<p>億萬富翁史蒂夫·曼德爾及其對沖基金 Lone Pine Capital 一直是個人投資者關注的好對象。儘管一些對沖基金在整體市場表現不佳，但曼德爾在過去三年中大幅超越了市場。因此，當他在投資組合中做出調整時，投資者應該予以關注。</p>
<p>曼德爾在第二季度所做的一件事是出售了一部分 <strong>微軟</strong> 的股份。雖然這不是一個大動作，但對沖基金將其持倉減少了約 5%。隨後，曼德爾利用部分資金投資於另一隻前景看好的人工智能股票，該股票在過去十年中價值增長了近 800%。</p>
<p>那隻股票是 <strong>亞馬遜</strong>(AMZN -1.16%)。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>AWS 是目前投資亞馬遜的最佳理由</h2>
<p>當你想到人工智能時，亞馬遜可能不是第一個浮現在腦海中的公司。相反，它更像是一個電子商務投資。雖然這種看法在面向消費者的部分是正確的，但實際上，亞馬遜的大部分利潤來自與人工智能相關的收入來源。</p>
<p>最大的收入來源是亞馬遜網絡服務（AWS），即其雲計算部門。由於人工智能工作負載產生的巨大需求，雲計算公司今年表現強勁。由於越來越多的公司無法合理地花費數百萬（甚至數十億）美元建立一個專門用於訓練人工智能模型的數據中心，因此從已經具備能力的公司租用計算能力顯得更加合理。這就是雲計算的理念，它為該業務部門帶來了強勁的增長。</p>
<p>在第二季度，AWS 的銷售額增長了 17%，達到了 309 億美元。這是強勁的增長，但比起其同行微軟 Azure 和谷歌雲（各自的收入增長超過 30%）略顯緩慢。然而，AWS 的規模遠大於這兩個部門，因此投資者不應該對 AWS 的增長速度較慢感到驚訝。AWS 在第二季度佔亞馬遜總收入的約 18%，但佔其營業利潤的 53%。這是因為 AWS 的利潤率遠高於其電商業務部門，使得 AWS 成為亞馬遜投資論點的關鍵部分。</p>
<p>AWS 正在受到人工智能的顯著推動，使其成為該領域的強勁股票選擇。</p>
<p>但微軟也是一個不錯的人工智能選擇，那麼曼德爾為何從微軟轉向亞馬遜呢？</p>
<h2>亞馬遜的股票在長期內看起來更具前景</h2>
<p>從估值的角度來看，這兩家公司在增長方面的交易水平都相對昂貴。然而，從未來市盈率（P/E）的角度來看，它們的定價大致相同。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png"/></p>
<p>AMZN 市盈率（前瞻性）數據來源於 YCharts</p>
<p>亞馬遜擁有微軟所沒有的一個優勢，那就是亞馬遜利潤率的持續上升壓力。由於 AWS 及其廣告服務業務部門是亞馬遜增長最快的部分，其利潤率正在穩步改善。儘管亞馬遜的收入增長率似乎有些緩慢，但其營業收入增長率實際上相當迅速。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="541" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png"/></p>
<p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
<p>這一趨勢仍有數年時間展開，這是從微軟轉向亞馬遜的有力理由。我相信這將在長期內成為一個成功的交易，因為預計亞馬遜的利潤增長速度將顯著快於微軟，從而使得該股票在長期內超越其同行，儘管它們的估值相似。</p>
<p>然而，這兩隻股票仍然是不錯的人工智能選擇，選擇其中任何一隻都不會出錯。</p>

微軟

亞馬遜

亞馬遜每日 2 倍做多 ETF - Direxion

<p>億萬富翁史蒂夫·曼德爾出售了 5% 的微軟股份，以投資於亞馬遜，後者在過去十年中增長了近 800%。亞馬遜的增長得益於其雲計算部門 AWS，該部門在第二季度報告了 17% 的銷售增長，達到了 309 億美元。雖然亞馬遜和微軟都是強勁的人工智能投資，但曼德爾認為，亞馬遜不斷改善的利潤率和更快的利潤增長使其成為更有前景的長期選擇</p>

<p>Billionaire Steve Mandel and his hedge fund Lone Pine Capital have been a great one to follow for individual investors. Although some hedge funds have a poor record of underperforming the broader market, Mandel has substantially outperformed the market over the past three years. So, when he makes a move in his portfolio, investors should pay attention.</p>
<div class="lb-trans"><p>億萬富翁史蒂夫·曼德爾及其對沖基金 Lone Pine Capital 一直是個人投資者關注的好對象。儘管一些對沖基金在整體市場表現不佳，但曼德爾在過去三年中大幅超越了市場。因此，當他在投資組合中做出調整時，投資者應該予以關注。</p>
</div><p>One thing Mandel did during Q2 was sell off some of his <strong>Microsoft</strong> shares. Although it wasn't a massive move, the hedge fund reduced its position by about 5%. Then, Mandel used some of those funds to invest in another promising AI stock that has increased in value by nearly 800% over the past decade.</p>
<div class="lb-trans"><p>曼德爾在第二季度所做的一件事是出售了一部分 <strong>微軟</strong> 的股份。雖然這不是一個大動作，但對沖基金將其持倉減少了約 5%。隨後，曼德爾利用部分資金投資於另一隻前景看好的人工智能股票，該股票在過去十年中價值增長了近 800%。</p>
</div><p>That stock? <strong>Amazon</strong>(AMZN -1.16%).</p>
<div class="lb-trans"><p>那隻股票是 <strong>亞馬遜</strong>(AMZN -1.16%)。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA4NTIvcGVyc29uLWV4YW1pbmluZy1hLWdyYXBoLW9uLXRoZWlyLWxhcHRvcC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830852%2Fperson-examining-a-graph-on-their-laptop.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>AWS is the best reason to invest in Amazon right now</h2>
<div class="lb-trans"><h2>AWS 是目前投資亞馬遜的最佳理由</h2>
</div><p>Amazon may not be the first company that comes to mind when you think about AI. Instead, it probably seems more like an e-commerce investment. While that sentiment is true for the consumer-facing portion, the reality is that a large chunk of Amazon's profits comes from AI-related revenue streams.</p>
<div class="lb-trans"><p>當你想到人工智能時，亞馬遜可能不是第一個浮現在腦海中的公司。相反，它更像是一個電子商務投資。雖然這種看法在面向消費者的部分是正確的，但實際上，亞馬遜的大部分利潤來自與人工智能相關的收入來源。</p>
</div><p>The biggest is from Amazon Web Services (AWS), its cloud computing arm. Cloud computing firms are having a strong year, thanks to the massive demand generated by AI workloads. Because more companies can't justify spending millions (or even billions) of dollars on a data center dedicated to training AI models, it's far more reasonable to rent computing power from a firm that already has the capacity. That's the idea behind cloud computing, and it has translated into strong growth for the business unit.</p>
<div class="lb-trans"><p>最大的收入來源是亞馬遜網絡服務（AWS），即其雲計算部門。由於人工智能工作負載產生的巨大需求，雲計算公司今年表現強勁。由於越來越多的公司無法合理地花費數百萬（甚至數十億）美元建立一個專門用於訓練人工智能模型的數據中心，因此從已經具備能力的公司租用計算能力顯得更加合理。這就是雲計算的理念，它為該業務部門帶來了強勁的增長。</p>
</div><p>In Q2, AWS's sales rose 17% to $30.9 billion. That's strong growth, but it is a bit slower than its peers, Microsoft Azure and Google Cloud, which each grew revenue by more than 30% in Q2. However, AWS is much larger than both of these units, so it shouldn't surprise investors that AWS is growing at a slower rate. AWS accounted for about 18% of Amazon's total revenue in Q2, but it made up 53% of its operating profit. That's because AWS has far superior margins compared to its commerce business units, making AWS a critical part of the Amazon investment thesis.</p>
<div class="lb-trans"><p>在第二季度，AWS 的銷售額增長了 17%，達到了 309 億美元。這是強勁的增長，但比起其同行微軟 Azure 和谷歌雲（各自的收入增長超過 30%）略顯緩慢。然而，AWS 的規模遠大於這兩個部門，因此投資者不應該對 AWS 的增長速度較慢感到驚訝。AWS 在第二季度佔亞馬遜總收入的約 18%，但佔其營業利潤的 53%。這是因為 AWS 的利潤率遠高於其電商業務部門，使得 AWS 成為亞馬遜投資論點的關鍵部分。</p>
</div><p>AWS is experiencing a significant boost from AI, making it a strong stock pick in this space.</p>
<div class="lb-trans"><p>AWS 正在受到人工智能的顯著推動，使其成為該領域的強勁股票選擇。</p>
</div><p>But Microsoft is also a solid AI pick, so why is Mandel moving from Microsoft to Amazon?</p>
<div class="lb-trans"><p>但微軟也是一個不錯的人工智能選擇，那麼曼德爾為何從微軟轉向亞馬遜呢？</p>
</div><h2>Amazon's stock looks more promising over the long term</h2>
<div class="lb-trans"><h2>亞馬遜的股票在長期內看起來更具前景</h2>
</div><p>From a valuation perspective, both companies trade at fairly expensive levels for their growth. However, they're both priced about the same from a forward price-to-earnings (P/E) standpoint.</p>
<div class="lb-trans"><p>從估值的角度來看，這兩家公司在增長方面的交易水平都相對昂貴。然而，從未來市盈率（P/E）的角度來看，它們的定價大致相同。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png" alt="" original-src="https://media.ycharts.com/charts/40d5903bb738aaef4cb86b567d3de846.png"/></p>
<p>AMZN PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMZN 市盈率（前瞻性）數據來源於 YCharts</p>
</div><p>One thing Amazon has going for it that Microsoft doesn't is the steady upward pressure on Amazon's margins. Thanks to AWS and its advertising service business units being the fastest growing in Amazon, its margins are steadily improving. Although Amazon's revenue growth rate appears to be somewhat slow, its operating income growth rate is actually quite rapid.</p>
<div class="lb-trans"><p>亞馬遜擁有微軟所沒有的一個優勢，那就是亞馬遜利潤率的持續上升壓力。由於 AWS 及其廣告服務業務部門是亞馬遜增長最快的部分，其利潤率正在穩步改善。儘管亞馬遜的收入增長率似乎有些緩慢，但其營業收入增長率實際上相當迅速。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png" alt="" original-src="https://media.ycharts.com/charts/5f1a1945e2b439b638c2925efcfddce8.png"/></p>
<p>AMZN Revenue (Quarterly YoY Growth) data by YCharts</p>
<div class="lb-trans"><p>AMZN 收入（季度同比增長）數據來源於 YCharts</p>
</div><p>This trend still has years to unfold, which is a solid reason to transition from Microsoft to Amazon. I believe this will be a winning trade over the long term, as Amazon's profits are expected to grow at a significantly faster rate than Microsoft's, resulting in the stock outperforming its peer over the long term due to their similar valuations.</p>
<div class="lb-trans"><p>這一趨勢仍有數年時間展開，這是從微軟轉向亞馬遜的有力理由。我相信這將在長期內成為一個成功的交易，因為預計亞馬遜的利潤增長速度將顯著快於微軟，從而使得該股票在長期內超越其同行，儘管它們的估值相似。</p>
</div><p>However, both stocks are still solid AI picks, and you can't go wrong with either one.</p>
<div class="lb-trans"><p>然而，這兩隻股票仍然是不錯的人工智能選擇，選擇其中任何一隻都不會出錯。</p>
</div>

Billionaire Steve Mandel Just Sold Microsoft Stock to Buy This Dominant Artificial Intelligence (AI) Stock Up Nearly 800% Over the Past Decade

- 史蒂夫·曼德爾及其對沖基金在過去三年中表現優於市場。  
- 曼德爾在第二季度減持微軟股份，並投資於亞馬遜。  
- AWS 推動亞馬遜利潤增長，成為長期投資的關鍵。

億萬富翁史蒂夫·曼德爾剛剛出售了微軟的股票，以購買這隻在過去十年中上漲近 800% 的領先人工智能股票