<p>在过去几年中，人工智能（AI）领域的进展迅猛而激烈。可以说，这一趋势的最大受益者之一是 <strong>Nvidia</strong>（NVDA 0.40%）。该公司的图形处理单元（GPU）支撑了许多领域的进步，并已成为人工智能的黄金标准。这推动了 Nvidia 前所未有的销售和利润增长，投资者对公司每一个举动都进行剖析，以洞察人工智能革命的未来。</p>
<p>上周晚些时候，Nvidia 向证券交易委员会（SEC）提交了其 13F 报告，详细说明了其在最近一个季度的投资组合变化——在这种情况下，是截至 12 月 31 日的季度。</p>
<p>Nvidia 进行了重大调整，完全抛售了三只人工智能股票，削减了一项头寸，并在另外两只股票中增持。由于该公司对人工智能的发展趋势了如指掌，其决策在投资者中似乎具有很大的分量。</p>
<p>让我们来看看这些股票，看看我们能从 Nvidia 的举动中获得什么见解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>三项显著的出售</h2>
<p>Nvidia 完全抛售了其在 <strong>SoundHound AI</strong>（SOUN 4.33%）的持股。该公司是智能电视、汽车、物联网（IoT）和客户服务领域领先的语音启用人工智能解决方案提供商。其生成式人工智能解决方案正在扩展到多个行业，助力其增长。Nvidia 大约售出了 170 万股，价值超过 3400 万美元。</p>
<p>在第三季度，SoundHound AI 的创纪录收入为 2500 万美元，同比增长 89%，每股亏损为 0.06 美元，相较于去年同期的 0.09 美元亏损有所改善。尽管这些结果令人印象深刻，但自 Nvidia 首次报告其持股以来，SoundHound AI 的股票在一年内上涨了约 836%。</p>
<p>其估值的相应增长同样引人注目，股票在年末以 90 倍销售额的价格收盘，这对于一家尚未盈利的公司来说是一个惊人的倍数。</p>
<p>Nvidia 还抛售了其在 <strong>Serve Robotics</strong>（SERV -14.66%）的全部股份，该公司自称为 “领先的自主人行道配送公司”，专注于最后一公里配送。Serve Robotics 拥有一支配送机器人队伍，并与一些市场上最大的食品配送公司建立了合作关系，但其增长非常不稳定。Nvidia 售出了约 370 万股，价值 5000 万美元。</p>
<p>在第三季度，Serve Robotics 的收入为 22 万美元，同比增长 254%，但较第二季度的 51 万美元有所放缓。此外，该公司的亏损增加至 790 万美元。Nvidia 的兴趣引发了该股的上涨，自 6 月 30 日至 12 月 31 日上涨了 592%。这导致其估值相应增加，股票以 279 倍销售额的价格出售，但盈利能力仍然遥不可及。</p>
<p>这家芯片制造商还抛售了其在 <strong>Nano-X Imaging</strong>（NNOX -2.68%）的全部股份，该公司利用人工智能结合现实世界的医学影像应用，提供先进的诊断能力并改善患者护理。这是 Nvidia 持股中最小的一项，售出了所有 60000 股，价值约 429,000 美元。</p>
<p>在第三季度，Nano-X 的收入为 300 万美元，同比增长 22%，而每股亏损为 0.23 美元，相较于去年同期的每股亏损 0.37 美元有所改善。此外，该公司的现金储备从 8200 万美元下降至 5700 万美元，因为其仍在消耗储备。</p>
<p>Nano-X 的股票在年末以 39 倍销售额的价格出售，对于一家财务进展缓慢的公司来说，这个价格相当高。</p>
<h2>一项削减的头寸</h2>
<p>Nvidia 还大幅减少了其在 <strong>Arm Holdings</strong>（ARM 0.49%）的持股，这一直是其最大的持股。该公司提供用于世界上许多最先进的半导体的设计，从中获得特许权使用费和许可费。Nvidia 大约售出了 860,000 股，价值约 1.06 亿美元。公平地说，它仍持有超过 110 万股，价值近 1.76 亿美元（截至周五市场收盘），因此仍然是 Nvidia 最大的持股。</p>
<p>在第三季度，Arm 的收入同比增长 19%，达到了创纪录的 9.83 亿美元，得益于创纪录的特许权使用费和强劲的许可收入。这推动了每股收益（EPS）达到 0.24 美元，增长了三倍。推动业绩的因素是该公司的以人工智能为中心的第 9 版核心，提供更强的计算能力，并产生两倍于其前身的特许权使用费率。</p>
<p>尽管 Arm 盈利且在增长，但该股票的估值仍然很高，以 209 倍的市盈率和 46 倍的销售额出售（截至目前）。</p>
<h2>两项显著的增持</h2>
<p>Nvidia 的新持股之一是 <strong>Nebius Group</strong>（NBIS 8.05%）。该公司之前被称为 Yandex Group，在俄罗斯提供互联网和搜索服务。该股票的交易在 2022 年 2 月暂停，正值乌克兰入侵不久之后。该公司剥离了其在俄罗斯的业务控制权，并迁至荷兰。</p>
<p>Nebius 已经转型，现在向全球客户提供云和人工智能服务。该股票于 10 月 20 日开始交易，随后 Nvidia 购买了约 120 万股，价值约 3300 万美元。</p>
<p>值得注意的是，Nvidia 参与了一项 7 亿美元的私募，Nebius 表示这将用于增加容量，以支持训练和运行人工智能模型。该公司之前宣布计划在欧洲投资超过 10 亿美元用于以人工智能为中心的基础设施。</p>
<p>考虑到当前情况，比较相对没有意义。尽管如此，4330 万美元的收入增长了 766%，调整后的 4700 万美元亏损改善了 45%，尽管基数较小。在英伟达投资时，该股票的销售额不到 1 倍，这通常意味着股票被低估。</p>
<p>英伟达的另一个新头寸是 <strong>WeRide</strong>（WRD 28.25%）。这家中国机器人出租车和自动驾驶公司在 10 月底上市，紧接着宣布与 <strong>Uber</strong> 达成战略合作，将其机器人出租车整合到 Uber 的平台上。在上市后不久，WeRide 开始在阿联酋的 Uber 应用上部署其机器人出租车车队。</p>
<p>在第三季度，WeRide 的收入下降了 6%，降至 1000 万美元，而每股亏损 2.10 美元改善了 31%。由于其有限的公开运营历史，缺乏足够的信息，因此很难给出估值。然而，英伟达一定对其所看到的情况感到满意，因为它在购买时购买了超过 170 万股，价值近 2500 万美元。</p>
<h2>这意味着什么</h2>
<p>英伟达所有销售背后的共同点是相对高企的估值。看起来该公司只是对其认为的高倍数做出了反应，并进行了适度的获利了结。也有可能英伟达审查了其投资的相对财务和运营表现，并得出结论认为它们并没有发挥出潜力。</p>
<p>事后看来，英伟达很可能并不知道华尔街不知道的事情，而只是对其认为更具吸引力的机会做出了反应。</p>

SERV

<p>Nvidia 对其投资组合进行了重大调整，出售了三只人工智能股票：SoundHound AI、Serve Robotics 和 Nano-X Imaging，同时削减了在 Arm Holdings 的持仓。这些销售反映了 Nvidia 在人工智能领域的战略举措，出售了价值超过 3400 万美元的 SoundHound AI 股票、价值 5000 万美元的 Serve Robotics 股票，以及约 429,000 美元的 Nano-X Imaging 股票。尽管这些公司的收入增长令人瞩目，但其高估值和缺乏盈利能力影响了 Nvidia 的决策。Nvidia 仍持有 Arm Holdings 的 substantial stake，后者仍是其最大的投资</p>

<p>Advances in the field of artificial intelligence (AI) over the past couple of years have come fast and furious. Arguably, one of the biggest beneficiaries of this trend is <strong>Nvidia</strong>(NVDA 0.40%). The company's graphics processing units (GPUs) have underpinned many of the advances in the field and have become the gold standard for AI. This has fueled unprecedented sales and profit growth for Nvidia, and every move the company makes is dissected by investors for insight into the future of the AI revolution.</p>
<div class="lb-trans"><p>在过去几年中，人工智能（AI）领域的进展迅猛而激烈。可以说，这一趋势的最大受益者之一是 <strong>Nvidia</strong>（NVDA 0.40%）。该公司的图形处理单元（GPU）支撑了许多领域的进步，并已成为人工智能的黄金标准。这推动了 Nvidia 前所未有的销售和利润增长，投资者对公司每一个举动都进行剖析，以洞察人工智能革命的未来。</p>
</div><p>Late last week, Nvidia filed its 13F report with the Securities and Exchange Commission (SEC), which details the changes to its investment portfolio in the most recent quarter -- in this case, the quarter ended Dec. 31.</p>
<div class="lb-trans"><p>上周晚些时候，Nvidia 向证券交易委员会（SEC）提交了其 13F 报告，详细说明了其在最近一个季度的投资组合变化——在这种情况下，是截至 12 月 31 日的季度。</p>
</div><p>Nvidia made some significant changes, selling out of three AI stocks, trimming one position, and adding stakes in two others. Because the company has its finger on the pulse of AI, its decisions seem to carry a lot of weight with investors.</p>
<div class="lb-trans"><p>Nvidia 进行了重大调整，完全抛售了三只人工智能股票，削减了一项头寸，并在另外两只股票中增持。由于该公司对人工智能的发展趋势了如指掌，其决策在投资者中似乎具有很大的分量。</p>
</div><p>Let's take a look at the stocks in question and see what insight we can glean from Nvidia's moves.</p>
<div class="lb-trans"><p>让我们来看看这些股票，看看我们能从 Nvidia 的举动中获得什么见解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808117%2Fa-stock-graph-showing-increasing-growth.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>Three notable sales</h2>
<div class="lb-trans"><h2>三项显著的出售</h2>
</div><p>Nvidia sold completely out of its position in <strong>SoundHound AI</strong>(SOUN 4.33%). The company is one of the leading providers of voice-enabled AI solutions in the smart television, automotive, Internet of Things (IoT), and customer service spaces. Its generative AI solutions have been expanding into a variety of industries, helping fuel its growth. Nvidia sold roughly 1.7 million shares worth more than $34 million.</p>
<div class="lb-trans"><p>Nvidia 完全抛售了其在 <strong>SoundHound AI</strong>（SOUN 4.33%）的持股。该公司是智能电视、汽车、物联网（IoT）和客户服务领域领先的语音启用人工智能解决方案提供商。其生成式人工智能解决方案正在扩展到多个行业，助力其增长。Nvidia 大约售出了 170 万股，价值超过 3400 万美元。</p>
</div><p>In the third quarter, SoundHound AI's record revenue of $25 million grew 89% year over year, resulting in a loss per share of $0.06, an improvement from a $0.09 loss in the prior-year quarter. While those results are impressive, SoundHound AI stock had gained roughly 836% in the year since Nvidia initially reported its stake.</p>
<div class="lb-trans"><p>在第三季度，SoundHound AI 的创纪录收入为 2500 万美元，同比增长 89%，每股亏损为 0.06 美元，相较于去年同期的 0.09 美元亏损有所改善。尽管这些结果令人印象深刻，但自 Nvidia 首次报告其持股以来，SoundHound AI 的股票在一年内上涨了约 836%。</p>
</div><p>The resulting increase in its valuation has been equally eye-catching, and the stock closed out the year selling for 90 times sales, a stunning multiple for a company that's not yet profitable.</p>
<div class="lb-trans"><p>其估值的相应增长同样引人注目，股票在年末以 90 倍销售额的价格收盘，这对于一家尚未盈利的公司来说是一个惊人的倍数。</p>
</div><p>Nvidia also dumped its entire stake in <strong>Serve Robotics</strong>(SERV -14.66%), which describes itself as a &#34;leading autonomous sidewalk delivery company&#34; focusing on last-mile delivery. Serve Robotics has a fleet of delivery robots and has partnered with some of the market's biggest food delivery companies, but its growth has been extremely lumpy. Nvidia sold about 3.7 million shares worth $50 million.</p>
<div class="lb-trans"><p>Nvidia 还抛售了其在 <strong>Serve Robotics</strong>（SERV -14.66%）的全部股份，该公司自称为 “领先的自主人行道配送公司”，专注于最后一公里配送。Serve Robotics 拥有一支配送机器人队伍，并与一些市场上最大的食品配送公司建立了合作关系，但其增长非常不稳定。Nvidia 售出了约 370 万股，价值 5000 万美元。</p>
</div><p>In the third quarter, Serve Robotics generated revenue of $0.22 million, which grew 254% year over year, but decelerated from $0.51 million in Q2. Furthermore, the company's losses increased to $7.9 million. Nvidia's interest sparked a run on the stock, which gained 592% between June 30 and Dec. 31. This resulted in a commensurate increase in its valuation, as the stock was selling for 279 times sales, yet profitability was nowhere in sight.</p>
<div class="lb-trans"><p>在第三季度，Serve Robotics 的收入为 22 万美元，同比增长 254%，但较第二季度的 51 万美元有所放缓。此外，该公司的亏损增加至 790 万美元。Nvidia 的兴趣引发了该股的上涨，自 6 月 30 日至 12 月 31 日上涨了 592%。这导致其估值相应增加，股票以 279 倍销售额的价格出售，但盈利能力仍然遥不可及。</p>
</div><p>The chipmaker also ditched its entire stake in <strong>Nano-X Imaging</strong>(NNOX -2.68%), a company that uses AI in conjunction with real-world medical imaging applications to provide advanced diagnostic capabilities and improve patient care. This was by far Nvidia's smallest stake, and it sold all 60,000 shares worth roughly $429,000.</p>
<div class="lb-trans"><p>这家芯片制造商还抛售了其在 <strong>Nano-X Imaging</strong>（NNOX -2.68%）的全部股份，该公司利用人工智能结合现实世界的医学影像应用，提供先进的诊断能力并改善患者护理。这是 Nvidia 持股中最小的一项，售出了所有 60000 股，价值约 429,000 美元。</p>
</div><p>In the third quarter, Nano-X delivered revenue of $3 million, which increased 22% year over year, while Nano-X's loss per share of $0.23 improved compared to a per-share loss of $0.37 in the prior-year quarter. Furthermore, the company's cash position declined from $82 million to $57 million as it continues to burn through its reserves.</p>
<div class="lb-trans"><p>在第三季度，Nano-X 的收入为 300 万美元，同比增长 22%，而每股亏损为 0.23 美元，相较于去年同期的每股亏损 0.37 美元有所改善。此外，该公司的现金储备从 8200 万美元下降至 5700 万美元，因为其仍在消耗储备。</p>
</div><p>Nano-X stock ended the year selling for 39 times sales, a steep price to pay for a company whose financial progress has been tepid at best.</p>
<div class="lb-trans"><p>Nano-X 的股票在年末以 39 倍销售额的价格出售，对于一家财务进展缓慢的公司来说，这个价格相当高。</p>
</div><h2>One trimmed position</h2>
<div class="lb-trans"><h2>一项削减的头寸</h2>
</div><p>Nvidia also significantly reduced its stake in <strong>Arm Holdings</strong>(ARM 0.49%), which had long been its largest holding. The company provides the designs used in many of the world's most advanced semiconductors, generating royalties and licensing fees in the process. Nvidia sold off roughly 860,000 shares worth roughly $106 million. To be fair, it still has more than 1.1 million shares that were worth nearly $176 million (as of market close on Friday), so it's still Nvidia's largest stake by far.</p>
<div class="lb-trans"><p>Nvidia 还大幅减少了其在 <strong>Arm Holdings</strong>（ARM 0.49%）的持股，这一直是其最大的持股。该公司提供用于世界上许多最先进的半导体的设计，从中获得特许权使用费和许可费。Nvidia 大约售出了 860,000 股，价值约 1.06 亿美元。公平地说，它仍持有超过 110 万股，价值近 1.76 亿美元（截至周五市场收盘），因此仍然是 Nvidia 最大的持股。</p>
</div><p>In the third quarter, Arm generated revenue that grew 19% year over year to a record $983 million, driven by record royalty revenue and strong licensing. This fueled earnings per share (EPS) of $0.24, which tripled. Helping drive the results were the company's AI-centric version 9 cores, which offer greater computing power and generate twice the royalty rate of its predecessor.</p>
<div class="lb-trans"><p>在第三季度，Arm 的收入同比增长 19%，达到了创纪录的 9.83 亿美元，得益于创纪录的特许权使用费和强劲的许可收入。这推动了每股收益（EPS）达到 0.24 美元，增长了三倍。推动业绩的因素是该公司的以人工智能为中心的第 9 版核心，提供更强的计算能力，并产生两倍于其前身的特许权使用费率。</p>
</div><p>While Arm is profitable and growing, the stock still carries a lofty valuation, selling for 209 times earnings and 46 times sales (as of this writing).</p>
<div class="lb-trans"><p>尽管 Arm 盈利且在增长，但该股票的估值仍然很高，以 209 倍的市盈率和 46 倍的销售额出售（截至目前）。</p>
</div><h2>Two notable additions</h2>
<div class="lb-trans"><h2>两项显著的增持</h2>
</div><p>The first of Nvidia's new holdings is <strong>Nebius Group</strong>(NBIS 8.05%). The company, previously known as Yandex Group, provided internet and search services in Russia. Trading of the stock was suspended in February 2022, shortly after the invasion of Ukraine. The company divested control of its Russian businesses and relocated to the Netherlands.</p>
<div class="lb-trans"><p>Nvidia 的新持股之一是 <strong>Nebius Group</strong>（NBIS 8.05%）。该公司之前被称为 Yandex Group，在俄罗斯提供互联网和搜索服务。该股票的交易在 2022 年 2 月暂停，正值乌克兰入侵不久之后。该公司剥离了其在俄罗斯的业务控制权，并迁至荷兰。</p>
</div><p>Nebius has pivoted and now offers cloud and AI services to a global customer base. The stock began trading on Oct. 20 and, soon thereafter, Nvidia purchased roughly 1.2 million shares worth roughly $33 million at the time of purchase.</p>
<div class="lb-trans"><p>Nebius 已经转型，现在向全球客户提供云和人工智能服务。该股票于 10 月 20 日开始交易，随后 Nvidia 购买了约 120 万股，价值约 3300 万美元。</p>
</div><p>It's also worth noting that Nvidia was part of a private placement of $700 million, which Nebius said will be used for additional capacity to support training and running AI models. The company previously announced plans to invest more than $1 billion to AI-centric infrastructure in Europe.</p>
<div class="lb-trans"><p>值得注意的是，Nvidia 参与了一项 7 亿美元的私募，Nebius 表示这将用于增加容量，以支持训练和运行人工智能模型。该公司之前宣布计划在欧洲投资超过 10 亿美元用于以人工智能为中心的基础设施。</p>
</div><p>Comparisons are relatively meaningless, given the situation. That said, revenue of $43.3 million grew 766%, and its adjusted loss of $47 million improved by 45%, albeit from a small base. At the time of Nvidia's investment, the stock was selling for less than 1 times sales, which usually suggests an undervalued stock.</p>
<div class="lb-trans"><p>考虑到当前情况，比较相对没有意义。尽管如此，4330 万美元的收入增长了 766%，调整后的 4700 万美元亏损改善了 45%，尽管基数较小。在英伟达投资时，该股票的销售额不到 1 倍，这通常意味着股票被低估。</p>
</div><p>Nvidia's other new position is in <strong>WeRide</strong>(WRD 28.25%). The Chinese robotaxi and autonomous driving company went public in late October, shortly after announcing a strategic partnership with <strong>Uber</strong> to integrate its robotaxis onto Uber's platform. Shortly after its IPO, WeRide began deploying its fleet of robotaxis on the Uber app in the United Arab Emirates.</p>
<div class="lb-trans"><p>英伟达的另一个新头寸是 <strong>WeRide</strong>（WRD 28.25%）。这家中国机器人出租车和自动驾驶公司在 10 月底上市，紧接着宣布与 <strong>Uber</strong> 达成战略合作，将其机器人出租车整合到 Uber 的平台上。在上市后不久，WeRide 开始在阿联酋的 Uber 应用上部署其机器人出租车车队。</p>
</div><p>In the third quarter, WeRide generated revenue that declined 6% to $10 million, while its loss per share of $2.10 improved 31%. Because of its limited public operating history, there isn't much to go on, and it would be tough to assign a valuation. However, Nvidia must have liked what it saw, as it purchased more than 1.7 million shares in a stake worth nearly $25 million at the time of purchase.</p>
<div class="lb-trans"><p>在第三季度，WeRide 的收入下降了 6%，降至 1000 万美元，而每股亏损 2.10 美元改善了 31%。由于其有限的公开运营历史，缺乏足够的信息，因此很难给出估值。然而，英伟达一定对其所看到的情况感到满意，因为它在购买时购买了超过 170 万股，价值近 2500 万美元。</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>这意味着什么</h2>
</div><p>The common thread behind all of Nvidia's sales is relatively stretched valuations. It appears the company was simply reacting to what it likely viewed as lofty multiples and indulged in a bit of profit-taking. It's also possible Nvidia had reviewed the relative financial and operating performances of its investments and concluded that they simply weren't living up to their potential.</p>
<div class="lb-trans"><p>英伟达所有销售背后的共同点是相对高企的估值。看起来该公司只是对其认为的高倍数做出了反应，并进行了适度的获利了结。也有可能英伟达审查了其投资的相对财务和运营表现，并得出结论认为它们并没有发挥出潜力。</p>
</div><p>In hindsight, it's likely that Nvidia <em>didn't</em> know something that Wall Street doesn't, but was merely reacting to what it perceived as more compelling opportunities.</p>
<div class="lb-trans"><p>事后看来，英伟达很可能并不知道华尔街不知道的事情，而只是对其认为更具吸引力的机会做出了反应。</p>
</div>

Does Nvidia Know Something Wall Street Doesn't? The Chipmaker Just Sold 4 Popular Artificial Intelligence (AI) Stocks and Bought 2 Others.

- Nvidia 在最新季度调整投资组合，出售三只 AI 股票并增持两只。  
- 主要出售包括 SoundHound AI 和 Serve Robotics，因其估值过高。  
- 新增投资 Nebius Group 和 WeRide，前者专注于云和 AI 服务。  

英伟达是否知道一些华尔街不知道的事情？这家芯片制造商刚刚卖出了 4 只受欢迎的人工智能（AI）股票，并买入了另外 2 只股票