<p>在她担任 Ark Invest 的首席执行官和首席投资官期间，Cathie Wood 通过对新兴技术主题进行重大投资而赢得了投资者的声誉。Ark 的一些最大持仓集中在高增长且可以说是投机性的公司，如 <strong>特斯拉</strong>、<strong>Coinbase</strong>、<strong>Palantir Technologies</strong> 和 <strong>Archer Aviation</strong>。</p>
<p>虽然上述公司各自在其领域内具有颠覆性，并且有望从人工智能（AI）的前景中受益，但它们的交易估值并不便宜。相反，最近 Ark 的买入活动表明，Wood 将目光投向了 AI 芯片市场。然而，有趣的是，这位精明的投资者似乎对芯片明星 <strong>Nvidia</strong> 的替代机会产生了兴趣。</p>
<p>在 4 月 22 日至 5 月 1 日期间，Wood 购买了超过 212,000 股 <strong>超微半导体</strong>（AMD 1.14%）。让我们探讨一下可能影响这一决定的因素，并评估为什么现在看起来是投资者跟随 Wood 的良机。</p>
<h2>AMD 在数据中心领域正在进行重大布局</h2>
<p>在半导体和数据中心方面，Nvidia 被投资者和华尔街分析师广泛视为无可争议的市场领导者。考虑到行业估计表明 Nvidia 已经占据了超过 90% 的市场份额，很难否认该公司的主导地位。</p>
<p>尽管如此，AMD 悄然建立了自己的数据中心业务，我认为这在 Wood 决定购买该股票中发挥了重要作用。以下表格总结了 AMD 在过去一年中数据中心部门的财务业绩。</p>
<table>
<thead>
<tr>
<th>类别</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>数据中心收入（十亿美元）</td>
<td>$2.3</td>
<td>$2.8</td>
<td>$3.5</td>
<td>$3.8</td>
<td>$3.7</td>
</tr>
<tr>
<td>数据中心营业收入（百万美元）</td>
<td>$541</td>
<td>$743</td>
<td>$1,000</td>
<td>$1,100</td>
<td>$932</td>
</tr>
<tr>
<td>数据中心营业收入利润率</td>
<td>22%</td>
<td>25%</td>
<td>28%</td>
<td>29%</td>
<td>24%</td>
</tr>
</tbody>
</table>
<p>数据来源：投资者关系。</p>
<p>从季度到季度来看，这一财务状况可能看起来有些波动。请记住，半导体行业高度周期性，因此像 AMD 这样的公司会时不时经历更明显的需求水平。这里更重要的主题是，AMD 的数据中心业务正在加速销售，同时扩大其营业利润率。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NDMvZ2V0dHlpbWFnZXMtMTQ4MjI0NjUxMC0yLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NDMvZ2V0dHlpbWFnZXMtMTQ4MjI0NjUxMC0yLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>公司的增长加速才刚刚开始</h2>
<p>去年，Nvidia 仅从数据中心业务中就产生了超过 1150 亿美元的收入。考虑到其相对于 AMD 的规模，你可能会认为 Nvidia 的领先地位不可逾越。然而，未来几年在芯片领域将会非常有趣。</p>
<p>云计算巨头 <strong>微软</strong>、<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 都在开发自己的内部芯片。此外，社交媒体和元宇宙巨头 <strong>Meta Platforms</strong> 也在与其 “七大巨头” 同行一起构建自己的芯片。这些公司被认为是 Nvidia 的主要客户，因此新芯片的推出可能会对该公司的增长构成严重阻力。</p>
<p>另一方面，AMD 已经在数据中心领域与 Meta Platforms、微软和 <strong>Oracle</strong> 合作——这些公司都在部署 AMD 的 MI300X 加速器。更有趣的是，AMD 已经有了一系列后续架构，新的 MI350 GPU 计划在今年晚些时候推出。</p>
<h2>现在 AMD 股票值得购买吗？</h2>
<p>截至目前，AMD 的股价已经下跌了约 37%。我认为，抛售的一个主要原因是大多数成长型投资者将 AI 芯片机会视为二元选择。换句话说，你要么全力押注 Nvidia，要么认为 AMD 可能会超越其竞争对手。</p>
<p>我个人并不这样看待问题。尽管面临直接和间接的竞争，Nvidia 在 AI 基础设施领域可能仍将是一个关键参与者。然而，这并不意味着投资者在考虑 AMD 时应该视而不见。</p>
<p>AMD 可能永远无法达到 Nvidia 的规模，这也没关系。现在，AMD 的股票以仅 22.4 的适度前瞻市盈率（P/E）交易。如果 AMD 的前瞻市盈率的下行趋势表明了什么，那就是投资者对该公司的未来并不过于乐观。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c14e5e94ee7d3186425c13fc87ec1bea.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/c14e5e94ee7d3186425c13fc87ec1bea.png"/></p>
<p>AMD 前瞻市盈率数据来源于 YCharts</p>
<p>在我看来，关键不在于 AMD 是否能建立与 Nvidia 同等规模或影响力的数据中心业务。更重要的是 AMD 能否以盈利的方式扩大其当前的 GPU 业务。如果上述财务状况，加上 AMD 显著的客户胜利，能作为任何指示，我对该公司的新芯片组将会经历强劲需求并推动 AMD 的强劲增长持乐观态度。</p>
<p>在我看来，Wood 在当前价格点上果断购买 AMD 股票是一个明智的决定。我认为，具有长期投资视野的投资者应该考虑将 AMD 纳入他们的 AI 投资组合。</p>

英伟达财报，一站看懂！

<p>阿克投资的首席执行官 Cathie Wood 最近购买了超过 212,000 股超微半导体（AMD）的股票，表明她对人工智能芯片市场的兴趣。尽管英伟达在数据中心领域占据主导地位，AMD 的数据中心业务却在增长，收入和营业利润率均在上升。尽管 AMD 的股票今年下跌了 37%，但其前瞻市盈率为 22.4，暗示对投资者而言存在潜在价值。Wood 的投资反映了她对 AMD 能够盈利地扩大其 GPU 业务的信心，尽管面临来自英伟达等公司的竞争</p>

<p>Throughout her tenure as CEO and chief investment officer of Ark Invest, Cathie Wood earned her reputation as an investor by making big bets on emerging technology themes. Some of Ark's largest positions are in high-growth, and arguably speculative names such as <strong>Tesla</strong>, <strong>Coinbase</strong>, <strong>Palantir Technologies</strong>, and <strong>Archer Aviation</strong>.</p>
<div class="lb-trans"><p>在她担任 Ark Invest 的首席执行官和首席投资官期间，Cathie Wood 通过对新兴技术主题进行重大投资而赢得了投资者的声誉。Ark 的一些最大持仓集中在高增长且可以说是投机性的公司，如 <strong>特斯拉</strong>、<strong>Coinbase</strong>、<strong>Palantir Technologies</strong> 和 <strong>Archer Aviation</strong>。</p>
</div><p>While the companies above are each disruptive in their own right and stand to benefit from the prospects of artificial intelligence (AI), none trade for a particularly bargain valuation. Instead, recent buying activity at Ark suggests Wood has her eyes on the AI chip market. Yet, interestingly, the savvy investor seems to be interested in an alternative opportunity to chip all-star <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>虽然上述公司各自在其领域内具有颠覆性，并且有望从人工智能（AI）的前景中受益，但它们的交易估值并不便宜。相反，最近 Ark 的买入活动表明，Wood 将目光投向了 AI 芯片市场。然而，有趣的是，这位精明的投资者似乎对芯片明星 <strong>Nvidia</strong> 的替代机会产生了兴趣。</p>
</div><p>Between April 22 and May 1, Wood scooped up more than 212,000 shares of <strong>Advanced Micro Devices</strong>(AMD 1.14%). Let's explore what may have influenced this decision and assess why now looks like a lucrative time for investors to follow Wood's lead.</p>
<div class="lb-trans"><p>在 4 月 22 日至 5 月 1 日期间，Wood 购买了超过 212,000 股 <strong>超微半导体</strong>（AMD 1.14%）。让我们探讨一下可能影响这一决定的因素，并评估为什么现在看起来是投资者跟随 Wood 的良机。</p>
</div><h2>AMD is making serious moves in the data center space</h2>
<div class="lb-trans"><h2>AMD 在数据中心领域正在进行重大布局</h2>
</div><p>When it comes to semiconductors and data centers, Nvidia is widely seen by investors and Wall Street analysts as the undeniable market leader. Considering that industry estimates suggest that Nvidia has amassed more than 90% of the market share, it's hard to deny just how dominant the company is.</p>
<div class="lb-trans"><p>在半导体和数据中心方面，Nvidia 被投资者和华尔街分析师广泛视为无可争议的市场领导者。考虑到行业估计表明 Nvidia 已经占据了超过 90% 的市场份额，很难否认该公司的主导地位。</p>
</div><p>Nevertheless, AMD has quietly built a respectable data center business of its own, and I think that is playing a big role in Wood's decision to buy the stock. In the table below, I've summarized AMD's financial results for its data center segment over the last year.</p>
<div class="lb-trans"><p>尽管如此，AMD 悄然建立了自己的数据中心业务，我认为这在 Wood 决定购买该股票中发挥了重要作用。以下表格总结了 AMD 在过去一年中数据中心部门的财务业绩。</p>
</div><table>
<thead>
<tr>
<th>Category</th>
<th>Q1 2024</th>
<th>Q2 2024</th>
<th>Q3 2024</th>
<th>Q4 2024</th>
<th>Q1 2025</th>
</tr>
</thead>
<tbody>
<tr>
<td>Data Center Revenue (in billions)</td>
<td>$2.3</td>
<td>$2.8</td>
<td>$3.5</td>
<td>$3.8</td>
<td>$3.7</td>
</tr>
<tr>
<td>Data Center Operating Income (in millions)</td>
<td>$541</td>
<td>$743</td>
<td>$1,000</td>
<td>$1,100</td>
<td>$932</td>
</tr>
<tr>
<td>Data Center Operating Income Margin</td>
<td>22%</td>
<td>25%</td>
<td>28%</td>
<td>29%</td>
<td>24%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>类别</th>
<th>2024 年第一季度</th>
<th>2024 年第二季度</th>
<th>2024 年第三季度</th>
<th>2024 年第四季度</th>
<th>2025 年第一季度</th>
</tr>
</thead>
<tbody>
<tr>
<td>数据中心收入（十亿美元）</td>
<td>$2.3</td>
<td>$2.8</td>
<td>$3.5</td>
<td>$3.8</td>
<td>$3.7</td>
</tr>
<tr>
<td>数据中心营业收入（百万美元）</td>
<td>$541</td>
<td>$743</td>
<td>$1,000</td>
<td>$1,100</td>
<td>$932</td>
</tr>
<tr>
<td>数据中心营业收入利润率</td>
<td>22%</td>
<td>25%</td>
<td>28%</td>
<td>29%</td>
<td>24%</td>
</tr>
</tbody>
</table>
</div><p>Data source: Investor Relations.</p>
<div class="lb-trans"><p>数据来源：投资者关系。</p>
</div><p>On a quarter-to-quarter basis, this financial picture may look a tad lumpy. Keep in mind that the semiconductor industry is highly cyclical, so it's to be expected that companies such as AMD will experience more pronounced levels of demand from time to time. The more important theme here is that AMD's data center business is accelerating sales while widening its operating margins.</p>
<div class="lb-trans"><p>从季度到季度来看，这一财务状况可能看起来有些波动。请记住，半导体行业高度周期性，因此像 AMD 这样的公司会时不时经历更明显的需求水平。这里更重要的主题是，AMD 的数据中心业务正在加速销售，同时扩大其营业利润率。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTc1NDMvZ2V0dHlpbWFnZXMtMTQ4MjI0NjUxMC0yLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F817543%2Fgettyimages-1482246510-2.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>The company's growth acceleration is just beginning</h2>
<div class="lb-trans"><h2>公司的增长加速才刚刚开始</h2>
</div><p>Last year, Nvidia generated upwards of $115 billion in revenue just from the data center business. Given its size relative to AMD, you might think that Nvidia's lead is insurmountable. However, the next few years are going to be quite interesting in the chip space.</p>
<div class="lb-trans"><p>去年，Nvidia 仅从数据中心业务中就产生了超过 1150 亿美元的收入。考虑到其相对于 AMD 的规模，你可能会认为 Nvidia 的领先地位不可逾越。然而，未来几年在芯片领域将会非常有趣。</p>
</div><p>Cloud hyperscalers <strong>Microsoft</strong>, <strong>Alphabet</strong>, and <strong>Amazon</strong> are all developing their own lines of in-house chips. Furthermore, social media and metaverse behemoth <strong>Meta Platforms</strong> is joining its &#34;Magnificent Seven&#34; peers by building its own chips, too. Each of these companies is believed to be major customers of Nvidia, and so the introduction of new chips to the semiconductor market could pose as a serious headwind to the company's growth.</p>
<div class="lb-trans"><p>云计算巨头 <strong>微软</strong>、<strong>Alphabet</strong> 和 <strong>亚马逊</strong> 都在开发自己的内部芯片。此外，社交媒体和元宇宙巨头 <strong>Meta Platforms</strong> 也在与其 “七大巨头” 同行一起构建自己的芯片。这些公司被认为是 Nvidia 的主要客户，因此新芯片的推出可能会对该公司的增长构成严重阻力。</p>
</div><p>On the flip side, AMD is already working with Meta Platforms, Microsoft, and <strong>Oracle</strong> in the data center space -- each of which is deploying AMD's MI300X accelerators. To make things even more interesting, AMD already has a line of successor architectures, with the new MI350 GPU scheduled to make a splash later this year.</p>
<div class="lb-trans"><p>另一方面，AMD 已经在数据中心领域与 Meta Platforms、微软和 <strong>Oracle</strong> 合作——这些公司都在部署 AMD 的 MI300X 加速器。更有趣的是，AMD 已经有了一系列后续架构，新的 MI350 GPU 计划在今年晚些时候推出。</p>
</div><h2>Is AMD stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 AMD 股票值得购买吗？</h2>
</div><p>Year to date, shares of AMD have plummeted by some 37%. I think a big reason for the sell-off is that most growth investors are viewing the AI chip opportunity through a binary lens. In other words, you're either all-in on Nvidia or you think AMD may surpass its rival.</p>
<div class="lb-trans"><p>截至目前，AMD 的股价已经下跌了约 37%。我认为，抛售的一个主要原因是大多数成长型投资者将 AI 芯片机会视为二元选择。换句话说，你要么全力押注 Nvidia，要么认为 AMD 可能会超越其竞争对手。</p>
</div><p>I don't personally see things this way. Despite the introduction of both direct and tangential competition, Nvidia will likely continue to be a critical player in the AI infrastructure space for the long run. However, this does not mean that investors should look the other way when it comes to AMD.</p>
<div class="lb-trans"><p>我个人并不这样看待问题。尽管面临直接和间接的竞争，Nvidia 在 AI 基础设施领域可能仍将是一个关键参与者。然而，这并不意味着投资者在考虑 AMD 时应该视而不见。</p>
</div><p>AMD may never become as large as Nvidia, and that is OK. Right now, AMD stock trades at a modest forward price-to-earnings (P/E) multiple of just 22.4. If the downward trend in AMD's forward P/E suggests anything, it's that investors aren't overly optimistic about the company's future.</p>
<div class="lb-trans"><p>AMD 可能永远无法达到 Nvidia 的规模，这也没关系。现在，AMD 的股票以仅 22.4 的适度前瞻市盈率（P/E）交易。如果 AMD 的前瞻市盈率的下行趋势表明了什么，那就是投资者对该公司的未来并不过于乐观。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/c14e5e94ee7d3186425c13fc87ec1bea.png" alt="" original-src="https://media.ycharts.com/charts/c14e5e94ee7d3186425c13fc87ec1bea.png"/></p>
<p>AMD PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMD 前瞻市盈率数据来源于 YCharts</p>
</div><p>In my eyes, it's not about AMD building a data center business of the same size or footprint as Nvidia. Rather, the bigger idea is whether or not AMD can scale its current GPU business and do so in a profitable way. If the financial profile above, combined with AMD's notable customer wins, serves as any indication, I'm optimistic that the company's new chipsets should experience strong demand and help fuel robust growth for AMD.</p>
<div class="lb-trans"><p>在我看来，关键不在于 AMD 是否能建立与 Nvidia 同等规模或影响力的数据中心业务。更重要的是 AMD 能否以盈利的方式扩大其当前的 GPU 业务。如果上述财务状况，加上 AMD 显著的客户胜利，能作为任何指示，我对该公司的新芯片组将会经历强劲需求并推动 AMD 的强劲增长持乐观态度。</p>
</div><p>To me, Wood is making a smart decision to pounce on AMD stock at its current price point. I think investors with a long-term time horizon should consider adding AMD to their AI portfolio.</p>
<div class="lb-trans"><p>在我看来，Wood 在当前价格点上果断购买 AMD 股票是一个明智的决定。我认为，具有长期投资视野的投资者应该考虑将 AMD 纳入他们的 AI 投资组合。</p>
</div>

Cathie Wood Goes Bargain Hunting. 1 Dirt Cheap Artificial Intelligence (AI) Chip Stock She Just Bought (Hint: It's Not Nvidia)

- Cathie Wood 在近期增持了 Advanced Micro Devices (AMD) 的股票。  
- AMD 在数据中心业务上实现了销售加速和利润率扩大。  
- 投资者应关注 AMD 的增长潜力，考虑将其纳入 AI 投资组合。

凯西·伍德开始寻找便宜货。她刚刚买入了一只价格低廉的人工智能（AI）芯片股票（提示：这只股票不是英伟达）