<p>布拉德·格斯特纳是对冲基金 Altimeter Capital 的创始人兼首席执行官。他的一些显著成功包括早期投资数据云公司 <strong>Snowflake</strong> 和亚洲打车领导者 <strong>Grab</strong>。</p>
<p>与许多投资基金一样，Altimeter 近年来将人工智能（AI）股票作为其投资组合的核心特征。根据其最新的 13F 文件，Altimeter 在第一季度削减了对 <strong>Nvidia</strong> 的持股，同时完全抛售了对 <strong>Micron</strong> 和 <strong>台积电</strong> 的持股。</p>
<p>有趣的是，我发现 Altimeter 持有红热的 AI IPO 股票 <strong>CoreWeave</strong>(CRWV -17.20%) 的头寸。这是 Altimeter 在 CoreWeave 仍为私营公司时进行的投资。截至 6 月 4 日交易结束，Altimeter 的 2,999,536 股价值约为 4.89 亿美元。</p>
<p>让我们探讨正在进行的 AI 革命中的一些核心主题，以尝试辨别这些举动背后的动机。从那里，我将分析 CoreWeave 的业务和近期价格走势，以帮助判断该股票现在是否值得购买。</p>
<h2>为什么现在出售 Nvidia、Micron 和台积电的股票？</h2>
<p>考虑到高端图形处理单元（GPU）和存储芯片的需求一直非常强劲，减少对 Nvidia、Micron 和台积电等公司的投资在表面上看似令人困惑。然而，这并不是格斯特纳首次在投资风格上表现出一些逆向特征。</p>
<p>虽然我不能确定 Altimeter 目前对芯片股票或更广泛的 AI 运动的理论是什么，但我想出了一些可能有助于解释该基金近期举动的原因。</p>
<p>根据行业估计，Nvidia 目前控制着大约 90%（或更多）的数据中心 GPU 市场。虽然这样的领先地位可能表明 Nvidia 的护城河不可逾越，但也有一些风险需要考虑。首先，Nvidia 的收入来源在云计算巨头如 <strong>亚马逊</strong>、<strong>谷歌</strong> 和 <strong>微软</strong> 之间高度集中。</p>
<p>这些公司都在开发自己的定制 AI 芯片，这可能表明它们打算逐步摆脱 Nvidia 的架构。此外，<strong>超微半导体</strong> 在数据中心领域稳步增长，其与 <strong>甲骨文</strong>、微软和 <strong>Meta Platforms</strong> 的交易证明了这一点，Nvidia 的增长可能会面临一些放缓。</p>
<p>最后，当前悬在 Nvidia 头上的一个阴云是其对中国的依赖。新的美国出口管制和特朗普总统的关税可能会削弱其在中国的销售。</p>
<p>Micron 在 AI 领域的一个独特领域中运营。它专注于存储芯片，这些芯片是数据中心、个人电脑和智能手机等技术的关键硬件。尽管如此，存储芯片相对商品化。此外，向基于云的 AI 基础设施的转变可能会对 Micron 的硬件中心芯片存储业务构成阻力。</p>
<p>台积电专注于制造服务——其工厂是 Nvidia、AMD、<strong>博通</strong> 等公司设计的芯片实际制造的地方。尽管对 GPU 和其他类型的 AI 芯片的需求强劲，但来自关键客户（即 Nvidia）的销售增长放缓可能也会影响到台积电的业务。</p>
<p>此外，台积电的大多数工厂位于台湾。考虑到台湾面临来自中国的持续地缘政治压力，美国的芯片设计公司如 AMD 或 Nvidia 可能会开始转向其他代工厂商，如 <strong>英特尔</strong>。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwODkvZ2V0dHlpbWFnZXMtMTM1ODA0OTc3Ny04LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwODkvZ2V0dHlpbWFnZXMtMTM1ODA0OTc3Ny04LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 是做什么的？</h2>
<p>CoreWeave 是一家云计算基础设施提供商，为客户提供对 Nvidia GPU 和其他芯片集成的访问。因此，其业务并不像上述公司那样暴露于设计和制造复杂硬件所需的时间。某种程度上，这使得该公司比其他芯片和数据中心股票更灵活，能够以更快的速度扩展。</p>
<p>CoreWeave 能够利用蓬勃发展的芯片市场，但更多地是在 AI 训练和推理方面。最终，它填补了生产芯片组和访问优化的 AI 云基础设施之间的空白。</p>
<p>并不是说 Nvidia、Micron 或台积电现在是糟糕的投资选择。只是这些业务可能正在达到成熟水平，而 CoreWeave 的模式可能处于指数扩展的早期阶段。</p>
<h2>CoreWeave 股票现在值得购买吗？</h2>
<p>下图展示了 CoreWeave 的市销率（P/S）自今年初次公开募股（IPO）以来的变化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecf7762ce000c8b78b381fbde13b97e7.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/ecf7762ce000c8b78b381fbde13b97e7.png"/></p>
<p>CRWV PS 比率数据来源于 YCharts</p>
<p>从这张图中有几个重要的结论。首先，显然 CoreWeave 经历了显著的估值扩张。在我看来，巨大的动能正在推动 CoreWeave 的股票，而在其近期上涨后买入可能会让你成为一个意外的接盘侠。</p>
<p>此外，CoreWeave 的 P/S 倍数几乎是 Oracle 的四倍——后者也提供核心数据中心基础设施服务。Oracle 是一家成熟且盈利的企业，而 CoreWeave 则是一个高现金消耗的运营。</p>
<p>虽然我理解 CoreWeave 在 AI 领域的价值主张背后的理论，但我认为该股票现在被高估了。我会选择不在当前估值下投资，但会关注该公司及其增长前景。</p>

英伟达

台积电

<p>Altimeter Capital 由 Brad Gerstner 领导，已通过出售在英伟达、美光和台积电的股份来调整其投资策略，同时投资于人工智能 IPO 股票 CoreWeave。CoreWeave 是一家利用英伟达 GPU 的云计算提供商，相较于传统芯片制造商，被视为更灵活的投资选择。这一举动反映了对英伟达市场主导地位的担忧，以及主要云服务提供商在定制 AI 芯片开发方面可能带来的风险。CoreWeave 的商业模式在 AI 领域具备增长潜力，使其成为寻求新兴机会的投资者的一个有吸引力的选择</p>

<p>Brad Gerstner is the founder and CEO of hedge fund Altimeter Capital. Some of his more notable wins include being an early investor in data cloud company <strong>Snowflake</strong> and Asian ridehailing leader <strong>Grab</strong>.</p>
<div class="lb-trans"><p>布拉德·格斯特纳是对冲基金 Altimeter Capital 的创始人兼首席执行官。他的一些显著成功包括早期投资数据云公司 <strong>Snowflake</strong> 和亚洲打车领导者 <strong>Grab</strong>。</p>
</div><p>As is the case with many investment funds, Altimeter has made artificial intelligence (AI) stocks a core feature of its portfolio in recent years. According to its most recent 13F filing, Altimeter trimmed its stake in <strong>Nvidia</strong> during the first quarter while completely dumping its stakes in <strong>Micron</strong> and <strong>Taiwan Semiconductor Manufacturing</strong>.</p>
<div class="lb-trans"><p>与许多投资基金一样，Altimeter 近年来将人工智能（AI）股票作为其投资组合的核心特征。根据其最新的 13F 文件，Altimeter 在第一季度削减了对 <strong>Nvidia</strong> 的持股，同时完全抛售了对 <strong>Micron</strong> 和 <strong>台积电</strong> 的持股。</p>
</div><p>Interestingly, though, I discovered that Altimeter holds a position in red-hot AI IPO stock <strong>CoreWeave</strong>(CRWV -17.20%). This comes from an investment Altimeter made when CoreWeave was still a private company. As of the close of trading on June 4, Altimeter's 2,999,536 shares were worth about $489 million</p>
<div class="lb-trans"><p>有趣的是，我发现 Altimeter 持有红热的 AI IPO 股票 <strong>CoreWeave</strong>(CRWV -17.20%) 的头寸。这是 Altimeter 在 CoreWeave 仍为私营公司时进行的投资。截至 6 月 4 日交易结束，Altimeter 的 2,999,536 股价值约为 4.89 亿美元。</p>
</div><p>Let's explore some of the core themes in the ongoing AI revolution to try and discern what may have motivated these moves. From there, I'll break down CoreWeave's business and recent price action to help determine if the stock is a good buy right now.</p>
<div class="lb-trans"><p>让我们探讨正在进行的 AI 革命中的一些核心主题，以尝试辨别这些举动背后的动机。从那里，我将分析 CoreWeave 的业务和近期价格走势，以帮助判断该股票现在是否值得购买。</p>
</div><h2>Why sell Nvidia, Micron, and Taiwan Semi stock right now?</h2>
<div class="lb-trans"><h2>为什么现在出售 Nvidia、Micron 和台积电的股票？</h2>
</div><p>Considering how robust demand has been for high-end graphics processing units (GPU) and memory storage chips, reducing exposure to names such as Nvidia, Micron, and Taiwan Semi looks like a head-scratcher on the surface. However, this is not the first time that Gerstner has shown some contrarian characteristics in his investment style.</p>
<div class="lb-trans"><p>考虑到高端图形处理单元（GPU）和存储芯片的需求一直非常强劲，减少对 Nvidia、Micron 和台积电等公司的投资在表面上看似令人困惑。然而，这并不是格斯特纳首次在投资风格上表现出一些逆向特征。</p>
</div><p>While I cannot say for certain what Altimeter's current thesis is regarding chip stocks or the AI movement more broadly, I've come up with some reasons that may help justify the fund's recent moves.</p>
<div class="lb-trans"><p>虽然我不能确定 Altimeter 目前对芯片股票或更广泛的 AI 运动的理论是什么，但我想出了一些可能有助于解释该基金近期举动的原因。</p>
</div><p>According to industry estimates, Nvidia currently controls roughly 90% (or more) of the data center GPU market. While a lead like that might suggest Nvidia's moat is insurmountable, there are some risks to consider. First, Nvidia's revenue sources are heavily concentrated among cloud hyperscalers such as <strong>Amazon</strong>, <strong>Alphabet</strong>, and <strong>Microsoft</strong>.</p>
<div class="lb-trans"><p>根据行业估计，Nvidia 目前控制着大约 90%（或更多）的数据中心 GPU 市场。虽然这样的领先地位可能表明 Nvidia 的护城河不可逾越，但也有一些风险需要考虑。首先，Nvidia 的收入来源在云计算巨头如 <strong>亚马逊</strong>、<strong>谷歌</strong> 和 <strong>微软</strong> 之间高度集中。</p>
</div><p>Each of these companies has been developing their own custom AI chips, potentially signaling their intentions to migrate away from Nvidia's architecture over time. When you layer on top that the fact that <strong>Advanced Micro Devices</strong> has steadily been gaining momentum in the data center arena -- as its deals with <strong>Oracle</strong>, Microsoft, and <strong>Meta Platforms</strong> demonstrate -- Nvidia's growth could be on course for some deceleration.</p>
<div class="lb-trans"><p>这些公司都在开发自己的定制 AI 芯片，这可能表明它们打算逐步摆脱 Nvidia 的架构。此外，<strong>超微半导体</strong> 在数据中心领域稳步增长，其与 <strong>甲骨文</strong>、微软和 <strong>Meta Platforms</strong> 的交易证明了这一点，Nvidia 的增长可能会面临一些放缓。</p>
</div><p>Lastly, one of the storm clouds hanging over Nvidia at the moment is its exposure to China. New U.S. export controls and President Donald Trump's tariffs could cut into its sales there.</p>
<div class="lb-trans"><p>最后，当前悬在 Nvidia 头上的一个阴云是其对中国的依赖。新的美国出口管制和特朗普总统的关税可能会削弱其在中国的销售。</p>
</div><p>Micron operates in a unique pocket of the AI realm. It specializes in memory storage chips, which are vital hardware for data centers, personal computers, and smartphones, among other technologies. With that said, memory chips are relatively commoditized. On top of that, a shift toward cloud-based AI infrastructure could potentially serve as a headwind for Micron's hardware-centric chip memory business.</p>
<div class="lb-trans"><p>Micron 在 AI 领域的一个独特领域中运营。它专注于存储芯片，这些芯片是数据中心、个人电脑和智能手机等技术的关键硬件。尽管如此，存储芯片相对商品化。此外，向基于云的 AI 基础设施的转变可能会对 Micron 的硬件中心芯片存储业务构成阻力。</p>
</div><p>Taiwan Semiconductor specializes in fabrication services -- its foundries are where chips designed by Nvidia, AMD, <strong>Broadcom</strong>, and a host of others are actually manufactured. While demand for GPUs and other types of AI chips is strong, a deceleration in sales growth from key customers (i.e., Nvidia) could trickle down to TSMC's business, too.</p>
<div class="lb-trans"><p>台积电专注于制造服务——其工厂是 Nvidia、AMD、<strong>博通</strong> 等公司设计的芯片实际制造的地方。尽管对 GPU 和其他类型的 AI 芯片的需求强劲，但来自关键客户（即 Nvidia）的销售增长放缓可能也会影响到台积电的业务。</p>
</div><p>Furthermore, most of TSMC's factories are located in Taiwan. Given the ongoing geopolitical pressures Taiwan faces from China, it's possible that U.S. chip designers like AMD or Nvidia could begin to turn to alternative foundry providers such as <strong>Intel</strong>.</p>
<div class="lb-trans"><p>此外，台积电的大多数工厂位于台湾。考虑到台湾面临来自中国的持续地缘政治压力，美国的芯片设计公司如 AMD 或 Nvidia 可能会开始转向其他代工厂商，如 <strong>英特尔</strong>。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjAwODkvZ2V0dHlpbWFnZXMtMTM1ODA0OTc3Ny04LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820089%2Fgettyimages-1358049777-8.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>What does CoreWeave do?</h2>
<div class="lb-trans"><h2>CoreWeave 是做什么的？</h2>
</div><p>CoreWeave is a cloud computing infrastructure provider that offers its clients access to Nvidia GPUs and a host of other chip integrations. As such, its business is not as exposed to the time it takes to design and manufacture sophisticated hardware -- unlike the names explored above. In a way, this makes the hyperscaler more nimble than other chip and data center stocks, allowing the company to scale at a faster pace.</p>
<div class="lb-trans"><p>CoreWeave 是一家云计算基础设施提供商，为客户提供对 Nvidia GPU 和其他芯片集成的访问。因此，其业务并不像上述公司那样暴露于设计和制造复杂硬件所需的时间。某种程度上，这使得该公司比其他芯片和数据中心股票更灵活，能够以更快的速度扩展。</p>
</div><p>CoreWeave is able to take advantage of the booming chip landscape but more so on the AI training and inferencing side. Ultimately, it fills the gap between producing chipsets and accessing optimized AI cloud infrastructure.</p>
<div class="lb-trans"><p>CoreWeave 能够利用蓬勃发展的芯片市场，但更多地是在 AI 训练和推理方面。最终，它填补了生产芯片组和访问优化的 AI 云基础设施之间的空白。</p>
</div><p>It's not that Nvidia, Micron, or TSMC are poor investment choices right now. It's simply that those businesses might be reaching levels of maturity, whereas CoreWeave's model could be in the early phases of exponential expansion.</p>
<div class="lb-trans"><p>并不是说 Nvidia、Micron 或台积电现在是糟糕的投资选择。只是这些业务可能正在达到成熟水平，而 CoreWeave 的模式可能处于指数扩展的早期阶段。</p>
</div><h2>Is CoreWeave stock a good buy right now?</h2>
<div class="lb-trans"><h2>CoreWeave 股票现在值得购买吗？</h2>
</div><p>The chart below illustrates how CoreWeave's price-to-sales (P/S) ratio has progressed since its initial public offering (IPO) earlier this year.</p>
<div class="lb-trans"><p>下图展示了 CoreWeave 的市销率（P/S）自今年初次公开募股（IPO）以来的变化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/ecf7762ce000c8b78b381fbde13b97e7.png" alt="" original-src="https://media.ycharts.com/charts/ecf7762ce000c8b78b381fbde13b97e7.png"/></p>
<p>CRWV PS Ratio data by YCharts</p>
<div class="lb-trans"><p>CRWV PS 比率数据来源于 YCharts</p>
</div><p>There are a couple of big takeaways from this chart. First, it's clear that CoreWeave has experienced notable valuation expansion. In my view, outsize momentum is propelling CoreWeave stock right now -- and buying in the wake of its recent climb could leave you as an unsuspecting bag holder.</p>
<div class="lb-trans"><p>从这张图中有几个重要的结论。首先，显然 CoreWeave 经历了显著的估值扩张。在我看来，巨大的动能正在推动 CoreWeave 的股票，而在其近期上涨后买入可能会让你成为一个意外的接盘侠。</p>
</div><p>In addition, CoreWeave's P/S multiple is almost fourfold that of Oracle -- which also provides core data center infrastructure services. Oracle is a mature, profitable business, unlike CoreWeave's high-cash-burn operation.</p>
<div class="lb-trans"><p>此外，CoreWeave 的 P/S 倍数几乎是 Oracle 的四倍——后者也提供核心数据中心基础设施服务。Oracle 是一家成熟且盈利的企业，而 CoreWeave 则是一个高现金消耗的运营。</p>
</div><p>While I understand the thesis behind CoreWeave's value proposition in the AI landscape, I think the stock is overbought right now. I would pass on investing at its current valuation, but would keep tabs on the company and its growth prospects.</p>
<div class="lb-trans"><p>虽然我理解 CoreWeave 在 AI 领域的价值主张背后的理论，但我认为该股票现在被高估了。我会选择不在当前估值下投资，但会关注该公司及其增长前景。</p>
</div>

Move Over Nvidia, Taiwan Semiconductor, and Micron. Brad Gerstner's Altimeter Capital Just Gave Investors 2,999,536 Reasons to Check Out the Hottest Artificial Intelligence (AI) IPO Stock of 2025

- Altimeter Capital 削减了对 Nvidia、Micron 和台积电的投资。  
- 该基金持有 CoreWeave 的股份，专注于 AI 云计算基础设施。  
- CoreWeave 的估值已显著上升，当前投资风险较高。  

英伟达、台积电和美光让路。布拉德·格斯特纳的 Altimeter Capital 刚刚为投资者提供了 2999536 个理由去关注 2025 年最热门的人工智能（AI）IPO 股票