<p>沃倫·巴菲特以避開先進科技股而聞名。這常常導致他和 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.13%)(BRK.B 0.14%) 的投資者錯過市場上一些最有利可圖的投資機會。</p>
<p>過去幾年最大的贏家之一是 <strong>英偉達</strong>(NVDA -2.79%)。其 GPU 是人工智能（AI）訓練和推理的基礎設施。因此，過去幾年其需求激增，並且其營收和利潤都以驚人的速度增長。在 2023 年和 2024 年經歷了令人難以置信的價格上漲後，英偉達的股票在今年繼續攀升，超過了 4 萬億美元的市值。</p>
<p>但奧馬哈的先知再次證明，他不需要投資於最熱門的科技股就能實現超越市場的回報。事實上，伯克希爾的一項長期持股在 2025 年超越了英偉達 31% 的漲幅，今年迄今已上漲 38%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>伯克希爾投資組合中的互聯網壟斷</h2>
<p>雖然巴菲特通常避開科技股，但他偶爾也會做出一些例外。伯克希爾長期持有 <strong>蘋果</strong>(AAPL -0.70%) 的股份，這仍然是其可交易股票投資組合中最大的持股。儘管巴菲特已經削減了約 70% 的股份。</p>
<p>巴菲特喜歡蘋果的原因在於，它生產的消費產品相對容易理解，即使你不理解其中的所有技術。蘋果的優勢在於其用户體驗和品牌忠誠度，而理解這些競爭優勢並不需要先進的工程知識。</p>
<p>另一個長期以來受到巴菲特青睞的科技公司是 <strong>威瑞信</strong>(VRSN 1.30%)，它的競爭優勢也很容易理解。威瑞信擁有註冊.com 或.net 域名的獨佔權。換句話説，它在最受歡迎的頂級域名上擁有壟斷地位，這種情況短期內不會改變。</p>
<p>限制其壟斷地位的唯一因素是與互聯網名稱與數字地址分配公司（ICANN）的合同。它在提高新域名和續費價格的速度上受到限制。為了維持其獨佔權，它唯一需要做的就是運營關鍵的互聯網基礎設施並提供不間斷的域名系統（DNS）服務。</p>
<p>因此，威瑞信每年都能在提高價格的同時實現更高的利潤率。儘管競爭性的頂級域名已進入市場，但每個嚴肅的企業都希望擁有一個.com 或.net 域名。這確保了它在續費和客户數量上保持高水平的增長。</p>
<p>威瑞信與註冊商密切合作，以擴大其客户基礎。在過去幾年的一些令人失望的業績後，它調整了策略，推動註冊商專注於提供更好的定價和吸引長期客户。這一策略在 2025 年上半年帶來了強勁的域名註冊淨增長，儘管這在一定程度上被營銷費用的增加所抵消。</p>
<p>這一改善並未被市場忽視。如前所述，該股票在 2025 年上漲超過 38%，超越了英偉達。管理層對 2025 年剩餘時間也持樂觀態度。</p>
<h2>這隻股票值得買嗎？</h2>
<p>威瑞信的財務狀況為可預見的未來的緩慢而穩定的增長奠定了基礎。根據與 ICANN 的合同，它可以在大多數年份提高域名的收費標準。同時，維持合同所需的資本支出和持續運營費用相對於其收入基礎來説相對較小。它已經顯示出利用營銷支出擴大客户基礎的能力，這應該會導致高客户終身價值。</p>
<p>但在今年迄今上漲 38% 之後，這隻股票看起來有些昂貴。巴菲特可能會同意。他在今年夏天以當前價格出售了約 12 億美元的股票。也就是説，價格並不是巴菲特出售該股票的唯一原因。股票出售還使伯克希爾在該公司的持股比例降至 10% 以下，從而減少了其監管申報要求。此外，伯克希爾同意在出售後至少持有其在威瑞信的剩餘股份一年。</p>
<p>在每股約 285 美元的價格下，威瑞信的交易價格為前瞻性收益預期的 32 倍。即使對於一家擁有壟斷地位的公司來説，這也是一個高昂的價格。儘管其收益增長應該保持相對穩定，但不會增長得如此迅速，以至於能夠證明這一收益倍數。儘管實際業務基礎穩固，但由於潛在的倍數壓縮可能對股價造成壓力，這隻股票目前看起來風險較大。投資者應該等待倍數回落到中 20 倍的水平，在那裏巴菲特在年初最後一次購買了該股票的股份。</p>

伯克希爾哈撒韋-A

威瑞信

伯克希爾哈撒韋-B

南方兩倍做多伯克希爾

<p>沃倫·巴菲特的伯克希爾哈撒韋在 2025 年的表現超過了英偉達，威瑞信上漲了 38%，而英偉達的漲幅為 31%。儘管巴菲特對科技股持謹慎態度，但他仍持有蘋果和威瑞信的顯著股份，後者在.com 和.net 域名註冊方面擁有壟斷地位。威瑞信通過增強與註冊商的合作伙伴關係，推動了域名註冊的增加。然而，在經歷了大幅漲價後，該股票以 32 倍的預期市盈率顯得昂貴，這促使巴菲特出售了價值 12 億美元的股份，同時出於監管原因保留了一部分股份。投資者被建議在價格更加有利時再考慮購買</p>

<p>Warren Buffett is well known for eschewing advanced technology stocks. That's often led him and <strong>Berkshire Hathaway</strong>(BRK.A -0.13%)(BRK.B 0.14%) investors to miss out on some of the most lucrative investment opportunities in the market.</p>
<div class="lb-trans"><p>沃倫·巴菲特以避開先進科技股而聞名。這常常導致他和 <strong>伯克希爾哈撒韋</strong>(BRK.A -0.13%)(BRK.B 0.14%) 的投資者錯過市場上一些最有利可圖的投資機會。</p>
</div><p>One of the biggest winners of the last few years has been <strong>Nvidia</strong>(NVDA -2.79%). Its GPUs are essential infrastructure for artificial intelligence (AI) training and inference. As a result, it's seen demand soar over the last few years, and it continues to grow both its top and bottom lines at a breakneck pace. After incredible price appreciation in 2023 and 2024, Nvidia shares continued to climb this year, surpassing the $4 trillion threshold.</p>
<div class="lb-trans"><p>過去幾年最大的贏家之一是 <strong>英偉達</strong>(NVDA -2.79%)。其 GPU 是人工智能（AI）訓練和推理的基礎設施。因此，過去幾年其需求激增，並且其營收和利潤都以驚人的速度增長。在 2023 年和 2024 年經歷了令人難以置信的價格上漲後，英偉達的股票在今年繼續攀升，超過了 4 萬億美元的市值。</p>
</div><p>But the Oracle of Omaha is proving once again that he doesn't need to invest in the hottest tech stocks to produce market-beating returns. In fact, one of Berkshire's longtime holdings is outperforming Nvidia's 31% gain in 2025, rising 38% so far this year.</p>
<div class="lb-trans"><p>但奧馬哈的先知再次證明，他不需要投資於最熱門的科技股就能實現超越市場的回報。事實上，伯克希爾的一項長期持股在 2025 年超越了英偉達 31% 的漲幅，今年迄今已上漲 38%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzQzMzYvZ2V0dHlpbWFnZXMtbWFuLXBvaW50aW5nLWF0LXNjcmVlbi1jaGFydHMtcGhvbmUuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F834336%2Fgettyimages-man-pointing-at-screen-charts-phone.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>The internet monopoly in Berkshire's portfolio</h2>
<div class="lb-trans"><h2>伯克希爾投資組合中的互聯網壟斷</h2>
</div><p>While Buffett typically stays away from tech stocks, he has made a few exceptions on occasion. Berkshire has long owned shares of <strong>Apple</strong>(AAPL -0.70%), which remains its largest holding in its marketable equities portfolio. That's despite the fact that Buffett has trimmed about 70% of its shares.</p>
<div class="lb-trans"><p>雖然巴菲特通常避開科技股，但他偶爾也會做出一些例外。伯克希爾長期持有 <strong>蘋果</strong>(AAPL -0.70%) 的股份，這仍然是其可交易股票投資組合中最大的持股。儘管巴菲特已經削減了約 70% 的股份。</p>
</div><p>What Buffett likes about Apple is that it makes a consumer product that's relatively easy to understand, even if you don't understand all the technology that goes into it. Apple's strength is in its user experience and brand loyalty, and it doesn't require advanced engineering knowledge to understand those competitive advantages.</p>
<div class="lb-trans"><p>巴菲特喜歡蘋果的原因在於，它生產的消費產品相對容易理解，即使你不理解其中的所有技術。蘋果的優勢在於其用户體驗和品牌忠誠度，而理解這些競爭優勢並不需要先進的工程知識。</p>
</div><p>Another longtime Buffett favorite in the tech space with an easy-to-understand competitive advantage is <strong>VeriSign</strong>(VRSN 1.30%). VeriSign owns the exclusive rights to register domain names with .com or .net. In other words, it has a monopoly over the most popular top-level domains, and that's not going to change anytime soon.</p>
<div class="lb-trans"><p>另一個長期以來受到巴菲特青睞的科技公司是 <strong>威瑞信</strong>(VRSN 1.30%)，它的競爭優勢也很容易理解。威瑞信擁有註冊.com 或.net 域名的獨佔權。換句話説，它在最受歡迎的頂級域名上擁有壟斷地位，這種情況短期內不會改變。</p>
</div><p>The one thing keeping its monopoly in check is its contract with the Internet Corporation for Assigned Names and Numbers, or ICANN. It's limited in how quickly it can raise the price it charges for new domain names and renewals. The only thing it has to do to maintain its exclusive rights is operate critical internet infrastructure and provide uninterrupted domain name system (DNS) services.</p>
<div class="lb-trans"><p>限制其壟斷地位的唯一因素是與互聯網名稱與數字地址分配公司（ICANN）的合同。它在提高新域名和續費價格的速度上受到限制。為了維持其獨佔權，它唯一需要做的就是運營關鍵的互聯網基礎設施並提供不間斷的域名系統（DNS）服務。</p>
</div><p>As a result, VeriSign can produce wider profit margins every year as it raises prices. And while competing top-level domains have entered the market, every serious business wants a .com or .net domain. That ensures it maintains a high level of renewals and a growing number of customers over time.</p>
<div class="lb-trans"><p>因此，威瑞信每年都能在提高價格的同時實現更高的利潤率。儘管競爭性的頂級域名已進入市場，但每個嚴肅的企業都希望擁有一個.com 或.net 域名。這確保了它在續費和客户數量上保持高水平的增長。</p>
</div><p>VeriSign works closely with registrars to grow its customer base. After some disappointing results over the last few years, it shifted strategies to push registrars to focus on offering better pricing and attracting long-term customers. The strategy has paid off with strong net increases in domain registrations in the first half of 2025. That's somewhat offset by an increase in marketing expenses.</p>
<div class="lb-trans"><p>威瑞信與註冊商密切合作，以擴大其客户基礎。在過去幾年的一些令人失望的業績後，它調整了策略，推動註冊商專注於提供更好的定價和吸引長期客户。這一策略在 2025 年上半年帶來了強勁的域名註冊淨增長，儘管這在一定程度上被營銷費用的增加所抵消。</p>
</div><p>The improvement hasn't gone unnoticed by the market. As mentioned, the stock has climbed more than 38% in 2025, outpacing Nvidia. And management is optimistic about the rest of 2025 as well.</p>
<div class="lb-trans"><p>這一改善並未被市場忽視。如前所述，該股票在 2025 年上漲超過 38%，超越了英偉達。管理層對 2025 年剩餘時間也持樂觀態度。</p>
</div><h2>Is the stock a buy?</h2>
<div class="lb-trans"><h2>這隻股票值得買嗎？</h2>
</div><p>VeriSign's financials are set up for slow and steady growth for the foreseeable future. It can raise the rates it charges for domain names in most years, according to its ICANN contract. Meanwhile, the capital expenditures and ongoing operating expenses required to keep up its end of the contract are relatively small compared to its revenue base. It has shown the ability to leverage marketing spend to grow its customer base, which should result in high customer lifetime value.</p>
<div class="lb-trans"><p>威瑞信的財務狀況為可預見的未來的緩慢而穩定的增長奠定了基礎。根據與 ICANN 的合同，它可以在大多數年份提高域名的收費標準。同時，維持合同所需的資本支出和持續運營費用相對於其收入基礎來説相對較小。它已經顯示出利用營銷支出擴大客户基礎的能力，這應該會導致高客户終身價值。</p>
</div><p>But after climbing 38% so far this year, the stock looks a bit expensive. Buffett might agree. He sold about $1.2 billion worth of the stock earlier this summer at the current price. That said, price wasn't the only reason Buffett sold the stock. The stock sale also put Berkshire below a 10% stake in the company, which reduces its regulatory filing requirements. Additionally, Berkshire agreed to hold its remaining stake in VeriSign for at least one year from the sale.</p>
<div class="lb-trans"><p>但在今年迄今上漲 38% 之後，這隻股票看起來有些昂貴。巴菲特可能會同意。他在今年夏天以當前價格出售了約 12 億美元的股票。也就是説，價格並不是巴菲特出售該股票的唯一原因。股票出售還使伯克希爾在該公司的持股比例降至 10% 以下，從而減少了其監管申報要求。此外，伯克希爾同意在出售後至少持有其在威瑞信的剩餘股份一年。</p>
</div><p>At a price around $285 per share, VeriSign trades for 32 times forward earnings estimates. That's a high price to pay, even for a company that has a monopoly. While its earnings growth should remain relatively steady, it's not going to climb so fast that it can justify that earnings multiple. Despite the actual business sitting on a solid footing, the stock looks risky right now due to the potential for multiple compressions weighing on the stock price. Investors should wait for the multiple to fall back toward the mid-20s, where Buffett last bought shares of the stock at the start of the year.</p>
<div class="lb-trans"><p>在每股約 285 美元的價格下，威瑞信的交易價格為前瞻性收益預期的 32 倍。即使對於一家擁有壟斷地位的公司來説，這也是一個高昂的價格。儘管其收益增長應該保持相對穩定，但不會增長得如此迅速，以至於能夠證明這一收益倍數。儘管實際業務基礎穩固，但由於潛在的倍數壓縮可能對股價造成壓力，這隻股票目前看起來風險較大。投資者應該等待倍數回落到中 20 倍的水平，在那裏巴菲特在年初最後一次購買了該股票的股份。</p>
</div>

Meet the Warren Buffett Stock That's Crushing Nvidia in 2025

- 巴菲特通常避開科技股，但持有蘋果和 VeriSign 等例外。  
- Verisign 在 2025 年股價上漲 38%，超越 Nvidia 的 31% 增幅。  
- 儘管財務穩健，VeriSign 的股價仍顯昂貴，投資者應謹慎。

瞭解一下在 2025 年超越英偉達的沃倫·巴菲特持有的股票