<p>凱西·伍德再次進入了良好的狀態。她作為 Ark Invest 的首席執行官管理的最大交易所交易基金（ETF）在過去一年中上漲了 77%，遠超市場表現。她所青睞的激進成長股在華爾街受到追捧，投資者也在關注她的動態。</p>
<p>她在週二的買入量比平時略多，增加了她的基金在 <strong>超威半導體</strong>（AMD -0.82%）、<strong>愛彼迎</strong>（ABNB 1.77%）和 <strong>Figma</strong>（FIG 2.10%）的現有持倉。讓我們更仔細地看看這三隻充滿活力的股票。</p>
<h2>1. 超威半導體</h2>
<p>最近超威半導體的投資者經歷了一段瘋狂的旅程。這家中央處理器（CPU）、圖形處理器（GPU）及其他類型微處理器的製造商，自從在四月初因特朗普總統的關税擔憂而觸底以來，其股價已翻了一番。然而，儘管出現了這樣的激增，該股票在過去一年中的交易價格僅上漲了 5%。是的，這家芯片製造商在過去一年中表現不及市場。沒有人説投資超威半導體會是無聊的。</p>
<p>如今購買超威半導體股票的理由很明確。生成性人工智能（AI）的需求激增意味着科技公司將繼續建設龐大的新數據中心，以產生資源密集型的結果。超威半導體制造的芯片推動數據中心進行 AI 渲染。雖然它不是這個細分市場的領頭羊，但顯然這裏有空間容納不止一隻 “狗”。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="546" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>有跡象表明超威半導體的股票可能正在喘息——其股價從上個月觸及的 52 周高點下滑了 15%。在經歷了一年的加速收入增長後，超威半導體的營收增長在第二季度放緩至 32%。管理層預計當前季度的年同比收入增長僅為 28%。</p>
<p>上週末，一位分析師對該股票進行了下調。Erste Group 的漢斯·恩格爾認為，考慮到其運營利潤率沒有改善以及股本回報率不盡如人意，其估值偏高。超威半導體目前的交易價格約為明年預期收益的 27 倍，恩格爾認為這有點過高。因此，他將之前的買入評級改為持有評級。</p>
<p>對於一家經歷增長放緩的公司來説，這一估值似乎偏高，但還有外部因素導致了拖累。超威半導體和該領域的其他公司一樣，受到貿易戰的影響，限制了其強大的 Instinct MI308 GPU 在中國的銷售。不過，它在其他地方仍在銷售大量芯片，其客户端和遊戲部門正在復甦，第二季度銷售增長了 69%。</p>
<h2>2. 愛彼迎</h2>
<p>愛彼迎的股東可能需要度假。該股票在過去一年中僅上漲了 4%——儘管 2025 年的市場環境普遍向好，但年初至今交易價格下跌了 7%。作為預訂度假房產的頂級應用，愛彼迎已經連續第四年實現收入增長。然而，它在最新季度錄得的 13% 的年同比增長是超過一年以來最健康的結果。</p>
<p>投資愛彼迎確實有很多值得擔憂的理由。貿易戰的言辭使國際旅行變得不那麼令人愉快。在國內，越來越多的公司要求員工返回辦公室工作，這意味着將有更少的人能夠在遠程工作時使用愛彼迎進行旅行。然而，對公司前景最大的擔憂是美國經濟可能正在放緩。消費者信心在過去一年中持續下降，當人們對自己的財務狀況感到擔憂時，他們可能不會認為度假是明智之舉。同時，酒店連鎖企業也開始進入愛彼迎的細分市場，為渴望不同體驗的忠誠客户提供獨立房產租賃。</p>
<p>好消息是，愛彼迎仍然是一個賺錢的公司。在過去一年中，它產生了 43 億美元的自由現金流。管理層似乎認為在當前價格下該股票是個好交易，因為它在今年夏天宣佈了一項 60 億美元的股票回購授權。它的交易價格僅為前瞻性收益的 25 倍，這是該旅遊平台運營商的歷史低點。</p>
<h2>3. Figma</h2>
<p>很難將 Figma 視為市場落後者。它在兩個月前以每股 33 美元的價格定價首次公開募股（IPO）。這家提供網站、應用程序和其他數字平台雲設計工具的公司，截至週二收盤時，其股價比那時上漲了 64%。然而，由於首次公開募股時的熱潮——該股票超額認購了 40 倍——其股價在交易的第二天曾飆升至 143 美元。</p>
<p>Figma 並不便宜，但自 7 月底的高點以來已下跌超過 60%。Ark Invest 參與了首次公開募股，伍德在最近幾周隨着股價下跌而增加了該持倉。</p>
<p>Figma 滿足了許多成長投資者的要求。去年收入增長了 48%。今年增長有所放緩——今年前兩季度的年同比增長分別為 46% 和 41%——但這仍然是一個健康的增速。它處於一個競爭激烈的領域，但顯然正在擴大其對不斷增長的受眾的吸引力。它的市盈率遠高於超威半導體或愛彼迎，但在首次公開募股後的急劇回調確實為投資者提供了潛在的入場點。至少伍德似乎是這麼認為的。</p>

AMDL

<p>凱西·伍德（Cathie Wood），方舟投資（Ark Invest）的首席執行官，近期在先進微電子（AMD）、愛彼迎（Airbnb）和 Figma 上進行了大量購買，因為她的 ETF 在過去一年中上漲了 77%。儘管對人工智能芯片的需求強勁，AMD 仍面臨近期股價下跌和估值擔憂的挑戰。愛彼迎的股價表現不佳，但仍保持盈利，並計劃進行 60 億美元的股票回購。Figma 的首次公開募股（IPO）非常成功，交易價格顯著高於其初始價格。伍德的投資反映了她在市場波動中對成長股的關注</p>

<p>Cathie Wood is in a good groove again. The largest of the exchange-traded funds (ETFs) she manages as CEO of Ark Invest is up by 77% over the past year, crushing the market. The aggressive growth stocks she favors are in style on Wall Street, and investors are paying attention to her moves.</p>
<div class="lb-trans"><p>凱西·伍德再次進入了良好的狀態。她作為 Ark Invest 的首席執行官管理的最大交易所交易基金（ETF）在過去一年中上漲了 77%，遠超市場表現。她所青睞的激進成長股在華爾街受到追捧，投資者也在關注她的動態。</p>
</div><p>She did a little more buying than usual on Tuesday, adding to her funds' existing positions in <strong>Advanced Micro Devices</strong>(AMD -0.82%), <strong>Airbnb</strong>(ABNB 1.77%), and <strong>Figma</strong>(FIG 2.10%). Let's take a closer look at these three dynamic stocks.</p>
<div class="lb-trans"><p>她在週二的買入量比平時略多，增加了她的基金在 <strong>超威半導體</strong>（AMD -0.82%）、<strong>愛彼迎</strong>（ABNB 1.77%）和 <strong>Figma</strong>（FIG 2.10%）的現有持倉。讓我們更仔細地看看這三隻充滿活力的股票。</p>
</div><h2>1. Advanced Micro Devices</h2>
<div class="lb-trans"><h2>1. 超威半導體</h2>
</div><p>It has been a wild ride lately for AMD investors. The maker of central processing units (CPUs), graphics processing units (GPUs), and other types of microprocessors has seen its shares more than double since bottoming out in early April after the first wave of concerns about President Donald Trump's tariffs rattled the market. However, despite that surge, the stock is barely trading 5% higher over the past year. Yes, this chipmaker has underperformed the market over the past year. No one said that investing in AMD was going to be boring.</p>
<div class="lb-trans"><p>最近超威半導體的投資者經歷了一段瘋狂的旅程。這家中央處理器（CPU）、圖形處理器（GPU）及其他類型微處理器的製造商，自從在四月初因特朗普總統的關税擔憂而觸底以來，其股價已翻了一番。然而，儘管出現了這樣的激增，該股票在過去一年中的交易價格僅上漲了 5%。是的，這家芯片製造商在過去一年中表現不及市場。沒有人説投資超威半導體會是無聊的。</p>
</div><p>The case for buying AMD stock these days is clear. Booming demand for generative artificial intelligence (AI) means that tech players will keep building out massive new data centers to crank out resource-intensive results. AMD makes chips that propel data centers onto their AI-rendering journeys. It's not the top dog in this niche, but there is clearly room for more than one canine here.</p>
<div class="lb-trans"><p>如今購買超威半導體股票的理由很明確。生成性人工智能（AI）的需求激增意味着科技公司將繼續建設龐大的新數據中心，以產生資源密集型的結果。超威半導體制造的芯片推動數據中心進行 AI 渲染。雖然它不是這個細分市場的領頭羊，但顯然這裏有空間容納不止一隻 “狗”。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM5MDAvZ2V0dHlpbWFnZXMtNTc2NjAzMzcwLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833900%2Fgettyimages-576603370.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>There are some signs that AMD stock might be taking a breather -- the shares have slipped by 15% from the 52-week high they touched last month. After a year of accelerating revenue growth, AMD's top-line increase slowed to 32% in the second quarter. Management is forecasting revenue growth of just 28% year over year in the current quarter.</p>
<div class="lb-trans"><p>有跡象表明超威半導體的股票可能正在喘息——其股價從上個月觸及的 52 周高點下滑了 15%。在經歷了一年的加速收入增長後，超威半導體的營收增長在第二季度放緩至 32%。管理層預計當前季度的年同比收入增長僅為 28%。</p>
</div><p>One analyst did downgrade the stock late last week. Erste Group's Hans Engel feels that its valuation is elevated given the lack of improvement in its operating margins and its unimpressive returns on equity. AMD also trades now for about 27 times next year's expected earnings, which Engel believes is a bit too high. So he replaced his earlier buy rating on the stock with a hold rating.</p>
<div class="lb-trans"><p>上週末，一位分析師對該股票進行了下調。Erste Group 的漢斯·恩格爾認為，考慮到其運營利潤率沒有改善以及股本回報率不盡如人意，其估值偏高。超威半導體目前的交易價格約為明年預期收益的 27 倍，恩格爾認為這有點過高。因此，他將之前的買入評級改為持有評級。</p>
</div><p>That valuation may seem high for a company experiencing decelerating growth, but there are external issues contributing to the drag. AMD, like others in this space, has been caught in the crossfire of the trade war, which is restricting sales of its potent Instinct MI308 GPUs into China. It's still selling plenty of chips elsewhere, though, and its client and gaming segment is in the midst of a resurgence, with sales up 69% in the second quarter.</p>
<div class="lb-trans"><p>對於一家經歷增長放緩的公司來説，這一估值似乎偏高，但還有外部因素導致了拖累。超威半導體和該領域的其他公司一樣，受到貿易戰的影響，限制了其強大的 Instinct MI308 GPU 在中國的銷售。不過，它在其他地方仍在銷售大量芯片，其客户端和遊戲部門正在復甦，第二季度銷售增長了 69%。</p>
</div><h2>2. Airbnb</h2>
<div class="lb-trans"><h2>2. 愛彼迎</h2>
</div><p>Airbnb shareholders could probably use a vacation. The stock is up just 4% over the past year -- and trading 7% lower year to date despite 2025's generally buoyant market environment. The top app for booking vacation properties has found revenue growth for the fourth consecutive year. However, the 13% year-over-year increase it booked in its latest quarter was its healthiest result in more than a year.</p>
<div class="lb-trans"><p>愛彼迎的股東可能需要度假。該股票在過去一年中僅上漲了 4%——儘管 2025 年的市場環境普遍向好，但年初至今交易價格下跌了 7%。作為預訂度假房產的頂級應用，愛彼迎已經連續第四年實現收入增長。然而，它在最新季度錄得的 13% 的年同比增長是超過一年以來最健康的結果。</p>
</div><p>There are certainly plenty of reasons to be concerned about investing in Airbnb. Trade war rhetoric is making international travel less savory. Closer to home, more companies are requiring employees to return to working in offices, which means fewer will be able to travel -- often using an Airbnb -- while still getting work done remotely. The biggest area of looming concern for the company's outlook, though, is that the U.S. economy may be softening. Consumer confidence has been dropping for the past year, and when people are worried about their finances, they may not see springing for a getaway as prudent. Meanwhile, hotel chains are hopping into Airbnb's niche, offering standalone property rentals to loyalty club members who are pining for something different.</p>
<div class="lb-trans"><p>投資愛彼迎確實有很多值得擔憂的理由。貿易戰的言辭使國際旅行變得不那麼令人愉快。在國內，越來越多的公司要求員工返回辦公室工作，這意味着將有更少的人能夠在遠程工作時使用愛彼迎進行旅行。然而，對公司前景最大的擔憂是美國經濟可能正在放緩。消費者信心在過去一年中持續下降，當人們對自己的財務狀況感到擔憂時，他們可能不會認為度假是明智之舉。同時，酒店連鎖企業也開始進入愛彼迎的細分市場，為渴望不同體驗的忠誠客户提供獨立房產租賃。</p>
</div><p>The good news is that Airbnb is still a moneymaker. It has generated $4.3 billion in free cash flow over the past year. Management appears to see the stock as a good deal at current prices, given that it announced a $6 billion share buyback authorization this summer. It's trading at just 25 times forward earnings, a historical low for the travel platform operator.</p>
<div class="lb-trans"><p>好消息是，愛彼迎仍然是一個賺錢的公司。在過去一年中，它產生了 43 億美元的自由現金流。管理層似乎認為在當前價格下該股票是個好交易，因為它在今年夏天宣佈了一項 60 億美元的股票回購授權。它的交易價格僅為前瞻性收益的 25 倍，這是該旅遊平台運營商的歷史低點。</p>
</div><h2>3. Figma</h2>
<div class="lb-trans"><h2>3. Figma</h2>
</div><p>It's hard to consider Figma a market laggard. It priced its initial public offering (IPO) at $33 per share just two months ago. The provider of cloud-based design tools for websites, apps, and other digital platforms was 64% higher than that as of Tuesday's close. However, because of the initial feeding frenzy around the offering -- which was 40 times oversubscribed -- the stock had jumped as high as $143 on its second day of trading.</p>
<div class="lb-trans"><p>很難將 Figma 視為市場落後者。它在兩個月前以每股 33 美元的價格定價首次公開募股（IPO）。這家提供網站、應用程序和其他數字平台雲設計工具的公司，截至週二收盤時，其股價比那時上漲了 64%。然而，由於首次公開募股時的熱潮——該股票超額認購了 40 倍——其股價在交易的第二天曾飆升至 143 美元。</p>
</div><p>Figma is not textbook cheap, but it is down more than 60% from its late July peak. Ark Invest got in on the IPO, and Wood has been adding to that position in recent weeks as the shares have moved lower.</p>
<div class="lb-trans"><p>Figma 並不便宜，但自 7 月底的高點以來已下跌超過 60%。Ark Invest 參與了首次公開募股，伍德在最近幾周隨着股價下跌而增加了該持倉。</p>
</div><p>Figma checks off a lot of boxes for growth investors. Revenue rose by 48% last year. It is decelerating this year -- with year-over-year growth of 46% and 41% through the first two quarters of this year, respectively -- but that's still a healthy clip. It is in a competitive space, but it's clearly broadening its appeal to a growing audience. It trades at a much higher earnings multiple than AMD or Airbnb, but its sharp pullback after the initial IPO pop does provide a potential entry point for investors. Wood seems to think so, at least.</p>
<div class="lb-trans"><p>Figma 滿足了許多成長投資者的要求。去年收入增長了 48%。今年增長有所放緩——今年前兩季度的年同比增長分別為 46% 和 41%——但這仍然是一個健康的增速。它處於一個競爭激烈的領域，但顯然正在擴大其對不斷增長的受眾的吸引力。它的市盈率遠高於超威半導體或愛彼迎，但在首次公開募股後的急劇回調確實為投資者提供了潛在的入場點。至少伍德似乎是這麼認為的。</p>
</div>

Cathie Wood Goes Bargain Hunting: 3 Stocks She Just Bought

- Cathie Wood 管理的 ETF 在過去一年上漲 77%，引起投資者關注。  
- 她增持了 AMD、Airbnb 和 Figma 三隻股票，顯示出對這些公司的信心。  
- 儘管面臨挑戰，Figma 和 AMD 仍展現出強勁的增長潛力。

凱西·伍德開始尋找投資機會：她剛剛買入的 3 只股票