<p>對於一些投資者來説，財報季是每個季度的巔峯。這六週的時間裏，華爾街許多最具影響力的企業揭示其運營結果，為投資者提供了寶貴的信息。</p>
<p>然而，也可以提出同樣有力的論點，即向證券交易委員會提交的 13F 表格的季度申報與財報季同樣重要。13F 表格為投資者提供了一種方式，以查看華爾街頂級基金經理正在買入和賣出的股票。換句話説，這些申報讓投資者瞭解了哪些股票、行業、部門和趨勢引起了成功資產管理者的興趣。</p>
<p>可以説，沒有哪個趨勢比人工智能（AI）的崛起更為火熱。賦予軟件和系統在沒有人類干預的情況下做出瞬時決策的工具是一個數萬億美元的全球機會，這也解釋了為什麼 AI 股票飆升。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>但並非所有華爾街的知名億萬富翁基金經理都在這場盛宴中。</p>
<p>根據 5 月中旬提交的 13F 表格，詳細説明了第一季度的交易活動，Appaloosa 的億萬富翁首席執行官大衞·泰珀在過去一年裏大量出售了三隻炙手可熱的 AI 股票——<strong>Nvidia</strong>（NVDA 0.66%）、<strong>Advanced Micro Devices</strong>（AMD -6.45%）和 <strong>Taiwan Semiconductor Manufacturing</strong>（TSM -0.52%），即台積電。然而，奇怪的是，泰珀卻在大量增持另一隻最近加入萬億市值俱樂部的 AI 股票。</p>
<h2>億萬富翁大衞·泰珀持續出售 Nvidia、AMD 和台積電的股票</h2>
<p>泰珀和他的團隊通常相當活躍，定期增持或減少他們的現有股份。與其關注前一個三個月的變化，從年同比的角度審視 Appaloosa 超過 80 億美元的投資組合，往往能獲得更多的智慧。</p>
<p>在 2024 年 4 月 1 日至 2025 年 3 月 31 日期間，泰珀對三家 AI 革命頂尖公司的股份進行了顯著減少或完全退出：</p>
<ul>
<li><strong>Nvidia</strong>：出售 4,120,000 股（減少 93%），已調整以考慮 Nvidia 在 2024 年 6 月的 10 比 1 股票拆分。</li>
<li><strong>Taiwan Semiconductor</strong>：出售 230,000 股（減少 46%）。</li>
<li><strong>Advanced Micro Devices</strong>：出售 1,630,000 股（完全退出）。</li>
</ul>
<p>這三家公司在 AI 領域各自都取得了成功。Nvidia 的圖形處理單元（GPU）佔據了 AI 加速數據中心中部署的 GPU 的大部分，而 AMD 的 Instinct 系列芯片也在逐漸增加市場份額。與此同時，台積電是全球領先的芯片製造公司，其晶圓級封裝能力正在迅速擴展，以滿足企業對 AI 基礎設施日益增長的需求。</p>
<p>如果 Nvidia、AMD 和台積電一切順利，那麼必須問的問題是：為什麼億萬富翁大衞·泰珀在 12 個月內出售了這些股票？</p>
<p>簡單的獲利了結是一個更為合理的答案。這三家公司在過去三年中其股價顯著上漲，泰珀也表明他並不害怕鎖定收益。令人擔憂的是，這種持續的出售活動可能不僅僅是出於想要減持的願望。</p>
<p>例如，自 1990 年代中期互聯網普及以來，每一個下一個重大技術都經歷了一個最終破裂的泡沫。簡單來説，投資者不斷高估顛覆性技術進步的採用率和/或效用。AI 作為一項技術的成熟需要時間，企業也需要時間來弄清楚如何優化其解決方案併產生正回報。這表明另一個泡沫可能正在醖釀。</p>
<p>而台積電是一家多元化公司，其淨銷售額中有相當大一部分來自為智能手機、物聯網和汽車製造芯片，Nvidia 和 AMD 則越來越依賴企業 GPU 訂單。如果 AI 泡沫形成並破裂，這兩家公司將受到嚴重打擊。</p>
<p>估值也可能在 Appaloosa 的億萬富翁首席執行官的決策中發揮了作用。歷史上，行業領先的企業在下一個重大趨勢的推動下，市盈率通常達到過去 12 個月銷售額的 30 到 40 倍。截至目前，Nvidia 的市銷率（P/S）為 31。</p>
<p>隨着股市歷史上也處於高位，泰珀可能認為 Nvidia、AMD 和台積電的基礎比其各自的股價所暗示的要脆弱。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這隻萬億市值的 AI 股票在泰珀的基金中逆勢而上</h2>
<p>儘管億萬富翁大衞·泰珀在過去一年中無疑是人工智能股票的賣方，但根據 13F 申報，有一隻萬億市值的 AI 股票卻成功逆勢而上。在截至 3 月的季度中，Appaloosa 增持了 130,000 股 <strong>Broadcom</strong>（AVGO 2.95%），這是全球僅有的 11 家曾達到 1 萬億美元估值的上市公司之一。</p>
<p>雖然 Nvidia 和 AMD 在 AI 加速數據中心中鎖定了大部分 GPU 市場份額，但 Broadcom 是其一系列 AI 網絡解決方案的首選。其產品能夠連接數萬台 AI-GPU，以最大化計算能力，並最小化尾延遲。簡單來説，Broadcom 的硬件減少了延遲，從而促進了 AI 賦能軟件和系統所需的瞬時決策。</p>
<p>博通也因其定製的人工智能芯片而聲名鵲起。在 2024 年末公司第四季度的電話會議上，首席執行官霍克·譚表示，部分超大規模客户在 2027 財年（其財年在 10 月底或 11 月初結束）可能會花費 600 億到 900 億美元。只要人工智能仍然是一個熱門趨勢，博通預計將成為更具不可阻擋性的股票之一。</p>
<p>但阿帕盧薩的特普爾可能最欣賞博通的是，它不僅僅是一家人工智能驅動的公司。雖然人工智能無疑是博通目前最重要的增長驅動力，但它還有許多其他渠道可以產生銷售和積極的運營現金流。</p>
<p>在人工智能成為華爾街最熱門的事物之前，博通因其在開發下一代智能手機中使用的無線芯片和配件方面的主導作用而聞名。儘管智能手機的增長故事不再像十年前那樣輝煌，但全球 5G 服務的持續擴展為博通提供了適度的增長機會。</p>
<p>此外，博通還提供工業產品線和汽車的各種解決方案，並擁有企業網絡安全解決方案部門。關鍵在於，如果人工智能泡沫破裂，博通很可能比硬件巨頭英偉達和 AMD 更能應對即將到來的風暴。</p>
<p>最後，特普爾可能發現博通的估值比英偉達等公司的更具吸引力。截至 8 月 5 日，博通的估值為未來一年收益的 35 倍，但似乎具備 20% 或更高的可持續年增長率。</p>

博通

<p>億萬富翁大衞·泰珀（David Tepper）在過去一年中顯著減少了他在英偉達（Nvidia）、超微半導體（AMD）和台積電（TSMC）的持股，分別出售了 93%、46% 並完全退出了這些頭寸。這一舉動發生在人工智能市場蓬勃發展的背景下，引發了關於潛在獲利了結或對可能的人工智能泡沫的擔憂。儘管出售了這些股票，泰珀卻增加了對博通（Broadcom）的投資，這是一家市值萬億美元的人工智能股票，表明他在人工智能領域的戰略發生了轉變</p>

<p>For some investors, earnings season is the pinnacle of each quarter. This six-week period, where many of Wall Street's most influential businesses lift the hood on their operating results, provides investors with invaluable information.</p>
<div class="lb-trans"><p>對於一些投資者來説，財報季是每個季度的巔峯。這六週的時間裏，華爾街許多最具影響力的企業揭示其運營結果，為投資者提供了寶貴的信息。</p>
</div><p>However, an equally strong argument can be made that the quarterly filing of Form 13Fs with the Securities and Exchange Commission is just as important as earnings season. A 13F offers investors a way to see which stocks Wall Street's top money managers have been buying and selling. In other words, these filings clue investors in to the stocks, industries, sectors, and trends that have piqued the interest of highly successful asset managers.</p>
<div class="lb-trans"><p>然而，也可以提出同樣有力的論點，即向證券交易委員會提交的 13F 表格的季度申報與財報季同樣重要。13F 表格為投資者提供了一種方式，以查看華爾街頂級基金經理正在買入和賣出的股票。換句話説，這些申報讓投資者瞭解了哪些股票、行業、部門和趨勢引起了成功資產管理者的興趣。</p>
</div><p>Arguably no trend has been hotter than the rise of artificial intelligence (AI). Empowering software and systems with the tools to make split-second decisions without human intervention is a multitrillion-dollar global opportunity, which explains why AI stocks have soared.</p>
<div class="lb-trans"><p>可以説，沒有哪個趨勢比人工智能（AI）的崛起更為火熱。賦予軟件和系統在沒有人類干預的情況下做出瞬時決策的工具是一個數萬億美元的全球機會，這也解釋了為什麼 AI 股票飆升。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828216%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>But not all of Wall Street's prominent billionaire fund managers are along for the ride.</p>
<div class="lb-trans"><p>但並非所有華爾街的知名億萬富翁基金經理都在這場盛宴中。</p>
</div><p>Based on 13Fs filed in mid-May that detail first-quarter trading activity, Appaloosa's billionaire chief David Tepper has been a big-time seller of three red-hot AI stocks -- <strong>Nvidia</strong>(NVDA 0.66%), <strong>Advanced Micro Devices</strong>(AMD -6.45%), and <strong>Taiwan Semiconductor Manufacturing</strong>(TSM -0.52%), or TSMC -- over the previous year. Curiously, though, Tepper has been loading up on another AI stock that somewhat recently joined the exclusive trillion-dollar club.</p>
<div class="lb-trans"><p>根據 5 月中旬提交的 13F 表格，詳細説明了第一季度的交易活動，Appaloosa 的億萬富翁首席執行官大衞·泰珀在過去一年裏大量出售了三隻炙手可熱的 AI 股票——<strong>Nvidia</strong>（NVDA 0.66%）、<strong>Advanced Micro Devices</strong>（AMD -6.45%）和 <strong>Taiwan Semiconductor Manufacturing</strong>（TSM -0.52%），即台積電。然而，奇怪的是，泰珀卻在大量增持另一隻最近加入萬億市值俱樂部的 AI 股票。</p>
</div><h2>Billionaire David Tepper has been a persistent seller of Nvidia, AMD, and TSMC stock</h2>
<div class="lb-trans"><h2>億萬富翁大衞·泰珀持續出售 Nvidia、AMD 和台積電的股票</h2>
</div><p>Tepper and his team tend to be fairly active and are regularly building up or reducing their existing stakes. Rather than looking at changes from the prior three-month period, more wisdom can often be gained by examining year-over-year changes to Appaloosa's more than $8 billion dollar investment portfolio.</p>
<div class="lb-trans"><p>泰珀和他的團隊通常相當活躍，定期增持或減少他們的現有股份。與其關注前一個三個月的變化，從年同比的角度審視 Appaloosa 超過 80 億美元的投資組合，往往能獲得更多的智慧。</p>
</div><p>Between April 1, 2024, and March 31, 2025, Tepper oversaw a significant reduction in, or the complete exit from, three of the AI revolution's top companies:</p>
<div class="lb-trans"><p>在 2024 年 4 月 1 日至 2025 年 3 月 31 日期間，泰珀對三家 AI 革命頂尖公司的股份進行了顯著減少或完全退出：</p>
</div><ul>
<li><strong>Nvidia</strong>: 4,120,000 shares sold (93% reduction), which has been adjusted to account for Nvidia's 10-for-1 stock split in June 2024.</li>
<li><strong>Taiwan Semiconductor</strong>: 230,000 shares sold (46% reduction).</li>
<li><strong>Advanced Micro Devices</strong>: 1,630,000 shares sold (completely exited position).</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Nvidia</strong>：出售 4,120,000 股（減少 93%），已調整以考慮 Nvidia 在 2024 年 6 月的 10 比 1 股票拆分。</li>
<li><strong>Taiwan Semiconductor</strong>：出售 230,000 股（減少 46%）。</li>
<li><strong>Advanced Micro Devices</strong>：出售 1,630,000 股（完全退出）。</li>
</ul>
</div><p>All three of these companies have been successful in their own right within the AI arena. Nvidia's graphics processing units (GPUs) account for the bulk of GPUs deployed in AI-accelerated data centers, while AMD's Instinct series chips are slowly adding market share. Meanwhile, TSMC is the world's leading chip-fabrication company, with its chip-on-wafer-on-substrate capacity rapidly expanding to satiate growing enterprise demand for AI infrastructure.</p>
<div class="lb-trans"><p>這三家公司在 AI 領域各自都取得了成功。Nvidia 的圖形處理單元（GPU）佔據了 AI 加速數據中心中部署的 GPU 的大部分，而 AMD 的 Instinct 系列芯片也在逐漸增加市場份額。與此同時，台積電是全球領先的芯片製造公司，其晶圓級封裝能力正在迅速擴展，以滿足企業對 AI 基礎設施日益增長的需求。</p>
</div><p>If everything is going to well for Nvidia, AMD, and TSMC, the question that has to be asked is: Why did billionaire David Tepper sell over a 12-month period?</p>
<div class="lb-trans"><p>如果 Nvidia、AMD 和台積電一切順利，那麼必須問的問題是：為什麼億萬富翁大衞·泰珀在 12 個月內出售了這些股票？</p>
</div><p>Simple profit-taking is one of the more logical answers. All three companies have seen their shares appreciate noticeably over the trailing-three-year period, and Tepper has demonstrated he's not shy about locking in gains. What's worrisome is there may be more to this persistent selling activity than just a desire to take some chips off the table.</p>
<div class="lb-trans"><p>簡單的獲利了結是一個更為合理的答案。這三家公司在過去三年中其股價顯著上漲，泰珀也表明他並不害怕鎖定收益。令人擔憂的是，這種持續的出售活動可能不僅僅是出於想要減持的願望。</p>
</div><p>For example, every next-big-thing technology since (and including) the proliferation of the internet in the mid-1990s has navigated its way through a bubble that eventually burst. In plainer English, investors continually overestimate the adoption rates and/or utility of game-changing technological advances. It's going to take time for AI to mature as a technology and for businesses to figure out how to optimize their solutions and generate a positive return on their investments. This suggests another bubble may be brewing.</p>
<div class="lb-trans"><p>例如，自 1990 年代中期互聯網普及以來，每一個下一個重大技術都經歷了一個最終破裂的泡沫。簡單來説，投資者不斷高估顛覆性技術進步的採用率和/或效用。AI 作為一項技術的成熟需要時間，企業也需要時間來弄清楚如何優化其解決方案併產生正回報。這表明另一個泡沫可能正在醖釀。</p>
</div><p>Whereas Taiwan Semiconductor is a diversified company that generates a meaningful percentage of its net sales from fabricating chips for smartphones, Internet of Things, and automotive, Nvidia and AMD are increasingly reliant on enterprise GPU orders. If an AI bubble were to form and burst, these two companies would be hit hard.</p>
<div class="lb-trans"><p>而台積電是一家多元化公司，其淨銷售額中有相當大一部分來自為智能手機、物聯網和汽車製造芯片，Nvidia 和 AMD 則越來越依賴企業 GPU 訂單。如果 AI 泡沫形成並破裂，這兩家公司將受到嚴重打擊。</p>
</div><p>Valuation may have also come into play for Appaloosa's billionaire chief. Historically, industry-leading businesses thriving on the heels of a next-big-thing trend have topped out at 30 to 40 times trailing-12-month sales. Nvidia's price-to-sales (P/S) ratio is 31, as of this writing.</p>
<div class="lb-trans"><p>估值也可能在 Appaloosa 的億萬富翁首席執行官的決策中發揮了作用。歷史上，行業領先的企業在下一個重大趨勢的推動下，市盈率通常達到過去 12 個月銷售額的 30 到 40 倍。截至目前，Nvidia 的市銷率（P/S）為 31。</p>
</div><p>With the stock market also historically pricey, Tepper may view Nvidia, AMD, and TSMC as being on shakier ground than their respective share prices would indicate.</p>
<div class="lb-trans"><p>隨着股市歷史上也處於高位，泰珀可能認為 Nvidia、AMD 和台積電的基礎比其各自的股價所暗示的要脆弱。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgyMTYvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828216%2Fdata-center-engineer-gpu-artificial-intelligence-ai-cloud-server-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 trillion-dollar AI stock is bucking the trend in Tepper's fund</h2>
<div class="lb-trans"><h2>這隻萬億市值的 AI 股票在泰珀的基金中逆勢而上</h2>
</div><p>Whereas billionaire David Tepper has been an undeniable seller of artificial intelligence stocks over the trailing year, based on 13F filings, there's one trillion-dollar AI stock that's managed to buck the trend. During the March-ended quarter, Appaloosa gobbled up 130,000 shares of <strong>Broadcom</strong>(AVGO 2.95%), which is one of only 11 public companies around the world to have ever reached a $1 trillion valuation.</p>
<div class="lb-trans"><p>儘管億萬富翁大衞·泰珀在過去一年中無疑是人工智能股票的賣方，但根據 13F 申報，有一隻萬億市值的 AI 股票卻成功逆勢而上。在截至 3 月的季度中，Appaloosa 增持了 130,000 股 <strong>Broadcom</strong>（AVGO 2.95%），這是全球僅有的 11 家曾達到 1 萬億美元估值的上市公司之一。</p>
</div><p>While Nvidia and AMD have locked down the lion's share of GPU market share in AI-accelerated data centers, Broadcom is the preferred choice for its host of AI networking solutions. Its products are capable of connecting tens of thousands of AI-GPUs in order to maximize compute capacity, as well as minimize tail latency. Put simply, Broadcom's hardware reduces lag, which facilitates the split-second decisions that need to be made by AI-empowered software and systems.</p>
<div class="lb-trans"><p>雖然 Nvidia 和 AMD 在 AI 加速數據中心中鎖定了大部分 GPU 市場份額，但 Broadcom 是其一系列 AI 網絡解決方案的首選。其產品能夠連接數萬台 AI-GPU，以最大化計算能力，並最小化尾延遲。簡單來説，Broadcom 的硬件減少了延遲，從而促進了 AI 賦能軟件和系統所需的瞬時決策。</p>
</div><p>Broadcom is also making a name for itself thanks to its custom AI chips. During the company's fourth-quarter conference call in late 2024, CEO Hock Tan opined that a few of its hyperscaler clients could spend anywhere from $60 billion to $90 billion in fiscal 2027 (its fiscal year ends in late October or early November). As long as AI remains a hot trend, Broadcom is expected to be one of the more unstoppable stocks.</p>
<div class="lb-trans"><p>博通也因其定製的人工智能芯片而聲名鵲起。在 2024 年末公司第四季度的電話會議上，首席執行官霍克·譚表示，部分超大規模客户在 2027 財年（其財年在 10 月底或 11 月初結束）可能會花費 600 億到 900 億美元。只要人工智能仍然是一個熱門趨勢，博通預計將成為更具不可阻擋性的股票之一。</p>
</div><p>But what Appaloosa's Tepper might appreciate most about Broadcom is that it's much more than just an AI-driven company. While AI is, unquestionably, Broadcom's most meaningful growth driver at the moment, it has plenty of other channels that generate sales and positive operating cash flow.</p>
<div class="lb-trans"><p>但阿帕盧薩的特普爾可能最欣賞博通的是，它不僅僅是一家人工智能驅動的公司。雖然人工智能無疑是博通目前最重要的增長驅動力，但它還有許多其他渠道可以產生銷售和積極的運營現金流。</p>
</div><p>Before AI became the hottest thing on Wall Street, Broadcom was known for its lead role in developing wireless chips and accessories used in next-generation smartphones. Even though smartphones aren't the growth story they were a decade ago, the ongoing expansion of 5G service globally provides a modest growth opportunity for Broadcom.</p>
<div class="lb-trans"><p>在人工智能成為華爾街最熱門的事物之前，博通因其在開發下一代智能手機中使用的無線芯片和配件方面的主導作用而聞名。儘管智能手機的增長故事不再像十年前那樣輝煌，但全球 5G 服務的持續擴展為博通提供了適度的增長機會。</p>
</div><p>In addition, it offers an assortment of solutions for industrial product lines and automobiles, as well as owns an enterprise cybersecurity solutions division. The point being that if the AI bubble were to burst, Broadcom would, in all likelihood, be in better shape to navigate the coming storm than hardware giants Nvidia and AMD.</p>
<div class="lb-trans"><p>此外，博通還提供工業產品線和汽車的各種解決方案，並擁有企業網絡安全解決方案部門。關鍵在於，如果人工智能泡沫破裂，博通很可能比硬件巨頭英偉達和 AMD 更能應對即將到來的風暴。</p>
</div><p>Lastly, Tepper may have found Broadcom's valuation more palatable than the likes of Nvidia. As of this writing on Aug. 5, Broadcom is valued at 35 times forward-year earnings, but appears to be sporting a sustainable annual growth rate of 20% or greater.</p>
<div class="lb-trans"><p>最後，特普爾可能發現博通的估值比英偉達等公司的更具吸引力。截至 8 月 5 日，博通的估值為未來一年收益的 35 倍，但似乎具備 20% 或更高的可持續年增長率。</p>
</div>

Billionaire David Tepper Is Selling Nvidia, AMD, and TSMC, and Loading Up On Shares of This Trillion-Dollar Artificial Intelligence (AI) Stock Instead

- 投資者關注的財報季與 13F 表格同樣重要。  
- 大衞·泰珀在過去一年中大量拋售 Nvidia、AMD 和 TSMC 股票。  
- 泰珀增持了 Broadcom，認為其在 AI 領域具備更強的抗風險能力。

億萬富翁大衞·泰珀正在出售英偉達、AMD 和台積電的股票，並轉而增持這隻市值萬億美元的人工智能股票