看好 Cadence Design，认为它是一家垂直整合的公司，拥有从长周期的设备制造、物理基础设施到连接设备与企业的软件。这一被忽视的层面为中小企业提供了完整解决方案，使其无需分别搭建基础设施和 AI 智能体，从而降低价格、提升效率。
逐段跳播
是的，IBM 和 Cadence Design 是我们更偏好的两家公司，因为它们经营于垂直整合的领域，在那里它们制造设备已经很久了。它们的专长在于构建物理技术基础设施，然后构建帮助把这些设备连接到你的企业级业务的软件网络。
就 IBM 而言，这是一个某种程度上被忽视的层面。很多人不知道它们在软件方面的能力，但我们喜欢这个垂直整合的板块，因为你现在提供的是一套完整的解决方案，在我看来，这对那些不想分别拼凑物理技术基础设施和大量 AI 智能体的中小企业会非常有吸引力。
从一处采购意味着更低的价格和更高的效率，我认为这就是我们长期以来一直欣赏 IBM 的原因，因为它们在这个领域扮演着关键角色。你也能从它们过去两年盈利增长的质量中看到这一点。
Yes, IBM and Cadence Design are two companies we prefer because they operate in that vertically integrated field, where they have been manufacturing devices for a very long time.
Their expertise lies in building the physical technical infrastructure, and then building the software network that helps connect those devices to your enterprise-level business.
It is a layer that has been somewhat overlooked with regard to IBM. Many people are unaware of their capabilities on the software side, but we like this vertically integrated sector because you now offer a complete solution that, in my opinion, will be very attractive to small and medium-sized businesses that do not want to assemble a physical technology infrastructure and a large number of AI agents separately.
Shopping from one place means lower prices and better efficiency, and I think that's why we've admired IBM for so long, because they play a pivotal role in this field. You can also see that in the quality of their earnings growth over the past two years.