<p>在第一季度，由華爾街億萬富翁領導的兩隻成功對沖基金出售了 <strong>特斯拉</strong>(TSLA -1.71%)，併購買了 <strong>Cloudflare</strong>(NET 0.87%)，具體如下：</p>
<ul>
<li>大衞·肖的對沖基金 D.E. Shaw &amp; Co.出售了 130 萬股特斯拉，減持 43%。特斯拉曾是投資組合中五大持倉之一，但現在不再排名前 20。該對沖基金還通過購買 5400 股 Cloudflare 開始了新倉位。</li>
<li>以色列·英格蘭德的千禧管理公司出售了 855,100 股特斯拉，減持 43%。特斯拉曾是投資組合中 10 大持倉之一（不包括期權），但現在不再排名前 20。該對沖基金還購買了 218,500 股 Cloudflare，增持 186%。</li>
</ul>
<p>投資者應該瞭解一些關於這些交易的事情。首先，根據 LCH Investments，D.E. Shaw 和千禧管理公司是有史以來淨收益最高的三隻對沖基金中的兩隻。這使得它們成為個人投資者的良好靈感來源。</p>
<p>其次，特斯拉股票在過去三年僅回報 31%，表現不及 <strong>標準普爾 500 指數</strong> 低 23 個百分點。但在此期間，Cloudflare 股票飆升 327%，超越基準指數 265 個百分點。繼續閲讀以瞭解更多信息。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNjEvaW52ZXN0b3ItNDkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNjEvaW52ZXN0b3ItNDkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>特斯拉：億萬富翁領導的對沖基金在第一季度出售的股票</h2>
<p>特斯拉不再是電池電動汽車（BEVs）市場的領導者。事實上，該公司甚至不再排名第二。中國汽車製造商 <strong>比亞迪</strong> 和 <strong>吉利汽車</strong> 已經搶佔了前兩名的位置，因為特斯拉在需求方面遇到了困難。其第一季度收入下降 9%，至 193 億美元，非 GAAP 淨收入下降 40%，至每稀釋股 0.27 美元，交付量下降 13%。</p>
<p>管理層將第一季度交付量下降歸因於暫時限制 Model Y 生產的工廠更新，但更新已完成，公司仍在失去市場份額。5 月份，特斯拉在美國的銷量下降 11%，在歐洲下降 28%，在中國下降 15%。相對昂貴的老舊車型是最可能的原因，但首席執行官埃隆·馬斯克可能因參與政治而損害了品牌。</p>
<p>對於股東來説，有一些好消息。在 6 月份，特斯拉開始在德克薩斯州奧斯汀提供自動駕駛出租車服務。目前只有大約 20 輛機器人出租車在街道上行駛，乘車僅限受邀者。但馬斯克告訴 CNBC，他預計到 2026 年底將有 “數十萬輛” 機器人出租車上路。公司將通過允許車主將他們的特斯拉添加（或移除）到機器人出租車池中來眾包車輛。</p>
<p>特斯拉在追趕 <strong>Alphabet</strong> 的 Waymo 之前還有很長的路要走，後者已經在五個美國城市提供機器人出租車服務，但其戰略理論上賦予了它優勢。具體而言，Waymo 配備了一系列攝像頭、激光雷達和雷達，而特斯拉僅依靠攝像頭進行自主導航，這成本更低且更具可擴展性。實際上，馬斯克表示，特斯拉最終可能會佔據 “99% 的市場份額或其他荒謬的數字”。</p>
<p>然而，儘管機器人出租車服務在長期內可能是一個巨大的機會，但特斯拉股票今天的定價已是完美預期。華爾街預計該公司的調整後收益將在 2026 年前每年增長 14%。</p>
<p>這使得當前 145 倍的市盈率看起來非常昂貴。我認為對自動駕駛故事有信心的投資者應該繼續持有該股票，但必須為波動做好準備。</p>
<h2>Cloudflare：億萬富翁領導的對沖基金在第一季度購買的股票</h2>
<p>Cloudflare 是一個連接雲，提供應用程序、網絡和安全服務，以加速和保護關鍵業務基礎設施。它有兩個關鍵優勢：它運營着全球最快的雲網絡，並處理約 20% 的所有網絡流量，這為其提供了對互聯網性能問題和安全威脅的深入洞察。</p>
<p>該公司在多個市場中處於領先地位。國際數據公司（IDC）將該公司評為內容交付網絡軟件的領導者。<strong>Forrester Research</strong> 認可其在網絡應用防火牆方面的領導地位。GigaOm 將 Cloudflare 評為邊緣開發平台的領導者。更廣泛地説，根據 2024 年 Stack Overflow 調查，它是專業開發者中第四受歡迎的雲平台。</p>
<p>Cloudflare 在第一季度報告了不錯的財務業績。客户數量增加 27%，達到 250,819，連續第四次加速，平均現有客户支出增加 11%。收入增長 27%，達到 4.79 億美元，但非 GAAP 淨收入持平，每稀釋股 0.16 美元，因為毛利率下降和流通股數量增加。</p>
<p>隨着對人工智能（AI）基礎設施需求的增加，Cloudflare 處於良好的位置，特別是因為其平台非常快速。該公司正在利用這一機會推出 Workers AI，這是一項允許客户在其超快速網絡上構建和部署 AI 應用程序的服務。過去一年，Workers AI 推理請求數量激增 4000%。</p>
<p>華爾街預計 Cloudflare 的收益將在 2026 年前每年增長 21%。這使得目前 258 倍的市盈率看起來非常昂貴。誠然，該公司在過去四個季度平均超出共識收益預期 13%，但即使這種模式持續，股票仍將非常昂貴。</p>
<p>與特斯拉一樣，能夠承受波動的股東應繼續持有該股票。但如果大幅下跌的想法讓你感到緊張，可以考慮減持你的倉位。</p>

特斯拉

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方兩倍做多特斯拉

南方兩倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

<p>在第一季度，由億萬富翁主導的對沖基金出售了特斯拉股票，併購買了 Cloudflare 的股份。D.E. Shaw 出售了 130 萬股特斯拉股票，減少了 43% 的持股比例，而 Millennium Management 則出售了 855,100 股，同樣削減了 43% 的持股比例。特斯拉的股票表現不佳，三年僅回報 31%，而 Cloudflare 則飆升了 327%。特斯拉麪臨市場份額和收入下降的問題，而 Cloudflare 報告了 27% 的收入增長，並在人工智能基礎設施需求方面處於良好位置。投資者應注意這兩隻股票的表現和潛力的對比</p>

<p>In the first quarter, two successful hedge funds led by Wall Street billionaires sold <strong>Tesla</strong>(TSLA -1.71%) and bought <strong>Cloudflare</strong>(NET 0.87%), as detailed below:</p>
<div class="lb-trans"><p>在第一季度，由華爾街億萬富翁領導的兩隻成功對沖基金出售了 <strong>特斯拉</strong>(TSLA -1.71%)，併購買了 <strong>Cloudflare</strong>(NET 0.87%)，具體如下：</p>
</div><ul>
<li>David Shaw's hedge fund D.E. Shaw &amp; Co. sold 1.3 million shares of Tesla, cutting its stake 43%. Tesla had been one of the five largest positions in the portfolio but no longer ranks among the top 20. The hedge fund also started a new position by purchasing 5,400 shares of Cloudflare.</li>
<li>Israel Englander's Millennium Management sold 855,100 shares of Tesla, cutting its stake 43%. Tesla had been one of the 10 largest positions in the portfolio, excluding options, but it no longer ranks in the top 20. The hedge fund also purchased 218,500 shares of Cloudflare, increasing its stake 186%.</li>
</ul>
<div class="lb-trans"><ul>
<li>大衞·肖的對沖基金 D.E. Shaw &amp; Co.出售了 130 萬股特斯拉，減持 43%。特斯拉曾是投資組合中五大持倉之一，但現在不再排名前 20。該對沖基金還通過購買 5400 股 Cloudflare 開始了新倉位。</li>
<li>以色列·英格蘭德的千禧管理公司出售了 855,100 股特斯拉，減持 43%。特斯拉曾是投資組合中 10 大持倉之一（不包括期權），但現在不再排名前 20。該對沖基金還購買了 218,500 股 Cloudflare，增持 186%。</li>
</ul>
</div><p>Investors should know a few things about those trades. First, D.E. Shaw and Millennium are two of the three most profitable hedge funds of all time in terms of net gains, according to LCH Investments. That makes them good sources of inspiration for individual investors.</p>
<div class="lb-trans"><p>投資者應該瞭解一些關於這些交易的事情。首先，根據 LCH Investments，D.E. Shaw 和千禧管理公司是有史以來淨收益最高的三隻對沖基金中的兩隻。這使得它們成為個人投資者的良好靈感來源。</p>
</div><p>Second, Tesla stock returned just 31% in the last three years, underperforming the <strong>S&amp;P 500</strong> by 23 percentage points. But Cloudflare stock rocketed 327% during that period, beating the benchmark index by 265 percentage points. Read on to learn more.</p>
<div class="lb-trans"><p>其次，特斯拉股票在過去三年僅回報 31%，表現不及 <strong>標準普爾 500 指數</strong> 低 23 個百分點。但在此期間，Cloudflare 股票飆升 327%，超越基準指數 265 個百分點。繼續閲讀以瞭解更多信息。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjMzNjEvaW52ZXN0b3ItNDkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823361%2Finvestor-49.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>Tesla: The stock billionaire-led hedge funds were selling in the first quarter</h2>
<div class="lb-trans"><h2>特斯拉：億萬富翁領導的對沖基金在第一季度出售的股票</h2>
</div><p>Tesla is no longer the market leader in battery electric vehicles (BEVs). In fact, the company doesn't even rank second anymore. Chinese automakers <strong>BYD</strong> and <strong>Geely Automobile</strong> have stolen the top spots as Tesla has struggled with demand. Its first-quarter revenue dropped 9% to $19.3 billion and non-GAAP net income fell 40% to $0.27 per diluted share as deliveries dropped 13%.</p>
<div class="lb-trans"><p>特斯拉不再是電池電動汽車（BEVs）市場的領導者。事實上，該公司甚至不再排名第二。中國汽車製造商 <strong>比亞迪</strong> 和 <strong>吉利汽車</strong> 已經搶佔了前兩名的位置，因為特斯拉在需求方面遇到了困難。其第一季度收入下降 9%，至 193 億美元，非 GAAP 淨收入下降 40%，至每稀釋股 0.27 美元，交付量下降 13%。</p>
</div><p>Management blamed factory updates that temporarily limited Model Y production for the drop in first-quarter deliveries, but the refresh is complete and the company is still losing market share. In May, Tesla sales fell 11% in the U.S., 28% in Europe, and 15% in China. An aging lineup of relatively expensive cars is the most probable cause, but CEO Elon Musk has likely damaged the brand by involving himself in politics.</p>
<div class="lb-trans"><p>管理層將第一季度交付量下降歸因於暫時限制 Model Y 生產的工廠更新，但更新已完成，公司仍在失去市場份額。5 月份，特斯拉在美國的銷量下降 11%，在歐洲下降 28%，在中國下降 15%。相對昂貴的老舊車型是最可能的原因，但首席執行官埃隆·馬斯克可能因參與政治而損害了品牌。</p>
</div><p>There is some good news for shareholders. In June, Tesla started offering autonomous rides in Austin, Texas. Only about 20 robotaxis currently roam the streets, and rides are restricted to invitees. But Musk told CNBC he expects &#34;hundreds of thousands&#34; of robotaxis on the road by the end of 2026. The company will crowdsource vehicles by allowing owners to add (or subtract) their Teslas from the robotaxi pool.</p>
<div class="lb-trans"><p>對於股東來説，有一些好消息。在 6 月份，特斯拉開始在德克薩斯州奧斯汀提供自動駕駛出租車服務。目前只有大約 20 輛機器人出租車在街道上行駛，乘車僅限受邀者。但馬斯克告訴 CNBC，他預計到 2026 年底將有 “數十萬輛” 機器人出租車上路。公司將通過允許車主將他們的特斯拉添加（或移除）到機器人出租車池中來眾包車輛。</p>
</div><p>Tesla has a ways to go before it catches <strong>Alphabet</strong>'s Waymo, which already offers robotaxi services in five U.S. cities, but its strategy theoretically affords it an advantage. Specifically, Waymos are equipped with an array of cameras, lidar, and radar, but Teslas rely solely on cameras to navigate autonomously, which is less costly and more scalable. Indeed, Musk says Tesla could eventually capture &#34;99% market share or something ridiculous.&#34;</p>
<div class="lb-trans"><p>特斯拉在追趕 <strong>Alphabet</strong> 的 Waymo 之前還有很長的路要走，後者已經在五個美國城市提供機器人出租車服務，但其戰略理論上賦予了它優勢。具體而言，Waymo 配備了一系列攝像頭、激光雷達和雷達，而特斯拉僅依靠攝像頭進行自主導航，這成本更低且更具可擴展性。實際上，馬斯克表示，特斯拉最終可能會佔據 “99% 的市場份額或其他荒謬的數字”。</p>
</div><p>However, while robotaxi services could be a massive opportunity in the long term, Tesla stock is priced for perfection today. Wall Street expects the company's adjusted earnings to increase at 14% annually through 2026.</p>
<div class="lb-trans"><p>然而，儘管機器人出租車服務在長期內可能是一個巨大的機會，但特斯拉股票今天的定價已是完美預期。華爾街預計該公司的調整後收益將在 2026 年前每年增長 14%。</p>
</div><p>That makes the current valuation of 145 times earnings look very expensive. I think investors with conviction in the autonomous driving story should keep holding the stock but must be prepared for volatility.</p>
<div class="lb-trans"><p>這使得當前 145 倍的市盈率看起來非常昂貴。我認為對自動駕駛故事有信心的投資者應該繼續持有該股票，但必須為波動做好準備。</p>
</div><h2>Cloudflare: The stock billionaire-led hedge funds were buying in the first quarter</h2>
<div class="lb-trans"><h2>Cloudflare：億萬富翁領導的對沖基金在第一季度購買的股票</h2>
</div><p>Cloudflare is a connectivity cloud that offers application, network, and security services that speed up and protect critical business infrastructure. It has two key advantages: It operates the fastest cloud network on the planet and handles about 20% of all web traffic, which provides deep insight into performance issues and security threats across the internet.</p>
<div class="lb-trans"><p>Cloudflare 是一個連接雲，提供應用程序、網絡和安全服務，以加速和保護關鍵業務基礎設施。它有兩個關鍵優勢：它運營着全球最快的雲網絡，並處理約 20% 的所有網絡流量，這為其提供了對互聯網性能問題和安全威脅的深入洞察。</p>
</div><p>The company is a leader in several markets. International Data Corp. (IDC) has ranked the company a leader in content delivery network software. <strong>Forrester Research</strong> has recognized its leadership web application firewalls. GigaOm has ranked Cloudflare as a leader in edge development platforms. More broadly, it's the fourth-most-popular cloud platform among professional developers, according to the 2024 Stack Overflow survey.</p>
<div class="lb-trans"><p>該公司在多個市場中處於領先地位。國際數據公司（IDC）將該公司評為內容交付網絡軟件的領導者。<strong>Forrester Research</strong> 認可其在網絡應用防火牆方面的領導地位。GigaOm 將 Cloudflare 評為邊緣開發平台的領導者。更廣泛地説，根據 2024 年 Stack Overflow 調查，它是專業開發者中第四受歡迎的雲平台。</p>
</div><p>Cloudflare reported decent financial results in the first quarter. Customers increased 27% to 250,819, the fourth straight acceleration, and the average existing customer spent 11% more. Revenue increased 27% to $479 million, but non-GAAP net income was flat at $0.16 per diluted share as gross margin fell and the number of outstanding shares rose.</p>
<div class="lb-trans"><p>Cloudflare 在第一季度報告了不錯的財務業績。客户數量增加 27%，達到 250,819，連續第四次加速，平均現有客户支出增加 11%。收入增長 27%，達到 4.79 億美元，但非 GAAP 淨收入持平，每稀釋股 0.16 美元，因為毛利率下降和流通股數量增加。</p>
</div><p>Cloudflare is well-positioned to benefit as demand for artificial intelligence (AI) infrastructure increases, particularly because its platform is very fast. The company is leaning into that opportunity with Workers AI, a service that lets clients build and deploy AI applications on its ultra-fast network. The number of Workers AI inference requests jumped 4,000% in the past year.</p>
<div class="lb-trans"><p>隨着對人工智能（AI）基礎設施需求的增加，Cloudflare 處於良好的位置，特別是因為其平台非常快速。該公司正在利用這一機會推出 Workers AI，這是一項允許客户在其超快速網絡上構建和部署 AI 應用程序的服務。過去一年，Workers AI 推理請求數量激增 4000%。</p>
</div><p>Wall Street estimates Cloudflare's earnings will increase at 21% annually through 2026. That makes the present valuation of 258 times earnings look very expensive. Admittedly, the company beat the consensus earnings estimate by an average of 13% during the last four quarters, but the stock would still be very expensive, even if that pattern continues.</p>
<div class="lb-trans"><p>華爾街預計 Cloudflare 的收益將在 2026 年前每年增長 21%。這使得目前 258 倍的市盈率看起來非常昂貴。誠然，該公司在過去四個季度平均超出共識收益預期 13%，但即使這種模式持續，股票仍將非常昂貴。</p>
</div><p>As with Tesla, shareholders comfortable with volatility should continue holding the stock. But if the idea of a substantial decline makes you nervous, consider trimming your position.</p>
<div class="lb-trans"><p>與特斯拉一樣，能夠承受波動的股東應繼續持有該股票。但如果大幅下跌的想法讓你感到緊張，可以考慮減持你的倉位。</p>
</div>

Billionaires Sell Tesla Stock and Buy Another AI Stock Up 327% in 3 Years

- 兩家對沖基金在第一季度出售特斯拉股票，購買 Cloudflare 股票。  
- 特斯拉第一季度收入下降 9%，市場份額減少，Cloudflare 客户增長 27%。  
- 投資者需關注特斯拉和 Cloudflare 的未來增長潛力與估值。  

億萬富翁們正在出售特斯拉股票，並轉而購買另一隻在三年內上漲了 327% 的人工智能股票