<p>我監測億萬富翁在對沖基金中的投資，這為我提供了投資思路，並幫助我判斷對某隻股票的看法是否仍然相關。</p>
<p>我關注的基金之一是查斯·科爾曼的老虎全球管理基金，該基金在第一季度對一些頂級人工智能（AI）股票進行了重大購買。科爾曼和他的團隊買入了哪些股票呢？讓我們來看看。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>信息有些過時</h2>
<p>如果一個基金的資產超過 1 億美元，它需要向證券交易委員會（SEC）披露其季度末持倉。然後，在一個季度結束後的 45 天，該信息通過 13-F 表格向投資公眾公佈。儘管這些信息對投資者來説有些滯後，但它仍然可以讓投資者瞭解基金的動態，特別是與之前幾個季度的持倉相比。</p>
<p>在第一季度，老虎全球管理購買了一些大型 AI 股票。這些股票包括 <strong>微軟</strong>（MSFT 0.30%）、<strong>亞馬遜</strong>（AMZN 0.45%）、<strong>英偉達</strong>（NVDA 3.23%）和 <strong>台積電</strong>（TSM 0.51%）。這四隻股票在第一季度之前已經在老虎全球管理的投資組合中，因此這些代表了科爾曼和他的團隊的進一步購買。</p>
<p>雖然我們不知道這些股票在第一季度具體何時被購買，但我們知道自季度末以來，每隻股票的價格都上漲了。這四隻股票中有哪隻現在值得購買嗎？</p>
<h2>這四隻股票的價格仍然低於 2024 年大部分時間的水平</h2>
<p>如果你通過前瞻市盈率（P/E）來分析每隻股票，你可以理解每隻股票相對於其他股票的估值水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.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/f27e23f5cc9cc350c4f3e2e08496c471.png"/></p>
<p>MSFT 前瞻市盈率數據來自 YCharts</p>
<p>首先顯而易見的是，這四隻股票的估值仍然處於 2024 年大部分時間的交易區間的底部。因此，即使它們在幾周前可能以更低的價格被購買，但考慮到它們的區間，它們仍然具有吸引力。</p>
<p>第二個顯著的特點是，台積電的估值相對於其他三隻股票來説更為便宜。台積電的股票可以以低於 21 倍的前瞻市盈率購買，這一點非常重要，因為 <strong>標準普爾 500 指數</strong> 的前瞻市盈率為 22.1 倍。這是一個低於市場的倍數，但台積電預計在未來五年將實現巨大的增長。管理層認為，其與 AI 相關的收入可以以 45% 的複合年增長率（CAGR）增長，而整體收入的 CAGR 將接近 20%。</p>
<p>這比未來五年整體市場的增長速度（通常約為每年 10%）要快，使得台積電的股票現在成為一個絕佳的購買選擇。</p>
<p>其他三隻股票則需要更多的努力。它們的估值處於溢價水平，因此需要實現超越市場的增長。</p>
<p>英偉達可能是最容易為其辯護的公司，因為其 GPU 帝國仍在擴展，以滿足 AI 軍備競賽的巨大計算需求。華爾街分析師預計，英偉達在 2026 財年的收入增長將達到 53%（截至 2026 年 1 月），明年的增長為 24%，因此英偉達有足夠的增長來證明其溢價的價格標籤。</p>
<p>亞馬遜在 2025 年和 2026 年的預計收入增長分別為 9% 和 10%。這可能立即引起投資者的警惕，因為這低於整體市場的增長。然而，亞馬遜並不是一個收入增長故事；它是一個利潤擴張故事。在過去幾年中，亞馬遜的高利潤率部門增長速度遠快於低利潤率部門，從而使其利潤率大幅提升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.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/96206e11b2d68ea764a4b211bea2ebbc.png"/></p>
<p>AMZN 營業利潤率（TTM）數據來自 YCharts</p>
<p>這種擴張尚未結束，使得亞馬遜成為一個值得考慮購買的股票。</p>
<p>最後是微軟，預計在 2025 年和 2026 年的收入增長速度分別為 14% 和 13%，這相當可觀。然而，微軟沒有像亞馬遜那樣的利潤擴張故事，這在一定程度上限制了其回報潛力。</p>
<p>雖然微軟在過去幾年中證明了自己是一家強大而有韌性的企業，但我認為我不想像其他三隻股票那樣擁有這隻股票。它的價格與亞馬遜和英偉達一樣昂貴，但沒有足夠的增長潛力來證明其成本。</p>
<p>微軟並不是一隻_糟糕_的 AI 股票，但它沒有其他股票的潛力，這就是為什麼它在我列出的老虎全球管理本季度購買的四隻 AI 股票中排名最後。</p>

英偉達

亞馬遜

台積電

<p>Chase Coleman 的 Tiger Global Management 基金在第一季度大幅購買了人工智能股票，包括微軟、亞馬遜、英偉達和台積電。儘管這些股票的價格高於之前，但仍然具有吸引力。台積電因其較低的估值和預計 45% 的人工智能相關收入年複合增長率而特別引人注目。英偉達顯示出強勁的增長潛力，而亞馬遜則專注於利潤擴張。微軟雖然表現穩健，但缺乏其他股票的增長潛力，在這四隻購買的人工智能股票中排名最後</p>

<p>I monitor billionaires' investments in hedge funds, which gives me investment ideas and helps me determine whether my thoughts on a particular stock are still relevant.</p>
<div class="lb-trans"><p>我監測億萬富翁在對沖基金中的投資，這為我提供了投資思路，並幫助我判斷對某隻股票的看法是否仍然相關。</p>
</div><p>One of the funds I follow is Chase Coleman's Tiger Global Management fund, which made some major purchases of top artificial intelligence (AI) stocks during the first quarter. What stocks did Coleman and his team load up on? Let's take a look.</p>
<div class="lb-trans"><p>我關注的基金之一是查斯·科爾曼的老虎全球管理基金，該基金在第一季度對一些頂級人工智能（AI）股票進行了重大購買。科爾曼和他的團隊買入了哪些股票呢？讓我們來看看。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTk0NzUvdGhyZWUtcGVvcGxlLWRlYmF0aW5nLW9uLXN0b2NrLWRhdGEtaW5mb3JtYXRpb24uanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F819475%2Fthree-people-debating-on-stock-data-information.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>The information is a bit dated</h2>
<div class="lb-trans"><h2>信息有些過時</h2>
</div><p>If a fund has over $100 million in assets, it is required to divulge its end-of-quarter holdings to the Securities and Exchange Commission (SEC). Then, 45 days after the close of a quarter, that information is made available to the investing public through a Form 13-F. Although this information comes to investors a bit late, it still gives investors an idea of what the fund is doing, especially when compared to its holdings in previous quarters.</p>
<div class="lb-trans"><p>如果一個基金的資產超過 1 億美元，它需要向證券交易委員會（SEC）披露其季度末持倉。然後，在一個季度結束後的 45 天，該信息通過 13-F 表格向投資公眾公佈。儘管這些信息對投資者來説有些滯後，但它仍然可以讓投資者瞭解基金的動態，特別是與之前幾個季度的持倉相比。</p>
</div><p>During the first quarter, Tiger Global Management purchased a few big-time AI stocks. These included <strong>Microsoft</strong>(MSFT 0.30%), <strong>Amazon</strong>(AMZN 0.45%), <strong>Nvidia</strong>(NVDA 3.23%), and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.51%). All four of these stocks were already in Tiger Global Management's portfolio prior to Q1, so these represent further buys from Coleman and his team.</p>
<div class="lb-trans"><p>在第一季度，老虎全球管理購買了一些大型 AI 股票。這些股票包括 <strong>微軟</strong>（MSFT 0.30%）、<strong>亞馬遜</strong>（AMZN 0.45%）、<strong>英偉達</strong>（NVDA 3.23%）和 <strong>台積電</strong>（TSM 0.51%）。這四隻股票在第一季度之前已經在老虎全球管理的投資組合中，因此這些代表了科爾曼和他的團隊的進一步購買。</p>
</div><p>Although we don't know exactly when the stocks were bought in Q1, we know that since the end of the quarter, each has risen in price. Are any of these four worth buying right now?</p>
<div class="lb-trans"><p>雖然我們不知道這些股票在第一季度具體何時被購買，但我們知道自季度末以來，每隻股票的價格都上漲了。這四隻股票中有哪隻現在值得購買嗎？</p>
</div><h2>All four of the stocks are still cheaper than they were for most of 2024</h2>
<div class="lb-trans"><h2>這四隻股票的價格仍然低於 2024 年大部分時間的水平</h2>
</div><p>If you examine each stock by its forward price-to-earnings (P/E) ratio, you can understand how highly each stock is valued relative to the others.</p>
<div class="lb-trans"><p>如果你通過前瞻市盈率（P/E）來分析每隻股票，你可以理解每隻股票相對於其他股票的估值水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.png" alt="" original-src="https://media.ycharts.com/charts/f27e23f5cc9cc350c4f3e2e08496c471.png"/></p>
<p>MSFT PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>MSFT 前瞻市盈率數據來自 YCharts</p>
</div><p>The first thing that stands out is that all four of these stocks are still valued at the bottom end of their trading range throughout most of 2024. So, even though they <em>could</em> have been purchased for much cheaper prices just a few weeks ago, they're still attractive considering their range.</p>
<div class="lb-trans"><p>首先顯而易見的是，這四隻股票的估值仍然處於 2024 年大部分時間的交易區間的底部。因此，即使它們在幾周前可能以更低的價格被購買，但考慮到它們的區間，它們仍然具有吸引力。</p>
</div><p>The second thing that stands out is how cheap Taiwan Semiconductor is compared to the other three. Taiwan Semi's stock can be purchased for under 21 times forward earnings, which is significant because the <strong>S&amp;P 500</strong> trades for 22.1 times forward earnings. This is a lower-than-market multiple, yet Taiwan Semi is expected to deliver monster growth over the next five years. Management believes its AI-related revenue can increase at a 45% compound annual growth rate (CAGR), and its overall revenue CAGR will approach 20%.</p>
<div class="lb-trans"><p>第二個顯著的特點是，台積電的估值相對於其他三隻股票來説更為便宜。台積電的股票可以以低於 21 倍的前瞻市盈率購買，這一點非常重要，因為 <strong>標準普爾 500 指數</strong> 的前瞻市盈率為 22.1 倍。這是一個低於市場的倍數，但台積電預計在未來五年將實現巨大的增長。管理層認為，其與 AI 相關的收入可以以 45% 的複合年增長率（CAGR）增長，而整體收入的 CAGR 將接近 20%。</p>
</div><p>That's faster than the broader market's growth over the next five years (usually around 10% annually), making Taiwan Semiconductor stock a fantastic buy right now.</p>
<div class="lb-trans"><p>這比未來五年整體市場的增長速度（通常約為每年 10%）要快，使得台積電的股票現在成為一個絕佳的購買選擇。</p>
</div><p>The other three have a bit more work to do. They're trading at a premium valuation, so they will need to deliver market-beating growth.</p>
<div class="lb-trans"><p>其他三隻股票則需要更多的努力。它們的估值處於溢價水平，因此需要實現超越市場的增長。</p>
</div><p>Nvidia is probably the easiest company to make this case for, as its GPU empire is still expanding to meet the massive computing needs of the AI arms race. Wall Street analysts expect 53% revenue growth in fiscal year 2026 (ending January 2026) and 24% next year, so Nvidia has the growth to justify its premium price tag.</p>
<div class="lb-trans"><p>英偉達可能是最容易為其辯護的公司，因為其 GPU 帝國仍在擴展，以滿足 AI 軍備競賽的巨大計算需求。華爾街分析師預計，英偉達在 2026 財年的收入增長將達到 53%（截至 2026 年 1 月），明年的增長為 24%，因此英偉達有足夠的增長來證明其溢價的價格標籤。</p>
</div><p>Amazon's projected revenue growth in 2025 and 2026 is 9% and 10%, respectively. This might immediately throw red flags for investors, as it's slower than the broader market's growth. However, Amazon isn't a revenue growth story; it's a margin expansion story. Over the past few years, Amazon's higher-margin segments have grown much faster than its lower-margin ones, allowing its margins to expand dramatically.</p>
<div class="lb-trans"><p>亞馬遜在 2025 年和 2026 年的預計收入增長分別為 9% 和 10%。這可能立即引起投資者的警惕，因為這低於整體市場的增長。然而，亞馬遜並不是一個收入增長故事；它是一個利潤擴張故事。在過去幾年中，亞馬遜的高利潤率部門增長速度遠快於低利潤率部門，從而使其利潤率大幅提升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.png" alt="" original-src="https://media.ycharts.com/charts/96206e11b2d68ea764a4b211bea2ebbc.png"/></p>
<p>AMZN Operating Margin (TTM) data by YCharts</p>
<div class="lb-trans"><p>AMZN 營業利潤率（TTM）數據來自 YCharts</p>
</div><p>This expansion isn't done yet, making Amazon an intriguing stock to consider buying.</p>
<div class="lb-trans"><p>這種擴張尚未結束，使得亞馬遜成為一個值得考慮購買的股票。</p>
</div><p>Last is Microsoft, which is expected to grow revenue at a 14% and 13% pace in 2025 and 2026, respectively, which is quite impressive. However, Microsoft doesn't have the same margin expansion story as Amazon, which slightly caps its return potential.</p>
<div class="lb-trans"><p>最後是微軟，預計在 2025 年和 2026 年的收入增長速度分別為 14% 和 13%，這相當可觀。然而，微軟沒有像亞馬遜那樣的利潤擴張故事，這在一定程度上限制了其回報潛力。</p>
</div><p>While Microsoft has proven to be a strong and resilient business over the past few years, I don't think I'd want to own the stock as much as the other three. It's just as expensive as Amazon and Nvidia, yet it doesn't have quite the growth upside to justify the cost.</p>
<div class="lb-trans"><p>雖然微軟在過去幾年中證明了自己是一家強大而有韌性的企業，但我認為我不想像其他三隻股票那樣擁有這隻股票。它的價格與亞馬遜和英偉達一樣昂貴，但沒有足夠的增長潛力來證明其成本。</p>
</div><p>Microsoft isn't a <em>bad</em> AI stock to own, but it doesn't have the same potential as the others, which is why it's at the bottom of my list for the four AI stocks that Tiger Global Management bought this quarter.</p>
<div class="lb-trans"><p>微軟並不是一隻_糟糕_的 AI 股票，但它沒有其他股票的潛力，這就是為什麼它在我列出的老虎全球管理本季度購買的四隻 AI 股票中排名最後。</p>
</div>

Billionaire Chase Coleman Just Loaded Up on 4 Brilliant AI Stocks

- Tiger Global Management 在第一季度增持了微軟、亞馬遜、英偉達和台積電等 AI 股票。  
- 台積電的估值低於市場水平，預計未來五年將實現 45% 的複合年增長率。  
- 其他三隻股票需實現超越市場的增長才能證明其高估值的合理性。  

億萬富翁查斯·科爾曼剛剛增持了 4 只優秀的人工智能股票