<p>在过去两年半的时间里，没有哪个趋势能像人工智能（AI）那样吸引投资者的关注和资本。借助人工智能，软件和系统能够在无需人类干预的情况下做出瞬间决策。</p>
<p>这是一项看似具有无限长期潜力的技术。由于人工智能在全球几乎所有行业中都提供某种形式的效用，普华永道的分析师预计到 2030 年其对全球国内生产总值的影响将达到 15.7 万亿美元。如此庞大的数字确保了将会有一长串赢家。</p>
<p>没有哪家公司比 <strong>Nvidia</strong>（NVDA -0.85%）更直接地受益于人工智能的演变，其市值在不到两年的时间里飙升了超过 3 万亿美元。</p>
<p>但有趣的是，华尔街最知名的亿万富翁投资经理们对 Nvidia 股票的态度。具体来说，亿万富翁投资者们正在大量出售 Nvidia 的股票……但有一个显著的例外。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>亿万富翁 Chase Coleman 继续增持 Nvidia</h2>
<p>在一个季度结束后的 45 个日历日内，管理至少 1 亿美元资产的机构投资者必须向证券交易委员会提交 13F 表格。该文件详细说明了华尔街最聪明的投资经理在最新季度买入和卖出的股票。</p>
<p>尽管大多数亿万富翁一直在持续出售 Nvidia 股票（我稍后会提到这个话题），但 Tiger Global Management 的亿万富翁首席执行官 Chase Coleman 却是个例外。考虑到 Nvidia 在 2024 年 6 月实施的历史性 10 比 1 的前分拆，Coleman 的基金在 2023 年底的持股从 9,683,550 股增至 2025 年 3 月底的 10,967,550 股。</p>
<p>Coleman 的投资策略历来侧重于大型和小型成长股的混合，倾向于关注下一个重大趋势和创新。人工智能的崛起无疑符合 Tiger Global 亿万富翁投资者的兴趣。</p>
<p>Chase Coleman 选择扩大其基金对 Nvidia 的投资，可能与以下四个因素之一或多个因素有关。</p>
<p>首先，Nvidia 在高计算数据中心的图形处理单元（GPU）市场的份额可以被描述为垄断式的。企业纷纷排队购买 Nvidia 的 Hopper（H100）及其后续产品 Blackwell GPU，并且没有证据表明对这些产品的需求有所减缓。华尔街往往会奖励那些被认为具有可持续护城河的公司。</p>
<p>其次，AI-GPU 的稀缺性对 Nvidia 有利。即使华尔街的 AI 宠儿和其他直接竞争对手尽可能多地推出 GPU，芯片制造供应链目前也已达到极限。由于对 AI-GPU 的需求远远超过供应，Nvidia 能够对 Hopper 和 Blackwell 收取三位数百分比的溢价，相较于一些直接竞争对手。这帮助 Nvidia 的毛利率超过了 70%。</p>
<p>第三个可能促使 Coleman 扩大其基金在 Nvidia 股份的因素是首席执行官黄仁勋的雄心勃勃的创新时间表。黄仁勋每年监督推出一款新的先进 AI 芯片。Blackwell Ultra（2025 年下半年）、Vera Rubin（2026 年下半年）和 Vera Rubin Ultra（2027 年下半年）是继超受欢迎的 Blackwell 芯片之后的下一款。Nvidia 似乎没有面临在 AI 加速数据中心中失去明显计算优势的危险。</p>
<p>最后，Nvidia 股票在第一季度的某些时候出现下跌，这可能使其未来一年的收益倍数降至一个吸引 Coleman 的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>大多数亿万富翁投资经理持续出售 Nvidia 股票——原因在于此</h2>
<p>然而，Chase Coleman 的行为在亿万富翁基金经理中显得不寻常。自从 Nvidia 股票开始其历史性的上涨以来，大多数亿万富翁都减少了对这家 AI 巨头的投资或完全退出了各自的持仓：</p>
<ul>
<li>Duquesne Family Office 的 Stanley Druckenmiller 在 2023 年 6 月 30 日至 2024 年 9 月 30 日之间出售了所有 9,500,750 股 Nvidia 股票。</li>
<li>Lone Pine Capital 的 Stephen Mandel 在 2023 年 6 月 30 日至 2024 年 6 月 30 日之间抛售了所有 6,416,490 股。</li>
<li>Appaloosa 的 David Tepper 自 2023 年 9 月 30 日以来减少了其基金在 Nvidia 的持股 97%（售出 999.5 万股）。</li>
<li>Coatue Management 的 Philippe Laffont 自 2023 年 3 月 31 日以来已将超过 4120 万股送上砧板，减少了其基金的持股 83%。</li>
<li>Millennium Management 的 Israel Englander，定期使用看跌和看涨期权进行对冲，自 2023 年 9 月 30 日以来已削减近 2830 万股（减少 75%）。</li>
</ul>
<p>这种持续的出售活动可能仅仅是简单的获利了结。我们从未见过一家市值巨头在不到两年的时间内获得 3 万亿美元的市值，这为亿万富翁们提供了大量兑现利润的机会。</p>
<p>但这种持续的出售可能不仅仅是出于获利的愿望。</p>
<p>例如，竞争在 AI 加速的数据中心中是不可避免的。即使 Nvidia 继续成为高计算数据中心的首选选项，但随着直接竞争对手加大 GPU 生产力度，其垄断式的市场份额不太可能保持不变。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png"/></p>
<p>日益激烈的竞争似乎对英伟达的优越毛利率造成了压力。NVDA 毛利率（季度）数据来自 YCharts。</p>
<p>更令人担忧的是，&#34;七大奇迹&#34;中的大多数成员正在内部开发用于其数据中心的 AI 芯片。虽然这些 GPU 对英伟达的计算优势没有威胁，但它们显著更便宜，并且由于需求没有积压。这些芯片的存在意味着英伟达硬件未来的机会减少，以及在溢价定价能力方面的下降。</p>
<p>还有一个非常现实的可能性是，黄仁勋加速的创新时间表可能会对他的公司造成伤害，而不是帮助。尽管每年推出一款新芯片将巩固其计算优势，但这可能会迅速贬值前一代芯片的价值。寄希望于英伟达最大的客户每年或接近每年升级他们的硬件是有风险的，可能不会带来回报。</p>
<p>对于大多数出售英伟达股票的亿万富翁资金经理来说，最大的担忧可能是历史重演的前景。在过去三十多年中，每一个改变游戏规则的趋势和创新在其扩张初期都经历过最终的泡沫破裂事件。这是因为投资者高估了新技术或创新的主流采用和/或实用性。</p>
<p>考虑到大多数企业在其 AI 投资中并未产生正回报，也没有优化其 AI 解决方案，AI 泡沫破裂似乎只是时间问题。如果历史重演，预计没有公司会比英伟达更受影响。</p>

英伟达

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>亿万富翁投资经理们大多在出售英伟达股票，Tiger Global Management 的 Chase Coleman 是一个显著的例外。Coleman 将其持股从 968 万股增至 1097 万股，这可能是由于英伟达在 AI GPU 领域的强大市场地位、高需求和雄心勃勃的创新计划。相比之下，其他亿万富翁如 Stanley Druckenmiller 和 David Tepper 则显著减少或退出了他们的持仓，可能是出于获利了结的考虑。由于英伟达在 AI 领域的关键角色，其市值激增，预计到 2030 年将对全球 GDP 产生显著影响</p>

<p>For the last two and a half years, no trend has captivated more attention or capital from investors than artificial intelligence (AI). With AI, software and systems are capable of making split-second decisions without the need for human intervention.</p>
<div class="lb-trans"><p>在过去两年半的时间里，没有哪个趋势能像人工智能（AI）那样吸引投资者的关注和资本。借助人工智能，软件和系统能够在无需人类干预的情况下做出瞬间决策。</p>
</div><p>This is a technology with seemingly limitless long-term potential. With AI offering some form of utility in virtually all industries around the globe, the analysts at PwC pegged its worldwide impact on gross domestic product by 2030 at $15.7 trillion. A figure this massive ensures there will be a long list of winners.</p>
<div class="lb-trans"><p>这是一项看似具有无限长期潜力的技术。由于人工智能在全球几乎所有行业中都提供某种形式的效用，普华永道的分析师预计到 2030 年其对全球国内生产总值的影响将达到 15.7 万亿美元。如此庞大的数字确保了将会有一长串赢家。</p>
</div><p>No company has been a more direct beneficiary of the evolution of AI than <strong>Nvidia</strong>(NVDA -0.85%), whose market cap skyrocketed by more than $3 trillion in less than two years.</p>
<div class="lb-trans"><p>没有哪家公司比 <strong>Nvidia</strong>（NVDA -0.85%）更直接地受益于人工智能的演变，其市值在不到两年的时间里飙升了超过 3 万亿美元。</p>
</div><p>But what's interesting is how Wall Street's most prominent billionaire money managers have approached Nvidia stock. Specifically, billionaire investors have been selling shares of Nvidia hand over fist... with one notable exception.</p>
<div class="lb-trans"><p>但有趣的是，华尔街最知名的亿万富翁投资经理们对 Nvidia 股票的态度。具体来说，亿万富翁投资者们正在大量出售 Nvidia 的股票……但有一个显著的例外。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821084%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>Billionaire Chase Coleman continues to load up on Nvidia</h2>
<div class="lb-trans"><h2>亿万富翁 Chase Coleman 继续增持 Nvidia</h2>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors overseeing at least $100 million in assets are required to file Form 13F with the Securities and Exchange Commission. This filing details for investors which stocks Wall Street's smartest money managers were buying and selling in the latest quarter.</p>
<div class="lb-trans"><p>在一个季度结束后的 45 个日历日内，管理至少 1 亿美元资产的机构投资者必须向证券交易委员会提交 13F 表格。该文件详细说明了华尔街最聪明的投资经理在最新季度买入和卖出的股票。</p>
</div><p>Whereas most billionaires have been persistent sellers of Nvidia stock (a topic I'll touch on a bit later), Tiger Global Management's billionaire chief Chase Coleman has been the exception. Accounting for Nvidia's historic 10-for-1 forward split that was enacted in June 2024, Coleman's fund has expanded its stake in the company from 9,683,550 shares, at the end of 2023, to 10,967,550 shares, as of the end of March 2025.</p>
<div class="lb-trans"><p>尽管大多数亿万富翁一直在持续出售 Nvidia 股票（我稍后会提到这个话题），但 Tiger Global Management 的亿万富翁首席执行官 Chase Coleman 却是个例外。考虑到 Nvidia 在 2024 年 6 月实施的历史性 10 比 1 的前分拆，Coleman 的基金在 2023 年底的持股从 9,683,550 股增至 2025 年 3 月底的 10,967,550 股。</p>
</div><p>Coleman's investment strategy has historically focused on a mix of large- and small-cap growth stocks, with a tendency to lean into next-big-thing trends and innovations. The rise of artificial intelligence certainly fits the mold of a game-changing trend that would interest Tiger Global's billionaire investor.</p>
<div class="lb-trans"><p>Coleman 的投资策略历来侧重于大型和小型成长股的混合，倾向于关注下一个重大趋势和创新。人工智能的崛起无疑符合 Tiger Global 亿万富翁投资者的兴趣。</p>
</div><p>Chase Coleman choosing to expand his fund's exposure to Nvidia likely has to do with one or more of the following four factors.</p>
<div class="lb-trans"><p>Chase Coleman 选择扩大其基金对 Nvidia 的投资，可能与以下四个因素之一或多个因素有关。</p>
</div><p>First, Nvidia's share of the graphics processing unit (GPU) market in high-compute data centers can be described as monopoly like. Businesses have lined up to purchase Nvidia's Hopper (H100) and successor Blackwell GPUs, and there's been no evidence that demand for these products has slowed. Wall Street tends to reward companies with perceived-to-be sustainable moats.</p>
<div class="lb-trans"><p>首先，Nvidia 在高计算数据中心的图形处理单元（GPU）市场的份额可以被描述为垄断式的。企业纷纷排队购买 Nvidia 的 Hopper（H100）及其后续产品 Blackwell GPU，并且没有证据表明对这些产品的需求有所减缓。华尔街往往会奖励那些被认为具有可持续护城河的公司。</p>
</div><p>Secondly, AI-GPU scarcity has been working in Nvidia's favor. Even with Wall Street's AI darling and other direct competitors pushing out as many GPUs as possible, the chip fabrication supply chain is currently maxed out. With demand heavily outpacing the supply of AI-GPUs, Nvidia has been able to charge a triple-digit percentage premium for Hopper and Blackwell, relative to some of its direct rivals. This helped to lift Nvidia's gross margin above 70%.</p>
<div class="lb-trans"><p>其次，AI-GPU 的稀缺性对 Nvidia 有利。即使华尔街的 AI 宠儿和其他直接竞争对手尽可能多地推出 GPU，芯片制造供应链目前也已达到极限。由于对 AI-GPU 的需求远远超过供应，Nvidia 能够对 Hopper 和 Blackwell 收取三位数百分比的溢价，相较于一些直接竞争对手。这帮助 Nvidia 的毛利率超过了 70%。</p>
</div><p>The third factor that likely played a role in enticing Coleman to expand his fund's Nvidia stake is CEO Jensen Huang's ambitious innovation timeline. Huang is overseeing the debut of a new advanced AI chip on an annual basis. Blackwell Ultra (second-half of 2025), Vera Rubin (second-half of 2026), and Vera Rubin Ultra (second-half of 2027) are next in line after the ultra-popular Blackwell chip. Nvidia looks to be in no danger of ceding its clear-cut compute advantages in AI-accelerated data centers.</p>
<div class="lb-trans"><p>第三个可能促使 Coleman 扩大其基金在 Nvidia 股份的因素是首席执行官黄仁勋的雄心勃勃的创新时间表。黄仁勋每年监督推出一款新的先进 AI 芯片。Blackwell Ultra（2025 年下半年）、Vera Rubin（2026 年下半年）和 Vera Rubin Ultra（2027 年下半年）是继超受欢迎的 Blackwell 芯片之后的下一款。Nvidia 似乎没有面临在 AI 加速数据中心中失去明显计算优势的危险。</p>
</div><p>Fourth and finally, Nvidia stock tumbled at times during the first quarter, which may have brought its forward-year earnings multiple down to a level that intrigued Coleman.</p>
<div class="lb-trans"><p>最后，Nvidia 股票在第一季度的某些时候出现下跌，这可能使其未来一年的收益倍数降至一个吸引 Coleman 的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821084%2Fred-dice-buy-sell-stock-chart-financial-data-invest-billionaire-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>Most billionaire money managers have been persistent sellers of Nvidia stock -- here's why</h2>
<div class="lb-trans"><h2>大多数亿万富翁投资经理持续出售 Nvidia 股票——原因在于此</h2>
</div><p>However, Chase Coleman's actions are out of the ordinary among billionaire fund managers. Since Nvidia stock kicked off its historic run-up, most billionaires have pared down their exposure to the AI colossus or completely exited their respective positions:</p>
<div class="lb-trans"><p>然而，Chase Coleman 的行为在亿万富翁基金经理中显得不寻常。自从 Nvidia 股票开始其历史性的上涨以来，大多数亿万富翁都减少了对这家 AI 巨头的投资或完全退出了各自的持仓：</p>
</div><ul>
<li>Stanley Druckenmiller of Duquesne Family Office sold all 9,500,750 shares of Nvidia stock between June 30, 2023 and Sept. 30, 2024.</li>
<li>Stephen Mandel of Lone Pine Capital dumped all 6,416,490 shares between June 30, 2023 and June 30, 2024.</li>
<li>David Tepper of Appaloosa shed 97% of his fund's stake (9.95 million shares sold) in Nvidia since Sept. 30, 2023.</li>
<li>Philippe Laffont of Coatue Management has sent over 41.2 million shares to the chopping block since March 31, 2023 and reduced his fund's holdings by 83%.</li>
<li>Israel Englander of Millennium Management, who regularly hedges with put and call options, has trimmed nearly 28.3 million shares (a 75% reduction) since Sept. 30, 2023.</li>
</ul>
<div class="lb-trans"><ul>
<li>Duquesne Family Office 的 Stanley Druckenmiller 在 2023 年 6 月 30 日至 2024 年 9 月 30 日之间出售了所有 9,500,750 股 Nvidia 股票。</li>
<li>Lone Pine Capital 的 Stephen Mandel 在 2023 年 6 月 30 日至 2024 年 6 月 30 日之间抛售了所有 6,416,490 股。</li>
<li>Appaloosa 的 David Tepper 自 2023 年 9 月 30 日以来减少了其基金在 Nvidia 的持股 97%（售出 999.5 万股）。</li>
<li>Coatue Management 的 Philippe Laffont 自 2023 年 3 月 31 日以来已将超过 4120 万股送上砧板，减少了其基金的持股 83%。</li>
<li>Millennium Management 的 Israel Englander，定期使用看跌和看涨期权进行对冲，自 2023 年 9 月 30 日以来已削减近 2830 万股（减少 75%）。</li>
</ul>
</div><p>This persistent selling activity may well be explained by nothing more than simple profit-taking. We've never witnessed a megacap stock gain $3 trillion in market cap in less than two years before, which has offered plenty of opportunity for billionaires to cash in their chips.</p>
<div class="lb-trans"><p>这种持续的出售活动可能仅仅是简单的获利了结。我们从未见过一家市值巨头在不到两年的时间内获得 3 万亿美元的市值，这为亿万富翁们提供了大量兑现利润的机会。</p>
</div><p>But there may be more to this consistent selling than just a desire to take profits.</p>
<div class="lb-trans"><p>但这种持续的出售可能不仅仅是出于获利的愿望。</p>
</div><p>For example, competition is inevitable in AI-accelerated data centers. Even if Nvidia continues to be the preferred option in high-compute data centers, it's unlikely to retain its monopoly like market share as direct competitors ramp up their GPU production.</p>
<div class="lb-trans"><p>例如，竞争在 AI 加速的数据中心中是不可避免的。即使 Nvidia 继续成为高计算数据中心的首选选项，但随着直接竞争对手加大 GPU 生产力度，其垄断式的市场份额不太可能保持不变。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png" alt="" original-src="https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png"/></p>
<p>Growing competition looks to be weighing on Nvidia's superior gross margin. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>日益激烈的竞争似乎对英伟达的优越毛利率造成了压力。NVDA 毛利率（季度）数据来自 YCharts。</p>
</div><p>What's potentially more worrisome is that most members of the &#34;Magnificent Seven&#34; are internally developing AI chips to use in their data centers. While these GPUs are no threat to Nvidia's compute advantages, they are notably cheaper and not backlogged due to demand. The mere presence of these chips means less future opportunity for Nvidia's hardware, as well as less in the way of premium pricing power.</p>
<div class="lb-trans"><p>更令人担忧的是，&#34;七大奇迹&#34;中的大多数成员正在内部开发用于其数据中心的 AI 芯片。虽然这些 GPU 对英伟达的计算优势没有威胁，但它们显著更便宜，并且由于需求没有积压。这些芯片的存在意味着英伟达硬件未来的机会减少，以及在溢价定价能力方面的下降。</p>
</div><p>There's also the very real possibility of Jensen Huang's accelerated innovation timeline hurting, not, helping, his company. Though bringing a new chip to market annually will cement its compute advantage, it has the potential to quickly depreciate the value of prior-generation chips. Wagering on Nvidia's largest customers to upgrade their hardware on an annual or near-annual basis is risky and may not pay off.</p>
<div class="lb-trans"><p>还有一个非常现实的可能性是，黄仁勋加速的创新时间表可能会对他的公司造成伤害，而不是帮助。尽管每年推出一款新芯片将巩固其计算优势，但这可能会迅速贬值前一代芯片的价值。寄希望于英伟达最大的客户每年或接近每年升级他们的硬件是有风险的，可能不会带来回报。</p>
</div><p>Perhaps the biggest concern for a majority of billionaire money managers selling Nvidia stock is the prospect of history rhyming. Every game-changing trend and innovation for more than three decades has endured an eventual bubble-bursting event early in its expansion. This is due to investors overestimating the mainstream adoption and/or utility of a new technology or innovation.</p>
<div class="lb-trans"><p>对于大多数出售英伟达股票的亿万富翁资金经理来说，最大的担忧可能是历史重演的前景。在过去三十多年中，每一个改变游戏规则的趋势和创新在其扩张初期都经历过最终的泡沫破裂事件。这是因为投资者高估了新技术或创新的主流采用和/或实用性。</p>
</div><p>Considering that most businesses aren't generating a positive return on their AI investments, nor have they optimized their AI solutions, it looks to be a matter of time before the AI bubble bursts. If history were to rhyme, no company would be expected to take it on the chin more than Nvidia.</p>
<div class="lb-trans"><p>考虑到大多数企业在其 AI 投资中并未产生正回报，也没有优化其 AI 解决方案，AI 泡沫破裂似乎只是时间问题。如果历史重演，预计没有公司会比英伟达更受影响。</p>
</div>

Billionaire Money Managers Are Selling Nvidia Stock Hand Over Fist, With One Notable Exception

- 人工智能吸引了大量投资，预计到 2030 年对全球 GDP 影响达 15.7 万亿美元。  
- 尽管大多数亿万富翁投资者出售 Nvidia 股票，Chase Coleman 却持续增持。  
- Nvidia 在 GPU 市场的垄断地位和高需求推动其股价上涨，但竞争加剧可能影响未来表现。

亿万富翁资金管理者正在纷纷抛售英伟达股票，但有一个值得注意的例外