<p>投資者可能沒有意識到，但今天（8 月 14 日）是整個季度中最重要的日子之一。雖然財報季對於幫助投資者瞭解美國領先企業的運營健康至關重要，但今天到期的 13F 表格申報同樣不可或缺。</p>
<p>13F 是一個強制性申報，必須在季度結束後不超過 45 個日曆天內提交，適用於管理資產至少為 1 億美元的機構投資者。它允許投資者追蹤華爾街最聰明的資金經理在最新季度（在此情況下為 6 月結束的季度）購買和出售了哪些股票，以及識別成功基金經理關注的趨勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管沃倫·巴菲特是股市上最受關注的億萬富翁投資者，但他並不是唯一以超額投資回報而聞名的億萬富翁。例如，Coatue Management 的菲利普·拉豐特（Philippe Laffont）是一位在人工智能（AI）革命中大舉投資的投資者，以發現隱藏在明面上的絕佳交易而聞名。</p>
<p>拉豐特對 AI 演變的看法尤其有趣。具體來説，他在面對 AI 運動時，已經連續八個季度削減了其基金在 <strong>Nvidia</strong>（NVDA -0.83%）的持股，並且在瘋狂購買另一隻歷史上便宜的 AI 股票。</p>
<h2>Coatue Management 的億萬富翁首席已出售其基金 83% 的 Nvidia 持股</h2>
<p>雖然一些億萬富翁資金經理在許多季度前就告別了 AI 圖形處理單元（GPU）巨頭 Nvidia，但 Coatue Management 的億萬富翁老闆在過去兩年中以某種程度的一致性削減了其基金的持股。考慮到 Nvidia 在 2024 年 6 月的歷史性 10 比 1 股票拆分，拉豐特已監督其基金在這一 AI 巨頭中的持股減少了 83%：</p>
<ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
<p>截至 3 月底，Coatue 的前 20 大持股平均持有時間約為 21 個月，這表明拉豐特及其頂級顧問在有機會時並不害怕鎖定收益。自 2023 年初以來，Nvidia 的股價飆升超過十二倍，給 Coatue 最優秀的投資者提供了充足的理由兑現收益。</p>
<p>菲利普·拉豐特在八個季度內持續出售的擔憂在於，他的心中可能不僅僅是獲利了結。</p>
<p>例如，儘管 AI 的可尋址機會極為廣闊，但歷史先例表明，過去三十年的每一個下一個大趨勢在擴張初期都經歷過泡沫破裂事件。投資者往往會過度炒作新技術的實用性和早期採用率，最終導致這些高期望未能實現。沒有哪家公司比 Nvidia 更直接受益於 AI 的演變，這表明如果 AI 泡沫破裂，它可能會受到最嚴重的打擊。</p>
<p>菲利普·拉豐特的另一個可能考慮因素是 AI-GPU 領域日益增長的競爭。毫無疑問，Nvidia 的 Hopper（H100）和 Blackwell GPU 在計算能力方面處於頂尖地位。但這並不意味着 Hopper 和 Blackwell 在未來幾個季度和幾年中不會面臨逆風。</p>
<p>具體來説，內部競爭可能會成為 Nvidia 的一個障礙。許多按淨銷售額計算的主要客户正在為其數據中心開發 AI-GPU 和解決方案。儘管這些芯片的速度不及 Nvidia 的，並且沒有外部競爭威脅，但它們價格相對便宜，更易於獲取，並且能夠佔用寶貴的數據中心空間。簡而言之，這些芯片可能會削弱 Nvidia 的定價權和毛利率。</p>
<p>Nvidia 的估值也令人擔憂。歷史上，巨型公司在市銷率（P/S）大約為 30 到 40 時達到頂峯。截至 8 月 11 日收盤，Nvidia 的市銷率超過 30。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>億萬富翁菲利普·拉豐特無法停止購買這隻現金充裕的 AI 股票</h2>
<p>在另一端，有一隻歷史上便宜且現金充裕的人工智能股票，Coatue Management 的億萬富翁首席無法停止購買。我説的是總部位於中國的 <strong>阿里巴巴集團</strong>（BABA 3.73%）。</p>
<p>當 2024 年結束時，阿里巴巴在 Coatue 的投資組合中是一個相對被遺忘的持股，僅持有 192,728 股。但在第一季度，拉豐特幾乎將這一持股擴大了 20 倍，達到了 3,801,703 股，基於提交的 13F。</p>
<p>雖然阿里巴巴的增長雄心在很大程度上依賴於 AI，但這並不是公司負責大部分現金流的基礎運營部門。阿里巴巴通過其在中國的電子商務業務紮根。</p>
<p>儘管美國的在線零售銷售已經成熟，但在全球第二大經濟體中，蓬勃發展的中產階級可以在可預見的未來產生高強度的電子商務銷售增長。根據 DBS Treasures 的分析，淘寶和天貓合計佔中國電子商務市場的 41% 份額。這些平台應該能夠繼續產生豐厚的現金流，阿里巴巴可以將其重新投入到更快增長和/或更高利潤率的項目中。</p>
<p>然而，電子商務並不是阿里巴巴集團唯一領先的領域。根據科技分析公司 Canalys 的估計，阿里雲在 2025 財年第一季度佔據了中國大陸雲基礎設施服務支出 33% 的市場份額，幾乎是排名第二的華為雲 18% 份額的兩倍。</p>
<p>阿里巴巴正在積極將生成式人工智能解決方案整合到其雲平台中，併為客户提供構建和訓練大型語言模型所需的工具。預計這些人工智能解決方案將提升阿里雲的需求（和利潤率）。</p>
<p>吸引拉豐特關注阿里巴巴的另一個原因可能是公司的資本回報計劃。到 2025 財年結束時（截至 3 月 31 日），阿里巴巴擁有 516 億美元的現金、現金等價物和短期投資，以及 74 億美元的股權證券和 60 億美元的限制性現金。結合阿里巴巴眾多運營部門產生的現金流，足夠的資本可用於股票回購和分紅。</p>
<p>阿里巴巴集團股票的一個顯著優勢是，其歷史估值相對便宜，預計市盈率為 11 倍。這一估值略低於過去五年平均的前瞻市盈率，並在歷史上高估的股市中顯得尤為突出。</p>

英偉達

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半導體 3 倍做多 - Direxion

<p>億萬富翁菲利普·拉豐特（Philippe Laffont）連續八個季度出售英偉達（Nvidia）的股票，減少了 83% 的持股比例。這一趨勢引發了對潛在獲利了結和人工智能泡沫破裂風險的擔憂。與此同時，拉豐特顯著增加了對阿里巴巴（Alibaba）的投資，這是一隻歷史上被低估的人工智能股票，將其持股從 192,728 股提升至 3,801,703 股。這一轉變反映了拉豐特在不斷變化的人工智能領域和 GPU 市場競爭中進行戰略調整的決策</p>

<p>Investors may not realize it, but today (Aug. 14) is one of the most important days of the entire quarter. While earnings season is critical in helping investors learn about the operating health of America's leading businesses, Form 13F filings, which are due today, are equally invaluable.</p>
<div class="lb-trans"><p>投資者可能沒有意識到，但今天（8 月 14 日）是整個季度中最重要的日子之一。雖然財報季對於幫助投資者瞭解美國領先企業的運營健康至關重要，但今天到期的 13F 表格申報同樣不可或缺。</p>
</div><p>A 13F is a required filing due no later than 45 calendar days following the end to a quarter for institutional investors with at least $100 million in assets under management. It allows investors to track which stocks Wall Street's smartest money managers purchased and sold in the latest quarter (in this instance, the June-ended quarter), as well as identify which trends have the attention of successful fund managers.</p>
<div class="lb-trans"><p>13F 是一個強制性申報，必須在季度結束後不超過 45 個日曆天內提交，適用於管理資產至少為 1 億美元的機構投資者。它允許投資者追蹤華爾街最聰明的資金經理在最新季度（在此情況下為 6 月結束的季度）購買和出售了哪些股票，以及識別成功基金經理關注的趨勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828901%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-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>Although Warren Buffett is the stock market's most followed billionaire investor, he's far from the only billionaire known for their outsized investment returns. For instance, Coatue Management's Philippe Laffont, who's been a big investor of the artificial intelligence (AI) revolution, is known for spotting phenomenal deals hiding in plain sight.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特是股市上最受關注的億萬富翁投資者，但他並不是唯一以超額投資回報而聞名的億萬富翁。例如，Coatue Management 的菲利普·拉豐特（Philippe Laffont）是一位在人工智能（AI）革命中大舉投資的投資者，以發現隱藏在明面上的絕佳交易而聞名。</p>
</div><p>Laffont's approach to the evolution of AI has been particularly interesting. Specifically, he's pared down his fund's stake in the face of the AI movement, <strong>Nvidia</strong>(NVDA -0.83%), for eight straight quarters, and has been buying shares of another historically cheap AI stock hand over fist.</p>
<div class="lb-trans"><p>拉豐特對 AI 演變的看法尤其有趣。具體來説，他在面對 AI 運動時，已經連續八個季度削減了其基金在 <strong>Nvidia</strong>（NVDA -0.83%）的持股，並且在瘋狂購買另一隻歷史上便宜的 AI 股票。</p>
</div><h2>Coatue Management's billionaire chief has sold 83% of his fund's Nvidia stake</h2>
<div class="lb-trans"><h2>Coatue Management 的億萬富翁首席已出售其基金 83% 的 Nvidia 持股</h2>
</div><p>While some billionaire money managers bid adieu to AI-graphics processing unit (GPU) colossus Nvidia many quarters ago, Coatue Management billionaire boss has been paring down his fund's stake with some degree of consistency for two full years. Accounting for Nvidia's historic 10-for-1 stock split in June 2024, Laffont has overseen an 83% reduction in his fund's position in this AI powerhouse:</p>
<div class="lb-trans"><p>雖然一些億萬富翁資金經理在許多季度前就告別了 AI 圖形處理單元（GPU）巨頭 Nvidia，但 Coatue Management 的億萬富翁老闆在過去兩年中以某種程度的一致性削減了其基金的持股。考慮到 Nvidia 在 2024 年 6 月的歷史性 10 比 1 股票拆分，拉豐特已監督其基金在這一 AI 巨頭中的持股減少了 83%：</p>
</div><ul>
<li><strong>Q1 2023</strong>: 49,802,020 shares of Nvidia</li>
<li><strong>Q2 2023</strong>: 46,449,700 shares</li>
<li><strong>Q3 2023</strong>: 45,410,400 shares</li>
<li><strong>Q4 2023</strong>: 43,222,010 shares</li>
<li><strong>Q1 2024</strong>: 13,851,410 shares</li>
<li><strong>Q2 2024</strong>: 13,754,447 shares</li>
<li><strong>Q3 2024</strong>: 10,138,161 shares</li>
<li><strong>Q4 2024</strong>: 10,006,488 shares</li>
<li><strong>Q1 2025</strong>: 8,545,835 shares</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
</div><p>With Coatue's average top-20 position held for roughly 21 months, as of the end of March, it demonstrates that Laffont and his top advisors aren't shy about locking in gains when presented with the opportunity. Nvidia shares catapulting more than twelvefold since the start of 2023 has given Coatue's brightest investor plenty of reason to cash in his chips.</p>
<div class="lb-trans"><p>截至 3 月底，Coatue 的前 20 大持股平均持有時間約為 21 個月，這表明拉豐特及其頂級顧問在有機會時並不害怕鎖定收益。自 2023 年初以來，Nvidia 的股價飆升超過十二倍，給 Coatue 最優秀的投資者提供了充足的理由兑現收益。</p>
</div><p>The concern with Philippe Laffont's persistent selling spanning eight quarters is there may be more than profit-taking on his mind.</p>
<div class="lb-trans"><p>菲利普·拉豐特在八個季度內持續出售的擔憂在於，他的心中可能不僅僅是獲利了結。</p>
</div><p>For instance, while the addressable opportunity for AI is sky-high, historical precedent shows that every next-big-thing trend for three decades has endured a bubble-bursting event early in its expansion. Investors have a tendency to overhype the utility and early stage adoption rates of new technologies, which eventually leads to these lofty expectations not being met. No company has been a more direct beneficiary of the evolution of AI than Nvidia, which suggests it would potentially be the hardest hit if the AI bubble were to burst.</p>
<div class="lb-trans"><p>例如，儘管 AI 的可尋址機會極為廣闊，但歷史先例表明，過去三十年的每一個下一個大趨勢在擴張初期都經歷過泡沫破裂事件。投資者往往會過度炒作新技術的實用性和早期採用率，最終導致這些高期望未能實現。沒有哪家公司比 Nvidia 更直接受益於 AI 的演變，這表明如果 AI 泡沫破裂，它可能會受到最嚴重的打擊。</p>
</div><p>Another possible consideration for Philippe Laffont is growing competition in the AI-GPU space. Make no mistake about it, Nvidia's Hopper (H100) and Blackwell GPUs are at the top of the pedestal, in terms of compute ability. But this doesn't mean Hopper and Blackwell won't endure headwinds in the coming quarters and years.</p>
<div class="lb-trans"><p>菲利普·拉豐特的另一個可能考慮因素是 AI-GPU 領域日益增長的競爭。毫無疑問，Nvidia 的 Hopper（H100）和 Blackwell GPU 在計算能力方面處於頂尖地位。但這並不意味着 Hopper 和 Blackwell 在未來幾個季度和幾年中不會面臨逆風。</p>
</div><p>Specifically, internal competition could prove to be a thorn in Nvidia's side. Many of its leading customers by net sales are developing AI-GPUs and solutions for their data centers. Even though these chips are slower than Nvidia's and they pose no external competitive threat, they're considerably cheaper, more readily accessible, and capable of taking up valuable data-center real estate. In short, these chips could crush Nvidia's pristine pricing power and gross margin.</p>
<div class="lb-trans"><p>具體來説，內部競爭可能會成為 Nvidia 的一個障礙。許多按淨銷售額計算的主要客户正在為其數據中心開發 AI-GPU 和解決方案。儘管這些芯片的速度不及 Nvidia 的，並且沒有外部競爭威脅，但它們價格相對便宜，更易於獲取，並且能夠佔用寶貴的數據中心空間。簡而言之，這些芯片可能會削弱 Nvidia 的定價權和毛利率。</p>
</div><p>Nvidia's valuation is worrisome, as well. Historically, megacap companies have peaked with price-to-sales (P/S) ratios of roughly 30 to 40. Nvidia is tipping the scales at a P/S ratio of more than 30, as of the closing bell on Aug. 11.</p>
<div class="lb-trans"><p>Nvidia 的估值也令人擔憂。歷史上，巨型公司在市銷率（P/S）大約為 30 到 40 時達到頂峯。截至 8 月 11 日收盤，Nvidia 的市銷率超過 30。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjg5MDEvZGF0YS1jZW50ZXItZW1wbG95ZWVzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLW5ldHdvcmstc3dpdGNoLWNsb3VkLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828901%2Fdata-center-employees-artificial-intelligence-network-switch-cloud-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>Billionaire Philippe Laffont can't stop buying this cash-rich AI stock</h2>
<div class="lb-trans"><h2>億萬富翁菲利普·拉豐特無法停止購買這隻現金充裕的 AI 股票</h2>
</div><p>On the other end of the spectrum is a historically cheap and cash-rich artificial intelligence stock that Coatue Management's billionaire chief can't stop buying. I'm talking about China-based <strong>Alibaba Group</strong>(BABA 3.73%).</p>
<div class="lb-trans"><p>在另一端，有一隻歷史上便宜且現金充裕的人工智能股票，Coatue Management 的億萬富翁首席無法停止購買。我説的是總部位於中國的 <strong>阿里巴巴集團</strong>（BABA 3.73%）。</p>
</div><p>When 2024 came to a close, Alibaba was a relatively forgettable holding in Coatue's portfolio, with just 192,728 shares held. But during the first quarter, Laffont came close to 20Xing this stake to 3,801,703 shares, based on the filed 13F.</p>
<div class="lb-trans"><p>當 2024 年結束時，阿里巴巴在 Coatue 的投資組合中是一個相對被遺忘的持股，僅持有 192,728 股。但在第一季度，拉豐特幾乎將這一持股擴大了 20 倍，達到了 3,801,703 股，基於提交的 13F。</p>
</div><p>While Alibaba's growth ambitions very much rely on AI, this isn't the company's foundational operating segment responsible for most of its cash flow. Alibaba laid its roots through its e-commerce operations in China.</p>
<div class="lb-trans"><p>雖然阿里巴巴的增長雄心在很大程度上依賴於 AI，但這並不是公司負責大部分現金流的基礎運營部門。阿里巴巴通過其在中國的電子商務業務紮根。</p>
</div><p>Whereas online retail sales have matured in the U.S., a burgeoning middle class in the world's No. 2 economy by gross domestic product can generate high-octane e-commerce sales growth for the foreseeable future. Based on an analysis from DBS Treasures, Taobao and Tmall combine to account for a 41% share of China's e-commerce space. These platforms should have little issue continuing to generate bountiful cash flow that Alibaba can redirect to faster-growing and/or higher-margin initiatives.</p>
<div class="lb-trans"><p>儘管美國的在線零售銷售已經成熟，但在全球第二大經濟體中，蓬勃發展的中產階級可以在可預見的未來產生高強度的電子商務銷售增長。根據 DBS Treasures 的分析，淘寶和天貓合計佔中國電子商務市場的 41% 份額。這些平台應該能夠繼續產生豐厚的現金流，阿里巴巴可以將其重新投入到更快增長和/或更高利潤率的項目中。</p>
</div><p>However, e-commerce isn't the only arena that Alibaba Group is leading. According to estimates from tech analysis firm Canalys, Alibaba Cloud reined in 33% of Mainland China's cloud infrastructure service spending during the first quarter, which was nearly double the 18% share Huawei Cloud earned as the No. 2 cloud infrastructure services provider.</p>
<div class="lb-trans"><p>然而，電子商務並不是阿里巴巴集團唯一領先的領域。根據科技分析公司 Canalys 的估計，阿里雲在 2025 財年第一季度佔據了中國大陸雲基礎設施服務支出 33% 的市場份額，幾乎是排名第二的華為雲 18% 份額的兩倍。</p>
</div><p>Alibaba is aggressively incorporating generative AI solutions into its cloud platform and giving its clients access to the tools needed to build and train large language models. The expectation is that these AI solutions will enhance demand (and margins) for Alibaba Cloud.</p>
<div class="lb-trans"><p>阿里巴巴正在積極將生成式人工智能解決方案整合到其雲平台中，併為客户提供構建和訓練大型語言模型所需的工具。預計這些人工智能解決方案將提升阿里雲的需求（和利潤率）。</p>
</div><p>Something else that's likely attracted Laffont to Alibaba is the company's capital-return program. It closed out fiscal 2025 (ended March 31) with $51.6 billion in cash, cash equivalents, and short-term investments, along with $7.4 billion in equity securities and $6 billion in restricted cash. When combined with the cash flow being generated from Alibaba's numerous operating segments, there's more than enough capital available for share repurchases and dividends.</p>
<div class="lb-trans"><p>吸引拉豐特關注阿里巴巴的另一個原因可能是公司的資本回報計劃。到 2025 財年結束時（截至 3 月 31 日），阿里巴巴擁有 516 億美元的現金、現金等價物和短期投資，以及 74 億美元的股權證券和 60 億美元的限制性現金。結合阿里巴巴眾多運營部門產生的現金流，足夠的資本可用於股票回購和分紅。</p>
</div><p>The proverbial cherry on the sundae is that Alibaba Group stock is historically inexpensive at an estimated 11 times forward-year earnings. This is modestly lower than its average forward price-to-earnings (P/E) ratio over the past half-decade, and it stands out amid a historically pricey stock market.</p>
<div class="lb-trans"><p>阿里巴巴集團股票的一個顯著優勢是，其歷史估值相對便宜，預計市盈率為 11 倍。這一估值略低於過去五年平均的前瞻市盈率，並在歷史上高估的股市中顯得尤為突出。</p>
</div>

Billionaire Philippe Laffont Has Sold Shares of Nvidia for 8 Consecutive Quarters and Is Loading Up On This Historically Cheap Artificial Intelligence (AI) Stock Instead

- 8 月 14 日是投資者關注的重要日子，13F 文件的提交至關重要。  
- Coatue Management 的 Philippe Laffont 持續減持 Nvidia，已減少 83% 的持股。  
- Laffont 大幅增持阿里巴巴，持股從 192,728 股增至 3,801,703 股。  

億萬富翁菲利普·拉豐特已經連續 8 個季度出售英偉達的股票，並轉而大量買入這隻歷史上價格低廉的人工智能股票