<p>近 60 年来，伯克希尔 - 哈撒韦（BRK.A 1.34%）（BRK.B 1.35%）首席执行官沃伦·巴菲特一直在为华尔街和投资者上演一场课程。尽管和任何其他投资者一样会犯错，但作为奥马哈之谜，他领导的 A 类股票（BRK.A）累计回报接近 550 万%，自他担任首席执行官以来。</p>
<p>巴菲特发现隐藏在明处的绝佳交易的能力赢得了众多追随者。投资者们迫不及待地等待伯克希尔每季度的 13F 表格发布，以了解他和他的首席投资助手托德·康姆斯和泰德·韦施勒买卖了哪些股票。</p>
<p>尽管我们经常认为沃伦·巴菲特更青睐价值导向、成熟的企业，但他和他的团队在伯克希尔 - 哈撒韦的投资组合中有相当一部分投资与人工智能（AI）革命有关的公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希尔 - 哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
<p>难以不被 AI 驱动软件和系统在没有人类干预的情况下学习和进化的长期潜力所吸引。这项技术的几乎无限用途导致普华永道的分析师预测，到本十年末，AI 技术将为全球经济增加 15.7 万亿美元。</p>
<p>曾经，伯克希尔投资组合中约 46%（约 1890 亿美元）投资于四家备受瞩目的 AI 股票。但根据最新向美国证券交易委员会提交的 13F 表格，巴菲特和他的投资团队已将在 AI 股票中的持股削减了约 50%。</p>
<h2>奥马哈之谜及其团队在四家 AI 股票上押注</h2>
<p>在开始讨论之前，我要指出，沃伦·巴菲特可能对人工智能作为一项技术了解甚少或不感兴趣，但他确实对消费者行为有着牢固的把握，以及 AI 如何可能影响未来的生产率增长和消费端转变。</p>
<p>伯克希尔 - 哈撒韦的 AI 投资的支柱一直是科技股 <strong>苹果</strong>（AAPL 0.37%）。这是巴菲特及其团队管理的最大持股，数量远远超过其他。</p>
<p>在苹果 6 月的年度全球开发者大会上，该公司揭开了所谓的 “苹果智能”，即其旨在推动增长的各种 AI 项目。这些新创新包括使语音助手 Siri 更加直观，以及引入一个将由 ChatGPT 驱动的聊天机器人到其操作系统中。</p>
<p>巴菲特及其投资副手押注的另外三家 AI 股票（尽管规模较苹果小）分别是电商领导者 <strong>亚马逊</strong>（AMZN -1.36%）、中国电动汽车制造商 <strong>比亚迪</strong>（BYDD.F 1.57%）和云数据仓储公司 <strong>Snowflake</strong>（SNOW -2.08%）。</p>
<p>尽管亚马逊以其主导地位的在线市场而闻名，但它也是领先的云基础设施服务平台。根据 Canalys 的数据，亚马逊网络服务（AWS）在云基础设施服务支出中占全球份额的 33%（截至 6 月 30 日）。亚马逊正在积极投资于为其 AWS 客户提供生成式 AI 解决方案，可帮助处理从虚拟聊天代理到定制营销的各种问题。</p>
<p>至于比亚迪，它正在利用人工智能来提高驾驶安全性。今年 1 月，该公司推出了其炫骥架构，这是其智能驾驶平台，提供各种先进的驾驶辅助技术。比亚迪还与中国监管机构合作，在中国道路上测试第三级自动驾驶功能。这在没有 AI 的情况下是不可能的。</p>
<p>最后，伯克希尔最聪明的头脑们自 2020 年 Snowflake 首次公开募股以来一直是投资者。Snowflake 的基础设施建立在最流行的云基础设施服务平台之上，使其客户能够无缝共享和访问数据。与亚马逊类似，Snowflake 计划在其数据云中部署生成式 AI 解决方案，使其客户能够构建和训练大型语言模型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>巴菲特及其投资副手削减了在 AI 股票中的持股</h2>
<p>然而，伯克希尔截至 6 月的 13F 表显示，巴菲特、康姆斯和韦施勒大幅减少了公司对人工智能的押注。</p>
<p>尽管伯克希尔在亚马逊的持股数量保持不变，为 1000 万股，而对比亚迪的卖出活动多年来一直很少（巴菲特的公司持有约 5420 万股比亚迪），但对于苹果或 Snowflake 来说就不同了。</p>
<p>在第二季度，超过 3.89 亿股苹果被抛售，占伯克希尔 3 月 31 日持股的约 49%。包括在 2023 年第四季度和 2024 年第一季度出售的股票，伯克希尔的投资团队在九个月内处理了超过 5 亿股苹果股票。</p>
<p>当伯克希尔 - 哈撒韦在 5 月初举行年度股东大会时，巴菲特暗示他公司在苹果的卖出活动可能与税收有关。伯克希尔首席认为，企业税率的峰值可能会从目前的历史低点 21% 上升。因此，现在锁定未实现收益并支付较低税率将来看来将受到伯克希尔 - 哈撒韦的投资者的青睐。</p>
<p>但是这次的抛售背后可能有更多隐情。尽管苹果的人工智能计划在六月点燃了其股价，但公司的运营表现在过去一年多中令人不满。截至 2024 财年前九个月，iPhone 销量相对去年同期下降了 1%。除了稳步增长的订阅服务部门外，苹果的实体设备销售一直是一个拖累。</p>
<p>苹果不再是巴菲特最初在 2016 年初投资时所看好的超值或增长故事。</p>
<p>尽管巴菲特及其团队在截至六月的季度减持了近 50% 的苹果股份，但他们完全清仓了 Snowflake 的 612 万 5376 股。</p>
<p>Snowflake 从未完全符合典型的巴菲特股票模式。尽管它拥有明确定义的竞争优势，这是巴菲特、康姆斯和韦斯勒作为投资者所看重的，但其天文数字的估值溢价令人不满。</p>
<p>过去几年，Snowflake 的销售增长率持续下降，它不再具备曾经拥有的估值溢价。尽管它定位良好，可以在企业云生态系统的持续发展中发挥关键作用，但即使从历史最高点下跌了 70%，它仍不是一个特别吸引人的价值投资。</p>
<p>历史表明，人工智能泡沫破裂即将来临，巴菲特可能还没有完成对人工智能股票的抛售。</p>

伯克希尔哈撒韦-B

伯克希尔哈撒韦-A

苹果

<p>沃伦·巴菲特的伯克希尔 - 哈撒韦公司根据最新的 SEC 13F 报告，大幅减少了对四家人工智能公司的投资，将其持股比例减少了近 50%。这四家公司包括苹果、亚马逊、比亚迪和 Snowflake。尽管亚马逊和比亚迪的持股保持稳定，巴菲特在苹果公司减持了约 49% 的股份，并大幅减少了对 Snowflake 的持仓。尽管如此，巴菲特的团队仍在继续关注人工智能行业的趋势</p>

<p>For nearly 60 years, <strong>Berkshire Hathaway</strong>(BRK.A 1.34%) (BRK.B 1.35%) CEO Warren Buffett has been putting on a clinic for Wall Street and investors. Despite being just as fallible as any other investor, the Oracle of Omaha, as he's come to be known, has overseen close to a 5,500,000% aggregate return in his Class A shares (BRK.A) since ascending to the CEO chair.</p>
<div class="lb-trans"><p>近 60 年来，伯克希尔 - 哈撒韦（BRK.A 1.34%）（BRK.B 1.35%）首席执行官沃伦·巴菲特一直在为华尔街和投资者上演一场课程。尽管和任何其他投资者一样会犯错，但作为奥马哈之谜，他领导的 A 类股票（BRK.A）累计回报接近 550 万%，自他担任首席执行官以来。</p>
</div><p>Buffett's ability to locate phenomenal bargains hiding in plain sight has earned him quite the following. Investors eagerly await the release of Berkshire's quarterly Form 13Fs to find out which stocks he and his top investment aides, Todd Combs and Ted Weschler, have been buying and selling.</p>
<div class="lb-trans"><p>巴菲特发现隐藏在明处的绝佳交易的能力赢得了众多追随者。投资者们迫不及待地等待伯克希尔每季度的 13F 表格发布，以了解他和他的首席投资助手托德·康姆斯和泰德·韦施勒买卖了哪些股票。</p>
</div><p>While we often view Warren Buffett as someone who favors value-oriented, mature businesses, he and his team have a sizable percentage of Berkshire Hathaway's investment portfolio tied up in companies fueled by the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>尽管我们经常认为沃伦·巴菲特更青睐价值导向、成熟的企业，但他和他的团队在伯克希尔 - 哈撒韦的投资组合中有相当一部分投资与人工智能（AI）革命有关的公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788474%2Fbuffett17-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希尔 - 哈撒韦首席执行官沃伦·巴菲特。图片来源：The Motley Fool。</p>
</div><p>It's difficult not to be enamored with the long-term potential of having AI-driven software and systems learning and evolving without human intervention. The virtually limitless utility of this technology led the analysts at PwC to predict it'll add $15.7 trillion to the global economy by the turn of the decade.</p>
<div class="lb-trans"><p>难以不被 AI 驱动软件和系统在没有人类干预的情况下学习和进化的长期潜力所吸引。这项技术的几乎无限用途导致普华永道的分析师预测，到本十年末，AI 技术将为全球经济增加 15.7 万亿美元。</p>
</div><p>At one point, 46% of Berkshire's investment portfolio (about $189 billion) was spread across four highly touted AI stocks. But based on the latest 13F filing with the Securities and Exchange Commission, Buffett and his investment team have slashed their stake in AI stocks by roughly 50%.</p>
<div class="lb-trans"><p>曾经，伯克希尔投资组合中约 46%（约 1890 亿美元）投资于四家备受瞩目的 AI 股票。但根据最新向美国证券交易委员会提交的 13F 表格，巴菲特和他的投资团队已将在 AI 股票中的持股削减了约 50%。</p>
</div><h2>The Oracle of Omaha and his team had bet big on four AI stocks</h2>
<div class="lb-trans"><h2>奥马哈之谜及其团队在四家 AI 股票上押注</h2>
</div><p>Let me preface this discussion by pointing out that Warren Buffett might have minimal understanding or interest in artificial intelligence as a technology, but what he definitely does have is a firm grasp on consumer behaviors, and how AI might influence productivity gains and consumption-side shifts in the future.</p>
<div class="lb-trans"><p>在开始讨论之前，我要指出，沃伦·巴菲特可能对人工智能作为一项技术了解甚少或不感兴趣，但他确实对消费者行为有着牢固的把握，以及 AI 如何可能影响未来的生产率增长和消费端转变。</p>
</div><p>The anchor of Berkshire Hathaway's AI investments has always been tech stock <strong>Apple</strong>(AAPL 0.37%). This is the largest holding Buffett and his team oversee by a <em>significant</em> amount.</p>
<div class="lb-trans"><p>伯克希尔 - 哈撒韦的 AI 投资的支柱一直是科技股 <strong>苹果</strong>（AAPL 0.37%）。这是巴菲特及其团队管理的最大持股，数量远远超过其他。</p>
</div><p>During Apple's annual Worldwide Developer Conference in June, the company lifted the hood on what it called &#34;Apple Intelligence,&#34; i.e., its variety of AI-powered initiatives designed to fuel growth. These new innovations include making voice assistant Siri more intuitive, as well as introducing a chatbot, which will be powered by ChatGPT, to its operating system.</p>
<div class="lb-trans"><p>在苹果 6 月的年度全球开发者大会上，该公司揭开了所谓的 “苹果智能”，即其旨在推动增长的各种 AI 项目。这些新创新包括使语音助手 Siri 更加直观，以及引入一个将由 ChatGPT 驱动的聊天机器人到其操作系统中。</p>
</div><p>The other three AI stocks Buffett and his investing lieutenants had wagered on (albeit to a smaller degree than Apple) were e-commerce leader <strong>Amazon</strong>(AMZN -1.36%), China-based electric vehicle (EV) manufacturer <strong>BYD</strong>(BYDD.F 1.57%), and cloud data-warehousing company <strong>Snowflake</strong>(SNOW -2.08%).</p>
<div class="lb-trans"><p>巴菲特及其投资副手押注的另外三家 AI 股票（尽管规模较苹果小）分别是电商领导者 <strong>亚马逊</strong>（AMZN -1.36%）、中国电动汽车制造商 <strong>比亚迪</strong>（BYDD.F 1.57%）和云数据仓储公司 <strong>Snowflake</strong>（SNOW -2.08%）。</p>
</div><p>Though Amazon is best-known for its dominant online marketplace, it's also the leading cloud infrastructure service platform. According to Canalys, Amazon Web Services (AWS) held a 33% global share (as of June 30) of cloud infrastructure service spending. Amazon is aggressively investing in generative AI solutions for its AWS customers that can help with everything from virtual chat agents to tailored marketing.</p>
<div class="lb-trans"><p>尽管亚马逊以其主导地位的在线市场而闻名，但它也是领先的云基础设施服务平台。根据 Canalys 的数据，亚马逊网络服务（AWS）在云基础设施服务支出中占全球份额的 33%（截至 6 月 30 日）。亚马逊正在积极投资于为其 AWS 客户提供生成式 AI 解决方案，可帮助处理从虚拟聊天代理到定制营销的各种问题。</p>
</div><p>As for BYD, it's utilizing artificial intelligence as a means to improve driver safety. In January, the company unveiled its Xuanji Architecture, which is its intelligent driving platform that offers an assortment of advanced driver assistance technologies. BYD is also working with Chinese regulators to test Level 3 autonomous vehicle capabilities on China's roadways. This wouldn't be possible without the use of AI.</p>
<div class="lb-trans"><p>至于比亚迪，它正在利用人工智能来提高驾驶安全性。今年 1 月，该公司推出了其炫骥架构，这是其智能驾驶平台，提供各种先进的驾驶辅助技术。比亚迪还与中国监管机构合作，在中国道路上测试第三级自动驾驶功能。这在没有 AI 的情况下是不可能的。</p>
</div><p>Lastly, Berkshire's brightest minds had been investors in Snowflake since its initial public offering in 2020. Snowflake's infrastructure is built atop the most popular cloud infrastructure service platforms to allow its customers to seamlessly share and access data. Similar to Amazon, Snowflake plans to deploy generative AI solutions within its data cloud, which will allow its customers to build and train large language models.</p>
<div class="lb-trans"><p>最后，伯克希尔最聪明的头脑们自 2020 年 Snowflake 首次公开募股以来一直是投资者。Snowflake 的基础设施建立在最流行的云基础设施服务平台之上，使其客户能够无缝共享和访问数据。与亚马逊类似，Snowflake 计划在其数据云中部署生成式 AI 解决方案，使其客户能够构建和训练大型语言模型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788474%2Finvestor-pressing-sell-button-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Buffett and his investing lieutenants have slashed their holdings in AI stocks</h2>
<div class="lb-trans"><h2>巴菲特及其投资副手削减了在 AI 股票中的持股</h2>
</div><p>However, Berkshire's 13F for the June-ended quarter showed that Buffett, Combs, and Weschler <em>substantially</em> lightened their company's wager on artificial intelligence.</p>
<div class="lb-trans"><p>然而，伯克希尔截至 6 月的 13F 表显示，巴菲特、康姆斯和韦施勒大幅减少了公司对人工智能的押注。</p>
</div><p>Although Berkshire's stake in Amazon remains unchanged at 10 million shares, and selling activity in BYD has been minimal for years (Buffett's company holds around 54.2 million shares of BYD), the same can't be said for Apple or Snowflake.</p>
<div class="lb-trans"><p>尽管伯克希尔在亚马逊的持股数量保持不变，为 1000 万股，而对比亚迪的卖出活动多年来一直很少（巴菲特的公司持有约 5420 万股比亚迪），但对于苹果或 Snowflake 来说就不同了。</p>
</div><p>During the second quarter, more than 389 million shares of Apple, representing roughly 49% of Berkshire's stake, as of March 31, were sent to the chopping block. Including shares sold during the fourth quarter of 2023 and first quarter of 2024, Berkshire's investment trio have overseen the disposition of more than 500 million shares of Apple in a nine-month stretch.</p>
<div class="lb-trans"><p>在第二季度，超过 3.89 亿股苹果被抛售，占伯克希尔 3 月 31 日持股的约 49%。包括在 2023 年第四季度和 2024 年第一季度出售的股票，伯克希尔的投资团队在九个月内处理了超过 5 亿股苹果股票。</p>
</div><p>When Berkshire Hathaway held its annual shareholder meeting in early May, Buffett hinted that his company's selling activity in Apple might be tax-related. Berkshire's chief believes the peak corporate tax rate is likely to head higher from its current historically low rate of 21%. Therefore, locking in unrealized gains and paying a lower tax rate now will, in hindsight, be viewed favorably by Berkshire Hathaway's investors.</p>
<div class="lb-trans"><p>当伯克希尔 - 哈撒韦在 5 月初举行年度股东大会时，巴菲特暗示他公司在苹果的卖出活动可能与税收有关。伯克希尔首席认为，企业税率的峰值可能会从目前的历史低点 21% 上升。因此，现在锁定未实现收益并支付较低税率将来看来将受到伯克希尔 - 哈撒韦的投资者的青睐。</p>
</div><p>But there might be more to this selling than meets the eye. While Apple's AI plans certainly lit a fire under its stock in June, the company's operating performance has left a lot to be desired over the last year and change. Sales of iPhones are down 1% through the first nine months of fiscal 2024, relative to the comparable period last year. With the exception of its steadily growing subscription services segment, Apple's physical-device sales have been a drag.</p>
<div class="lb-trans"><p>但是这次的抛售背后可能有更多隐情。尽管苹果的人工智能计划在六月点燃了其股价，但公司的运营表现在过去一年多中令人不满。截至 2024 财年前九个月，iPhone 销量相对去年同期下降了 1%。除了稳步增长的订阅服务部门外，苹果的实体设备销售一直是一个拖累。</p>
</div><p>Apple is no longer the amazing value or growth story that it was when Buffett initially invested in the company in early 2016.</p>
<div class="lb-trans"><p>苹果不再是巴菲特最初在 2016 年初投资时所看好的超值或增长故事。</p>
</div><p>While Buffett and his team shed almost 50% of their Apple stake in the June-ended quarter, they completely dumped all 6,125,376 shares of Snowflake.</p>
<div class="lb-trans"><p>尽管巴菲特及其团队在截至六月的季度减持了近 50% 的苹果股份，但他们完全清仓了 Snowflake 的 612 万 5376 股。</p>
</div><p>Snowflake never quite fit the mold of a typical Buffett stock. Though it possesses well-defined competitive advantages, which is something Buffett, Combs, and Weschler look for as investors, its astronomical valuation premium left a lot to be desired.</p>
<div class="lb-trans"><p>Snowflake 从未完全符合典型的巴菲特股票模式。尽管它拥有明确定义的竞争优势，这是巴菲特、康姆斯和韦斯勒作为投资者所看重的，但其天文数字的估值溢价令人不满。</p>
</div><p>Over the past couple of years, Snowflake's sales growth rate has continually shrunk and it no longer commands anywhere close to the valuation premium it once held. Even though it's well positioned to play a key role in the ongoing development of the enterprise cloud ecosystem, it's not a particularly intriguing value, even after a 70% decline from its all-time high.</p>
<div class="lb-trans"><p>过去几年，Snowflake 的销售增长率持续下降，它不再具备曾经拥有的估值溢价。尽管它定位良好，可以在企业云生态系统的持续发展中发挥关键作用，但即使从历史最高点下跌了 70%，它仍不是一个特别吸引人的价值投资。</p>
</div><p>With history suggesting an artificial intelligence bubble-burst is looming, Buffett may not be done selling his AI stocks.</p>
<div class="lb-trans"><p>历史表明，人工智能泡沫破裂即将来临，巴菲特可能还没有完成对人工智能股票的抛售。</p>
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Warren Buffett Once Had $189 Billion Invested in 4 Artificial Intelligence (AI) Stocks. He's Now Slashed This Stake by Roughly 50%!

- 沃伦·巴菲特（Warren Buffett）领导的伯克希尔·哈撒韦（Berkshire Hathaway）投资组合中，曾有近 46% 资金投入四家人工智能（AI）公司。
- 最新的 13F 文件显示，巴菲特和投资团队已将在 AI 股票中的持股削减约 50%。
- 尽管保留了对亚马逊（Amazon）的持股，但在苹果（Apple）和 Snowflake 方面的投资已大幅减少。

沃伦·巴菲特曾经在 4 只人工智能（AI）股票中投资了 1890 亿美元。他现在已经将这部分持股削减了约 50%！