<p>凯西·伍德是华尔街上最受关注的投资者之一。作为 ARK Invest 的首席执行官，伍德因其对新兴（尽管有时是投机性的）公司的坚定信念而声名鹊起，这些公司旨在颠覆传统行业巨头。</p>
<p>在人工智能（AI）领域，没有其他公司能像 <strong>Nvidia</strong> 那样获得如此多的关注。其图形处理单元（GPU）已成为生成式 AI 开发的基础，而该公司在过去两年的势头看起来几乎不可阻挡。</p>
<p>然而，像往常一样，聪明的伍德似乎正在大量购买一只竞争对手的 GPU 股票，而不是 Nvidia。最棒的是？这只特定的半导体股票相对于其增长前景显得极为便宜。</p>
<p>让我们来看看这只芯片股票，并论证为什么这个参与者可能会在半导体领域迅速崛起。</p>
<h2>凯西·伍德对这只芯片股票情有独钟</h2>
<p>在过去三个月中，ARK Invest 一直在不断增加对 <strong>超威半导体</strong>（AMD -4.76%）的持仓。</p>
<table>
<thead>
<tr>
<th>类别</th>
<th>十月</th>
<th>十一月</th>
<th>十二月</th>
</tr>
</thead>
<tbody>
<tr>
<td>购买 AMD 股票</td>
<td>122,279</td>
<td>156,637</td>
<td>156,561</td>
</tr>
</tbody>
</table>
<p>数据来源：ARK Invest</p>
<p>从十月底开始，伍德开始购买 AMD，并将该持仓分散到她公司的四只交易所交易基金（ETF）中：<strong>ARK 太空探索与创新 ETF</strong>、<strong>ARK 自主技术与机器人 ETF</strong>、<strong>ARK 下一代互联网 ETF</strong> 和 <strong>ARK 创新 ETF</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9ddd4fe628a83cacc8769da86ee2719.png?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://media.ycharts.com/charts/d9ddd4fe628a83cacc8769da86ee2719.png"/></p>
<p>AMD 数据来源于 YCharts。</p>
<p>自从伍德在 10 月 24 日开始购买 AMD 以来，这只芯片股票的股价大约下跌了 21%（截至 1 月 9 日）。下面，我将深入探讨可能导致抛售的因素，并论证为什么投资者可能想要跟随伍德的脚步，趁机买入。</p>
<h2>我认为 AMD 可能会迎来辉煌的时刻</h2>
<p>AMD 被认为是 Nvidia 在数据中心 GPU 市场的主要竞争对手。但考虑到 Nvidia 在该领域占有 90% 的市场份额，AMD 还有机会吗？</p>
<p>在我看来，绝对有机会。在过去两年中，Nvidia 几乎没有竞争对手。因此，该公司能够对其芯片拥有巨大的定价权，并在总可寻址市场中占据压倒性的份额。</p>
<p>但在此期间，AMD 开始发力，并在过去一年左右的时间里在数据中心 GPU 市场上积累了约 10% 的市场份额，数据来源于 Jon Peddie Research。</p>
<p>这一举措是在 AMD 的 MI300 加速器芯片推出之后进行的，该芯片的客户包括 <strong>微软</strong>、<strong>甲骨文</strong> 和 <strong>Meta Platforms</strong>。这三家超大规模云服务商也是 Nvidia 的客户，但将其 Nvidia GPU 集群与 AMD 的芯片组相结合，导致了一些有趣的事情发生：AMD 的数据中心 GPU 业务现在的增长速度与 Nvidia 相似。换句话说，AMD 的数据中心业务正在加速，而 Nvidia 的业务虽然仍然庞大，却开始显现出放缓的迹象。</p>
<p>在 2025 年和 2026 年，AMD 计划推出更多 GPU，以应对 Nvidia 即将推出的 Blackwell 和 Rubin 芯片组。我认为 AMD 在数据中心 GPU 领域的上升轨迹才刚刚开始，随着未来几年 AI 基础设施支出的持续增加，该公司将有更多机会与 Nvidia 竞争，尤其是在高价产品方面。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM0NTEvZ2V0dHlpbWFnZXMtMTM0NTY1ODk4Mi04LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM0NTEvZ2V0dHlpbWFnZXMtMTM0NTY1ODk4Mi04LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images</p>
<h2>AMD 的估值看起来很有吸引力</h2>
<p>AMD 股票的抛售导致公司估值大幅调整。股票目前交易接近 52 周低点——使得公司的前瞻市盈率（P/E）为 24，几乎与 <strong>标准普尔 500</strong> 相同。这种平价可能表明投资者认为投资 AMD 的潜在收益与更广泛市场相当。</p>
<p>考虑到 AMD 是 AI 领域（芯片）中或许最重要的部分的第二大参与者，我对围绕该股票的负面情绪感到困惑。</p>
<p>我认为伍德在当前的低价位继续购买其股票是正确的选择。对于那些有长期投资视野并寻找被低估的增长机会的投资者来说，现在可能是关注 AMD 的好时机。</p>

<p>凯西·伍德（Cathie Wood），ARK Invest 的首席执行官，正在积极购买先进微设备公司（AMD）的股票，该公司是英伟达在 GPU 市场的竞争对手。尽管自她在 10 月 24 日首次购买以来，AMD 的股价已经下跌了 21%，伍德仍然相信其增长潜力，特别是 AMD 的数据中心 GPU 业务正在加速增长。AMD 目前的估值具有吸引力，股价接近 52 周低点，前瞻市盈率与标准普尔 500 指数相似。伍德的策略表明，AMD 可能是那些寻求被低估的成长股投资者的强劲投资机会</p>

<p>Cathie Wood is one of the most closely followed investors on Wall Street. As CEO of ARK Invest, Wood has made a name for herself mostly from her high-conviction narratives around up-and-coming (albeit sometimes speculative) companies looking to disrupt legacy incumbents.</p>
<div class="lb-trans"><p>凯西·伍德是华尔街上最受关注的投资者之一。作为 ARK Invest 的首席执行官，伍德因其对新兴（尽管有时是投机性的）公司的坚定信念而声名鹊起，这些公司旨在颠覆传统行业巨头。</p>
</div><p>When it comes to artificial intelligence (AI), no other company has garnered the kind of following that <strong>Nvidia</strong> has. Its graphics processing units (GPU) have become a base on which generative AI is being developed, and the company's momentum over the last two years has looked downright unstoppable.</p>
<div class="lb-trans"><p>在人工智能（AI）领域，没有其他公司能像 <strong>Nvidia</strong> 那样获得如此多的关注。其图形处理单元（GPU）已成为生成式 AI 开发的基础，而该公司在过去两年的势头看起来几乎不可阻挡。</p>
</div><p>Nevertheless, per usual with Wood, the savvy investor appears to be scooping up shares of a rival GPU stock en masse over that of Nvidia right now. The best part? This particular semiconductor stock looks dirt cheap relative to its growth prospects.</p>
<div class="lb-trans"><p>然而，像往常一样，聪明的伍德似乎正在大量购买一只竞争对手的 GPU 股票，而不是 Nvidia。最棒的是？这只特定的半导体股票相对于其增长前景显得极为便宜。</p>
</div><p>Let's look at that chip stock and make the case for why this player could emerge as a major force in semiconductors sooner rather than later.</p>
<div class="lb-trans"><p>让我们来看看这只芯片股票，并论证为什么这个参与者可能会在半导体领域迅速崛起。</p>
</div><h2>Cathie Wood can't get enough of this chip stock</h2>
<div class="lb-trans"><h2>凯西·伍德对这只芯片股票情有独钟</h2>
</div><p>Over the last three months, ARK Invest has been consistently adding to a position in <strong>Advanced Micro Devices</strong>(AMD -4.76%).</p>
<div class="lb-trans"><p>在过去三个月中，ARK Invest 一直在不断增加对 <strong>超威半导体</strong>（AMD -4.76%）的持仓。</p>
</div><table>
<thead>
<tr>
<th>Category</th>
<th>October</th>
<th>November</th>
<th>December</th>
</tr>
</thead>
<tbody>
<tr>
<td>AMD shares bought</td>
<td>122,279</td>
<td>156,637</td>
<td>156,561</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>类别</th>
<th>十月</th>
<th>十一月</th>
<th>十二月</th>
</tr>
</thead>
<tbody>
<tr>
<td>购买 AMD 股票</td>
<td>122,279</td>
<td>156,637</td>
<td>156,561</td>
</tr>
</tbody>
</table>
</div><p>Data source: ARK Invest</p>
<div class="lb-trans"><p>数据来源：ARK Invest</p>
</div><p>Starting in late October, Wood started buying AMD and spread the position across four of her firm's exchange-traded funds (ETFs): the <strong>ARK Space Exploration &amp; Innovation ETF</strong>, <strong>ARK Autonomous Technology &amp; Robotics ETF</strong>, <strong>ARK Next Generation Internet ETF</strong>, and <strong>ARK Innovation ETF</strong>.</p>
<div class="lb-trans"><p>从十月底开始，伍德开始购买 AMD，并将该持仓分散到她公司的四只交易所交易基金（ETF）中：<strong>ARK 太空探索与创新 ETF</strong>、<strong>ARK 自主技术与机器人 ETF</strong>、<strong>ARK 下一代互联网 ETF</strong> 和 <strong>ARK 创新 ETF</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/d9ddd4fe628a83cacc8769da86ee2719.png" alt="" original-src="https://media.ycharts.com/charts/d9ddd4fe628a83cacc8769da86ee2719.png"/></p>
<p>AMD data by YCharts.</p>
<div class="lb-trans"><p>AMD 数据来源于 YCharts。</p>
</div><p>Since Wood began buying AMD on Oct. 24, shares of the chip stock have declined by roughly 21% (as of Jan. 9). Below, I'll dig into what forces could be causing the sell-off and make the case for why investors may want to follow Wood's lead and buy the dip.</p>
<div class="lb-trans"><p>自从伍德在 10 月 24 日开始购买 AMD 以来，这只芯片股票的股价大约下跌了 21%（截至 1 月 9 日）。下面，我将深入探讨可能导致抛售的因素，并论证为什么投资者可能想要跟随伍德的脚步，趁机买入。</p>
</div><h2>Why I think AMD could have a run for the ages</h2>
<div class="lb-trans"><h2>我认为 AMD 可能会迎来辉煌的时刻</h2>
</div><p>AMD is considered to be Nvidia's top competitor in the data center GPU market. But given Nvidia's 90% market share in the space, does AMD even stand a chance?</p>
<div class="lb-trans"><p>AMD 被认为是 Nvidia 在数据中心 GPU 市场的主要竞争对手。但考虑到 Nvidia 在该领域占有 90% 的市场份额，AMD 还有机会吗？</p>
</div><p>In my eyes, it most certainly does. For much of the last two years, Nvidia had virtually zero competition in the GPU realm. Hence, the company was able to command enormous pricing power for its chips and acquire an overwhelming stake in the total addressable market.</p>
<div class="lb-trans"><p>在我看来，绝对有机会。在过去两年中，Nvidia 几乎没有竞争对手。因此，该公司能够对其芯片拥有巨大的定价权，并在总可寻址市场中占据压倒性的份额。</p>
</div><p>But during this time period, AMD went to work and has amassed an estimated 10% market share in data center GPUs in the past year or so, according to Jon Peddie Research.</p>
<div class="lb-trans"><p>但在此期间，AMD 开始发力，并在过去一年左右的时间里在数据中心 GPU 市场上积累了约 10% 的市场份额，数据来源于 Jon Peddie Research。</p>
</div><p>This move comes on the heels of AMD's MI300 accelerator chip, which counts <strong>Microsoft</strong>, <strong>Oracle</strong>, and <strong>Meta Platforms</strong> as customers. All three of these hyperscalers are also Nvidia customers, but complementing their Nvidia GPU clusters with AMD's chipsets has caused something interesting to happen: AMD's data center GPU business is now growing at a similar rate to Nvidia's. In other words, AMD's data center business is accelerating as Nvidia's, while still enormous, is beginning to show signs of slowing down.</p>
<div class="lb-trans"><p>这一举措是在 AMD 的 MI300 加速器芯片推出之后进行的，该芯片的客户包括 <strong>微软</strong>、<strong>甲骨文</strong> 和 <strong>Meta Platforms</strong>。这三家超大规模云服务商也是 Nvidia 的客户，但将其 Nvidia GPU 集群与 AMD 的芯片组相结合，导致了一些有趣的事情发生：AMD 的数据中心 GPU 业务现在的增长速度与 Nvidia 相似。换句话说，AMD 的数据中心业务正在加速，而 Nvidia 的业务虽然仍然庞大，却开始显现出放缓的迹象。</p>
</div><p>Throughout 2025 and 2026, AMD plans to release more GPUs in response to Nvidia's upcoming Blackwell and Rubin chipsets. I think AMD's current rising trajectory in data center GPUs is just beginning, and as AI infrastructure spending continues to scale up over the next several years, the company should have more opportunity to compete with Nvidia, especially when it comes to hefty price tags.</p>
<div class="lb-trans"><p>在 2025 年和 2026 年，AMD 计划推出更多 GPU，以应对 Nvidia 即将推出的 Blackwell 和 Rubin 芯片组。我认为 AMD 在数据中心 GPU 领域的上升轨迹才刚刚开始，随着未来几年 AI 基础设施支出的持续增加，该公司将有更多机会与 Nvidia 竞争，尤其是在高价产品方面。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDM0NTEvZ2V0dHlpbWFnZXMtMTM0NTY1ODk4Mi04LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F803451%2Fgettyimages-1345658982-8.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>AMD's valuation looks compelling</h2>
<div class="lb-trans"><h2>AMD 的估值看起来很有吸引力</h2>
</div><p>The sell-off in AMD stock has caused an extensive rightsizing in the company's valuation. Shares now trade near 52-week lows -- putting the company's forward price-to-earnings multiple (P/E) of 24 nearly identical to that of the <strong>S&amp;P 500</strong>. This parity could suggest that investors view an investment in AMD as having commensurate upside to that of the broader market.</p>
<div class="lb-trans"><p>AMD 股票的抛售导致公司估值大幅调整。股票目前交易接近 52 周低点——使得公司的前瞻市盈率（P/E）为 24，几乎与 <strong>标准普尔 500</strong> 相同。这种平价可能表明投资者认为投资 AMD 的潜在收益与更广泛市场相当。</p>
</div><p>Considering AMD is the No. 2 player in perhaps the most important pocket of the AI realm (chips), I'm perplexed by the poor sentiment surrounding the stock.</p>
<div class="lb-trans"><p>考虑到 AMD 是 AI 领域（芯片）中或许最重要的部分的第二大参与者，我对围绕该股票的负面情绪感到困惑。</p>
</div><p>I think Wood is making the right call by continuing to buy its shares at their current bargain price. Investors with a long time horizon who are looking for underpriced growth opportunities may want to check out AMD right now.</p>
<div class="lb-trans"><p>我认为伍德在当前的低价位继续购买其股票是正确的选择。对于那些有长期投资视野并寻找被低估的增长机会的投资者来说，现在可能是关注 AMD 的好时机。</p>
</div>

Cathie Wood Goes Bargain Hunting: 1 Artificial Intelligence Semiconductor Stock She Just Bought (Hint: It's Not Nvidia)

- Cathie Wood 持续增持 AMD 股票，显示出对其未来增长的信心。  
- 尽管 AMD 股价下跌 21%，但其在数据中心 GPU 市场的份额正在增长。  
- 当前 AMD 的估值接近 52 周低点，吸引长期投资者关注。  

Motley Fool

荷兰国际

2 倍做空 Innovation ETF - Tradr

ARK Space Exploration & Innovation ETF

Cathie Wood 开始寻找便宜货：她刚刚购买的一只人工智能半导体股票（提示：不是英伟达）