<p>數據是華爾街的貨幣，而這種數據的數量非常豐富。在每個季度的收益季節——大多數 <strong>S&amp;P 500</strong> 公司報告其運營結果的六週時間段——以及經濟數據發佈之間，投資者需要吸收的信息幾乎是壓倒性的。有時，一些重要的信息可能會被忽視。</p>
<p>例如，5 月 15 日是管理至少 1 億美元資產的機構投資者向證券交易委員會提交 13F 表格的截止日期——你可能錯過了這一點。</p>
<p>這一提交的截止日期為季度結束後不超過 45 個日曆天，詳細列出了華爾街最聰明的資金經理在最新季度購買和出售的股票、交易所交易基金（ETFs）和（選擇的）股票期權。這可以提供關於哪些有影響力的股票正在受到關注或失寵的重要線索。</p>
<p>雖然 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特是股市上最受關注的資金經理，但他並不是唯一一個能夠影響市場的億萬富翁投資者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>例如，杜克斯尼家族辦公室的斯坦利·德魯肯米勒和孤松資本的斯蒂芬·曼德爾都有着出色的投資記錄，以及數十億美元的管理資產。</p>
<p>德魯肯米勒和曼德爾各自基金的第一季度 13F 報告中，特別值得注意的是他們對人工智能（AI）革命的態度。這兩位億萬富翁都拋棄了華爾街的主要 AI 股票，轉而投資於一家對企業 AI 數據中心至關重要的公司。</p>
<h2>億萬富翁德魯肯米勒和曼德爾完全拋棄了他們的英偉達股票</h2>
<p>普華永道的分析師預計，到 2030 年，人工智能的可尋址市場將達到 15.7 萬億美元，這為數百家公司提供了分一杯羹的機會。然而，沒有哪家公司比 <strong>英偉達</strong>（NVDA 1.69%）更直接地受益於 AI 的演變。這也是億萬富翁斯坦利·德魯肯米勒和斯蒂芬·曼德爾拋售的股票。</p>
<p>考慮到英偉達在 2024 年 6 月進行的 10 比 1 的前分拆，杜克斯尼家族辦公室在 2023 年 6 月結束的季度持有 9,500,750 股英偉達股票。同時，孤松資本在 2023 年 6 月底也持有 6,416,490 股英偉達股票。</p>
<p>但在接下來的 15 個月裏，德魯肯米勒和 12 個月裏，曼德爾這兩位億萬富翁將完全清空各自基金的英偉達持股。</p>
<p>儘管不可否認英偉達的霍普（H100）圖形處理單元（GPU）和布萊克威爾 GPU 架構是 AI 加速數據中心的首選選項，並且很明顯沒有其他外部競爭對手在計算能力上能與英偉達的硬件相抗衡，但德魯肯米勒和曼德爾仍然有合理的理由兑現他們的籌碼。</p>
<p>一個明顯的賣出理由就是簡單的獲利了結。英偉達的股票從 2023 年初飆升至 2024 年底，使其估值增加了超過 3 萬億美元。我們從未見過一家巨型企業如此迅速地增加 3 萬億美元的市值，這可能促使這兩位億萬富翁鎖定他們的收益。</p>
<p>但這次賣出活動背後可能不僅僅是獲利了結。</p>
<p>例如，合理的預期是競爭壓力將在硬件領域加大。儘管霍普和布萊克威爾在高計算數據中心中佔據了大部分 AI-GPU 市場份額，但外部競爭對手正在加大現有芯片的生產，並推出更節能的硬件。</p>
<p>更重要的是，許多英偉達的頂級客户正在開發自己的 AI-GPU 和 AI 解決方案。儘管這些芯片的速度可能不及霍普或布萊克威爾，但預計它們會便宜得多，並且不會像英偉達的硬件那樣出現積壓。這對英偉達因 AI-GPU 稀缺而獲得的定價權構成了直接威脅。</p>
<p>歷史上，英偉達的處境也並不樂觀。儘管 AI 支持着一個龐大的可尋址市場，但過去三十多年來，每一項下一個重大技術和創新都經歷過早期泡沫破裂事件。簡而言之，投資者歷史上有強烈的傾向高估新創新獲得實用性和被主流接受的速度。</p>
<p>隨着人工智能可能需要時間來成熟，作為最直接受益者的英偉達，如果泡沫形成並破裂，可能會感受到痛苦。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這是德魯肯米勒和曼德爾眼中的新 AI 寵兒</h2>
<p>儘管杜克斯尼和孤松的億萬富翁首席在動盪的第一季度減少了持有的股票數量，但他們都有在購買的一隻人工智能股票——它在 AI 加速數據中心的擴展中扮演着至關重要的角色。</p>
<p>德魯肯米勒和曼德爾眼中的新 AI 寵兒正是領先的芯片製造公司 <strong>台灣半導體制造公司</strong>（TSM 0.80%），通常被稱為 “台積電”。杜克斯尼在 2023 年 3 月結束的季度中通過增加 491,265 股台積電的股份，使其現有股份增加了五倍以上，而孤松資本的 13F 顯示在 2025 年第一季度購買了 104,937 股台積電。</p>
<p>大多數人工智能 GPU 公司依賴於台積電的製造服務，包括行業領導者英偉達和主要競爭對手 <strong>超微半導體</strong>。台積電正在快速擴大其每月的芯片 - 晶圓 - 基板（CoWoS）產能，從 2024 年的約 35,000 個單位預計到 2026 年達到 135,000 個單位。CoWoS 是一種用於封裝高帶寬內存的技術，這對於在高計算數據中心中進行瞬時決策的軟件和系統是必需的。</p>
<p>由於過去兩年對 AI-GPU 的需求超過了供應，台積電享有了其芯片製造服務的顯著積壓，並且其淨銷售額越來越多地傾向於高性能計算，這為公司帶來了更高的利潤率。截至 3 月底的季度，台積電來自高性能計算的淨銷售額同比激增，從 46% 上升至 59%。</p>
<p>儘管人工智能泡沫可能破裂對台灣半導體制造公司構成擔憂，但公司的訂單積壓和收入多樣化提供了一定程度的保護。</p>
<p>例如，第一季度 28% 的淨銷售額來自於用於智能手機的先進芯片。<strong>蘋果</strong> 顯著依賴台積電為 iPhone 提供芯片。智能手機和無線服務接入的一個好處是，它們都已演變為大多數美國人的基本需求。儘管智能手機芯片的需求增長速度不如以前那麼快，但這一領域的現金流對台積電來説往往是高度可預測的。</p>
<p>台積電在物聯網和汽車領域也有廣闊的機會。隨着家庭和車輛對技術的依賴加深，像台積電這樣的公司將被依賴於製造這些先進芯片。</p>
<p>最後，德魯肯米勒和曼德爾可能對台積電股票在第一季度的下跌感到鼓舞。儘管台積電的股票（目前）並不歷史性便宜，但其股價在 3 月底的尾聲時跌至接近 15 的前瞻市盈率。與英偉達相比，這使得其倍數具有吸引力。</p>

英偉達

<p>億萬富翁斯坦利·德魯肯米勒（Stanley Druckenmiller）和斯蒂芬·曼德爾（Stephen Mandel）已退出對英偉達（Nvidia）的投資，因對競爭壓力和潛在市場調整的擔憂。這兩位投資者已完全出售其英偉達的持股，儘管該股票的價值大幅上漲，他們選擇投資於另一家對企業數據中心至關重要的人工智能公司。這一轉變反映了在應對不斷變化的人工智能技術及其相關風險時，鎖定利潤的戰略舉措</p>

<p>Data is Wall Street's currency, and there's an abundance of it to go around. Between earnings season -- the six-week stretch each quarter where most <strong>S&amp;P 500</strong> companies report their operating results -- and economic data releases, there's an almost overwhelming amount of information for investors to absorb. Occasionally, something important can fall through the cracks.</p>
<div class="lb-trans"><p>數據是華爾街的貨幣，而這種數據的數量非常豐富。在每個季度的收益季節——大多數 <strong>S&amp;P 500</strong> 公司報告其運營結果的六週時間段——以及經濟數據發佈之間，投資者需要吸收的信息幾乎是壓倒性的。有時，一些重要的信息可能會被忽視。</p>
</div><p>For example, May 15 marked the deadline for institutional investors overseeing at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission -- and you might have missed it.</p>
<div class="lb-trans"><p>例如，5 月 15 日是管理至少 1 億美元資產的機構投資者向證券交易委員會提交 13F 表格的截止日期——你可能錯過了這一點。</p>
</div><p>This filing, which is due no later than 45 calendar days following the end to a quarter, details which stocks, exchange-traded funds (ETFs), and (select) stock options Wall Street's brightest money managers purchased and sold in the latest quarter. It can offer big-time clues as to which influential stocks are garnering interest or falling out of favor.</p>
<div class="lb-trans"><p>這一提交的截止日期為季度結束後不超過 45 個日曆天，詳細列出了華爾街最聰明的資金經理在最新季度購買和出售的股票、交易所交易基金（ETFs）和（選擇的）股票期權。這可以提供關於哪些有影響力的股票正在受到關注或失寵的重要線索。</p>
</div><p>While <strong>Berkshire Hathaway</strong>'s Warren Buffett is the stock market's most-followed money manager, he's far from the only billionaire investor known to move markets.</p>
<div class="lb-trans"><p>雖然 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特是股市上最受關注的資金經理，但他並不是唯一一個能夠影響市場的億萬富翁投資者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820160%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>For instance, Duquesne Family Office's Stanley Druckenmiller and Lone Pine Capital's Stephen Mandel have exemplary investment track records of their own, along with billions of dollars in assets under management.</p>
<div class="lb-trans"><p>例如，杜克斯尼家族辦公室的斯坦利·德魯肯米勒和孤松資本的斯蒂芬·曼德爾都有着出色的投資記錄，以及數十億美元的管理資產。</p>
</div><p>What's particularly noteworthy about the first-quarter 13Fs from Druckenmiller's and Mandel's respective funds has been their approach to the artificial intelligence (AI) revolution. Both billionaires have dumped the preeminent AI stock on Wall Street in favor of a company that's critical to enterprise AI data centers.</p>
<div class="lb-trans"><p>德魯肯米勒和曼德爾各自基金的第一季度 13F 報告中，特別值得注意的是他們對人工智能（AI）革命的態度。這兩位億萬富翁都拋棄了華爾街的主要 AI 股票，轉而投資於一家對企業 AI 數據中心至關重要的公司。</p>
</div><h2>Billionaires Druckenmiller and Mandel have completely dumped their Nvidia stock</h2>
<div class="lb-trans"><h2>億萬富翁德魯肯米勒和曼德爾完全拋棄了他們的英偉達股票</h2>
</div><p>With the analysts at PwC pegging the addressable market for artificial intelligence at $15.7 trillion by 2030, there's room for hundreds of businesses to get their piece of the pie. However, no company has been a more direct beneficiary of the evolution of AI than <strong>Nvidia</strong>(NVDA 1.69%). It's also the stock billionaires Stanley Druckenmiller and Stephen Mandel sent packing.</p>
<div class="lb-trans"><p>普華永道的分析師預計，到 2030 年，人工智能的可尋址市場將達到 15.7 萬億美元，這為數百家公司提供了分一杯羹的機會。然而，沒有哪家公司比 <strong>英偉達</strong>（NVDA 1.69%）更直接地受益於 AI 的演變。這也是億萬富翁斯坦利·德魯肯米勒和斯蒂芬·曼德爾拋售的股票。</p>
</div><p>Accounting for Nvidia's 10-for-1 forward split in June 2024, Duquesne Family Office held 9,500,750 shares in the June-ended quarter of 2023. Meanwhile, Lone Pine Capital possessed 6,416,490 shares of Nvidia, also at the end of June 2023.</p>
<div class="lb-trans"><p>考慮到英偉達在 2024 年 6 月進行的 10 比 1 的前分拆，杜克斯尼家族辦公室在 2023 年 6 月結束的季度持有 9,500,750 股英偉達股票。同時，孤松資本在 2023 年 6 月底也持有 6,416,490 股英偉達股票。</p>
</div><p>But over the following 15 months for Druckenmiller and 12 months for Mandel, both billionaires would oversee the complete purge of their respective fund's Nvidia holdings.</p>
<div class="lb-trans"><p>但在接下來的 15 個月裏，德魯肯米勒和 12 個月裏，曼德爾這兩位億萬富翁將完全清空各自基金的英偉達持股。</p>
</div><p>While there's no denying that Nvidia's Hopper (H100) graphics processing unit (GPU) and Blackwell GPU architecture are the preferred options in AI-accelerated data centers, and it's pretty clear that no other external competitors are particularly close to challenging Nvidia's hardware in terms of compute abilities, there are still viable reasons for Druckenmiller and Mandel to have cashed in their chips.</p>
<div class="lb-trans"><p>儘管不可否認英偉達的霍普（H100）圖形處理單元（GPU）和布萊克威爾 GPU 架構是 AI 加速數據中心的首選選項，並且很明顯沒有其他外部競爭對手在計算能力上能與英偉達的硬件相抗衡，但德魯肯米勒和曼德爾仍然有合理的理由兑現他們的籌碼。</p>
</div><p>One obvious reason to sell is simple profit-taking. Nvidia stock skyrocketed from early 2023 into late 2024, which increased its valuation by more than $3 trillion. We've never witnessed a megacap business add $3 trillion in market cap so quickly before, which may have encouraged these two billionaires to lock in their gains.</p>
<div class="lb-trans"><p>一個明顯的賣出理由就是簡單的獲利了結。英偉達的股票從 2023 年初飆升至 2024 年底，使其估值增加了超過 3 萬億美元。我們從未見過一家巨型企業如此迅速地增加 3 萬億美元的市值，這可能促使這兩位億萬富翁鎖定他們的收益。</p>
</div><p>But there might be more than just profit-taking behind this selling activity.</p>
<div class="lb-trans"><p>但這次賣出活動背後可能不僅僅是獲利了結。</p>
</div><p>For instance, it's only logical to expect competitive pressures to mount in the hardware arena. Even though Hopper and Blackwell hold most of the AI-GPU market share in high-compute data centers, external competitors are ramping up production of existing chips and bringing more energy-efficient hardware to market.</p>
<div class="lb-trans"><p>例如，合理的預期是競爭壓力將在硬件領域加大。儘管霍普和布萊克威爾在高計算數據中心中佔據了大部分 AI-GPU 市場份額，但外部競爭對手正在加大現有芯片的生產，並推出更節能的硬件。</p>
</div><p>What's more, many of Nvidia's top customers by net sales are developing AI-GPUs and AI solutions of their own. Even though these chips aren't going to be as fast as the Hopper or Blackwell, they're expected to be considerably cheaper and they won't be backlogged like Nvidia's hardware. This is a direct threat to the AI-GPU scarcity that's afforded Nvidia superior pricing power for its GPUs.</p>
<div class="lb-trans"><p>更重要的是，許多英偉達的頂級客户正在開發自己的 AI-GPU 和 AI 解決方案。儘管這些芯片的速度可能不及霍普或布萊克威爾，但預計它們會便宜得多，並且不會像英偉達的硬件那樣出現積壓。這對英偉達因 AI-GPU 稀缺而獲得的定價權構成了直接威脅。</p>
</div><p>History isn't exactly in Nvidia's corner, either. Despite AI supporting a lofty addressable market, every next-big-thing technology and innovation for more than three decades has endured an early stage bubble-bursting event. In short, investors have a historically strong tendency to overestimate how quickly a new innovation will gain utility and be adopted on a mainstream basis.</p>
<div class="lb-trans"><p>歷史上，英偉達的處境也並不樂觀。儘管 AI 支持着一個龐大的可尋址市場，但過去三十多年來，每一項下一個重大技術和創新都經歷過早期泡沫破裂事件。簡而言之，投資者歷史上有強烈的傾向高估新創新獲得實用性和被主流接受的速度。</p>
</div><p>With artificial intelligence likely needing time to mature as a technology, it's the most-direct beneficiary, Nvidia, which could feel the pain if a bubble forms and bursts.</p>
<div class="lb-trans"><p>隨着人工智能可能需要時間來成熟，作為最直接受益者的英偉達，如果泡沫形成並破裂，可能會感受到痛苦。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAxNjAvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820160%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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>This is the new AI apple of Druckenmiller's and Mandel's eye</h2>
<div class="lb-trans"><h2>這是德魯肯米勒和曼德爾眼中的新 AI 寵兒</h2>
</div><p>While Duquesne's and Lone Pine's billionaire chiefs pared down the number of stocks they're holding amid a volatile first quarter, there's one artificial intelligence stock both have been buying -- and it plays a vital role in the expansion of AI-accelerated data centers.</p>
<div class="lb-trans"><p>儘管杜克斯尼和孤松的億萬富翁首席在動盪的第一季度減少了持有的股票數量，但他們都有在購買的一隻人工智能股票——它在 AI 加速數據中心的擴展中扮演着至關重要的角色。</p>
</div><p>The new AI apple of Druckenmiller's and Mandel's eye is none other than leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.80%), which is more commonly known as &#34;TSMC.&#34; Duquesne more than quintupled its existing stake by adding 491,265 shares of TSMC during the March-ended quarter, while Lone Pine's 13F shows that 104,937 shares of TSMC were purchased in the first quarter of 2025.</p>
<div class="lb-trans"><p>德魯肯米勒和曼德爾眼中的新 AI 寵兒正是領先的芯片製造公司 <strong>台灣半導體制造公司</strong>（TSM 0.80%），通常被稱為 “台積電”。杜克斯尼在 2023 年 3 月結束的季度中通過增加 491,265 股台積電的股份，使其現有股份增加了五倍以上，而孤松資本的 13F 顯示在 2025 年第一季度購買了 104,937 股台積電。</p>
</div><p>Most AI-GPU companies rely on Taiwan Semi's fabrication services, including industry leader Nvidia and key rival <strong>Advanced Micro Devices</strong>. TSMC is in the process of rapidly expanding its monthly chip-on-wafer-on-substrate (CoWoS) capacity from approximately 35,000 units in 2024 to an estimated 135,000 units monthly by 2026. CoWoS is a technology used to package high-bandwidth memory, which is necessary for high-compute data centers where software and systems are making split-second decisions.</p>
<div class="lb-trans"><p>大多數人工智能 GPU 公司依賴於台積電的製造服務，包括行業領導者英偉達和主要競爭對手 <strong>超微半導體</strong>。台積電正在快速擴大其每月的芯片 - 晶圓 - 基板（CoWoS）產能，從 2024 年的約 35,000 個單位預計到 2026 年達到 135,000 個單位。CoWoS 是一種用於封裝高帶寬內存的技術，這對於在高計算數據中心中進行瞬時決策的軟件和系統是必需的。</p>
</div><p>With demand for AI-GPUs overwhelming their supply over the last two years, TSMC has enjoyed a significant backlog for its chip fabrication services and has seen more its net sales skew toward high-performance computing, which can yield higher margins for the company. On a year-over-year basis, TSMC's net sales from high-performance computing surged from 46% to 59%, as of the March-ended quarter.</p>
<div class="lb-trans"><p>由於過去兩年對 AI-GPU 的需求超過了供應，台積電享有了其芯片製造服務的顯著積壓，並且其淨銷售額越來越多地傾向於高性能計算，這為公司帶來了更高的利潤率。截至 3 月底的季度，台積電來自高性能計算的淨銷售額同比激增，從 46% 上升至 59%。</p>
</div><p>Although the possible bursting of an AI bubble would be a concern for Taiwan Semiconductor Manufacturing, the company's order backlog and revenue diversification offers some semblance of protection.</p>
<div class="lb-trans"><p>儘管人工智能泡沫可能破裂對台灣半導體制造公司構成擔憂，但公司的訂單積壓和收入多樣化提供了一定程度的保護。</p>
</div><p>For instance, 28% of net sales in the first quarter derived from advanced chips used in smartphones. <strong>Apple</strong> prominently leans on TSMC for the chips used in the iPhone. The great thing about smartphones and wireless service access is they've both evolved into basic necessities for most Americans. Even though demand for smartphone chips isn't growing as quickly as it once did, the cash flow from this segment tends to be highly predictable for TSMC.</p>
<div class="lb-trans"><p>例如，第一季度 28% 的淨銷售額來自於用於智能手機的先進芯片。<strong>蘋果</strong> 顯著依賴台積電為 iPhone 提供芯片。智能手機和無線服務接入的一個好處是，它們都已演變為大多數美國人的基本需求。儘管智能手機芯片的需求增長速度不如以前那麼快，但這一領域的現金流對台積電來説往往是高度可預測的。</p>
</div><p>Taiwan Semi has a long runway of opportunity in Internet of Things and automotive, as well. As homes and vehicles become more technology-dependent, companies like TSMC will be relied on to manufacture these advanced chips.</p>
<div class="lb-trans"><p>台積電在物聯網和汽車領域也有廣闊的機會。隨着家庭和車輛對技術的依賴加深，像台積電這樣的公司將被依賴於製造這些先進芯片。</p>
</div><p>Lastly, Druckenmiller and Mandel may have been encouraged by the dip in Taiwan Semiconductor's stock in the first quarter. Though TSMC stock isn't (currently) historically inexpensive, its shares did drop to a forward price-to-earnings ratio of nearly 15 during tail-end of the March quarter. This makes for an attractive multiple, when compared to Nvidia.</p>
<div class="lb-trans"><p>最後，德魯肯米勒和曼德爾可能對台積電股票在第一季度的下跌感到鼓舞。儘管台積電的股票（目前）並不歷史性便宜，但其股價在 3 月底的尾聲時跌至接近 15 的前瞻市盈率。與英偉達相比，這使得其倍數具有吸引力。</p>
</div>

Billionaires Stanley Druckenmiller and Stephen Mandel Both Exited Their Stakes in Nvidia and Have Piled Into This Leading Artificial Intelligence (AI) Stock Instead

- 機構投資者需在季度結束後 45 天內提交 13F 表格，披露持股情況。  
- Druckenmiller 和 Mandel 完全拋售 Nvidia 股票，轉向台積電。  
- 台積電在 AI 數據中心擴張中扮演關鍵角色，銷售額持續增長。  

億萬富翁斯坦利·德魯肯米勒和斯蒂芬·曼德爾已經退出了他們在英偉達的持股，並轉而投資於這隻領先的人工智能（AI）股票