<p>季度财报季正式进入高潮。在大约六周的时间里，美国大多数最重要的上市公司将向华尔街和投资者披露他们上个季度的运营业绩。</p>
<p>尽管企业利润增长对于历史上价格昂贵的股市的成功至关重要，但财报季并非投资者明智监控的唯一重要数据发布。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC12b2x1bWUtYnV5LXNlbGwtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC12b2x1bWUtYnV5LXNlbGwtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>8 月 14 日是机构投资者提交 13F 表格给美国证券交易委员会的截止日期，要求资产管理规模至少 1 亿美元。这一提交为投资者提供了华尔街最杰出和最成功的资产管理者在最新季度（本例中为第二季度）买卖的快照。</p>
<p>诚然，13F 表格有一个缺点——在季度结束后的 45 个日历日内提交，这意味着对于活跃的对冲基金来说，它们可能提供过时的信息。尽管存在这一缺陷，它们仍然可以为投资者提供关于华尔街领先资金管理者感兴趣的股票、行业、部门和趋势的宝贵线索。</p>
<p>除了 <strong>伯克希尔哈撒韦</strong> 的杰出 CEO 沃伦·巴菲特，另一位备受关注的亿万富翁资金管理者是 Susquehanna International Group 的联合创始人兼董事总经理 Jeff Yass。</p>
<p>Susquehanna 截至 6 月底的资产管理规模达到 5370 亿美元，持有数千个股票，包括各种认购和认沽期权。然而，根据 Susquehanna 的 13F 表格，在截至 6 月底的季度中，Yass 及其团队在人工智能（AI）领域的行动最为引人注目。</p>
<h2>Yass 的 Susquehanna 抛售了超过 5200 万股英伟达</h2>
<p>可以说，没有任何一家上市公司比 <strong>英伟达</strong>（NVDA 4.14%）更多地推动了华尔街主要股指创下新高，或推动了人工智能革命。自 2022 年底以来，英伟达的市值已从 3600 亿美元飙升至截至 10 月 18 日收盘时的 3.39 万亿美元。</p>
<p>尽管英伟达的图形处理单元（GPU）被认为是企业监督生成式 AI 解决方案和训练大型语言模型的无可争议首选，但并非所有亿万富翁资金管理者对其未来持乐观态度。</p>
<p>在第二季度，Yass 的基金抛售了 5249.7275 万股英伟达股票，这使其持股比例从 3 月底季度减少了 73%。请注意，英伟达在 6 月 7 日交易结束后完成了一次历史性的 10 对 1 前向股票分割，上述股数已经根据此次分割进行了调整。</p>
<p>尽管获利了结可能是这一卖出活动的一个合理且相对温和的解释，但也有一些明显的风险因素可能迫使 Susquehanna 在截至 6 月底的季度内大举抛售英伟达股票。</p>
<p>潜在的卖方催化剂中排名第一的是历史。自上世纪 90 年代互联网问世以来，我们见证了许多具有颠覆性的技术和创新的出现。尽管许多这些下一个大事件趋势提供了令人瞠目的可寻址市场，但它们唯一的确定性是早期阶段的泡沫破裂事件。</p>
<p>三十年来，投资者一再高估了新技术、创新或趋势被消费者和/或企业采纳和利用的速度。当这些高远的期望不可避免地未能实现时，音乐停止，泡沫破裂。由于大多数企业缺乏明确的计划来实现其人工智能投资并产生正回报，投资者似乎高估了人工智能的早期阶段实用性。如果人工智能泡沫破裂，英伟达很可能会受到重创。</p>
<p>监管机构也没有给英伟达带来好处。美国限制了该公司高性能 AI-GPU 向中国的出口，而中国是英伟达的主要市场之一。</p>
<p>Yass 及其团队可能也担心竞争压力对英伟达的定价能力和利润率造成影响。除了外部竞争对手推出芯片外，英伟达四大最重要的客户按净销售额计算都在为其数据中心开发 AI-GPU。由于英伟达的 AI-GPU 积压严重且价格远高于这些内部芯片，华尔街的人工智能宠儿可能会失去未来订单。</p>
<p>然而，尽管 Susquehanna 的最聪明的头脑，包括 Yass 在内，忙于抛售英伟达股票，他们却在大举投资另一家人工智能领域的关键公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Yass 正在大举投资为 AI 加速数据中心提供支持的网络公司</h2>
<p>尽管 Yass 的基金在第二季度增加了超过 4600 个头寸，但真正引人注目的是 Susquehanna 对人工智能网络巨头 <strong>博通</strong>（AVGO 0.06%）现有持股的大幅增加。</p>
<p>在截至 6 月底的季度中，Yass 监督了对博通 234.75 万股的购买，这使 Susquehanna 的持股增加了 73%，达到 558.259 万股。博通也进行了一次 10 对 1 的股票分割，但是是在 7 月中旬进行的。</p>
<p>毫无疑问，人工智能是博通预计今年销售增长 44% 的重要原因。该公司的网络解决方案被企业依赖，以连接成千上万的 GPU，以最大化其计算能力并减少尾部延迟。博通的解决方案对支持以人工智能驱动的软件和系统的瞬时决策至关重要。</p>
<p>尽管博通的股票和运营表现如果人工智能泡沫破裂将会受到影响，但英伟达和博通之间的一个重要区别在于它们的营收渠道。尽管英伟达绝大部分销售额和最近的增长与其人工智能硬件相关联，但人工智能仍然只占博通净营收的少数部分。</p>
<p>博通长期以来的主要利润驱动因素一直是其与全球智能手机行业的联系。它提供各种无线芯片和配件用于下一代智能手机。随着无线运营商扩大 5G 覆盖范围，博通受益于稳定的设备更替周期。</p>
<p>除了在智能手机领域是一个显著的参与者外，博通还开发用于工业设备和机器人的光学传感器，用于下一代汽车的连接和 LED 解决方案，以及网络安全解决方案等等，这只是其其他营收渠道中的一部分。</p>
<p>基于这一点，公司管理团队并不害怕偶尔进行收购以扩大其业务范围并增强跨销售机会。博通于 2019 年收购赛门铁克企业安全业务，打开了高利润网络安全服务的大门，而其于 2023 年 11 月斥资 690 亿美元收购基于云的虚拟化软件提供商 VMware，将增强公司的私有和混合云战略。</p>
<p>对于博通来说，产品和服务组合更加多样化似乎是吸引 Susquehanna International 的亿万富翁联合创始人 Jeff Yass 的诱饵。</p>

博通

<p>亿万富翁 Jeff Yass 出售了 Susquehanna 在英伟达公司 73% 的股份，抛售了超过 5200 万股，原因是对人工智能市场的可持续性和监管挑战感到担忧。尽管英伟达在人工智能领域扮演着重要角色，但 Yass 的基金将焦点转向了博通公司，通过购买超过 230 万股，增加了 73% 的持股比例。这一举动反映了人工智能领域内的战略转变，突显了科技投资中不断演变的动态，尤其是在财报季临近之际</p>

<p>Earnings season is officially kicking into high gear. Over the span of roughly six weeks, a majority of America's most-important publicly traded companies will spill the beans to Wall Street and investors regarding their operating performance over the prior quarter.</p>
<div class="lb-trans"><p>季度财报季正式进入高潮。在大约六周的时间里，美国大多数最重要的上市公司将向华尔街和投资者披露他们上个季度的运营业绩。</p>
</div><p>While corporate profit growth is vital to the success of a historically pricey stock market, earnings season isn't the only important data release investors would be wise to monitor.</p>
<div class="lb-trans"><p>尽管企业利润增长对于历史上价格昂贵的股市的成功至关重要，但财报季并非投资者明智监控的唯一重要数据发布。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC12b2x1bWUtYnV5LXNlbGwtaW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794679%2Fmoney-manager-stock-chart-volume-buy-sell-invest-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><p>August 14 marked the filing deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission. This filing provides investors with a snapshot of what Wall Street's brightest and most-successful asset managers bought and sold in the latest quarter (in this instance, the second quarter).</p>
<div class="lb-trans"><p>8 月 14 日是机构投资者提交 13F 表格给美国证券交易委员会的截止日期，要求资产管理规模至少 1 亿美元。这一提交为投资者提供了华尔街最杰出和最成功的资产管理者在最新季度（本例中为第二季度）买卖的快照。</p>
</div><p>Admittedly, 13Fs have a drawback -- they're filed up to 45 calendar days following the end to a quarter, which means they're likely providing stale information for active hedge funds. Yet in spite of this flaw, they can still offer invaluable clues as to which stocks, industries, sectors, and trends Wall Street's leading money managers are intrigued by.</p>
<div class="lb-trans"><p>诚然，13F 表格有一个缺点——在季度结束后的 45 个日历日内提交，这意味着对于活跃的对冲基金来说，它们可能提供过时的信息。尽管存在这一缺陷，它们仍然可以为投资者提供关于华尔街领先资金管理者感兴趣的股票、行业、部门和趋势的宝贵线索。</p>
</div><p>Aside from <strong>Berkshire Hathaway</strong>'s extraordinary CEO Warren Buffett, one of the most closely followed billionaire money managers is Susquehanna International Group's co-founder and managing director, Jeff Yass.</p>
<div class="lb-trans"><p>除了 <strong>伯克希尔哈撒韦</strong> 的杰出 CEO 沃伦·巴菲特，另一位备受关注的亿万富翁资金管理者是 Susquehanna International Group 的联合创始人兼董事总经理 Jeff Yass。</p>
</div><p>Susquehanna ended June with $537 billion in AUM and thousands of holdings, including various put and call options. However, the actions that stand out most in the June-ended quarter, based on Susquehanna's 13F, is what Yass and his team did within the artificial intelligence (AI) arena.</p>
<div class="lb-trans"><p>Susquehanna 截至 6 月底的资产管理规模达到 5370 亿美元，持有数千个股票，包括各种认购和认沽期权。然而，根据 Susquehanna 的 13F 表格，在截至 6 月底的季度中，Yass 及其团队在人工智能（AI）领域的行动最为引人注目。</p>
</div><h2>Yass's Susquehanna dumped more than 52 million shares of Nvidia</h2>
<div class="lb-trans"><h2>Yass 的 Susquehanna 抛售了超过 5200 万股英伟达</h2>
</div><p>Arguably no public company has been more responsible for lifting Wall Street's major stock indexes to new highs, or fueling the AI revolution, than <strong>Nvidia</strong>(NVDA 4.14%). Since the end of 2022, Nvidia's market cap has catapulted from $360 billion to $3.39 trillion, as of the closing bell on Oct. 18.</p>
<div class="lb-trans"><p>可以说，没有任何一家上市公司比 <strong>英伟达</strong>（NVDA 4.14%）更多地推动了华尔街主要股指创下新高，或推动了人工智能革命。自 2022 年底以来，英伟达的市值已从 3600 亿美元飙升至截至 10 月 18 日收盘时的 3.39 万亿美元。</p>
</div><p>Despite Nvidia's graphics processing units (GPUs) being the undisputed top choice by businesses overseeing generative AI solutions and training large language models, not all billionaire money managers are optimistic about its future.</p>
<div class="lb-trans"><p>尽管英伟达的图形处理单元（GPU）被认为是企业监督生成式 AI 解决方案和训练大型语言模型的无可争议首选，但并非所有亿万富翁资金管理者对其未来持乐观态度。</p>
</div><p>During the second quarter, Yass's fund jettisoned 52,497,275 shares of Nvidia's stock, which reduced its stake by 73% from the March-ended quarter. Keep in mind that Nvidia completed a historic 10-for-1 forward stock split following the close of trading on June 7, and the above share count has been adjusted for this split.</p>
<div class="lb-trans"><p>在第二季度，Yass 的基金抛售了 5249.7275 万股英伟达股票，这使其持股比例从 3 月底季度减少了 73%。请注意，英伟达在 6 月 7 日交易结束后完成了一次历史性的 10 对 1 前向股票分割，上述股数已经根据此次分割进行了调整。</p>
</div><p>While profit-taking may be a viable and relatively benign explanation behind this selling activity, there are also a few glaring headwinds that could have coerced Susquehanna's aggressive selling of Nvidia's shares in the June-ended quarter.</p>
<div class="lb-trans"><p>尽管获利了结可能是这一卖出活动的一个合理且相对温和的解释，但也有一些明显的风险因素可能迫使 Susquehanna 在截至 6 月底的季度内大举抛售英伟达股票。</p>
</div><p>Topping the list of possible sell-side catalysts is history. Since the advent of the internet in the mid-1990s, we've witnessed a multitude of game-changing technologies and innovations come along. While many of these next-big-thing trends have offered eye-popping addressable markets, their only certainty has been an early stage bubble-bursting event.</p>
<div class="lb-trans"><p>潜在的卖方催化剂中排名第一的是历史。自上世纪 90 年代互联网问世以来，我们见证了许多具有颠覆性的技术和创新的出现。尽管许多这些下一个大事件趋势提供了令人瞠目的可寻址市场，但它们唯一的确定性是早期阶段的泡沫破裂事件。</p>
</div><p>For three decades, investors have repeatedly overestimated how quickly a new technology, innovation, or trend would be adopted and utilized in a mainstream capacity by consumers and/or businesses. When these lofty expectations are, inevitably, not met, the music stops and the bubble bursts. With most businesses lacking a clear plan to monetize their AI investments and generate a positive return, it would appear as if investors have overestimated the early stage utility of artificial intelligence. If the AI bubble bursts, Nvidia would presumably be clobbered.</p>
<div class="lb-trans"><p>三十年来，投资者一再高估了新技术、创新或趋势被消费者和/或企业采纳和利用的速度。当这些高远的期望不可避免地未能实现时，音乐停止，泡沫破裂。由于大多数企业缺乏明确的计划来实现其人工智能投资并产生正回报，投资者似乎高估了人工智能的早期阶段实用性。如果人工智能泡沫破裂，英伟达很可能会受到重创。</p>
</div><p>Regulators aren't doing Nvidia any favors, either. The U.S. has restricted exports of the company's high-powered AI-GPUs to China, which is one of Nvidia's top-dollar markets.</p>
<div class="lb-trans"><p>监管机构也没有给英伟达带来好处。美国限制了该公司高性能 AI-GPU 向中国的出口，而中国是英伟达的主要市场之一。</p>
</div><p>Yass and his team might also be worried about competitive pressures weighing on Nvidia's pricing power and margins. In addition to external competitors bringing chips to market, Nvidia's four most-important customers by net sales are all developing AI-GPUs for use in their data centers. With Nvidia's AI-GPUs backlogged and substantially pricier than these in-house chips, Wall Street's AI darling could lose out on future orders.</p>
<div class="lb-trans"><p>Yass 及其团队可能也担心竞争压力对英伟达的定价能力和利润率造成影响。除了外部竞争对手推出芯片外，英伟达四大最重要的客户按净销售额计算都在为其数据中心开发 AI-GPU。由于英伟达的 AI-GPU 积压严重且价格远高于这些内部芯片，华尔街的人工智能宠儿可能会失去未来订单。</p>
</div><p>But while Susquehanna's brightest minds, including Yass, were busy dumping shares of Nvidia, they were absolutely piling into another key company in the AI arena.</p>
<div class="lb-trans"><p>然而，尽管 Susquehanna 的最聪明的头脑，包括 Yass 在内，忙于抛售英伟达股票，他们却在大举投资另一家人工智能领域的关键公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ2NzkvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794679%2Fdata-center-engineer-gpu-artificial-intelligence-ai-cloud-server-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>Yass is piling into the networking company fueling AI-accelerated data centers</h2>
<div class="lb-trans"><h2>Yass 正在大举投资为 AI 加速数据中心提供支持的网络公司</h2>
</div><p>Despite Yass's fund adding to more than 4,600 positions during the second quarter, the one that really stands out is Susquehanna's sizable addition to its existing stake in AI networking colossus <strong>Broadcom</strong>(AVGO 0.06%).</p>
<div class="lb-trans"><p>尽管 Yass 的基金在第二季度增加了超过 4600 个头寸，但真正引人注目的是 Susquehanna 对人工智能网络巨头 <strong>博通</strong>（AVGO 0.06%）现有持股的大幅增加。</p>
</div><p>During the June-ended quarter, Yass oversaw the purchase of 2,347,500 shares of Broadcom, which increased Susquehanna's stake by 73% to 5,582,590 shares. Broadcom also completed a 10-for-1 stock split, but did so in mid-July.</p>
<div class="lb-trans"><p>在截至 6 月底的季度中，Yass 监督了对博通 234.75 万股的购买，这使 Susquehanna 的持股增加了 73%，达到 558.259 万股。博通也进行了一次 10 对 1 的股票分割，但是是在 7 月中旬进行的。</p>
</div><p>There's no question that artificial intelligence is a big reason Broadcom is expected to deliver 44% sales growth this year. The company's networking solutions are being relied on by businesses to connect tens of thousands of GPUs to maximize their computing capabilities and reduce tail latency. Broadcom's solutions are critical to the split-second decision-making that powers AI-driven software and systems.</p>
<div class="lb-trans"><p>毫无疑问，人工智能是博通预计今年销售增长 44% 的重要原因。该公司的网络解决方案被企业依赖，以连接成千上万的 GPU，以最大化其计算能力并减少尾部延迟。博通的解决方案对支持以人工智能驱动的软件和系统的瞬时决策至关重要。</p>
</div><p>Although Broadcom's stock and operating performance would be susceptible to downside if the AI bubble bursts, the big difference between Nvidia and Broadcom is their revenue channels. Whereas an overwhelming majority of Nvidia's sales and recent growth are tied to its AI hardware, AI still represents a minority of Broadcom's net revenue.</p>
<div class="lb-trans"><p>尽管博通的股票和运营表现如果人工智能泡沫破裂将会受到影响，但英伟达和博通之间的一个重要区别在于它们的营收渠道。尽管英伟达绝大部分销售额和最近的增长与其人工智能硬件相关联，但人工智能仍然只占博通净营收的少数部分。</p>
</div><p>Broadcom's bread-and-butter profit driver has long been its ties to the global smartphone industry. It provides an assortment of wireless chips and accessories used in next-generation smartphones. With wireless carriers expanding the reach of 5G, Broadcom has benefited from a steady device replacement cycle.</p>
<div class="lb-trans"><p>博通长期以来的主要利润驱动因素一直是其与全球智能手机行业的联系。它提供各种无线芯片和配件用于下一代智能手机。随着无线运营商扩大 5G 覆盖范围，博通受益于稳定的设备更替周期。</p>
</div><p>On top of being a notable player in smartphones, Broadcom develops optical sensors used in industrial equipment and robotics, connectivity and LED solutions for next-generation automobiles, and cybersecurity solutions, to name just a few of its other revenue channels.</p>
<div class="lb-trans"><p>除了在智能手机领域是一个显著的参与者外，博通还开发用于工业设备和机器人的光学传感器，用于下一代汽车的连接和 LED 解决方案，以及网络安全解决方案等等，这只是其其他营收渠道中的一部分。</p>
</div><p>Building on this point, the company's management team hasn't been afraid to lean on the occasional acquisition to expand its footprint and bolster cross-selling opportunities. Broadcom's 2019 purchase of Symantec's enterprise security business opened the door to high-margin cybersecurity services, while its $69 billion buyout of cloud-based virtualization software provider VMware in November 2023 should bolster the company's private and hybrid cloud strategy.</p>
<div class="lb-trans"><p>基于这一点，公司管理团队并不害怕偶尔进行收购以扩大其业务范围并增强跨销售机会。博通于 2019 年收购赛门铁克企业安全业务，打开了高利润网络安全服务的大门，而其于 2023 年 11 月斥资 690 亿美元收购基于云的虚拟化软件提供商 VMware，将增强公司的私有和混合云战略。</p>
</div><p>A considerably more diverse product and service portfolio for Broadcom appears to be the lure that hooked Susquehanna International's billionaire co-founder Jeff Yass.</p>
<div class="lb-trans"><p>对于博通来说，产品和服务组合更加多样化似乎是吸引 Susquehanna International 的亿万富翁联合创始人 Jeff Yass 的诱饵。</p>
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Billionaire Jeff Yass Sold 73% of Susquehanna's Stake in Nvidia and Is Piling Into This Beloved Artificial Intelligence (AI) Stock Instead

- 美国企业财报季即将到来，投资者需关注业绩表现。  
- Susquehanna International Group 在第二季度减持 Nvidia 股票 73%，并增持 Broadcom。  
- Nvidia 面临竞争压力和监管限制，Broadcom 则受益于多元化收入来源。

亿万富翁杰夫·亚斯出售了 Susquehanna 在英伟达的 73% 股份，并转而投资于这只备受喜爱的人工智能（AI）股票