<p>大约两个多月前，即 8 月 14 日，投资者收到了可以说是第三季度最重要的数据发布，我指的不是任何通胀报告。</p>
<p>在季度结束后的 45 个日历日内，至少拥有 1 亿美元资产管理规模的机构投资者需要向美国证券交易委员会提交 13F 表格。这一提交告诉投资者，华尔街顶尖资产管理者在最新季度（本例为截至 6 月的季度）购买和出售了哪些股票、交易所交易基金（ETF）以及偶尔的期权。</p>
<p>正如你所想象的，专业和普通投资者特别关注华尔街最聪明的资产管理者如何看待人工智能（AI）股票。过去两年，人工智能一直是最热门的趋势，普华永道的分析师预计，到 2030 年，这项技术将为全球经济带来 15.7 万亿美元的增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>有趣的是，第二季度的 13F 显示，包括 Citadel 的 Ken Griffin 在内的亿万富翁投资者对推动人工智能革命的公司持有不同看法。</p>
<p>自 1990 年成立以来，Citadel 的对冲基金在创造投资收益方面比其他任何对冲基金都更成功。这就是为什么投资者明智地关注 Griffin 及其团队正在买卖的股票。</p>
<p>在截至 6 月的季度，Griffin 监督了其基金在市场领先的人工智能股票 <strong>英伟达</strong>（NVDA -2.81%）中的相当比例的减持，但选择加大对另一家人工智能公司的投资，后者似乎拥有几乎无法逾越的护城河。</p>
<h2>Griffin 的 Citadel 将大部分英伟达股票出售——理由充分</h2>
<p>在开始讨论之前，我要指出 Citadel 是一家积极的对冲基金，持有无数头寸，并经常通过认购和/或认沽期权对其普通股持仓进行套期保值。话虽如此，在第二季度，也许没有比 Griffin 及其团队减持其基金在英伟达持仓 79% 更引人注目的卖方活动。</p>
<p>自 2023 年以来，英伟达的股价已经上涨了 844%，截至 2024 年 10 月 18 日收盘，市值增加了近 3 万亿美元。这是一个前所未见的市值增长，这表明获利了结至少在一定程度上导致 Citadel 减少其大量头寸。但有理由相信，这种卖出活动背后可能不仅仅是良性的获利了结。</p>
<p>首先，来自各个方面的竞争正向英伟达袭来。竞争对手芯片制造商正在开发和扩大生产旨在与英伟达的超受欢迎的 H100 GPU 和下一代 Blackwell GPU 架构竞争的人工智能图形处理单元（GPU）。尽管英伟达的硬件在 AI 加速数据中心方面应该没有问题，但竞争芯片更便宜，企业可能更容易获得。</p>
<p>进一步说，内部竞争可能更加危险。英伟达按净销售额计算的前四大客户都在开发用于其数据中心的 AI-GPU。与内部开发的芯片的成本优势相比，英伟达的硬件保持计算优势可能不足够。这表明英伟达未来可能会失去宝贵的数据中心市场份额。</p>
<p>Ken Griffin 及其 Citadel 团队也可能从英伟达的管理团队那里得到启示。虽然首席执行官 Jensen Huang 对公司的未来和继任者 Blackwell 芯片非常乐观，但自公司内部人员最后一次在公开市场购买股票以来已经快四年了。一系列内部人员的卖出行为描绘出这样一个画面，暗示英伟达的股价已经超前。</p>
<p>最后，Griffin 可能让历史充当向导。尽管围绕人工智能崛起的热潮不断，但在过去 30 年里，没有一项改变游戏规则的创新或技术能够避免早期阶段的泡沫。专业和零售投资者一直高估新技术的采用和效用，最终导致失望和泡沫破裂事件。由于没有一家公司比英伟达更多地受益于人工智能革命，如果人工智能泡沫破裂，它可能会受到最严重的打击。</p>
<p>然而，尽管亿万富翁 Ken Griffin 大幅减少了基金在英伟达的持仓，他却大举投资于另一家人工智能公司，后者具有明确定义的竞争优势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Griffin 将基金在这家独特人工智能公司的持仓增加了超过 1100%！</h2>
<p>引起 Citadel 最聪明投资者，包括 Griffin，关注的这家高飞的人工智能公司，正是基于云的数据挖掘专家 <strong>Palantir Technologies</strong>（PLTR -0.81%）。Citadel 的对冲基金在第二季度将其在该公司的持仓增加了约 1140%。</p>
<p>对于&#34;为什么选择 Palantir?&#34;，最好的答案是因为它在规模上是不可替代的。</p>
<p>Palantir 的两个核心业务部门是 Gotham 和 Foundry。Gotham 是一个由人工智能驱动的平台，帮助政府机构收集数据并规划各种任务。这包括卫星和无人机的自主任务分配。</p>
<p>与此同时，Foundry 是 Palantir 的人工智能和机器学习平台，专为企业而设计。它的任务是理清大量数据，并帮助企业简化运营流程。虽然有一些公司处理了 Gotham 和/或 Foundry 提供的部分功能，但没有其他公司能与 Palantir 的规模相提并论。华尔街倾向于奖励独特性、不可替代性和可持续的护城河。</p>
<p>Palantir 的许多增长都得益于 Gotham。Palantir 从政府机构获得的许多合同都持续多年，导致高度可预测的经营现金流。但考虑到 Palantir 只允许美国及其盟友访问，Gotham 的长期增长潜力也相对有限。</p>
<p>Palantir 的未来在很大程度上依赖于 Foundry 的成功。尽管公司的商业部门仍处于扩张的早期阶段，但似乎已经找到了脚跟。截至 6 月 30 日，企业客户数量从去年同期增长了 55%，达到 467 家，该部门的销售额增长了 33%。考虑到 Foundry 的潜在市场没有像 Gotham 那样的天花板，它有潜力在本十年后半段成为一个更大的利润驱动器。</p>
<p>Palantir 的一个显著缺点是其估值。尽管 Citadel 在其最近的上涨之前就已进入，但要验证 Palantir 的未来市盈率（P/E）达到 100 的确是一项艰巨的任务！尽管 Palantir 看起来具备了长期成功所需的所有工具和无形资产，但其股票可能在短期内面临困难。</p>

PLTR

<p>亿万富翁肯·格里芬的 Citadel 出售了其在领先的人工智能股票 Nvidia 中的 79% 股份，这可能是因为竞争加剧和潜在市场调整。Nvidia 的股价在 2023 年飙升了 844%，引发了获利回吐。格里芬的策略似乎转向了 Palantir Technologies，将 Citadel 在该公司的持股增加了超过 1,100%，表明其正在将重点转向在人工智能领域具有强大竞争优势的公司</p>

<p>A little over two months ago, on Aug. 14, investors received what can arguably be described as the most important data release of the third quarter -- and I'm not talking about any inflation report.</p>
<div class="lb-trans"><p>大约两个多月前，即 8 月 14 日，投资者收到了可以说是第三季度最重要的数据发布，我指的不是任何通胀报告。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. This filing tells investors which stocks, exchange-traded funds (ETFs), and occasionally options, Wall Street's top money managers purchased and sold in the latest quarter (in this case, the June-ended quarter).</p>
<div class="lb-trans"><p>在季度结束后的 45 个日历日内，至少拥有 1 亿美元资产管理规模的机构投资者需要向美国证券交易委员会提交 13F 表格。这一提交告诉投资者，华尔街顶尖资产管理者在最新季度（本例为截至 6 月的季度）购买和出售了哪些股票、交易所交易基金（ETF）以及偶尔的期权。</p>
</div><p>As you might imagine, professional and everyday investors are particularly interested in seeing how Wall Street's smartest asset managers are approaching artificial intelligence (AI) stocks. AI has been the hottest trend over the last two years, with the analysts at PwC expecting this technology to provide a $15.7 trillion boost to the global economy by 2030.</p>
<div class="lb-trans"><p>正如你所想象的，专业和普通投资者特别关注华尔街最聪明的资产管理者如何看待人工智能（AI）股票。过去两年，人工智能一直是最热门的趋势，普华永道的分析师预计，到 2030 年，这项技术将为全球经济带来 15.7 万亿美元的增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794711%2Fstock-trader-analyst-fund-manager-buy-sell-chart-decline-bear-market-smartphone-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>Interestingly, 13Fs from the second quarter show that billionaire investors, including Citadel's Ken Griffin, have a mixed view of the companies powering the AI revolution.</p>
<div class="lb-trans"><p>有趣的是，第二季度的 13F 显示，包括 Citadel 的 Ken Griffin 在内的亿万富翁投资者对推动人工智能革命的公司持有不同看法。</p>
</div><p>Since its inception in 1990, Citadel's hedge fund has been more successful generating investment gains than any other hedge fund. It's why investors wisely pay attention to what Griffin and his team are buying and selling.</p>
<div class="lb-trans"><p>自 1990 年成立以来，Citadel 的对冲基金在创造投资收益方面比其他任何对冲基金都更成功。这就是为什么投资者明智地关注 Griffin 及其团队正在买卖的股票。</p>
</div><p>During the June-ended quarter, Griffin oversaw the disposition of a sizable percentage of his fund's stake in market-leading AI stock <strong>Nvidia</strong>(NVDA -2.81%), but chose pile into another AI company that appears to have a virtually insurmountable moat.</p>
<div class="lb-trans"><p>在截至 6 月的季度，Griffin 监督了其基金在市场领先的人工智能股票 <strong>英伟达</strong>（NVDA -2.81%）中的相当比例的减持，但选择加大对另一家人工智能公司的投资，后者似乎拥有几乎无法逾越的护城河。</p>
</div><h2>Griffin's Citadel shows the bulk of its Nvidia shares to the door -- and with good reason</h2>
<div class="lb-trans"><h2>Griffin 的 Citadel 将大部分英伟达股票出售——理由充分</h2>
</div><p>Let me preface this discussion by pointing out that Citadel is an active hedge fund with countless positions, and it often hedges its common stock holdings with put and/or call options. With this being said, perhaps no sell-side activity stood out more during the second quarter than Griffin and his crew shedding 79% of their fund's stake in Nvidia.</p>
<div class="lb-trans"><p>在开始讨论之前，我要指出 Citadel 是一家积极的对冲基金，持有无数头寸，并经常通过认购和/或认沽期权对其普通股持仓进行套期保值。话虽如此，在第二季度，也许没有比 Griffin 及其团队减持其基金在英伟达持仓 79% 更引人注目的卖方活动。</p>
</div><p>Since 2023 began, Nvidia's stock has gained 844%, as of the closing bell on Oct. 18, 2024, and tacked on close to $3 trillion in market cap. These are never-before-seen gains from a market-leading business, which suggests that profit-taking played at least some role in Citadel reducing its sizable position. But there's a reasonable chance this selling activity is about more than benign profit-taking.</p>
<div class="lb-trans"><p>自 2023 年以来，英伟达的股价已经上涨了 844%，截至 2024 年 10 月 18 日收盘，市值增加了近 3 万亿美元。这是一个前所未见的市值增长，这表明获利了结至少在一定程度上导致 Citadel 减少其大量头寸。但有理由相信，这种卖出活动背后可能不仅仅是良性的获利了结。</p>
</div><p>To start with, competition is coming at Nvidia from all angles. Rival chipmakers are developing and ramping production of AI-graphics processing units (GPUs) designed to complete with Nvidia's ultra-popular H100 GPU and next-generation Blackwell GPU architecture. Although Nvidia's hardware shouldn't have any trouble maintaining a computing advantage in AI-accelerated data centers, competing chips are cheaper and may be easier for businesses to get their hands on.</p>
<div class="lb-trans"><p>首先，来自各个方面的竞争正向英伟达袭来。竞争对手芯片制造商正在开发和扩大生产旨在与英伟达的超受欢迎的 H100 GPU 和下一代 Blackwell GPU 架构竞争的人工智能图形处理单元（GPU）。尽管英伟达的硬件在 AI 加速数据中心方面应该没有问题，但竞争芯片更便宜，企业可能更容易获得。</p>
</div><p>To build on this point, competition from within can be even more dangerous. All four of Nvidia's top customers by net sales are developing AI-GPUs for use in their data centers. Nvidia's hardware maintaining computing advantages may not be enough when compared to the cost advantages of internally developed chips. This suggests Nvidia could lose out on precious data center real estate down the road.</p>
<div class="lb-trans"><p>进一步说，内部竞争可能更加危险。英伟达按净销售额计算的前四大客户都在开发用于其数据中心的 AI-GPU。与内部开发的芯片的成本优势相比，英伟达的硬件保持计算优势可能不足够。这表明英伟达未来可能会失去宝贵的数据中心市场份额。</p>
</div><p>Ken Griffin and his team at Citadel may also be taking their cues from Nvidia's management team. While CEO Jensen Huang has been incredibly optimistic about his company's future and the successor Blackwell chip, it's coming up on four years since the last time any company insider purchased shares of their stock on the open market. A barrage of insider selling paints a picture that implies Nvidia's stock has gotten ahead of itself.</p>
<div class="lb-trans"><p>Ken Griffin 及其 Citadel 团队也可能从英伟达的管理团队那里得到启示。虽然首席执行官 Jensen Huang 对公司的未来和继任者 Blackwell 芯片非常乐观，但自公司内部人员最后一次在公开市场购买股票以来已经快四年了。一系列内部人员的卖出行为描绘出这样一个画面，暗示英伟达的股价已经超前。</p>
</div><p>Lastly, Griffin may be letting history act as a guide. In spite of the buzz surrounding the rise of AI, no game-changing innovation or technology has avoided an early stage bubble in 30 years. Professional and retail investors consistently overestimate the adoption and utility of new technologies, which eventually leads to disappointment and a bubble-bursting event. Since no stock has benefited more than Nvidia from the AI revolution, it would, presumably, be hit the hardest if the AI bubble bursts.</p>
<div class="lb-trans"><p>最后，Griffin 可能让历史充当向导。尽管围绕人工智能崛起的热潮不断，但在过去 30 年里，没有一项改变游戏规则的创新或技术能够避免早期阶段的泡沫。专业和零售投资者一直高估新技术的采用和效用，最终导致失望和泡沫破裂事件。由于没有一家公司比英伟达更多地受益于人工智能革命，如果人工智能泡沫破裂，它可能会受到最严重的打击。</p>
</div><p>But while billionaire Ken Griffin was meaningfully cutting back his fund's stake in Nvidia, he was buying into another AI company, with well-defined competitive advantages, hand over fist.</p>
<div class="lb-trans"><p>然而，尽管亿万富翁 Ken Griffin 大幅减少了基金在英伟达的持仓，他却大举投资于另一家人工智能公司，后者具有明确定义的竞争优势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794711%2Fartificial-intelligence-ai-robot-big-data-bull-market-stock-chart-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>Griffin increased his fund's stake in this unique AI stock by more than 1,100%!</h2>
<div class="lb-trans"><h2>Griffin 将基金在这家独特人工智能公司的持仓增加了超过 1100%！</h2>
</div><p>The high-flying artificial intelligence stock that caught the attention of Citadel's brightest investors, including Griffin, is none other than cloud-based data-mining specialist <strong>Palantir Technologies</strong>(PLTR -0.81%). Citadel's hedge fund increased its stake in the company by roughly 1,140% during the second quarter.</p>
<div class="lb-trans"><p>引起 Citadel 最聪明投资者，包括 Griffin，关注的这家高飞的人工智能公司，正是基于云的数据挖掘专家 <strong>Palantir Technologies</strong>（PLTR -0.81%）。Citadel 的对冲基金在第二季度将其在该公司的持仓增加了约 1140%。</p>
</div><p>The best answer to &#34;why Palantir?&#34; is because it's irreplaceable at scale.</p>
<div class="lb-trans"><p>对于&#34;为什么选择 Palantir?&#34;，最好的答案是因为它在规模上是不可替代的。</p>
</div><p>Palantir's two core operating segments are Gotham and Foundry. Gotham is an AI-driven platform that helps government entities collect data and plan various missions. This includes the autonomous tasking of satellites and drones.</p>
<div class="lb-trans"><p>Palantir 的两个核心业务部门是 Gotham 和 Foundry。Gotham 是一个由人工智能驱动的平台，帮助政府机构收集数据并规划各种任务。这包括卫星和无人机的自主任务分配。</p>
</div><p>Meanwhile, Foundry is Palantir's AI and machine learning-inspired platform that's geared toward businesses. It's tasked with making sense of large sums of data and helps businesses streamline their operations. While there are companies that handle bits and pieces of what Gotham and/or Foundry bring to the table, nothing else is close to the scale of Palantir. Wall Street tends to reward uniqueness, irreplaceability, and sustainable moats.</p>
<div class="lb-trans"><p>与此同时，Foundry 是 Palantir 的人工智能和机器学习平台，专为企业而设计。它的任务是理清大量数据，并帮助企业简化运营流程。虽然有一些公司处理了 Gotham 和/或 Foundry 提供的部分功能，但没有其他公司能与 Palantir 的规模相提并论。华尔街倾向于奖励独特性、不可替代性和可持续的护城河。</p>
</div><p>Much of Palantir's growth has been fueled by Gotham. Many of the contracts Palantir secures from government agencies last multiple years, leading to highly predictable operating cash flow. But Gotham's long-term growth potential is also reasonably limited given that Palantir will only allow the U.S. and its allies access.</p>
<div class="lb-trans"><p>Palantir 的许多增长都得益于 Gotham。Palantir 从政府机构获得的许多合同都持续多年，导致高度可预测的经营现金流。但考虑到 Palantir 只允许美国及其盟友访问，Gotham 的长期增长潜力也相对有限。</p>
</div><p>Palantir's future is very much reliant on the success of Foundry. Although it's still very early in its expansion, the company's commercial segment appears to be finding its footing. Enterprise customer count jumped 55% to 467 from the prior-year period, as of June 30, with sales from this segment climbing 33%. Considering the addressable market for Foundry has no glass ceiling like Gotham, it has the potential to become a considerably larger profit driver in the latter-half of this decade.</p>
<div class="lb-trans"><p>Palantir 的未来在很大程度上依赖于 Foundry 的成功。尽管公司的商业部门仍处于扩张的早期阶段，但似乎已经找到了脚跟。截至 6 月 30 日，企业客户数量从去年同期增长了 55%，达到 467 家，该部门的销售额增长了 33%。考虑到 Foundry 的潜在市场没有像 Gotham 那样的天花板，它有潜力在本十年后半段成为一个更大的利润驱动器。</p>
</div><p>The one notable drawback with Palantir is its valuation. While Citadel got in well ahead of its recent run-up, it's a tough task trying to validate Palantir's forward price-to-earnings (P/E) ratio of 100! Though it looks to have all the tools and intangibles needed for success over the long run, Palantir's stock may find the short-term sledding difficult.</p>
<div class="lb-trans"><p>Palantir 的一个显著缺点是其估值。尽管 Citadel 在其最近的上涨之前就已进入，但要验证 Palantir 的未来市盈率（P/E）达到 100 的确是一项艰巨的任务！尽管 Palantir 看起来具备了长期成功所需的所有工具和无形资产，但其股票可能在短期内面临困难。</p>
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Billionaire Ken Griffin Sold 79% of Citadel's Stake in Nvidia and Is Piling Into Another Artificial Intelligence (AI) Stock With a Competitive Moat

- 投资者关注的 13F 报告显示，Ken Griffin 减持 Nvidia 股份 79%。  
- Citadel 增持 Palantir 股份超过 1,100%，因其在数据挖掘领域的独特优势。  
- Palantir 的未来增长依赖于其商业平台 Foundry 的成功。  

亿万富翁肯·格里芬出售了 Citadel 在英伟达 79% 的股份，并正在投资另一家具有竞争优势的人工智能（AI）股票