<p>五月对投资者来说是一个数据密集的月份。在财报季、政府持续发布的经济数据以及联邦公开市场委员会的联邦基金利率决定之间，有很多信息需要解读。</p>
<p>但可以说，本季度最重要的数据发布发生在一周前，即 5 月 15 日。这是资产管理规模（AUM）至少为 1 亿美元的机构投资者向证券交易委员会提交 13F 表格的截止日期。13F 为投资者提供了一种跟踪华尔街最知名的资金经理买卖哪些股票和交易所交易基金（ETF）的方法。</p>
<p>尽管 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特是所有资产管理者中最受关注的，但他并不是唯一一个以超额回报和影响市场而闻名的亿万富翁投资者。例如，亿万富翁基金经理菲利普·拉丰特（Philippe Laffont）管理着 227 亿美元的资产，拥有丰富的超额收益记录。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>拉丰特还因其对高增长股票的热爱而闻名，尤其是科技领域的股票。</p>
<p>根据 Coatue 的第一季度 13F 报告，这位亿万富翁首席投资官继续出售全球领先的人工智能（AI）股票 <strong>英伟达</strong>（Nvidia）（NVDA -1.82%），但却大举投资于华尔街今年最热门的 AI 首次公开募股（IPO）。</p>
<h2>菲利普·拉丰特在过去两年里持续出售英伟达股票</h2>
<p>考虑到英伟达在 2024 年 6 月完成了 10 比 1 的前分拆，Coatue 在华尔街的 AI 明星中的持股在 2023 年 3 月结束的季度达到了 49,802,020 股的峰值。在过去两年中，拉丰特一直在定期削减这一持仓。</p>
<p>在 2025 年第一季度，拉丰特的基金抛售了 1,460,653 股英伟达股票，代表着约 15% 的季度环比下降。但在过去的八个季度中，Coatue 的亿万富翁老板已经监督了 41,256,185 股英伟达的累计销售，代表着该基金原始持股的 83%。</p>
<p>客观地说，英伟达为达到现在的地位做了很多事情是正确的。其 Hopper（H100）图形处理单元（GPU）和后续的 Blackwell GPU 架构在计算能力方面远超竞争对手。英伟达的硬件在企业 AI 数据中心中保持着近乎垄断的市场份额。</p>
<p>对英伟达 GPU 的强劲需求也提升了其定价能力。由于 Hopper 和 Blackwell 的价格高于所有其他 GPU，英伟达的毛利率超过 70% 也就不足为奇了。</p>
<p>但并非一切对英伟达都是完美的——拉丰特的交易活动暗示了这一点。</p>
<p>尽管英伟达拥有优越的硬件，但竞争压力开始对其利润率产生影响。除了直接的外部竞争对手加大 AI-GPU 的生产外，许多按净销售额计算的英伟达顶级客户正在内部开发他们将在自己的数据中心使用的芯片。依赖内部生产的 AI 解决方案的成本和可及性优势，可能会导致英伟达在未来的数据中心市场中失去宝贵的机会。</p>
<p>新出现的外部和内部竞争的存在也在减少 AI-GPU 稀缺性的影响。这是英伟达在过去两年中的主要竞争优势，也是其毛利率在一年前飙升至 78.4% 的核心原因。随着其毛利率在财政第一季度再次预计下降，显然英伟达最大的优势正在减弱。</p>
<p>另一个令英伟达股东担忧的重大问题是 AI 泡沫形成和破裂的可能性。包括 1990 年代中期互联网的普及在内，过去三十多年没有任何颠覆性创新能够避免在扩张初期发生泡沫破裂事件。大多数企业尚未优化其 AI 解决方案，并且在许多情况下未能从其 AI 投资中获得正回报，这强烈表明投资者再次高估了这一新兴趋势的早期效用和采用率。</p>
<p>在 2025 财年第四季度（截至 2025 年 1 月 26 日），英伟达超过 90% 的净销售额来自其数据中心部门，AI 泡沫的破裂将对其股票造成灾难性影响。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>亿万富翁菲利普·拉丰特的新 AI 宠儿是一个炙手可热的 IPO</h2>
<p>尽管拉丰特在截至 3 月的季度中出售了大量高增长科技股，但有一家人工智能公司引起了他的极大关注——而且它在第一季度结束前几天才首次公开上市！</p>
<p>可以说，在 2025 年开局阶段，没有哪只股票比英伟达支持的 AI 数据中心基础设施公司 <strong>CoreWeave</strong>（CRWV 18.79%）更受到 Coatue 亿万富翁首席的积极购买。在作为上市公司的两个交易日内（该公司的 IPO 是在 3 月 28 日星期五），拉丰特购买了 14,402,999 股，使其成为 Coatue 第 16 大市值持股。</p>
<p>CoreWeave 对拉丰特的吸引力几乎肯定与企业对 AI 计算资源的强烈需求有关。CoreWeave 已从英伟达购买了 250,000 个 Hopper 芯片，这可不是一笔小投资。作为回报，该公司可以将其 AI 基础设施和服务租赁给客户，其产生的销售额完全取决于需求、提供的服务以及完成任务所需的 GPU。</p>
<p>Coatue 的亿万富翁资金经理很可能也对 CoreWeave 预期的增长速度感到印象深刻。考虑到相对早期阶段企业的共识增长预期通常是流动的，CoreWeave 的销售预计将从 2024 年报告的 19.2 亿美元激增至 2028 年的 196.6 亿美元。该公司还宣布与 OpenAI 达成了一项战略协议，增加了 112 亿美元的收入积压。</p>
<p>纸面上的数字绝对为 CoreWeave 描绘了一幅令人兴奋的图景。但现实世界并不总是如纸面上所示那样发展。</p>
<p>首先，CoreWeave 的净亏损正在以与其销售同样惊人的速度加速增长。作为一家早期阶段的企业，该公司不得不依赖债务融资来资助其 GPU 采购。去年，CoreWeave 的净利息支出接近 3.61 亿美元。根据最近报告的第一季度数据，预计 2025 年的年净利息支出将接近 10.6 亿美元！投资者应该预期随着 CoreWeave 收入的增长，亏损将会非常严重。</p>
<p>另一个对 CoreWeave 的重大担忧，实际上可能超过其迅速扩大的净亏损，是英伟达加速的创新周期。英伟达计划每年大约推出一款新的高性能 AI 芯片。这意味着 CoreWeave 主要依赖 Hopper GPU 的数据中心可能会迅速变得过时——或者至少，这可能会大大削弱该公司对其服务的定价能力。</p>
<p>最后，CoreWeave 几乎肯定会受到 AI 泡沫形成和破裂的负面影响。在人工智能作为一项技术成熟之前，企业削减其 AI 基础设施支出的威胁仍然是一个切实的担忧。</p>

英伟达

<p>亿万富翁菲利普·拉丰特（Philippe Laffont）通过其科图管理公司（Coatue Management）在两年内出售了其英伟达（Nvidia）股份的 83%，总计 4130 万股，同时将重点转向人工智能首次公开募股 CoreWeave。尽管英伟达在市场上占据强势地位且利润率高，但竞争压力和潜在的人工智能泡沫担忧影响了拉丰特的出售策略。他最近的投资表明，正朝着新兴人工智能机会转变，反映出在市场数据丰富的月份中，机构投资者的更广泛趋势</p>

<p>May has been a data-packed month for investors. Between earnings season, a steady flow of economic data releases from the government, and the Federal Open Market Committee's federal funds rate decision, there's been a lot to unpack.</p>
<div class="lb-trans"><p>五月对投资者来说是一个数据密集的月份。在财报季、政府持续发布的经济数据以及联邦公开市场委员会的联邦基金利率决定之间，有很多信息需要解读。</p>
</div><p>But arguably the most important data release of the quarter occurred one week ago, on May 15. This was the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission. A 13F provides investors with a way to track which stocks and exchange-traded funds (ETFs) Wall Street's most prominent money managers have been buying and selling.</p>
<div class="lb-trans"><p>但可以说，本季度最重要的数据发布发生在一周前，即 5 月 15 日。这是资产管理规模（AUM）至少为 1 亿美元的机构投资者向证券交易委员会提交 13F 表格的截止日期。13F 为投资者提供了一种跟踪华尔街最知名的资金经理买卖哪些股票和交易所交易基金（ETF）的方法。</p>
</div><p>Though <strong>Berkshire Hathaway</strong>'s Warren Buffett is the most followed of all asset managers, he's far from the only billionaire investor known to deliver outsized returns and move markets. For instance, billionaire fund manager Philippe Laffont of Coatue Management, who's overseeing $22.7 billion in AUM, has a rich track record of outperformance.</p>
<div class="lb-trans"><p>尽管 <strong>伯克希尔哈撒韦</strong> 的沃伦·巴菲特是所有资产管理者中最受关注的，但他并不是唯一一个以超额回报和影响市场而闻名的亿万富翁投资者。例如，亿万富翁基金经理菲利普·拉丰特（Philippe Laffont）管理着 227 亿美元的资产，拥有丰富的超额收益记录。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818741%2Fprofessional-stock-trader-broker-analyze-stock-chart-invest-retire-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>Laffont is also known for his love of high-growth stocks -- especially those in the tech sector.</p>
<div class="lb-trans"><p>拉丰特还因其对高增长股票的热爱而闻名，尤其是科技领域的股票。</p>
</div><p>Based on Coatue's first-quarter 13F, its billionaire chief continued to be a seller of the world's leading artificial intelligence (AI) stock, <strong>Nvidia</strong>(NVDA -1.82%), but absolutely piled into Wall Street's hottest AI-initial public offering (IPO) of the year.</p>
<div class="lb-trans"><p>根据 Coatue 的第一季度 13F 报告，这位亿万富翁首席投资官继续出售全球领先的人工智能（AI）股票 <strong>英伟达</strong>（Nvidia）（NVDA -1.82%），但却大举投资于华尔街今年最热门的 AI 首次公开募股（IPO）。</p>
</div><h2>Philippe Laffont has been a persistent seller of Nvidia stock for two years</h2>
<div class="lb-trans"><h2>菲利普·拉丰特在过去两年里持续出售英伟达股票</h2>
</div><p>Taking into account that Nvidia completed a 10-for-1 forward split in June 2024, Coatue's position in Wall Street's AI darling peaked at 49,802,020 shares in the March-ended quarter of 2023. Over the last two years, Laffont has been paring down this position with regularity.</p>
<div class="lb-trans"><p>考虑到英伟达在 2024 年 6 月完成了 10 比 1 的前分拆，Coatue 在华尔街的 AI 明星中的持股在 2023 年 3 月结束的季度达到了 49,802,020 股的峰值。在过去两年中，拉丰特一直在定期削减这一持仓。</p>
</div><p>During the first quarter of 2025, Laffont's fund dumped 1,460,653 shares of Nvidia stock, which represents a sequential quarterly decline of about 15%. But over the last eight quarters, Coatue's billionaire boss has overseen the sale of 41,256,185 cumulative shares of Nvidia, representing 83% of the fund's original stake.</p>
<div class="lb-trans"><p>在 2025 年第一季度，拉丰特的基金抛售了 1,460,653 股英伟达股票，代表着约 15% 的季度环比下降。但在过去的八个季度中，Coatue 的亿万富翁老板已经监督了 41,256,185 股英伟达的累计销售，代表着该基金原始持股的 83%。</p>
</div><p>To be objective, Nvidia has done a lot of things right to get to where it is now. Its Hopper (H100) graphics processing unit (GPU) and successor Blackwell GPU architecture have run circles around the competition, in terms of compute ability. Nvidia's hardware maintains a near-monopoly-like share in enterprise AI data centers.</p>
<div class="lb-trans"><p>客观地说，英伟达为达到现在的地位做了很多事情是正确的。其 Hopper（H100）图形处理单元（GPU）和后续的 Blackwell GPU 架构在计算能力方面远超竞争对手。英伟达的硬件在企业 AI 数据中心中保持着近乎垄断的市场份额。</p>
</div><p>Overwhelming demand for Nvidia's GPUs also boosted its pricing power. With the Hopper and Blackwell commanding a premium over all other GPUs, it's no surprise that Nvidia's gross margin surpassed 70%.</p>
<div class="lb-trans"><p>对英伟达 GPU 的强劲需求也提升了其定价能力。由于 Hopper 和 Blackwell 的价格高于所有其他 GPU，英伟达的毛利率超过 70% 也就不足为奇了。</p>
</div><p>But not everything is perfect for Nvidia -- and Laffont's trading activity suggests it.</p>
<div class="lb-trans"><p>但并非一切对英伟达都是完美的——拉丰特的交易活动暗示了这一点。</p>
</div><p>Despite Nvidia having superior hardware, competitive pressures are beginning to weigh on its margins. In addition to direct external competitors ramping up production of their AI-GPUs, many of Nvidia's top customers by net sales are internally developing chips they'll use in their own data centers. The cost and accessibility advantage of relying on internally produced AI solutions could realistically result in Nvidia losing out on valuable future data center real estate.</p>
<div class="lb-trans"><p>尽管英伟达拥有优越的硬件，但竞争压力开始对其利润率产生影响。除了直接的外部竞争对手加大 AI-GPU 的生产外，许多按净销售额计算的英伟达顶级客户正在内部开发他们将在自己的数据中心使用的芯片。依赖内部生产的 AI 解决方案的成本和可及性优势，可能会导致英伟达在未来的数据中心市场中失去宝贵的机会。</p>
</div><p>The presence of new external and internal competition is also working to minimize the effect of AI-GPU scarcity. This has been Nvidia's primary competitive edge for two years, and it's the core reason its gross margin surged to as high as 78.4% one year ago. With its gross margin expected to decline, yet again, in the fiscal first quarter, it's clear that Nvidia's biggest advantage is withering.</p>
<div class="lb-trans"><p>新出现的外部和内部竞争的存在也在减少 AI-GPU 稀缺性的影响。这是英伟达在过去两年中的主要竞争优势，也是其毛利率在一年前飙升至 78.4% 的核心原因。随着其毛利率在财政第一季度再次预计下降，显然英伟达最大的优势正在减弱。</p>
</div><p>The other big-time concern for Nvidia shareholders is the likelihood of an AI bubble forming and bursting. Including the proliferation of the internet in the mid-1990s, there hasn't been a game-changing innovation in more than three decades that's avoided a bubble-bursting event early in its expansion. The fact that most businesses haven't optimized their AI solutions, and in many instances aren't generating a positive return on their AI investments, strongly signals that investors have (again) overestimated the early innings utility and adoption rate of a next-big-thing trend.</p>
<div class="lb-trans"><p>另一个令英伟达股东担忧的重大问题是 AI 泡沫形成和破裂的可能性。包括 1990 年代中期互联网的普及在内，过去三十多年没有任何颠覆性创新能够避免在扩张初期发生泡沫破裂事件。大多数企业尚未优化其 AI 解决方案，并且在许多情况下未能从其 AI 投资中获得正回报，这强烈表明投资者再次高估了这一新兴趋势的早期效用和采用率。</p>
</div><p>With more than 90% of Nvidia's net sales coming from its data center segment in the fiscal fourth quarter of 2025 (ended Jan. 26, 2025), a bursting of the AI bubble would be disastrous for its stock.</p>
<div class="lb-trans"><p>在 2025 财年第四季度（截至 2025 年 1 月 26 日），英伟达超过 90% 的净销售额来自其数据中心部门，AI 泡沫的破裂将对其股票造成灾难性影响。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818741%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>The new AI apple of billionaire Philippe Laffont's eye is a scorching-hot IPO</h2>
<div class="lb-trans"><h2>亿万富翁菲利普·拉丰特的新 AI 宠儿是一个炙手可热的 IPO</h2>
</div><p>Although Laffont was a seller of <em>a lot</em> of high-growth tech stocks during the March-ended quarter, there was one artificial intelligence company that caught his attention in a big way -- and it only debuted as a public company days before the end of the first quarter!</p>
<div class="lb-trans"><p>尽管拉丰特在截至 3 月的季度中出售了大量高增长科技股，但有一家人工智能公司引起了他的极大关注——而且它在第一季度结束前几天才首次公开上市！</p>
</div><p>Arguably no stock was purchased more aggressively in the opening frame of 2025 by Coatue's billionaire chief than Nvidia-backed AI-data center infrastructure company <strong>CoreWeave</strong>(CRWV 18.79%). In its two business days as a publicly traded company in the first quarter (the company's IPO was Friday, March 28), Laffont scooped up 14,402,999 shares, which vaulted it to Coatue's 16th-largest holding by market value.</p>
<div class="lb-trans"><p>可以说，在 2025 年开局阶段，没有哪只股票比英伟达支持的 AI 数据中心基础设施公司 <strong>CoreWeave</strong>（CRWV 18.79%）更受到 Coatue 亿万富翁首席的积极购买。在作为上市公司的两个交易日内（该公司的 IPO 是在 3 月 28 日星期五），拉丰特购买了 14,402,999 股，使其成为 Coatue 第 16 大市值持股。</p>
</div><p>The allure of CoreWeave for Laffont almost certainly has to do with the insatiable enterprise demand for AI computing resources. CoreWeave has purchased 250,000 Hopper chips from Nvidia, which is no small investment. In return, the company can lease out its AI infrastructure and services to clients, with the amount it generates in sales all dependent on things like demand, the services rendered, and the GPUs needed to complete a task.</p>
<div class="lb-trans"><p>CoreWeave 对拉丰特的吸引力几乎肯定与企业对 AI 计算资源的强烈需求有关。CoreWeave 已从英伟达购买了 250,000 个 Hopper 芯片，这可不是一笔小投资。作为回报，该公司可以将其 AI 基础设施和服务租赁给客户，其产生的销售额完全取决于需求、提供的服务以及完成任务所需的 GPU。</p>
</div><p>Coatue's billionaire money manager is likely also impressed with CoreWeave's expected growth ramp. Keeping in mind that consensus growth estimates for relatively early stage businesses are often fluid, CoreWeave's sales are projected to catapult from a reported $1.92 billion in 2024 to an estimated $19.66 billion come 2028. The company also announced a strategic deal with OpenAI that tacks on $11.2 billion in its revenue backlog.</p>
<div class="lb-trans"><p>Coatue 的亿万富翁资金经理很可能也对 CoreWeave 预期的增长速度感到印象深刻。考虑到相对早期阶段企业的共识增长预期通常是流动的，CoreWeave 的销售预计将从 2024 年报告的 19.2 亿美元激增至 2028 年的 196.6 亿美元。该公司还宣布与 OpenAI 达成了一项战略协议，增加了 112 亿美元的收入积压。</p>
</div><p>The numbers on paper absolutely paint an exciting picture for CoreWeave. But the real world doesn't always pan out as things do on paper.</p>
<div class="lb-trans"><p>纸面上的数字绝对为 CoreWeave 描绘了一幅令人兴奋的图景。但现实世界并不总是如纸面上所示那样发展。</p>
</div><p>To begin with, CoreWeave's net losses are accelerating at the same staggering rate as its sales. As an early stage business, the company had to rely on debt financing to fund its GPU purchases. Last year, CoreWeave had nearly $361 million in net interest expenses. Its annual run in 2025 for net interest expense, based on its recently reported first quarter, is almost $1.06 billion! Investors should expect <em>steep</em> losses as CoreWeave's revenue ramp-up continues.</p>
<div class="lb-trans"><p>首先，CoreWeave 的净亏损正在以与其销售同样惊人的速度加速增长。作为一家早期阶段的企业，该公司不得不依赖债务融资来资助其 GPU 采购。去年，CoreWeave 的净利息支出接近 3.61 亿美元。根据最近报告的第一季度数据，预计 2025 年的年净利息支出将接近 10.6 亿美元！投资者应该预期随着 CoreWeave 收入的增长，亏损将会非常严重。</p>
</div><p>Another sizable concern for CoreWeave, which might actually trump its rapidly widening net loss, is Nvidia's accelerated innovation cycle. Nvidia plans to bring a new high-powered AI chip to market roughly once per year. This means that CoreWeave's predominantly Hopper GPU-powered data centers could quickly become obsolete -- or at the very least, it could substantially weaken the company's pricing power for its services.</p>
<div class="lb-trans"><p>另一个对 CoreWeave 的重大担忧，实际上可能超过其迅速扩大的净亏损，是英伟达加速的创新周期。英伟达计划每年大约推出一款新的高性能 AI 芯片。这意味着 CoreWeave 主要依赖 Hopper GPU 的数据中心可能会迅速变得过时——或者至少，这可能会大大削弱该公司对其服务的定价能力。</p>
</div><p>Lastly, CoreWeave would almost certainly be adversely affected by an AI bubble forming and bursting. Until artificial intelligence matures as a technology, the threat of businesses paring back their AI infrastructure spending remains a tangible concern.</p>
<div class="lb-trans"><p>最后，CoreWeave 几乎肯定会受到 AI 泡沫形成和破裂的负面影响。在人工智能作为一项技术成熟之前，企业削减其 AI 基础设施支出的威胁仍然是一个切实的担忧。</p>
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Billionaire Philippe Laffont Has Cumulatively Sold 83% of Coatue's Nvidia Stake and Is Piling Into Wall Street's Hottest Artificial Intelligence (AI) IPO

- 5 月是投资者数据密集的月份，涉及财报和经济数据发布。  
- 5 月 15 日是机构投资者提交 13F 表格的截止日期，显示其持股动态。  
- 亿万富翁投资者 Laffont 继续减持 Nvidia，同时大举投资 AI 公司 CoreWeave。

亿万富翁菲利普·拉丰特已经累计出售了 Coatue 持有的 83% 的英伟达股份，并正在投资于华尔街最热门的人工智能（AI）首次公开募股