與人工智能相關的收入將以 45% 的年複合增長率增長。儘管最近股價有所回升，台積電的前瞻市盈率仍低於 21，使其比標準普爾 500 指數更具吸引力，成為一個潛在的強勁投資機會</p>

<p>Individual investors should monitor the activities of some of the most successful investors. Billionaire hedge fund managers have access to more resources and information than individual investors, and following them is a great way to confirm decisions you've already made or generate ideas.</p>
<div class="lb-trans"><p>個人投資者應該關注一些最成功投資者的活動。億萬富翁對沖基金經理擁有比個人投資者更多的資源和信息，跟隨他們是確認你已經做出的決策或產生新想法的好方法。</p>
</div><p>One billionaire I follow is Stanley Druckenmiller, who runs the Duquesne Family Office. Every quarter, funds with more than $100 million in holdings must report their holdings at the end of the quarter. Then that information is made available to the public 45 days later in a 13-F form. The latest round of those was released on May 15 and included some valuable information.</p>
<div class="lb-trans"><p>我關注的一位億萬富翁是斯坦利·德魯肯米勒，他經營着杜克斯家族辦公室。每個季度，持有超過 1 億美元的基金必須在季度末報告其持倉。然後這些信息會在 45 天后以 13-F 表格的形式向公眾發佈。最新一輪的報告於 5 月 15 日發佈，包含了一些有價值的信息。</p>
</div><p>The Duquesne Family Office loaded up on my favorite way to invest in the artificial intelligence (AI) arms race: <strong>Taiwan Semiconductor</strong>(TSM -0.73%), also referred to as TSMC. I think this is a genius move by Druckenmiller.</p>
<div class="lb-trans"><p>杜克斯家族辦公室大量增持了我最喜歡的投資人工智能（AI）軍備競賽的方式：<strong>台積電</strong>（TSM -0.73%），也稱為 TSMC。我認為這是德魯肯米勒的一個聰明舉動。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzYvdHdvLXBlb3BsZS1sb29raW5nLWF0LWEtc2NyZWVuLXdpdGgtZGF0YS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819476%2Ftwo-people-looking-at-a-screen-with-data.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>TSMC is a neutral AI play</h2>
<div class="lb-trans"><h2>TSMC 是一箇中立的 AI 投資</h2>
</div><p>The Duquesne Family Office didn't just buy some shares of TSMC; it loaded up. Prior to Q1, it owned just over 100,000 shares of the company. It has massively increased its position this quarter and now owns just shy of 600,000 shares. Its TSMC stake now makes up about 3.33% of its total holdings and is one of its 10 largest positions. So what makes it so bullish on Taiwan Semiconductor?</p>
<div class="lb-trans"><p>杜克斯家族辦公室不僅僅是購買了一些 TSMC 的股票；它進行了大量增持。在第一季度之前，它僅持有超過 100,000 股該公司的股票。它在本季度大幅增加了持倉，現在持有接近 600,000 股。其在 TSMC 的股份現在佔其總持倉的約 3.33%，是其十大最大持倉之一。那麼，是什麼讓它對台積電如此看好呢？</p>
</div><p>TSMC is the world's largest contract chip manufacturer, able to produce chips based on the unique designs of its customers. This is a mutually beneficial relationship, as this way clients don't need to maintain factories or spend resources on developing chip manufacturing technology, and TSMC doesn't need to design or market its chips.</p>
<div class="lb-trans"><p>TSMC 是全球最大的合同芯片製造商，能夠根據客户的獨特設計生產芯片。這是一種互利的關係，因為這樣客户不需要維護工廠或花費資源開發芯片製造技術，而 TSMC 也不需要設計或營銷其芯片。</p>
</div><p>Based on how TSMC is positioned, the company doesn't need a winning AI technology to win the AI arms race; it just needs its clients to spend heavily on the computing power that fuels it. An investment in TSMC is a bet that the world will use more computing power and more advanced chips over time. That's a no-brainer, which is why the company is at the top of my list for best AI stocks in which to invest.</p>
<div class="lb-trans"><p>根據 TSMC 的定位，該公司並不需要贏得 AI 技術才能在 AI 軍備競賽中獲勝；它只需要客户在推動其發展的計算能力上大量支出。對 TSMC 的投資是對未來世界將使用更多計算能力和更先進芯片的押注。這是顯而易見的，這也是為什麼該公司在我投資的最佳 AI 股票名單中名列前茅。</p>
</div><p>Because of Taiwan Semiconductor's unique position of being a chip supplier to nearly every company involved in the AI arms race, it has unparalleled access to information about demand. Chip orders are placed years in advance, as evidenced by TSMC's Arizona factory already selling out production through 2027. So when management gives a projection, investors would be wise to listen.</p>
<div class="lb-trans"><p>由於台積電作為幾乎所有參與 AI 軍備競賽公司的芯片供應商的獨特地位，它對需求的信息獲取無與倫比。芯片訂單通常提前數年下達，正如 TSMC 在亞利桑那州的工廠已經售罄到 2027 年所證明的那樣。因此，當管理層給出預測時，投資者應該明智地傾聽。</p>
</div><p>TSMC's management believes that AI demand will be so strong that its AI-related revenue will grow at a 45% compounded annual growth rate (CAGR) over the next five years. Overall revenue should increase at nearly a 20% CAGR, providing outstanding growth for investors.</p>
<div class="lb-trans"><p>TSMC 的管理層認為，AI 需求將如此強勁，以至於其與 AI 相關的收入將在未來五年內以 45% 的複合年增長率（CAGR）增長。整體收入預計將以近 20% 的 CAGR 增長，為投資者提供出色的增長。</p>
</div><p>All of this information contributes to the Duquesne Family Office loading up on shares during Q1, but the last date at which it could have made this purchase was March 31, when the markets hadn't recovered from tariff-induced fears. So is it still a good buy now?</p>
<div class="lb-trans"><p>所有這些信息促使杜克斯家族辦公室在第一季度大量增持股票，但它最後一次可以進行此購買的日期是 3 月 31 日，當時市場尚未從關税引發的恐慌中恢復。那麼現在仍然是一個好買入時機嗎？</p>
</div><h2>TSMC's stock is still cheaper than the broader market</h2>
<div class="lb-trans"><h2>TSMC 的股票仍然比大盤便宜</h2>
</div><p>Despite Taiwan Semiconductor's stock recovering in the past few weeks, it's still trading at a fairly attractive valuation.</p>
<div class="lb-trans"><p>儘管台積電的股票在過去幾周有所回升，但其交易估值仍然相當吸引人。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.png" alt="" original-src="https://media.ycharts.com/charts/89e0a0f5672e9bb445a72bebb08db8fc.png"/></p>
<p>TSM PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>TSM PE 比率（前瞻性）數據來源於 YCharts</p>
</div><p>At less than 21 times forward earnings, TSMC trades at a discount to the broader market, as measured by the <strong>S&amp;P 500</strong>(^GSPC -0.56%), which trades for around 22.1 times forward earnings.</p>
<div class="lb-trans"><p>在前瞻性收益不到 21 倍的情況下，TSMC 的交易價格低於大盤，後者以約 22.1 倍的前瞻性收益交易，衡量標準為 <strong>標準普爾 500 指數</strong>（^GSPC -0.56%）。</p>
</div><p>Although you can't buy TSMC stock for as little as you could just a few weeks ago, it's still cheaper than the broader market and is expected to grow its revenue much faster than the market rises (around 10% per year).</p>
<div class="lb-trans"><p>儘管你現在無法以幾周前的低價購買 TSMC 的股票，但它仍然比大盤便宜，並且預計其收入增長速度將遠快於市場的上漲（每年約 10%）。</p>
</div><p>That's a recipe for a market-beating stock, which makes Taiwan Semiconductor a smart buy here.</p>
<div class="lb-trans"><p>這是一種超越市場的股票配方，這使得台積電在這裏成為一個明智的買入選擇。</p>
</div>

Billionaire Stanley Druckenmiller Just Loaded Up on My Favorite Artificial Intelligence (AI) Stock

- 杜克恩家族辦公室在第一季度大幅增持台積電股份，現持有近 600,000 股。  
- 台積電是全球最大的合同芯片製造商，預計未來五年 AI 相關收入將以 45% 的年複合增長率增長。  
- 儘管股價回升，台積電的估值仍低於大盤，未來增長潛力巨大。  

億萬富翁斯坦利·德魯肯米勒剛剛增持了我最鍾愛的人工智能（AI）股票