<p><strong>伯克希爾哈撒韋</strong>(BRK.A -0.13%) (BRK.B -0.06%) 在八月中旬發佈了最新的 13F 文件，為投資者提供了關於首席執行官沃倫·巴菲特公司在第二季度的股票買賣動態的一些政府強制性洞察。值得注意的是，這家投資集團再次選擇出售大量的 <strong>蘋果</strong>(AAPL 1.21%) 股票。</p>
<p>蘋果股票在今年的科技行業中表現不佳，2025 年的交易中股價下跌了大約 10%，而 <strong>標準普爾 500</strong> 指數上漲了 8.4%，<strong>納斯達克綜合指數</strong> 上漲了 9.4%。伯克希爾在第二季度又出售了 2000 萬股蘋果股票，但推動這一撤資趨勢的因素可能遠遠超出了今年股票普遍看跌的走勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>伯克希爾大幅減少了其蘋果股票持有量</h2>
<p>不久前，蘋果實際上佔據了伯克希爾總公共股票投資組合的一半以上。巴菲特的公司曾擁有超過 9 億股這家科技巨頭的股票。根據投資集團的最新更新，它已將其在蘋果的持股削減至 2.8 億股。</p>
<p>蘋果仍然是伯克希爾最大的公共股票持有，截止目前約佔其股票投資組合的 21.4%，但自 2023 年第四季度開始出售股票以來，巴菲特的公司迅速削減了其持股。雖然伯克希爾的舉動使其現金頭寸達到約 3440 億美元，表明該公司對股市採取相對謹慎的態度，但也可能存在一些特定於業務的動態，推動其撤出蘋果。</p>
<h2>蘋果的業務業績最近不穩定</h2>
<p>在七月底，蘋果發佈了其當前財政年度第三季度的業績——這一時期截至 6 月 28 日。該期間的銷售和收益實際上超出了市場的預期，公司每股利潤為 1.57 美元，銷售額為 940.4 億美元，遠超分析師平均預期的每股利潤 1.43 美元和銷售額 895.3 億美元。</p>
<p>在該期間，iPhone 的收入同比增長了 13%，幫助推動總銷售額較去年同期增長了 10%。這一表現標誌着蘋果自 2021 年底以來最強勁的季度銷售增長。值得注意的是，伯克希爾在科技巨頭最新季度報告之前就決定再出售 2000 萬股蘋果股票。</p>
<p>如果巴菲特和投資集團的投資組合經理知道蘋果公司正在經歷顯著的銷售增長加速，可能會做出不同的決定。另一方面，科技領頭羊的銷售擴張在近年來總體上相當緩慢。</p>
<p>蘋果過去 12 個月（TTM）的收入在過去三年中僅增長了 4%。與此同時，另一家大型科技公司 <strong>微軟</strong> 的 TTM 銷售在此期間增長了 39%。雖然蘋果的銷售在上個季度大幅躍升，但消費者在關税和其他一次性催化劑前的購買可能是這一躍升的重要因素。</p>
<h2>蘋果在人工智能領域似乎落後</h2>
<p>與一些其他領先的科技公司相比，蘋果在人工智能（AI）競賽中似乎被甩在了後面。公司的 Apple Intelligence 平台並沒有成為一個重要的業績驅動因素，內部開發問題的報告隨後傳出消息稱其 Siri AI 技術的推出最早要推遲到 2026 年。</p>
<p>這家 iPhone 製造商龐大的用户基礎和強大的技術基礎在人工智能領域賦予了其一些自然優勢，但巴菲特及其顧問可能看到該領域迄今為止缺乏成果的問題。由於蘋果在人工智能領域似乎未能取得進展，加上在飽和的移動市場中整體增長疲軟，該公司面臨着推出熱門新產品和服務的壓力。</p>
<h2>中國面臨大麻煩？</h2>
<p>中國的疲軟表現以及與關税和製造相關的問題是蘋果最近股票表現不佳的關鍵因素。儘管在財政第三季度，中國的銷售同比增長了 4%，但這一表現部分是由於政府補貼推動了部分設備的購買。相比之下，財政第二季度該國的銷售同比下降了 2%，財政第一季度下降了 11%。除了與 Apple Intelligence 推出相關的問題外，中國消費者普遍對本土品牌的偏好也在增加。</p>
<p>新的進口税和其他地緣政治及宏觀經濟動態也給蘋果帶來了挑戰。儘管該公司承諾投資 6000 億美元以擴大其美國製造基地，但仍然依賴中國工廠進行大部分生產。因此，蘋果面臨着與關税相關的一些重大壓力。與其他 “七大科技巨頭” 相比，如果美中關係繼續惡化，該公司面臨的風險更高。</p>
<p>雖然沒有內部信息很難確切説明伯克希爾為何出售蘋果股票，但有多種動態可以幫助解釋巴菲特的公司為何在減少其在該股票中的持倉。這並不意味着蘋果在長期內不會成功，但伯克希爾的大規模撤資舉動在面對科技巨頭所面臨的挑戰時顯得尤為引人注目。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

蘋果

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

<p>伯克希爾哈撒韋大幅減持了在蘋果的股份，在第二季度出售了 2000 萬股，目前持有 2.8 億股，較 900 多萬股大幅下降。儘管蘋果最近的季度業績強勁，但對增長乏力、人工智能發展延遲以及中國市場銷售疲軟的擔憂可能影響了巴菲特的減持決策。蘋果的股票今年表現不佳，這促使伯克希爾採取謹慎的市場策略，現金頭寸達到 3440 億美元</p>

<p><strong>Berkshire Hathaway</strong>(BRK.A -0.13%) (BRK.B -0.06%) published its latest 13F filing at the middle of August, giving investors some government-mandated insight into the stock buying and selling moves made by CEO Warren Buffett's company in the second quarter. Notably, the investment conglomerate once again moved to sell a substantial number of <strong>Apple</strong>(AAPL 1.21%) shares.</p>
<div class="lb-trans"><p><strong>伯克希爾哈撒韋</strong>(BRK.A -0.13%) (BRK.B -0.06%) 在八月中旬發佈了最新的 13F 文件，為投資者提供了關於首席執行官沃倫·巴菲特公司在第二季度的股票買賣動態的一些政府強制性洞察。值得注意的是，這家投資集團再次選擇出售大量的 <strong>蘋果</strong>(AAPL 1.21%) 股票。</p>
</div><p>Apple stock stands out as a notable underperformer in the tech sector this year, with shares down roughly 10% across 2025's trading despite a gain of 8.4% for the <strong>S&amp;P 500</strong> and a gain of 9.4% for the <strong>Nasdaq Composite</strong> across the stretch. Berkshire moved to sell another 20 million shares of Apple in Q2, but there are likely factors driving the divestment trend that extend far beyond the stock's generally bearish movement this year.</p>
<div class="lb-trans"><p>蘋果股票在今年的科技行業中表現不佳，2025 年的交易中股價下跌了大約 10%，而 <strong>標準普爾 500</strong> 指數上漲了 8.4%，<strong>納斯達克綜合指數</strong> 上漲了 9.4%。伯克希爾在第二季度又出售了 2000 萬股蘋果股票，但推動這一撤資趨勢的因素可能遠遠超出了今年股票普遍看跌的走勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA1MjYvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830526%2Fbuffett17-tmf.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>Berkshire dramatically reduced its Apple stock holdings</h2>
<div class="lb-trans"><h2>伯克希爾大幅減少了其蘋果股票持有量</h2>
</div><p>Not long ago, Apple actually accounted for over half of Berkshire's total public stock portfolio. Buffett's company once owned more than 900 million shares of the tech giant's stock. As of the investment conglomerate's last update, it had trimmed its position in Apple to 280 million shares.</p>
<div class="lb-trans"><p>不久前，蘋果實際上佔據了伯克希爾總公共股票投資組合的一半以上。巴菲特的公司曾擁有超過 9 億股這家科技巨頭的股票。根據投資集團的最新更新，它已將其在蘋果的持股削減至 2.8 億股。</p>
</div><p>Apple is still Berkshire's biggest public stock holding and accounts for roughly 21.4% of its stock portfolio as of this writing, but Buffett's company has rapidly cut its holdings since it began selling shares in the fourth quarter of 2023. While Berkshire's move to build up a cash position of approximately $344 billion suggests that the company is taking a relatively cautious approach to the stock market, there are also business-specific dynamics that could be driving its move out of Apple.</p>
<div class="lb-trans"><p>蘋果仍然是伯克希爾最大的公共股票持有，截止目前約佔其股票投資組合的 21.4%，但自 2023 年第四季度開始出售股票以來，巴菲特的公司迅速削減了其持股。雖然伯克希爾的舉動使其現金頭寸達到約 3440 億美元，表明該公司對股市採取相對謹慎的態度，但也可能存在一些特定於業務的動態，推動其撤出蘋果。</p>
</div><h2>Apple's business results have been uneven recently</h2>
<div class="lb-trans"><h2>蘋果的業務業績最近不穩定</h2>
</div><p>At the end of July, Apple published results for the third quarter of its current fiscal year -- a period that ended June 28. Sales and earnings in the period actually crushed the market's expectations, with the company's per-share profit of $1.57 on sales of $94.04 billion coming in far ahead of the average analyst estimate's call for a per-share profit of $1.43 on sales of $89.53 billion.</p>
<div class="lb-trans"><p>在七月底，蘋果發佈了其當前財政年度第三季度的業績——這一時期截至 6 月 28 日。該期間的銷售和收益實際上超出了市場的預期，公司每股利潤為 1.57 美元，銷售額為 940.4 億美元，遠超分析師平均預期的每股利潤 1.43 美元和銷售額 895.3 億美元。</p>
</div><p>iPhone revenue increased 13% year over year in the period, helping to push total sales up 10% compared to the prior-year period. The performance marked Apple's strongest quarterly sales growth since the end of 2021. Notably, Berkshire made its move to sell another 20 million shares of Apple stock before the tech giant's latest quarterly report.</p>
<div class="lb-trans"><p>在該期間，iPhone 的收入同比增長了 13%，幫助推動總銷售額較去年同期增長了 10%。這一表現標誌着蘋果自 2021 年底以來最強勁的季度銷售增長。值得注意的是，伯克希爾在科技巨頭最新季度報告之前就決定再出售 2000 萬股蘋果股票。</p>
</div><p>It's possible that Buffett and the investment conglomerate's portfolio managers would have made a different decision with the benefit of knowing that the iPhone company was seeing a substantial sales growth acceleration. On the other hand, the tech leader's sales expansion has generally been pretty sluggish in recent years.</p>
<div class="lb-trans"><p>如果巴菲特和投資集團的投資組合經理知道蘋果公司正在經歷顯著的銷售增長加速，可能會做出不同的決定。另一方面，科技領頭羊的銷售擴張在近年來總體上相當緩慢。</p>
</div><p>Apple's trailing-12-month (TTM) revenue is up just 4% over the last three years. Meanwhile, fellow megacap tech stalwart <strong>Microsoft</strong> has seen its TTM sales increase 39% across the stretch. While Apple's sales saw a big jump last quarter, it's possible that consumer purchasing ahead of tariffs and other one-off catalysts were big contributors to the jump.</p>
<div class="lb-trans"><p>蘋果過去 12 個月（TTM）的收入在過去三年中僅增長了 4%。與此同時，另一家大型科技公司 <strong>微軟</strong> 的 TTM 銷售在此期間增長了 39%。雖然蘋果的銷售在上個季度大幅躍升，但消費者在關税和其他一次性催化劑前的購買可能是這一躍升的重要因素。</p>
</div><h2>Apple appears to be behind in AI</h2>
<div class="lb-trans"><h2>蘋果在人工智能領域似乎落後</h2>
</div><p>Compared to some other leading tech companies, Apple appears to have been caught flatfooted in the artificial intelligence (AI) race. The company's Apple Intelligence platform hasn't been a big performance driver, and reports of internal development issues were followed by news that the launch of its Siri AI technology had been pushed out to 2026 at the earliest.</p>
<div class="lb-trans"><p>與一些其他領先的科技公司相比，蘋果在人工智能（AI）競賽中似乎被甩在了後面。公司的 Apple Intelligence 平台並沒有成為一個重要的業績驅動因素，內部開發問題的報告隨後傳出消息稱其 Siri AI 技術的推出最早要推遲到 2026 年。</p>
</div><p>The iPhone maker's massive user base and strong tech foundations give it some natural strengths in the AI space, but it's possible that Buffett and his advisors are seeing issues with the lack of results in the category so far. With Apple seemingly coming up short on AI thus far and generally weak growth in the saturated mobile market, the company is under pressure to deliver hit new products and services.</p>
<div class="lb-trans"><p>這家 iPhone 製造商龐大的用户基礎和強大的技術基礎在人工智能領域賦予了其一些自然優勢，但巴菲特及其顧問可能看到該領域迄今為止缺乏成果的問題。由於蘋果在人工智能領域似乎未能取得進展，加上在飽和的移動市場中整體增長疲軟，該公司面臨着推出熱門新產品和服務的壓力。</p>
</div><h2>Big trouble in China?</h2>
<div class="lb-trans"><h2>中國面臨大麻煩？</h2>
</div><p>Weak performance in China and issues related to tariffs and manufacturing have been key elements in the story behind Apple's disappointing stock performance lately. While sales in China were up 4% year over year in fiscal Q3, the performance was driven in part by government subsidies that boosted purchases for some of the company's devices. For comparison, sales in the country were down 2% year over year in fiscal Q2 and 11% year over year in fiscal Q1. In addition to issues connected to the rollout of Apple Intelligence, Chinese customers have generally been showing increasing preference for domestic brands.</p>
<div class="lb-trans"><p>中國的疲軟表現以及與關税和製造相關的問題是蘋果最近股票表現不佳的關鍵因素。儘管在財政第三季度，中國的銷售同比增長了 4%，但這一表現部分是由於政府補貼推動了部分設備的購買。相比之下，財政第二季度該國的銷售同比下降了 2%，財政第一季度下降了 11%。除了與 Apple Intelligence 推出相關的問題外，中國消費者普遍對本土品牌的偏好也在增加。</p>
</div><p>New import taxes and other geopolitical and macroeconomic dynamics also present challenges for Apple. While the company has made a commitment to invest $600 billion to build out its U.S. manufacturing base, it still relies on Chinese factories for much of its production. As a result, Apple is facing some significant pressures connected to tariffs. Compared to other &#34;Magnificent Seven&#34; tech players, the company faces higher risks if relations between the U.S. and China continue to worsen.</p>
<div class="lb-trans"><p>新的進口税和其他地緣政治及宏觀經濟動態也給蘋果帶來了挑戰。儘管該公司承諾投資 6000 億美元以擴大其美國製造基地，但仍然依賴中國工廠進行大部分生產。因此，蘋果面臨着與關税相關的一些重大壓力。與其他 “七大科技巨頭” 相比，如果美中關係繼續惡化，該公司面臨的風險更高。</p>
</div><p>While it's impossible to state exactly why Berkshire is selling out of Apple without an insider read on the situation, there are multiple dynamics that help explain why Buffett's company has been reducing its position in the stock. That doesn't mean that Apple won't be successful over the long term, but Berkshire's big divestment moves are notable in light of challenges facing the tech giant.</p>
<div class="lb-trans"><p>雖然沒有內部信息很難確切説明伯克希爾為何出售蘋果股票，但有多種動態可以幫助解釋巴菲特的公司為何在減少其在該股票中的持倉。這並不意味着蘋果在長期內不會成功，但伯克希爾的大規模撤資舉動在面對科技巨頭所面臨的挑戰時顯得尤為引人注目。</p>
</div>

Why Is Warren Buffett Dumping Apple Stock Right Now?

- Berkshire Hathaway 在第二季度出售了 2000 萬股蘋果股票。  
- 蘋果股票在 2025 年表現不佳，面臨中國市場和 AI 發展挑戰。  
- 儘管蘋果近期銷售增長超預期，Berkshire 仍在減持其股份。  

為什麼沃倫·巴菲特現在正在拋售蘋果股票？