<p>對於大多數投資者來説，沒有什麼比財報季更能反映華爾街的健康狀況。這是一個為期六週的時間段，在此期間，市場上大多數最具影響力的企業會公佈其季度運營結果。</p>
<p>然而，這並不是投資者瞭解哪些股票和趨勢正在引起波動的唯一方式。13F 表格是機構投資者在季度結束後 45 個日曆日內必須提交的文件，管理資產至少為 1 億美元的機構投資者也會提交此表格，這些表格同樣非常重要。13F 表格允許投資者追蹤華爾街最優秀的資金經理正在買入和賣出的股票和交易所交易基金（ETFs）。</p>
<p>但對沖基金並不是華爾街唯一的大型投資者。13F 的要求適用於管理投資組合超過 1 億美元的企業，例如 <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%)。</p>
<p>Alphabet 以其全球主導的互聯網搜索平台 Google 而聞名，該平台產生了大量的運營現金流。Alphabet 是全球第三大雲基礎設施服務平台（Google Cloud）、第二大訪問量社交網站（YouTube）以及最受歡迎的自動駕駛叫車服務之一（Waymo）的母公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>你可以在列表中添加的另一點是，Alphabet 是一家熱衷於投資的公司。根據該公司新提交的 13F 表格，截至 6 月底，它在 36 家公司中投資超過 21 億美元，幾乎所有這些公司都與 Alphabet 以某種方式合作。</p>
<p>截至 2025 年中期，一隻充滿潛力的真正的 “月球飛行” 股票已成為 Alphabet 的第一大持股。同時，一家曾佔其投資資產 15% 的可信公司已被剔除。</p>
<h2>Alphabet 的新頂級持股在 15 個月內飆升近 2000%</h2>
<p>在第二季度，Alphabet 的投資部門沒有購買任何東西。但由於基於衞星的蜂窩寬帶服務提供商 <strong>AST SpaceMobile</strong>(ASTS -2.26%) 的持續超常表現，該公司在過去 15 個月內上漲了近 2000%，截至 8 月 7 日收盤，這隻 “月球飛行” 股票現在是 Alphabet 按市值計算的最大持股（佔投資資產的 19.6%）。</p>
<p>Alphabet 在第一季度購買了 8,943,486 股 AST SpaceMobile 的股票。除了作為 AST 的金融支持者之一外，Alphabet 可能還有三個理由對其長期前景持樂觀態度。</p>
<p>AST SpaceMobile 最大的區別在於，其基於衞星的蜂窩寬帶服務旨在與現有智能手機兼容。而之前幾代嘗試創建基於衞星的蜂窩網絡通常需要使用磚頭般的手機，AST 的 BlueBird 衞星依賴於當前的智能手機技術。</p>
<p>消除了這一巨大障礙後，AST SpaceMobile 的管理團隊可以專注於將衞星送入太空，而不是説服消費者他們需要新設備來訪問其網絡。預計每月將發射四到六顆 BlueBird Block 2 衞星，目標是到 2030 年在軌道上有 155 顆衞星。</p>
<p>第二個可能促使 Alphabet 加大投資的催化劑是 AST SpaceMobile 的合作伙伴關係能力。到 2024 年初，它已與 40 多家移動網絡運營商達成協議和諒解，這些運營商共同服務超過 20 億用户。與傳統電信公司正面競爭相比，它將擁有一個龐大的既有客户基礎，隨着覆蓋範圍的擴大而增長。</p>
<p>第三，Alphabet 的投資團隊可能對 AST SpaceMobile 預計的銷售和利潤增長感興趣。今年，華爾街的共識預計銷售額約為 6200 萬美元，每股淨虧損 1 美元。到 2028 年，分析師預測 AST SpaceMobile 將產生 19.3 億美元的收入，並報告每股超過 2.50 美元的收益。</p>
<p>雖然 AST SpaceMobile 成為了一個令人興奮的故事股票，但它的定價也要求完美。截至目前，其市值接近 170 億美元，幾乎沒有出錯的餘地。如果衞星發射在任何方面延遲，或者用於製造衞星的商品成本上升，AST SpaceMobile 的股票可能會面臨困難。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Alphabet 的前核心持股被剔除</h2>
<p>在另一端，Alphabet 在截至 6 月的季度中減少了對一項現有持股的投資，並完全退出了五項其他持股。這些銷售中沒有哪一項比人工智能（AI）驅動的網絡安全解決方案提供商 <strong>CrowdStrike Holdings</strong>(CRWD -0.20%) 更引人注目。</p>
<p>在 2023 年 6 月 1 日至 2024 年 3 月 31 日期間，CrowdStrike 是 Alphabet 按市值計算的第二大持股，曾達到其投資資產的約 15%。然而，Alphabet 的投資團隊持續減持這一持股，從 2023 年底的 1,283,683 股減少到 2025 年 3 月底的僅 74,230 股。在第二季度，Alphabet 拋售了所有剩餘的 CrowdStrike 股票。</p>
<p>2024 年 7 月中旬，由於 CrowdStrike 軟件更新導致的全球最大 IT 故障，可能是 Alphabet 兑現其投資的原因之一。使用 Windows 操作系統的 CrowdStrike 軟件即服務解決方案的客户發現其平台無法啓動，持續了相當長的時間。儘管 CrowdStrike 修復了其軟件更新，但人們擔心客户留存率和/或新客户的獲取將會下降。</p>
<p>從投資的角度來看，Alphabet 可能面臨的另一個擔憂是 CrowdStrike 的高估值。儘管擁有持續競爭優勢的公司（我稍後會詳細討論這一點）值得獲得溢價，但 CrowdStrike 的估值約為未來一年收益的 90 倍，以及未來一年預計銷售額的 19 倍以上。這幾乎沒有錯誤的餘地，並且內建了它將持續超越華爾街共識預測的期望。</p>
<p>但儘管 CrowdStrike 股票的短期上漲空間可能有限，其長期增長軌跡依然強勁。儘管其網絡安全產品組合是市場上最昂貴的之一，但客户仍願意為其服務支付更高的費用。請記住，它在 2024 年 7 月中旬的失誤完全是自我造成的，該公司的 AI 驅動的 Falcon 安全平台在阻止和識別潛在終端用户違規方面表現出色。</p>
<p>CrowdStrike 的運營結果也顯示出其客户正在擴大與公司的服務關係。截至 4 月底，幾乎一半（48%）的客户至少購買了六個雲模塊。基於訂閲的運營模式使 CrowdStrike 目標調整後的訂閲毛利率達到 82% 至 85%。</p>
<p>回顧十年後，Alphabet 的投資團隊可能會後悔出售 CrowdStrike Holdings 的股票。</p>

ASTS

CRWD

<p>字母表公司對其投資組合進行了重大調整，AST SpaceMobile 成為其最大的持股，15 個月內股價飆升近 2000%。該公司在 36 家企業中投資超過 21 億美元，重點關注 AST 的創新衞星基礎的手機服務，該服務與現有智能手機兼容。與此同時，字母表公司減少了對 CrowdStrike 的持股，後者曾是其第二大持股，從 1,283,683 股減持至僅 74,230 股。這一變化反映了字母表公司在科技領域對高潛力投資的戰略重點</p>

<p>For most investors, nothing is more telling about the health of Wall Street than earnings season. This is the six-week period where a majority of the market's most-influential businesses unveil their quarterly operating results.</p>
<div class="lb-trans"><p>對於大多數投資者來説，沒有什麼比財報季更能反映華爾街的健康狀況。這是一個為期六週的時間段，在此期間，市場上大多數最具影響力的企業會公佈其季度運營結果。</p>
</div><p>However, this isn't the only way for investors to get a bead on which stocks and trends are making waves. Form 13Fs, which are required to be filed no later than 45 calendar days following the end to a quarter by institutional investors with at least $100 million in assets under management, are also invaluable. A 13F allows investors to track which stocks and exchange-traded funds (ETFs) Wall Street's brightest money managers have been buying and selling.</p>
<div class="lb-trans"><p>然而，這並不是投資者瞭解哪些股票和趨勢正在引起波動的唯一方式。13F 表格是機構投資者在季度結束後 45 個日曆日內必須提交的文件，管理資產至少為 1 億美元的機構投資者也會提交此表格，這些表格同樣非常重要。13F 表格允許投資者追蹤華爾街最優秀的資金經理正在買入和賣出的股票和交易所交易基金（ETFs）。</p>
</div><p>But hedge funds aren't the only big-time investors on Wall Street. The 13F requirement extends to businesses managing investment portfolios in excess of $100 million, such as <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%).</p>
<div class="lb-trans"><p>但對沖基金並不是華爾街唯一的大型投資者。13F 的要求適用於管理投資組合超過 1 億美元的企業，例如 <strong>Alphabet</strong>(GOOGL 2.48%) (GOOG 2.44%)。</p>
</div><p>Alphabet is best known for Google, its globally dominant internet search platform that generates boatloads of operating cash flow. Alphabet is the parent company of the world's No. 3 cloud infrastructure service platform (Google Cloud), the second most visited social website (YouTube), and one of the most popular autonomous ride-hailing services (Waymo) as well.</p>
<div class="lb-trans"><p>Alphabet 以其全球主導的互聯網搜索平台 Google 而聞名，該平台產生了大量的運營現金流。Alphabet 是全球第三大雲基礎設施服務平台（Google Cloud）、第二大訪問量社交網站（YouTube）以及最受歡迎的自動駕駛叫車服務之一（Waymo）的母公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828600%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-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>Something else you can add to the list is that Alphabet is an avid investor. Based on the company's newly filed 13F, it closed out June with more than $2.1 billion invested across 36 companies, nearly all of which Alphabet has partnered with in some fashion or another.</p>
<div class="lb-trans"><p>你可以在列表中添加的另一點是，Alphabet 是一家熱衷於投資的公司。根據該公司新提交的 13F 表格，截至 6 月底，它在 36 家公司中投資超過 21 億美元，幾乎所有這些公司都與 Alphabet 以某種方式合作。</p>
</div><p>As of the midpoint of 2025, a bona fide moonshot stock that's brimming with potential has become Alphabet's No. 1 holding. Meanwhile, a trusted company that once comprised 15% of its invested assets has been sent to the chopping block.</p>
<div class="lb-trans"><p>截至 2025 年中期，一隻充滿潛力的真正的 “月球飛行” 股票已成為 Alphabet 的第一大持股。同時，一家曾佔其投資資產 15% 的可信公司已被剔除。</p>
</div><h2>Alphabet's new top holding has skyrocketed almost 2,000% in 15 months</h2>
<div class="lb-trans"><h2>Alphabet 的新頂級持股在 15 個月內飆升近 2000%</h2>
</div><p>During the second quarter, Alphabet's investment wing didn't purchase a thing. But because of the ongoing outperformance of satellite-based cellular broadband services provider <strong>AST SpaceMobile</strong>(ASTS -2.26%), which has rallied close to 2,000% on a trailing-15-month basis, as of the closing bell on Aug. 7, this moonshot stock is now Alphabet's largest holding by market value (19.6% of invested assets).</p>
<div class="lb-trans"><p>在第二季度，Alphabet 的投資部門沒有購買任何東西。但由於基於衞星的蜂窩寬帶服務提供商 <strong>AST SpaceMobile</strong>(ASTS -2.26%) 的持續超常表現，該公司在過去 15 個月內上漲了近 2000%，截至 8 月 7 日收盤，這隻 “月球飛行” 股票現在是 Alphabet 按市值計算的最大持股（佔投資資產的 19.6%）。</p>
</div><p>Alphabet bought 8,943,486 shares of AST SpaceMobile during the first quarter. Aside from being one of AST's financial backers, Alphabet likely has a trio of reasons to be optimistic about its long-term prospects.</p>
<div class="lb-trans"><p>Alphabet 在第一季度購買了 8,943,486 股 AST SpaceMobile 的股票。除了作為 AST 的金融支持者之一外，Alphabet 可能還有三個理由對其長期前景持樂觀態度。</p>
</div><p>The biggest differentiator for AST SpaceMobile is that its satellite-based cellular broadband service is designed to work with existing smartphones. Whereas prior-generation attempts to create satellite-based cellular networks often involved the need to use brick-like phones, AST's BlueBird satellites rely on current smartphone technology.</p>
<div class="lb-trans"><p>AST SpaceMobile 最大的區別在於，其基於衞星的蜂窩寬帶服務旨在與現有智能手機兼容。而之前幾代嘗試創建基於衞星的蜂窩網絡通常需要使用磚頭般的手機，AST 的 BlueBird 衞星依賴於當前的智能手機技術。</p>
</div><p>Removing this gigantic hurdle means AST SpaceMobile's management team can focus on getting satellites into space rather than convincing consumers they'll need new devices to access its network. The expectation is that four to six BlueBird Block 2 satellites will be launched monthly, with a target of 155 satellites in orbit by 2030.</p>
<div class="lb-trans"><p>消除了這一巨大障礙後，AST SpaceMobile 的管理團隊可以專注於將衞星送入太空，而不是説服消費者他們需要新設備來訪問其網絡。預計每月將發射四到六顆 BlueBird Block 2 衞星，目標是到 2030 年在軌道上有 155 顆衞星。</p>
</div><p>The second catalyst that may have compelled Alphabet to pile in is AST SpaceMobile's ability to forge partnerships. By early 2024, it had secured agreements and understandings with more than 40 mobile network operators that collectively service north of 2 billion subscribers. Instead of going toe-to-toe with legacy telecom companies, it'll have a massive established customer base as its coverage ramps up.</p>
<div class="lb-trans"><p>第二個可能促使 Alphabet 加大投資的催化劑是 AST SpaceMobile 的合作伙伴關係能力。到 2024 年初，它已與 40 多家移動網絡運營商達成協議和諒解，這些運營商共同服務超過 20 億用户。與傳統電信公司正面競爭相比，它將擁有一個龐大的既有客户基礎，隨着覆蓋範圍的擴大而增長。</p>
</div><p>Thirdly, Alphabet's investment team is likely intrigued by AST SpaceMobile's projected sales and profit growth. This year, Wall Street's consensus calls for roughly $62 million in sales and $1 in net loss per share. By 2028, analysts predict AST SpaceMobile will generate $1.93 billion in revenue and report in excess of $2.50 per share in earnings.</p>
<div class="lb-trans"><p>第三，Alphabet 的投資團隊可能對 AST SpaceMobile 預計的銷售和利潤增長感興趣。今年，華爾街的共識預計銷售額約為 6200 萬美元，每股淨虧損 1 美元。到 2028 年，分析師預測 AST SpaceMobile 將產生 19.3 億美元的收入，並報告每股超過 2.50 美元的收益。</p>
</div><p>While AST SpaceMobile has made for an exciting story stock, it's also priced for perfection. With a market cap of nearly $17 billion, as of this writing, there's simply no room for error. If satellite launches are in any way delayed, or if the cost of goods used to build its satellites increases, AST SpaceMobile stock could struggle.</p>
<div class="lb-trans"><p>雖然 AST SpaceMobile 成為了一個令人興奮的故事股票，但它的定價也要求完美。截至目前，其市值接近 170 億美元，幾乎沒有出錯的餘地。如果衞星發射在任何方面延遲，或者用於製造衞星的商品成本上升，AST SpaceMobile 的股票可能會面臨困難。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg2MDAvaGFja2VyLWNvbXB1dGVyLWNvZGUtdGhlZnQtY3liZXJzZWN1cml0eS1zb2Z0d2FyZS1zYWFzLWxhcHRvcC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828600%2Fhacker-computer-code-theft-cybersecurity-software-saas-laptop-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>Alphabet's former core holding is sent packing</h2>
<div class="lb-trans"><h2>Alphabet 的前核心持股被剔除</h2>
</div><p>On the other end of the spectrum, Alphabet reduced its stake in one existing holding and completely exited five others during the June-ended quarter. None of these sales stands out more than artificial intelligence (AI)-fueled cybersecurity solutions provider <strong>CrowdStrike Holdings</strong>(CRWD -0.20%).</p>
<div class="lb-trans"><p>在另一端，Alphabet 在截至 6 月的季度中減少了對一項現有持股的投資，並完全退出了五項其他持股。這些銷售中沒有哪一項比人工智能（AI）驅動的網絡安全解決方案提供商 <strong>CrowdStrike Holdings</strong>(CRWD -0.20%) 更引人注目。</p>
</div><p>Between June 1, 2023, and March 31, 2024, CrowdStrike was Alphabet's second-largest holding by market value and peaked at roughly 15% of invested assets. However, Alphabet's investment team persistently sold down this stake from a peak of 1,283,683 shares at the end of 2023 to just 74,230 shares by the end of March 2025. During the second quarter, Alphabet jettisoned all remaining shares of CrowdStrike.</p>
<div class="lb-trans"><p>在 2023 年 6 月 1 日至 2024 年 3 月 31 日期間，CrowdStrike 是 Alphabet 按市值計算的第二大持股，曾達到其投資資產的約 15%。然而，Alphabet 的投資團隊持續減持這一持股，從 2023 年底的 1,283,683 股減少到 2025 年 3 月底的僅 74,230 股。在第二季度，Alphabet 拋售了所有剩餘的 CrowdStrike 股票。</p>
</div><p>The world's largest-ever IT outage, which was caused by a CrowdStrike software update in mid-July 2024, may be one reason Alphabet cashed in its chips. Customers of CrowdStrike's software-as-a-service solutions using the Windows operating system saw their platforms unable to boot up for an extended period of time. Even though CrowdStrike fixed its software update, there were concerns that customer retention and/or new customer creation would decline.</p>
<div class="lb-trans"><p>2024 年 7 月中旬，由於 CrowdStrike 軟件更新導致的全球最大 IT 故障，可能是 Alphabet 兑現其投資的原因之一。使用 Windows 操作系統的 CrowdStrike 軟件即服務解決方案的客户發現其平台無法啓動，持續了相當長的時間。儘管 CrowdStrike 修復了其軟件更新，但人們擔心客户留存率和/或新客户的獲取將會下降。</p>
</div><p>Another possible concern for Alphabet, from an investment standpoint, is CrowdStrike's premium valuation. Though companies with sustained competitive advantages (a point I'll touch on a bit more in a moment) are deserving of a premium, CrowdStrike is valued at approximately 90 times forward-year earnings and more than 19 times forward-year projected sales. There's little margin for error and a built-in expectation that it'll consistently blow Wall Street's consensus forecasts out of the water.</p>
<div class="lb-trans"><p>從投資的角度來看，Alphabet 可能面臨的另一個擔憂是 CrowdStrike 的高估值。儘管擁有持續競爭優勢的公司（我稍後會詳細討論這一點）值得獲得溢價，但 CrowdStrike 的估值約為未來一年收益的 90 倍，以及未來一年預計銷售額的 19 倍以上。這幾乎沒有錯誤的餘地，並且內建了它將持續超越華爾街共識預測的期望。</p>
</div><p>But while short-term upside in CrowdStrike's stock may be minimal, its long-term growth trajectory remains as strong as ever. Despite having one of the costlier cybersecurity product portfolios, its clients have willingly paid more for its services. Remember, its mid-July 2024 screw-up was entirely self-inflicted, with the company's AI-driven Falcon security platform exhibiting a phenomenal track record of stopping and identifying potential end-user breaches.</p>
<div class="lb-trans"><p>但儘管 CrowdStrike 股票的短期上漲空間可能有限，其長期增長軌跡依然強勁。儘管其網絡安全產品組合是市場上最昂貴的之一，但客户仍願意為其服務支付更高的費用。請記住，它在 2024 年 7 月中旬的失誤完全是自我造成的，該公司的 AI 驅動的 Falcon 安全平台在阻止和識別潛在終端用户違規方面表現出色。</p>
</div><p>CrowdStrike's operating results also show that its clients are expanding their services with the company. As of the end of April, nearly half (48%) of all its customers had purchased at least six cloud modules. A subscription-driven operating model has CrowdStrike targeting an 82% to 85% adjusted subscription gross margin.</p>
<div class="lb-trans"><p>CrowdStrike 的運營結果也顯示出其客户正在擴大與公司的服務關係。截至 4 月底，幾乎一半（48%）的客户至少購買了六個雲模塊。基於訂閲的運營模式使 CrowdStrike 目標調整後的訂閲毛利率達到 82% 至 85%。</p>
</div><p>When looking back a decade from now, Alphabet's investment team may regret their sale of CrowdStrike Holdings' stock.</p>
<div class="lb-trans"><p>回顧十年後，Alphabet 的投資團隊可能會後悔出售 CrowdStrike Holdings 的股票。</p>
</div>

Alphabet's New No. 1 Holding Is a Bona Fide Moonshot Stock, While Its Former No. 2 Holding Has Been Given the Heave-Ho

- 大型投資者需在季度結束後 45 天內提交 13F 表格，跟蹤投資動向。  
- Alphabet 在 2025 年中期將 AST SpaceMobile 作為最大持股，增值近 2000%。  
- 同時，Alphabet 完全退出了 CrowdStrike 的持股，因其軟件更新導致大規模 IT 故障。  

Alphabet 的新第一大持股是一個真正的高風險高回報股票，而其之前的第二大持股已經被剔除