<p>八月份充滿了重要的數據發佈。聯邦政府的通脹和就業報告、美聯儲主席傑羅姆·鮑威爾在傑克遜霍爾備受期待的演講，以及華爾街許多最具影響力企業的財報發佈，給投資者帶來了大量信息。這也使得一些重要信息容易被忽視。</p>
<p>例如，8 月 14 日是管理資產至少為 1 億美元的機構投資者向美國監管機構提交 13F 表格的截止日期。13F 提供了華爾街最聰明的資金經理在最新季度（在這種情況下是截至 6 月 30 日的季度）買賣哪些股票的簡明快照。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管億萬富翁沃倫·巴菲特在華爾街贏得了相當多的追隨者，但他並不是唯一一位對價值有敏鋭眼光的億萬富翁基金經理。杜克斯尼家族辦公室的億萬富翁老闆斯坦利·德魯肯米勒也以其超額回報和獲得驚人交易的能力而聞名。</p>
<p>德魯肯米勒在人工智能（AI）領域的交易活動尤其引人注目。在過去一年中，根據涵蓋 2024 年 7 月 1 日至 2025 年 6 月 30 日交易活動的 13F 文件，杜克斯尼的投資大師將華爾街的兩隻頂級 AI 股票，<strong>Nvidia</strong>（NVDA 1.10%）和 <strong>Palantir Technologies</strong>（PLTR -0.98%），送上了砧板。但與此同時，他連續四個季度購買了一家重要的 AI 巨頭的股票，並將其作為前五大持股。</p>
<h2>億萬富翁斯坦利·德魯肯米勒將 Nvidia 和 Palantir 送上了砧板</h2>
<p>截至 2024 年中期，杜克斯尼的億萬富翁首席正在管理 29 億美元的資產，分佈在 64 個持股中。這包括在 2024 年 6 月進行 10 比 1 的前分割後持有的 214,060 股 Nvidia，以及 769,965 股 Palantir。到 2025 年 3 月 31 日，這兩項持股已完全退出。</p>
<p>出售兩隻全球最熱門 AI 股票的合理解釋是德魯肯米勒在鎖定收益。杜克斯尼家族辦公室的平均持股時間不到七個月，這表明這位億萬富翁投資者在機會出現時並不害怕兑現其基金的籌碼。</p>
<p>截至 8 月 22 日收盤，Nvidia 的股價自 2022 年底以來已上漲約 1120%。其 AI 圖形處理單元（GPU）已成為企業在其 AI 加速數據中心中部署的首選。對 AI-GPU 的強勁持續需求，加上 Nvidia 明確的計算優勢，使其能夠對其硬件收取溢價。</p>
<p>與此同時，Palantir 的股價在同一時間段內上漲了超過 2300%。其基於 AI 和機器學習的 Gotham 平台，幫助聯邦政府進行軍事任務規劃和監督，承擔了大量的重任。由於沒有明確的替代品，且在規模上沒有真正的競爭對手與其企業訂閲 Foundry 平台相抗衡，Palantir 的估值溢價相當可觀。</p>
<p>對 Nvidia 和 Palantir 股東而言，令人擔憂的是德魯肯米勒是否因超出獲利了結的原因而拋售這些股票。</p>
<p>例如，德魯肯米勒在 2024 年 5 月表示：“AI 現在可能有點被過度炒作，但從長遠來看卻被低估。” 杜克斯尼的億萬富翁老闆敏鋭地意識到，過去 30 年中每一個下一個大趨勢在擴張階段早期都經歷過泡沫破裂事件。換句話説，投資者在早期的實用性和採用率預期上往往會過於樂觀。這最終導致了未能實現的高期望和泡沫的破裂。</p>
<p>沒有哪家公司比 Nvidia 更能從 AI 革命中受益。如果泡沫形成並破裂，毫無疑問其股價將受到影響。儘管 Palantir 的多年政府合同和訂閲收入將保護其免受立即的收入下滑，但在泡沫破裂事件期間，糟糕的投資者情緒仍可能對其股價造成壓力。</p>
<p>估值是另一個可能促使德魯肯米勒出售的催化劑。Nvidia 和 Palantir 的市銷率（P/S）分別為 30 和 117。歷史上，處於顛覆性創新前沿的企業市銷率最高曾達到 30 到 40。簡而言之，Nvidia 和 Palantir 的定價已達到完美的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="393" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>杜克斯尼的億萬富翁老闆在連續四個季度購買了這隻萬億級 AI 股票</h2>
<p>儘管德魯肯米勒對一些引領 AI 演變的公司在短期內持懷疑態度，但他有一隻他根本無法停止為其基金購買的重要人工智能股票。杜克斯尼的 13F 顯示，針對萬億級芯片製造商 <strong>台積電</strong>（TSM 1.09%）的購買活動持續了四個連續季度，該公司以其縮寫 “TSMC” 而聞名。</p>
<p>以下是德魯肯米勒在過去一年中對 TSMC 的購買活動的詳細信息：</p>
<ul>
<li><strong>2024 年第三季度</strong>：購買 57,355 股</li>
<li><strong>2024 年第四季度</strong>：購買 50,160 股</li>
<li><strong>2025 年第一季度</strong>：購買 491,265 股</li>
<li><strong>2025 年第二季度</strong>：購買 166,305 股（總持股 765,085 股）</li>
</ul>
<p>在短短一年內，TSMC 已成為杜克斯尼超過 40 億美元投資組合的前五大持股。</p>
<p>台積電在人工智能芯片製造中扮演的角色顯然具有吸引力。其晶圓級封裝技術（CoWoS）對於包裝人工智能加速數據中心所需的高帶寬內存至關重要。預計到 2025 年底，台積電的月度 CoWoS 產能將從 2024 年的 35,000 個有效翻倍，達到 65,000 至 75,000 個單位。進一步擴展預計到 2026 年將達到每月 100,000 個單位。這一新增產能將幫助 Nvidia、<strong>Advanced Micro Devices</strong> 及其他芯片製造商提升其人工智能 GPU 的銷售。</p>
<p>在此基礎上，台積電正在處理相當大的服務積壓，一些訂單延續至 2026 年。積壓訂單提供了健康的運營現金流可預測性。</p>
<p>儘管在截至 6 月的季度中，先進芯片佔台積電淨銷售額的 60%，但在人工智能領域之外仍有很多機會。超過四分之一的淨銷售額來自於用於下一代智能手機的芯片和解決方案。5G 無線網絡的普及導致了智能手機的持續升級週期。</p>
<p>台積電的另 10%（合計）淨銷售額來自物聯網設備和用於汽車的芯片。車輛和家用電器對技術的依賴日益增加，這對台積電來説是個好消息。</p>
<p>Duquesne 的億萬富翁首席執行官可能也被台積電的估值所吸引。儘管其未來一年市盈率（P/E）為 21，相較於近年來略顯溢價，但台積電年均 20% 以上的盈利增長率使其未來市盈率相當可口。</p>

台積電

半導體 3 倍做多 - Direxion

<p>億萬富翁斯坦利·德魯肯米勒（Stanley Druckenmiller）已出售他在英偉達（Nvidia）和帕蘭提爾（Palantir）這兩隻領先的人工智能股票中的股份，同時增加了對台積電（TSM）的投資。他的基金杜克斯家族辦公室（Duquesne Family Office）在 2025 年 3 月之前退出了英偉達和帕蘭提爾，可能是為了在價格大幅上漲後鎖定收益。德魯肯米勒的策略反映了他對人工智能行業的謹慎態度，因為他對潛在的高估和市場泡沫表示擔憂。儘管出售了這些股票，他仍然持續購買台積電的股份，表明他對其在人工智能市場的長期潛力持有強烈信心</p>

<p>The month of August has been chock-full of important data releases. The inflation and jobs report from the federal government, Federal Reserve Chair Jerome Powell's highly anticipated speech at Jackson Hole, and earnings releases from many of Wall Street's most influential businesses have deluged investors with information. It's also made it easy for something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>八月份充滿了重要的數據發佈。聯邦政府的通脹和就業報告、美聯儲主席傑羅姆·鮑威爾在傑克遜霍爾備受期待的演講，以及華爾街許多最具影響力企業的財報發佈，給投資者帶來了大量信息。這也使得一些重要信息容易被忽視。</p>
</div><p>For instance, Aug. 14 marked the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with U.S. regulators. A 13F offers a concise snapshot of which stocks Wall Street's shrewdest money managers bought and sold in the latest quarter (in this case, the quarter ended June 30).</p>
<div class="lb-trans"><p>例如，8 月 14 日是管理資產至少為 1 億美元的機構投資者向美國監管機構提交 13F 表格的截止日期。13F 提供了華爾街最聰明的資金經理在最新季度（在這種情況下是截至 6 月 30 日的季度）買賣哪些股票的簡明快照。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830704%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 billionaire Warren Buffett has earned quite the following on Wall Street, he's not the only billionaire fund manager with a keen eye for value. Duquesne Family Office's billionaire boss Stanley Druckenmiller is also known for his outsize returns and ability to snag amazing deals.</p>
<div class="lb-trans"><p>儘管億萬富翁沃倫·巴菲特在華爾街贏得了相當多的追隨者，但他並不是唯一一位對價值有敏鋭眼光的億萬富翁基金經理。杜克斯尼家族辦公室的億萬富翁老闆斯坦利·德魯肯米勒也以其超額回報和獲得驚人交易的能力而聞名。</p>
</div><p>What's particularly interesting about Druckenmiller has been his trading activity within the artificial intelligence (AI) space. Over the previous year, based on 13F filings covering trading activity from July 1, 2024 to June 30, 2025, Duquesne's investment guru sent Wall Street's two top-tier AI stocks, <strong>Nvidia</strong>(NVDA 1.10%) and <strong>Palantir Technologies</strong>(PLTR -0.98%), to the chopping block. But at the same time, he purchased shares of an essential AI titan for four consecutive quarters and made it a top-five holding.</p>
<div class="lb-trans"><p>德魯肯米勒在人工智能（AI）領域的交易活動尤其引人注目。在過去一年中，根據涵蓋 2024 年 7 月 1 日至 2025 年 6 月 30 日交易活動的 13F 文件，杜克斯尼的投資大師將華爾街的兩隻頂級 AI 股票，<strong>Nvidia</strong>（NVDA 1.10%）和 <strong>Palantir Technologies</strong>（PLTR -0.98%），送上了砧板。但與此同時，他連續四個季度購買了一家重要的 AI 巨頭的股票，並將其作為前五大持股。</p>
</div><h2>Nvidia and Palantir were shown the door by billionaire Stanley Druckenmiller</h2>
<div class="lb-trans"><h2>億萬富翁斯坦利·德魯肯米勒將 Nvidia 和 Palantir 送上了砧板</h2>
</div><p>As of the midpoint of 2024, Duquesne's billionaire chief was overseeing $2.9 billion in AUM spread across 64 holdings. This included 214,060 shares of Nvidia, following its 10-for-1 forward split in June 2024, as well as 769,965 shares of Palantir. By March 31, 2025, both of these holdings were completely exited.</p>
<div class="lb-trans"><p>截至 2024 年中期，杜克斯尼的億萬富翁首席正在管理 29 億美元的資產，分佈在 64 個持股中。這包括在 2024 年 6 月進行 10 比 1 的前分割後持有的 214,060 股 Nvidia，以及 769,965 股 Palantir。到 2025 年 3 月 31 日，這兩項持股已完全退出。</p>
</div><p>The logical explanation for selling two of the hottest AI stocks on the planet is that Druckenmiller was locking in gains. The average stock for Duquesne Family Office has been held for less than seven months, which suggests its billionaire investor isn't afraid to cash in his fund's chips when the opportunity presents itself.</p>
<div class="lb-trans"><p>出售兩隻全球最熱門 AI 股票的合理解釋是德魯肯米勒在鎖定收益。杜克斯尼家族辦公室的平均持股時間不到七個月，這表明這位億萬富翁投資者在機會出現時並不害怕兑現其基金的籌碼。</p>
</div><p>Shares of Nvidia have catapulted higher by roughly 1,120% since the end of 2022, as of the closing bell on Aug. 22. Its AI-graphics processing units (GPUs) have become the preferred choice by businesses to deploy in their AI-accelerated data centers. Strong ongoing demand for AI-GPUs, coupled with Nvidia's well-defined compute advantages, have allowed it to charge a premium for its hardware.</p>
<div class="lb-trans"><p>截至 8 月 22 日收盤，Nvidia 的股價自 2022 年底以來已上漲約 1120%。其 AI 圖形處理單元（GPU）已成為企業在其 AI 加速數據中心中部署的首選。對 AI-GPU 的強勁持續需求，加上 Nvidia 明確的計算優勢，使其能夠對其硬件收取溢價。</p>
</div><p>Meanwhile, Palantir's stock has gained well over 2,300% during the same time frame. Its AI and machine learning-fueled Gotham platform, which assists federal governments with military mission planning and oversight, has done a lot of the heavy lifting. With no clear one-for-one replacement for Gotham, and no true competition to its enterprise subscription Foundry platform at scale, Palantir has commanded quite the valuation premium.</p>
<div class="lb-trans"><p>與此同時，Palantir 的股價在同一時間段內上漲了超過 2300%。其基於 AI 和機器學習的 Gotham 平台，幫助聯邦政府進行軍事任務規劃和監督，承擔了大量的重任。由於沒有明確的替代品，且在規模上沒有真正的競爭對手與其企業訂閲 Foundry 平台相抗衡，Palantir 的估值溢價相當可觀。</p>
</div><p>What might be of concern to Nvidia and Palantir shareholders is if Druckenmiller sent these stocks packing for reasons that go beyond profit-taking.</p>
<div class="lb-trans"><p>對 Nvidia 和 Palantir 股東而言，令人擔憂的是德魯肯米勒是否因超出獲利了結的原因而拋售這些股票。</p>
</div><p>As an example, Druckenmiller opined in May 2024 that &#34;AI might be a little overhyped now, but under-hyped long term.&#34; Duquesne's billionaire boss astutely recognizes that every next-big-thing trend over the last 30 years has endured an eventual bubble-bursting event early in its expansion phase. In other words, investors have a propensity to overshoot when it comes to early utility and adoption rate expectations. This eventually leads to lofty expectations that aren't met and the bursting of the bubble.</p>
<div class="lb-trans"><p>例如，德魯肯米勒在 2024 年 5 月表示：“AI 現在可能有點被過度炒作，但從長遠來看卻被低估。” 杜克斯尼的億萬富翁老闆敏鋭地意識到，過去 30 年中每一個下一個大趨勢在擴張階段早期都經歷過泡沫破裂事件。換句話説，投資者在早期的實用性和採用率預期上往往會過於樂觀。這最終導致了未能實現的高期望和泡沫的破裂。</p>
</div><p>No company has benefited more from the AI revolution than Nvidia. If a bubble were to form and burst, there's little question its shares would feel the impact. Though Palantir's multiyear government contracts and subscription revenue would protect it from an immediate revenue drop-off, poor investor sentiment during a bubble-bursting event would still, likely, weigh on its shares.</p>
<div class="lb-trans"><p>沒有哪家公司比 Nvidia 更能從 AI 革命中受益。如果泡沫形成並破裂，毫無疑問其股價將受到影響。儘管 Palantir 的多年政府合同和訂閲收入將保護其免受立即的收入下滑，但在泡沫破裂事件期間，糟糕的投資者情緒仍可能對其股價造成壓力。</p>
</div><p>Valuation is another catalyst that may have enticed Druckenmiller to sell. Nvidia and Palantir are trading at respective price-to-sales (P/S) ratios of 30 and 117. Historically, businesses on the front line of a game-changing innovation have peaked at P/S ratios of 30 to 40. In short, Nvidia and Palantir are priced for perfection.</p>
<div class="lb-trans"><p>估值是另一個可能促使德魯肯米勒出售的催化劑。Nvidia 和 Palantir 的市銷率（P/S）分別為 30 和 117。歷史上，處於顛覆性創新前沿的企業市銷率最高曾達到 30 到 40。簡而言之，Nvidia 和 Palantir 的定價已達到完美的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA3MDQvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830704%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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>Duquesne's billionaire boss has purchased this trillion-dollar AI stock in four straight quarters</h2>
<div class="lb-trans"><h2>杜克斯尼的億萬富翁老闆在連續四個季度購買了這隻萬億級 AI 股票</h2>
</div><p>Although Druckenmiller remains skeptical of some of the companies leading the evolution of AI over the short run, there is one essential artificial intelligence stock that he simply can't stop buying for his fund. Duquesne's 13Fs show buying activity spanning four consecutive quarters for trillion-dollar chip fabricator <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 1.09%), which is best-known by its abbreviation, &#34;TSMC.&#34;</p>
<div class="lb-trans"><p>儘管德魯肯米勒對一些引領 AI 演變的公司在短期內持懷疑態度，但他有一隻他根本無法停止為其基金購買的重要人工智能股票。杜克斯尼的 13F 顯示，針對萬億級芯片製造商 <strong>台積電</strong>（TSM 1.09%）的購買活動持續了四個連續季度，該公司以其縮寫 “TSMC” 而聞名。</p>
</div><p>Here's a breakdown of Druckenmiller's buying activity of TSMC over the previous year:</p>
<div class="lb-trans"><p>以下是德魯肯米勒在過去一年中對 TSMC 的購買活動的詳細信息：</p>
</div><ul>
<li><strong>Q3 2024</strong>: 57,355 shares purchased</li>
<li><strong>Q4 2024</strong>: 50,160 shares purchased</li>
<li><strong>Q1 2025</strong>: 491,265 shares purchased</li>
<li><strong>Q2 2025</strong>: 166,305 shares purchased (765,085 total shares held)</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2024 年第三季度</strong>：購買 57,355 股</li>
<li><strong>2024 年第四季度</strong>：購買 50,160 股</li>
<li><strong>2025 年第一季度</strong>：購買 491,265 股</li>
<li><strong>2025 年第二季度</strong>：購買 166,305 股（總持股 765,085 股）</li>
</ul>
</div><p>In just one year, TSMC has become a top-five holding for Duquesne's now greater-than-$4 billion investment portfolio.</p>
<div class="lb-trans"><p>在短短一年內，TSMC 已成為杜克斯尼超過 40 億美元投資組合的前五大持股。</p>
</div><p>The obvious allure of Taiwan Semiconductor is the role it's playing in AI chip manufacturing. Its chip-on-wafer-on-substrate (CoWoS) technology is essential for the packaging of high-bandwidth memory needed for AI-accelerated data centers. TSMC's monthly CoWoS capacity is expected to effectively double to between 65,000 units to 75,000 units by the end of 2025 from 35,000 per month in 2024. Further expansion is expected to 100,000 monthly units come 2026. This added capacity will help Nvidia, <strong>Advanced Micro Devices</strong>, and other chipmakers ramp up sales of their AI GPUs.</p>
<div class="lb-trans"><p>台積電在人工智能芯片製造中扮演的角色顯然具有吸引力。其晶圓級封裝技術（CoWoS）對於包裝人工智能加速數據中心所需的高帶寬內存至關重要。預計到 2025 年底，台積電的月度 CoWoS 產能將從 2024 年的 35,000 個有效翻倍，達到 65,000 至 75,000 個單位。進一步擴展預計到 2026 年將達到每月 100,000 個單位。這一新增產能將幫助 Nvidia、<strong>Advanced Micro Devices</strong> 及其他芯片製造商提升其人工智能 GPU 的銷售。</p>
</div><p>To build on the above, TSMC is dealing with quite the backlog for its services, with some orders stretching well into 2026. Backlogged orders provide a healthy level of operating cash flow predictability.</p>
<div class="lb-trans"><p>在此基礎上，台積電正在處理相當大的服務積壓，一些訂單延續至 2026 年。積壓訂單提供了健康的運營現金流可預測性。</p>
</div><p>While advanced chips accounted for 60% of TSMC's net sales during the June-ended quarter, there's still plenty of opportunity outside of the AI arena. More than a quarter of its net sales trace back to chips and solutions used in next-generation smartphones. The proliferation of 5G wireless networks has led to a steady smartphone upgrade cycle.</p>
<div class="lb-trans"><p>儘管在截至 6 月的季度中，先進芯片佔台積電淨銷售額的 60%，但在人工智能領域之外仍有很多機會。超過四分之一的淨銷售額來自於用於下一代智能手機的芯片和解決方案。5G 無線網絡的普及導致了智能手機的持續升級週期。</p>
</div><p>Another 10% (combined) of Taiwan Semiconductor's net sales derive from Internet of Things devices and chips used in automobiles. Vehicles and household appliances becoming more reliant on technology is excellent news for TSMC.</p>
<div class="lb-trans"><p>台積電的另 10%（合計）淨銷售額來自物聯網設備和用於汽車的芯片。車輛和家用電器對技術的依賴日益增加，這對台積電來説是個好消息。</p>
</div><p>Duquesne's billionaire chief might also be attracted by TSMC's valuation. Though its forward-year price-to-earnings (P/E) ratio of 21 represents a modest premium compared to recent years, TSMC's annual earnings growth rate of 20% or greater makes its forward P/E quite palatable.</p>
<div class="lb-trans"><p>Duquesne 的億萬富翁首席執行官可能也被台積電的估值所吸引。儘管其未來一年市盈率（P/E）為 21，相較於近年來略顯溢價，但台積電年均 20% 以上的盈利增長率使其未來市盈率相當可口。</p>
</div>

Billionaire Stanley Druckenmiller Sold His Fund's Stakes in Nvidia and Palantir, and Has Piled Into This Essential Artificial Intelligence (AI) Stock Instead

- 8 月發佈了重要數據，包括通脹和就業報告。  
- 杜克恩家族辦公室的斯坦利·德魯肯米勒出售了英偉達和帕蘭提爾的股票。  
- 他連續四個季度增持台積電，成為其投資組合的前五大持股。  

億萬富翁斯坦利·德魯肯米勒已經出售了他基金持有的英偉達和 Palantir 的股份，並轉而投資於這個重要的人工智能（AI）股票