<p>美国股市在过去几周内波动剧烈，主要指数反映出市场的悲观情绪。投资者对滞涨风险（经济增长放缓与物价上涨的结合）感到担忧，这主要是由于关税上升、成本增加和政策不确定性所推动。</p>
<p>在如此不确定的环境中投资似乎风险很大。然而，精明的投资者仍然可以通过研究顶级对冲基金和亿万富翁投资者的投资动向，利用 13F 表格进行明智的投资。这是零售投资者的重要工具，提供了每个财务季度末智能资金投资的快照。</p>
<p>亿万富翁投资者保罗·都铎·琼斯的对冲基金都铎投资以其全球宏观投资风格而闻名。除了分析宏观趋势和地缘政治事件外，该对冲基金还遵循严格的风险管理策略以控制损失。在第四季度，都铎减持了 <strong>Nvidia</strong> 约 36% 的头寸。原因可能包括获利了结、估值担忧、投资组合再平衡或税务规划。</p>
<p>相反，这位亿万富翁投资者开始在这两只股票上建立新头寸。以下是它们在 2025 年值得关注的原因。</p>
<h2>英特尔</h2>
<p><strong>英特尔</strong>（INTC -11.21%）2024 财年的财务表现令人失望，净收入同比下降 2.1%，降至 531 亿美元，净亏损为 188 亿美元，而 2023 财年净利润为 17 亿美元。尽管存在这些担忧，许多分析师预计英特尔将在未来几年内成为一个稳健的反弹投资，支持这一论点的理由有几个。</p>
<p>英特尔正在准备在 2025 年下半年推出 Panther Lake 架构处理器。这次发布具有特殊意义，因为英特尔的 Panther Lake CPU 是利用其 18A 工艺节点的 “主打产品”。该公司已经开始向客户发送 Panther Lake CPU 的样品。</p>
<p>此外，英特尔已向外部客户提供 18A 工艺，以制造他们的芯片设计——这是加强其代工业务的战略举措。这些外部客户包括 <strong>微软</strong> 和 <strong>亚马逊</strong>（AMZN -3.92%）等知名科技巨头。此外，<strong>Nvidia</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong> 也传闻正在评估 18A 工艺节点以制造特定芯片。</p>
<p>英特尔预计第一位外部客户将在 2025 年上半年选择 18A 技术。如果所有这些传闻成真并且时间表得以实现，那么英特尔可能在与 <strong>台湾半导体制造公司</strong> 的竞争中处于更有利的位置，后者预计将在 2025 年下半年开始大规模生产竞争性的 2 纳米工艺节点。</p>
<p>英特尔的代工业务也显著受益于美国国内芯片制造的日益推动。该公司已与美国商务部签署协议，以确保 78.6 亿美元的补助金，前提是完成特定里程碑。</p>
<p>虽然代工无疑是一个重要的长期增长催化剂，但英特尔在 PC CPU 市场的主导地位仍然是其主要优势。这一点显而易见，因为英特尔的 CPU 为全球 70% 的 PC 提供动力。尽管在人工智能竞赛中落后于 Nvidia 和 AMD，英特尔也在努力在人工智能领域展现其存在。因此，该公司不仅专注于硅，还正在利用其下一代人工智能加速器 Jaguar Shores 开发可扩展的系统级解决方案，以瞄准人工智能数据中心市场。</p>
<p>考虑到大多数负面消息似乎已经被市场消化，该公司在未来几个月内有显著的增长空间。</p>
<h2>亚马逊</h2>
<p>截至 2025 年 4 月 1 日，亚马逊的股价已从 2025 年 2 月的历史收盘高点下跌超过 21%。多种因素导致了这一回调，包括市场范围内的科技股抛售以及对贸易战和关税的不确定性增加。投资者还对公司大规模的人工智能投资感到担忧，尤其是在几家公司推出需要显著较低计算资源的大型语言模型之后。这一趋势预计将对 AWS 的需求产生不利影响。</p>
<p>尽管面临这些挑战，亚马逊在云计算领域仍然是一股不可忽视的力量。AWS 是亚马逊收入和利润的重要增长催化剂，预计在 2024 年结束时年化收入达到 1150 亿美元。</p>
<p>亚马逊一直在加强其技术架构，以吸引客户在 AWS 上进行人工智能工作负载。这包括单独或与其他半导体公司合作开发专有定制芯片，构建用于训练和部署人工智能应用的平台，以及开发先进的人工智能驱动应用。</p>
<p>Precedence Research 估计，全球云基础设施市场将从 2024 年的 2630 亿美元增长到 2034 年的 8380 亿美元。作为市场领导者，AWS 拥有 30% 的市场份额，处于有利位置以受益于这一预期增长。</p>
<p>数字广告也正在成为一个重要的增长驱动因素，这得益于公司从其电子商务平台获得的独特第一方客户数据。截至 2024 财年末，数字广告业务的年化收入已达到 690 亿美元。</p>
<p>最后，亚马逊还在努力通过优化物流和履行网络以及利用机器人和自动化来提高其电子商务业务的盈利能力。</p>
<p>从估值角度来看，考虑到亚马逊的前瞻市盈率为 29.2，远低于其五年平均值 55.4，亚马逊似乎定价合理。因此，亚马逊在合理估值下提供了良好的增长潜力，现在是一个明智的买入时机。</p>

英特尔

亚马逊

<p>亿万富翁保罗·都铎·琼斯已将其在英伟达的股份减少了 36%，并投资于两只正在转型的科技股：英特尔和亚马逊。尽管英特尔在 2024 财年的业绩令人失望，但分析师预计随着新处理器的推出和强大的代工业务，英特尔将迎来转机。由于市场环境的影响，亚马逊的股价已下跌超过 21%，但其 AWS 部门仍然是一个重要的增长驱动力，预计收入年化率将达到 1150 亿美元。尽管面临当前挑战，这两家公司在未来几年仍有潜在的增长机会</p>

<p>The U.S. equity market has been volatile over the past few weeks, with major indexes reflecting bearish market sentiment. Investors are concerned about the rising risk of stagflation (a combination of slower growth and higher prices), fueled mainly by increasing tariffs, rising costs, and policy uncertainties.</p>
<div class="lb-trans"><p>美国股市在过去几周内波动剧烈，主要指数反映出市场的悲观情绪。投资者对滞涨风险（经济增长放缓与物价上涨的结合）感到担忧，这主要是由于关税上升、成本增加和政策不确定性所推动。</p>
</div><p>Investing in such an uncertain environment may seem risky. However, savvy investors can still make smart investments by studying where top hedge funds and billionaire investors put their cash with Form 13F. This is a crucial tool for retail investors, giving a snapshot of smart money investments at the end of each financial quarter.</p>
<div class="lb-trans"><p>在如此不确定的环境中投资似乎风险很大。然而，精明的投资者仍然可以通过研究顶级对冲基金和亿万富翁投资者的投资动向，利用 13F 表格进行明智的投资。这是零售投资者的重要工具，提供了每个财务季度末智能资金投资的快照。</p>
</div><p>Billionaire investor Paul Tudor Jones' hedge fund Tudor Investment is well known for its global macro-focused investment style. In addition to analyzing macro trends and geopolitical events, the hedge fund follows a disciplined risk-management strategy to control losses. Tudor trimmed positions in <strong>Nvidia</strong> by some 36% in the fourth quarter. Reasons might include profit-taking, valuation concerns, portfolio rebalancing, or tax planning.</p>
<div class="lb-trans"><p>亿万富翁投资者保罗·都铎·琼斯的对冲基金都铎投资以其全球宏观投资风格而闻名。除了分析宏观趋势和地缘政治事件外，该对冲基金还遵循严格的风险管理策略以控制损失。在第四季度，都铎减持了 <strong>Nvidia</strong> 约 36% 的头寸。原因可能包括获利了结、估值担忧、投资组合再平衡或税务规划。</p>
</div><p>Instead, the billionaire investor has started a new position in these two stocks. Here's why they are worth watching in 2025.</p>
<div class="lb-trans"><p>相反，这位亿万富翁投资者开始在这两只股票上建立新头寸。以下是它们在 2025 年值得关注的原因。</p>
</div><h2>Intel</h2>
<div class="lb-trans"><h2>英特尔</h2>
</div><p><strong>Intel</strong>'s (INTC -11.21%) fiscal 2024 financial performance was disappointing, with net revenue falling 2.1% year over year to $53.1 billion and a net income loss of $18.8 billion, compared to a net income profit of $1.7 billion in fiscal 2023. Despite these concerns, many analysts expect Intel to emerge as a solid turnaround play in the coming years, and several reasons support this thesis.</p>
<div class="lb-trans"><p><strong>英特尔</strong>（INTC -11.21%）2024 财年的财务表现令人失望，净收入同比下降 2.1%，降至 531 亿美元，净亏损为 188 亿美元，而 2023 财年净利润为 17 亿美元。尽管存在这些担忧，许多分析师预计英特尔将在未来几年内成为一个稳健的反弹投资，支持这一论点的理由有几个。</p>
</div><p>Intel is gearing up to launch Panther Lake architecture processors in the second half of 2025. This launch is special since Intel's Panther Lake CPU is the &#34;lead product&#34; utilizing its 18A process node. The company has already started sending samples of Panther Lake CPUs to its customers.</p>
<div class="lb-trans"><p>英特尔正在准备在 2025 年下半年推出 Panther Lake 架构处理器。这次发布具有特殊意义，因为英特尔的 Panther Lake CPU 是利用其 18A 工艺节点的 “主打产品”。该公司已经开始向客户发送 Panther Lake CPU 的样品。</p>
</div><p>Additionally, Intel has made 18A available to external customers to manufacture their chip designs -- a strategic move to strengthen its foundry business. These external customers include prominent technology titans like <strong>Microsoft</strong> and <strong>Amazon</strong>(AMZN -3.92%). Furthermore, Nvidia, <strong>Broadcom</strong>, and <strong>Advanced Micro Devices</strong> are also rumored to be evaluating 18A process nodes for manufacturing specific chips.</p>
<div class="lb-trans"><p>此外，英特尔已向外部客户提供 18A 工艺，以制造他们的芯片设计——这是加强其代工业务的战略举措。这些外部客户包括 <strong>微软</strong> 和 <strong>亚马逊</strong>（AMZN -3.92%）等知名科技巨头。此外，<strong>Nvidia</strong>、<strong>博通</strong> 和 <strong>超微半导体</strong> 也传闻正在评估 18A 工艺节点以制造特定芯片。</p>
</div><p>Intel expects the first external customer to opt for 18A technology in the first half of 2025. Suppose all these rumors come true and timelines are met, then Intel may be better positioned to compete with <strong>Taiwan Semiconductor Manufacturing</strong>, which is expected to commence volume production of the competing 2-nanometer process node in the second half of 2025.</p>
<div class="lb-trans"><p>英特尔预计第一位外部客户将在 2025 年上半年选择 18A 技术。如果所有这些传闻成真并且时间表得以实现，那么英特尔可能在与 <strong>台湾半导体制造公司</strong> 的竞争中处于更有利的位置，后者预计将在 2025 年下半年开始大规模生产竞争性的 2 纳米工艺节点。</p>
</div><p>Intel's foundry business also benefits significantly from the increasing push for domestic chip manufacturing in the U.S. The company has signed an agreement with the U.S. Department of Commerce to secure $7.86 billion in grants, contingent upon completing specific milestones.</p>
<div class="lb-trans"><p>英特尔的代工业务也显著受益于美国国内芯片制造的日益推动。该公司已与美国商务部签署协议，以确保 78.6 亿美元的补助金，前提是完成特定里程碑。</p>
</div><p>While foundry is undoubtedly a significant long-term growth catalyst, Intel's dominant position in the PC CPU market remains its major strength. This is evident because Intel CPUs power 7 out of 10 PCs worldwide. Although it was left behind Nvidia and AMD in the AI race, Intel is also working to make its presence felt in the AI space. Hence, instead of focusing just on silicon, the company is developing a scalable system-level solution using its next-generation AI accelerator, Jaguar Shores, to target the AI data center market.</p>
<div class="lb-trans"><p>虽然代工无疑是一个重要的长期增长催化剂，但英特尔在 PC CPU 市场的主导地位仍然是其主要优势。这一点显而易见，因为英特尔的 CPU 为全球 70% 的 PC 提供动力。尽管在人工智能竞赛中落后于 Nvidia 和 AMD，英特尔也在努力在人工智能领域展现其存在。因此，该公司不仅专注于硅，还正在利用其下一代人工智能加速器 Jaguar Shores 开发可扩展的系统级解决方案，以瞄准人工智能数据中心市场。</p>
</div><p>Considering that most of the stock's negative news seems already priced in, there is significant scope for the company to grow higher in the coming months.</p>
<div class="lb-trans"><p>考虑到大多数负面消息似乎已经被市场消化，该公司在未来几个月内有显著的增长空间。</p>
</div><h2>Amazon</h2>
<div class="lb-trans"><h2>亚马逊</h2>
</div><p>Shares of Amazon have plunged by over 21% (as of April 1) from their all-time closing high in February 2025. Several factors have contributed to this pullback, including a marketwide tech sell-off and increasing uncertainty about trade wars and tariffs. Investors are also concerned about the company's extensive AI investments, especially after several companies have launched large language models requiring significantly lower computing resources. This trend is expected to affect demand for AWS adversely.</p>
<div class="lb-trans"><p>截至 2025 年 4 月 1 日，亚马逊的股价已从 2025 年 2 月的历史收盘高点下跌超过 21%。多种因素导致了这一回调，包括市场范围内的科技股抛售以及对贸易战和关税的不确定性增加。投资者还对公司大规模的人工智能投资感到担忧，尤其是在几家公司推出需要显著较低计算资源的大型语言模型之后。这一趋势预计将对 AWS 的需求产生不利影响。</p>
</div><p>Despite these challenges, Amazon is still a force to be reckoned with in the cloud computing space. AWS is a significant growth catalyst for Amazon's revenues and profits, ending 2024 with an annualized revenue run rate of $115 billion.</p>
<div class="lb-trans"><p>尽管面临这些挑战，亚马逊在云计算领域仍然是一股不可忽视的力量。AWS 是亚马逊收入和利润的重要增长催化剂，预计在 2024 年结束时年化收入达到 1150 亿美元。</p>
</div><p>Amazon has been strengthening its technology stack to attract customers for AI workloads on AWS. This includes developing proprietary customized chips alone or in partnership with other semiconductor players, building platforms to train and deploy AI applications, and developing advanced AI-powered applications.</p>
<div class="lb-trans"><p>亚马逊一直在加强其技术架构，以吸引客户在 AWS 上进行人工智能工作负载。这包括单独或与其他半导体公司合作开发专有定制芯片，构建用于训练和部署人工智能应用的平台，以及开发先进的人工智能驱动应用。</p>
</div><p>Precedence Research estimates the global cloud infrastructure market will grow from $263 billion in 2024 to $838 billion in 2034. As a leader with a 30% share, AWS is well positioned to benefit from this anticipated growth.</p>
<div class="lb-trans"><p>Precedence Research 估计，全球云基础设施市场将从 2024 年的 2630 亿美元增长到 2034 年的 8380 亿美元。作为市场领导者，AWS 拥有 30% 的市场份额，处于有利位置以受益于这一预期增长。</p>
</div><p>Digital advertising is also emerging as a significant growth driver, thanks to the company's access to unique first-party customer data from its e-commerce platform. At the end of fiscal 2024, the digital advertising business had reached an annualized run rate of $69 billion.</p>
<div class="lb-trans"><p>数字广告也正在成为一个重要的增长驱动因素，这得益于公司从其电子商务平台获得的独特第一方客户数据。截至 2024 财年末，数字广告业务的年化收入已达到 690 亿美元。</p>
</div><p>Finally, Amazon is also striving to improve the profitability of its e-commerce business by optimizing logistics and fulfillment networks and leveraging robotics and automation.</p>
<div class="lb-trans"><p>最后，亚马逊还在努力通过优化物流和履行网络以及利用机器人和自动化来提高其电子商务业务的盈利能力。</p>
</div><p>From a valuation perspective, Amazon seems reasonably priced, considering it is trading at a forward P/E ratio of 29.2, far lower than its five-year average of 55.4. Hence, Amazon appears to be offering solid growth potential at a reasonable valuation, making it a smart buy now.</p>
<div class="lb-trans"><p>从估值角度来看，考虑到亚马逊的前瞻市盈率为 29.2，远低于其五年平均值 55.4，亚马逊似乎定价合理。因此，亚马逊在合理估值下提供了良好的增长潜力，现在是一个明智的买入时机。</p>
</div>

Billionaire Paul Tudor Jones Trimmed His Position in Nvidia and Is Piling Into 2 Turnaround Tech Stocks

- 美国股市近期波动，主要指数反映出市场悲观情绪。  
- 投资者担忧滞涨风险，主要受关税上升和政策不确定性影响。  
- 保罗·图多尔·琼斯的对冲基金削减了对英伟达的持仓，并新建了对英特尔和亚马逊的投资。