<p>每个季度，投资者通过一种名为 13F 表格的巧妙工具，得以窥见华尔街 “聪明资金” 投资者正在买入和卖出的股票。这些文件是美国证券交易委员会（SEC）要求提交的，基本上作为大型资金管理者在最近一个季度内买卖的股票的详细清单。</p>
<p>除了对冲基金和银行等传统金融机构外，如果公司在其他上市公司中也持有股份，则也需要提交 13F 表格。让我们来探讨 <strong>亚马逊</strong> 在第一季度的投资，并评估这对 <strong>英伟达</strong> 在长期内可能意味着什么。</p>
<h2>这是亚马逊下一个大规模的人工智能投资吗？</h2>
<p>根据其最新的 13F 表格，亚马逊持有九家上市公司的股票。其长期持有的股票包括电动车制造商 <strong>Rivian Automotive</strong> 以及半导体股票 <strong>Marvell Technology</strong>。在第一季度，亚马逊通过新建 <strong>先进微处理器公司</strong>（AMD -1.58%）的持仓来补充其对芯片股票的投资。根据文件，亚马逊购买了 822,234 股 AMD，按当前价格计算价值约为 8400 万美元。</p>
<h2>亚马逊为何对 AMD 感兴趣？</h2>
<p>在过去的几年中，亚马逊向一家名为 Anthropic 的人工智能（AI）初创公司投资了 80 亿美元。根据他们合作的条款，Anthropic 使用亚马逊的云基础设施——亚马逊网络服务（AWS）来训练其生成性 AI 模型。此外，Anthropic 还利用亚马逊的定制硅芯片——称为 Trainium 和 Inferentia。</p>
<p>由于 Anthropic 已成为支持 AWS 的新支柱，云基础设施业务的收入增长和运营利润率都加速了。这一点很重要，因为这些动态表明亚马逊在其与 AI 相关的投资上已经产生了强劲的单位经济效益。</p>
<p>这为亚马逊提供了高度的财务灵活性，使其能够在 AI 领域的其他方面进行进一步投资。这就是我认为对 AMD 的投资如此显著的原因。亚马逊已经将其内部芯片与英伟达的 GPU 架构结合使用。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>然而，通过投资 AMD，亚马逊可能希望补充其当前的芯片组合——最终采取措施进一步摆脱对英伟达的依赖。鉴于亚马逊正在加大对 AI 基础设施项目的投入，包括数据中心的建设，我乐观地认为 AMD 有机会成为云计算巨头的关键合作伙伴，并开始侵蚀英伟达的市场份额。</p>
<h2>现在 AMD 股票值得买吗？</h2>
<p>截至目前，AMD 的前瞻市盈率（P/E）为 29。作为参考，<strong>标准普尔 500</strong> 指数的平均前瞻市盈率约为 20。AMD 的前瞻市盈率与标准普尔 500 的差异可能表明这只半导体股票有些昂贵。然而，我并不一定这样看。</p>
<p>根据下面的图表，投资者可以看到 AMD 的前瞻市盈率在过去一年中一直在下降。在我看来，这表明投资者可能对公司的增长前景有一些疑问。进一步说，我怀疑投资者是否认为 AMD 的增长能与英伟达相匹配。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.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/be34957b425d86ea5cee66f4224702f3.png"/></p>
<p>AMD 前瞻市盈率数据来源于 YCharts</p>
<p>在我看来，这并不是评估 AMD 投资的最佳方法。相反，我鼓励投资者考虑一下公司在过去一年中如何迅速扩大其数据中心 GPU 业务，同时赢得 <strong>Meta Platforms</strong>、<strong>微软</strong> 和 <strong>甲骨文</strong> 等关键客户。就像亚马逊一样，所有这些公司也都严重依赖英伟达的芯片——然而最近却开始转向 AMD 作为替代供应商。</p>
<p>考虑到这些细节，加上 AMD 将在今年晚些时候推出新的 GPU 架构，可以说这只股票的交易价格实际上是合理的，因为投资者的预期似乎相对保守。</p>
<p>我认为亚马逊决定投资 AMD 为这家芯片制造商的声誉增添了可信度，我不会感到惊讶如果该公司成为亚马逊 AI 基础设施路线图的重要组成部分。</p>
<p>我认为现在是购买 AMD 股票的绝佳机会。投资者可能想要考虑在 AMD 中建立一个头寸，因为与英伟达相比，其前景在长期内可能更为强劲，因为英伟达仍在面临定制硅设计和 AMD 新架构等阻力。</p>

亚马逊

<p>亚马逊最近对先进微电子公司（AMD）的投资标志着其人工智能基础设施的战略转变，可能减少对英伟达的依赖。该公司购买了超过 822,000 股 AMD 股票，价值约 8400 万美元。这一举措是在亚马逊对人工智能初创公司 Anthropic 进行 80 亿美元投资之后，后者利用亚马逊的云服务和定制芯片。分析师表示，AMD 不断增长的数据中心 GPU 业务和新架构可能使其在与英伟达的竞争中处于有利地位，使得 AMD 股票成为寻求长期增长机会的投资者的一个有吸引力的选择</p>

<p>Each quarter, investors get a glimpse into which stocks &#34;smart money&#34; investors on Wall Street are buying and selling thanks to a nifty tool called the Form 13F. These filings are required by the Securities and Exchange Commission (SEC), and essentially serve as an itemized breakdown of what stocks large money managers bought and sold during the most recent quarter.</p>
<div class="lb-trans"><p>每个季度，投资者通过一种名为 13F 表格的巧妙工具，得以窥见华尔街 “聪明资金” 投资者正在买入和卖出的股票。这些文件是美国证券交易委员会（SEC）要求提交的，基本上作为大型资金管理者在最近一个季度内买卖的股票的详细清单。</p>
</div><p>Beyond traditional financial institutions such as hedge funds and banks, corporations are also required to file a 13F if they also own positions in other public companies. Let's explore what investments <strong>Amazon</strong> made during the first quarter, and assess what it could mean for <strong>Nvidia</strong> in the long run.</p>
<div class="lb-trans"><p>除了对冲基金和银行等传统金融机构外，如果公司在其他上市公司中也持有股份，则也需要提交 13F 表格。让我们来探讨 <strong>亚马逊</strong> 在第一季度的投资，并评估这对 <strong>英伟达</strong> 在长期内可能意味着什么。</p>
</div><h2>Is this Amazon's next big-ticket AI investment?</h2>
<div class="lb-trans"><h2>这是亚马逊下一个大规模的人工智能投资吗？</h2>
</div><p>According to its most recent 13F, Amazon holds stock in nine public companies. Among its long-term positions are electric vehicle (EV) manufacturer <strong>Rivian Automotive</strong> as well as semiconductor stock <strong>Marvell Technology</strong>. During the first quarter, Amazon complemented its exposure to chip stocks by initiating a position in <strong>Advanced Micro Devices</strong>(AMD -1.58%). Per the filing, Amazon purchased 822,234 shares of AMD -- worth about $84 million at its current price.</p>
<div class="lb-trans"><p>根据其最新的 13F 表格，亚马逊持有九家上市公司的股票。其长期持有的股票包括电动车制造商 <strong>Rivian Automotive</strong> 以及半导体股票 <strong>Marvell Technology</strong>。在第一季度，亚马逊通过新建 <strong>先进微处理器公司</strong>（AMD -1.58%）的持仓来补充其对芯片股票的投资。根据文件，亚马逊购买了 822,234 股 AMD，按当前价格计算价值约为 8400 万美元。</p>
</div><h2>Why might Amazon be interested in AMD?</h2>
<div class="lb-trans"><h2>亚马逊为何对 AMD 感兴趣？</h2>
</div><p>Over the last couple of years ago, Amazon has invested $8 billion into an artificial intelligence (AI) start-up called Anthropic. Per the terms of their partnership, Anthropic uses Amazon's cloud infrastructure, Amazon Web Services (AWS), to train its generative AI models. Furthermore, Anthropic also leverages Amazon's custom silicon chips -- dubbed Trainium and Inferentia.</p>
<div class="lb-trans"><p>在过去的几年中，亚马逊向一家名为 Anthropic 的人工智能（AI）初创公司投资了 80 亿美元。根据他们合作的条款，Anthropic 使用亚马逊的云基础设施——亚马逊网络服务（AWS）来训练其生成性 AI 模型。此外，Anthropic 还利用亚马逊的定制硅芯片——称为 Trainium 和 Inferentia。</p>
</div><p>Since Anthropic has become a new pillar supporting AWS, the cloud infrastructure business has accelerated both revenue growth and operating margin. This is important, as these dynamics underscore that Amazon is already generating strong unit economics on its AI-related investments.</p>
<div class="lb-trans"><p>由于 Anthropic 已成为支持 AWS 的新支柱，云基础设施业务的收入增长和运营利润率都加速了。这一点很重要，因为这些动态表明亚马逊在其与 AI 相关的投资上已经产生了强劲的单位经济效益。</p>
</div><p>This provides Amazon with a high degree of financial flexibility, which it can use to make further investments in other pockets of the AI realm. This is why I think the investment in AMD is so notable. Amazon already uses a combination of its in-house chips with Nvidia's GPU architecture.</p>
<div class="lb-trans"><p>这为亚马逊提供了高度的财务灵活性，使其能够在 AI 领域的其他方面进行进一步投资。这就是我认为对 AMD 的投资如此显著的原因。亚马逊已经将其内部芯片与英伟达的 GPU 架构结合使用。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818698%2Fgettyimages-1484192634-3.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>However, by investing in AMD, Amazon may be looking to complement its current chip stack -- ultimately making moves to further migrate away from Nvidia. Given Amazon is doubling down on AI infrastructure projects, including data center buildouts, I'm optimistic that AMD has a lucrative opportunity to emerge as a key partner to the cloud hyperscaler and begin to encroach on Nvidia's market share.</p>
<div class="lb-trans"><p>然而，通过投资 AMD，亚马逊可能希望补充其当前的芯片组合——最终采取措施进一步摆脱对英伟达的依赖。鉴于亚马逊正在加大对 AI 基础设施项目的投入，包括数据中心的建设，我乐观地认为 AMD 有机会成为云计算巨头的关键合作伙伴，并开始侵蚀英伟达的市场份额。</p>
</div><h2>Is AMD stock a buy right now?</h2>
<div class="lb-trans"><h2>现在 AMD 股票值得买吗？</h2>
</div><p>As of this writing, AMD's forward price-to-earnings (P/E) multiple is 29. For context, the average forward P/E across the <strong>S&amp;P 500</strong> index is about 20. The disparity between AMD's forward P/E compared to that of the S&amp;P 500 might suggest that the semiconductor stock is a bit pricey. I don't necessarily see it that way, however.</p>
<div class="lb-trans"><p>截至目前，AMD 的前瞻市盈率（P/E）为 29。作为参考，<strong>标准普尔 500</strong> 指数的平均前瞻市盈率约为 20。AMD 的前瞻市盈率与标准普尔 500 的差异可能表明这只半导体股票有些昂贵。然而，我并不一定这样看。</p>
</div><p>Per the graph below, investors can see that AMD's forward P/E has been on the decline for a year now. To me, this suggests that investors may have some questions over the company's growth prospects. Taking this a step further, my suspicion is that investors are doubtful that AMD's growth will ever match that of Nvidia.</p>
<div class="lb-trans"><p>根据下面的图表，投资者可以看到 AMD 的前瞻市盈率在过去一年中一直在下降。在我看来，这表明投资者可能对公司的增长前景有一些疑问。进一步说，我怀疑投资者是否认为 AMD 的增长能与英伟达相匹配。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.png" alt="" original-src="https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.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>To me, that isn't the best approach when evaluating an investment in AMD. Instead, I'd encourage investors to consider just how quickly the company has scaled its data center GPU business over the last year while winning over the likes of <strong>Meta Platforms</strong>, <strong>Microsoft</strong>, and <strong>Oracle</strong> as key customers. Just like Amazon, all of those companies also rely heavily on Nvidia chips -- and yet have recently been turning to AMD as an alternative provider.</p>
<div class="lb-trans"><p>在我看来，这并不是评估 AMD 投资的最佳方法。相反，我鼓励投资者考虑一下公司在过去一年中如何迅速扩大其数据中心 GPU 业务，同时赢得 <strong>Meta Platforms</strong>、<strong>微软</strong> 和 <strong>甲骨文</strong> 等关键客户。就像亚马逊一样，所有这些公司也都严重依赖英伟达的芯片——然而最近却开始转向 AMD 作为替代供应商。</p>
</div><p>When you take these details into account, combined with the fact that AMD is launching new GPU architectures later this year, it could be argued that the stock is actually trading for a reasonable price considering investor expectations seem to be somewhat conservative.</p>
<div class="lb-trans"><p>考虑到这些细节，加上 AMD 将在今年晚些时候推出新的 GPU 架构，可以说这只股票的交易价格实际上是合理的，因为投资者的预期似乎相对保守。</p>
</div><p>I think Amazon's decision to make an investment in AMD adds validity to the chipmaker's reputation, and I wouldn't be surprised if the company becomes an integral part of Amazon's AI infrastructure roadmap.</p>
<div class="lb-trans"><p>我认为亚马逊决定投资 AMD 为这家芯片制造商的声誉增添了可信度，我不会感到惊讶如果该公司成为亚马逊 AI 基础设施路线图的重要组成部分。</p>
</div><p>I see AMD stock as a no-brainer buying opportunity right now. Investors may want to consider a position in AMD, because its prospects could be more robust in the long run compared to Nvidia, as Nvidia continues to push against headwinds such as custom silicon designs and new architectures from AMD.</p>
<div class="lb-trans"><p>我认为现在是购买 AMD 股票的绝佳机会。投资者可能想要考虑在 AMD 中建立一个头寸，因为与英伟达相比，其前景在长期内可能更为强劲，因为英伟达仍在面临定制硅设计和 AMD 新架构等阻力。</p>
</div>

This Artificial Intelligence (AI) Chipmaker Just Got a Game-Changing Boost From Amazon, and Nvidia Investors Should Be Paying Close Attention

- 亚马逊在第一季度购买了 822,234 股 AMD 股票，价值约 8400 万美元。  
- 此举可能与亚马逊在人工智能领域的投资战略相关。  
- 投资 AMD 可能帮助亚马逊减少对 Nvidia 的依赖，增强其云基础设施。

这家人工智能芯片制造商刚刚获得了亚马逊的重大推动，英伟达的投资者应密切关注