<p>作为 Ark Invest 的首席执行官和首席投资官，Cathie Wood 可能以其对基因组学和加密货币等行业的高信念投机机会而闻名。</p>
<p>在人工智能（AI）方面，Ark 的许多主要持仓集中在 <strong>特斯拉</strong> 和 <strong>Palantir Technologies</strong> 等波动性较大的股票上。然而，在过去几个月中，Wood 悄然增加了她的交易所交易基金（ETFs）中的半导体股票。</p>
<p>让我们来探讨两只最近在 Ark 投资组合中崭露头角的 AI 芯片股票。现在是跟随 Wood 的投资动向的好时机吗？继续阅读以了解更多。</p>
<h2>1. 超威半导体</h2>
<p>虽然 <strong>超威半导体</strong>（AMD -0.45%）已经在 Ark 的投资组合中存在了一段时间，但该投资公司在 4 月底和 5 月的大部分时间里开始积极增加其持仓。</p>
<p>根据公开交易数据，Ark 在 6 月 17 日至 30 日之间增加了大约 80 万股 AMD。该持仓分布在 <strong>Ark 自主技术与机器人 ETF</strong>、<strong>Ark 下一代互联网 ETF</strong>、<strong>Ark 金融科技创新 ETF</strong> 和 <strong>Ark 创新 ETF</strong> 中。截至目前，AMD 已成为 Ark Invest 整体第 11 大持仓。</p>
<p>公平地说，AMD 在 Ark 的上涨也受到最近几周显著股价上涨的影响。自从 Ark 在 4 月底开始增加 AMD 持仓以来，股价大约上涨了 61%。</p>
<p>在我看来，AMD 最近的涨幅与公司加速的数据中心业务以及对其新 AI 加速器在下半年表现的乐观预期有关。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1f45c12dcc6e295e851c8d05e0e140a2.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/1f45c12dcc6e295e851c8d05e0e140a2.png"/></p>
<p>数据来源：YCharts。</p>
<p>尽管股价出现如此大幅波动，AMD 的交易价格仍约为前瞻性市盈率的 36 倍。虽然这并不算便宜，但 AMD 的股价仍在其通常的估值范围内。</p>
<p>我猜测，AMD 仍然被一些投资者低估，主要是由于该公司面临来自 <strong>英伟达</strong> 的巨大竞争威胁。</p>
<p>考虑到目前推动 AMD 股票的强劲势头，我认为暂时观望是明智的。对我而言，只要英伟达仍然是芯片行业的王者，该公司的长期前景就有些模糊。虽然在 AMD 股票中仍可能有不错的收益，但还有更合理的价格点可以建立持仓。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3NDIvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS00LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="411" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3NDIvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS00LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>2. 台湾半导体制造公司</h2>
<p>Ark 在 5 月通过增加对 <strong>台湾半导体制造公司</strong>（TSM 0.75%）的投资来补充其 AMD 的购买。该公司在 6 月又增加了超过 19 万股 TSMC。</p>
<p>我认为 TSMC 是在更广泛的芯片市场中最有趣的机会。与英伟达、AMD、<strong>博通</strong> 或云计算巨头不同，TSMC 并不专注于设计自己的芯片。相反，该公司提供行业领先的制造服务，将半导体设计变为现实。</p>
<p>这使得 TSMC 处于一个独特的位置，因为该公司将在未来几年受益于人工智能基础设施支出的增加，无论具体哪些芯片组受到最多需求。</p>
<p>换句话说，TSMC 的投资者无需过度分析哪家芯片公司将销售最多的图形处理单元（GPU）。相反，投资 TSMC 可以被视为对数据中心基础设施和 AI 芯片长期投资的看涨期权。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1e0127c23c3303ed2e98f9f7e3117c29.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/1e0127c23c3303ed2e98f9f7e3117c29.png"/></p>
<p>数据来源：YCharts。</p>
<p>尽管在 AI 革命中，TSMC 经历了一些显著的估值扩张，但该公司的前瞻性市盈率（P/E）倍数为 25 仍然合理。与 AMD 不同，我认为上升的竞争并不是投资者对 TSMC 持仓的担忧。</p>
<p>相反，地缘政治紧张局势与中国的关系使得 TSMC 的增长前景充满不确定性。然而，考虑到该公司在地理扩张方面的持续投资，我认为对中国的担忧被夸大了，并且可能已经反映在股票中。</p>
<p>正如我几周前所写，TSMC 可能是目前 AI 市场中最好的投资机会。强劲的长期趋势，加上在制造市场中的行业领先地位、强大的机构支持和合理的估值，使得 TSMC 成为长期投资者的明智选择。</p>

半导体 3 倍做多 - Direxion

<p>阿克投资的首席执行官凯西·伍德（Cathie Wood）一直在增加对半导体股票的投资，特别是对先进微电子（AMD）和台湾半导体制造公司（TSMC）的持仓。阿克增持了大约 80 万股 AMD，该股近期上涨了 61%，但面临来自英伟达的竞争。提供代工服务的 TSMC 也被纳入阿克的投资组合，其前瞻市盈率为 25，尽管存在地缘政治担忧，但仍然是一个具有吸引力的长期投资。这两只股票反映了伍德在人工智能芯片市场的投资策略</p>

<p>As CEO and chief investment officer of Ark Invest, Cathie Wood might be best known for her high conviction in speculative opportunities across industries such as genomics and cryptocurrency.</p>
<div class="lb-trans"><p>作为 Ark Invest 的首席执行官和首席投资官，Cathie Wood 可能以其对基因组学和加密货币等行业的高信念投机机会而闻名。</p>
</div><p>When it comes artificial intelligence (AI), many of Ark's biggest positions are in volatile stocks such as <strong>Tesla</strong> and <strong>Palantir Technologies</strong>. Over the last couple of months, however, Wood has quietly been rounding out her exchange-traded funds (ETFs) with semiconductor stocks.</p>
<div class="lb-trans"><p>在人工智能（AI）方面，Ark 的许多主要持仓集中在 <strong>特斯拉</strong> 和 <strong>Palantir Technologies</strong> 等波动性较大的股票上。然而，在过去几个月中，Wood 悄然增加了她的交易所交易基金（ETFs）中的半导体股票。</p>
</div><p>Let's explore two AI chip stocks that have recently become rising stars in the Ark portfolio. Is now the time to follow Wood's moves? Read on to find out.</p>
<div class="lb-trans"><p>让我们来探讨两只最近在 Ark 投资组合中崭露头角的 AI 芯片股票。现在是跟随 Wood 的投资动向的好时机吗？继续阅读以了解更多。</p>
</div><h2>1. Advanced Micro Devices</h2>
<div class="lb-trans"><h2>1. 超威半导体</h2>
</div><p>While <strong>Advanced Micro Devices</strong>(AMD -0.45%) has been part of Ark's portfolio for quite some time, the investment firm began aggressively adding to its position throughout late April and most of May.</p>
<div class="lb-trans"><p>虽然 <strong>超威半导体</strong>（AMD -0.45%）已经在 Ark 的投资组合中存在了一段时间，但该投资公司在 4 月底和 5 月的大部分时间里开始积极增加其持仓。</p>
</div><p>According to public trading data, Ark added approximately 800,000 shares of AMD between June 17 and 30. The position is spread across the <strong>Ark Autonomous Technology &amp; Robotics ETF</strong>, <strong>Ark Next Generation Internet ETF</strong>, <strong>Ark Fintech Innovation ETF</strong>, and <strong>Ark Innovation ETF</strong>. As of this writing, AMD has now become the 11th biggest position for Ark Invest overall.</p>
<div class="lb-trans"><p>根据公开交易数据，Ark 在 6 月 17 日至 30 日之间增加了大约 80 万股 AMD。该持仓分布在 <strong>Ark 自主技术与机器人 ETF</strong>、<strong>Ark 下一代互联网 ETF</strong>、<strong>Ark 金融科技创新 ETF</strong> 和 <strong>Ark 创新 ETF</strong> 中。截至目前，AMD 已成为 Ark Invest 整体第 11 大持仓。</p>
</div><p>In fairness, AMD's rise at Ark has been influenced by some pronounced share price gains in recent weeks too. Since Ark began adding to its AMD position in late April, shares have gained roughly 61%.</p>
<div class="lb-trans"><p>公平地说，AMD 在 Ark 的上涨也受到最近几周显著股价上涨的影响。自从 Ark 在 4 月底开始增加 AMD 持仓以来，股价大约上涨了 61%。</p>
</div><p>In my eyes, AMD's recent gains can be tied to the company's accelerating data center business as well as bullish anticipation for its new AI accelerators during the second half of this year.</p>
<div class="lb-trans"><p>在我看来，AMD 最近的涨幅与公司加速的数据中心业务以及对其新 AI 加速器在下半年表现的乐观预期有关。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1f45c12dcc6e295e851c8d05e0e140a2.png" alt="" original-src="https://media.ycharts.com/charts/1f45c12dcc6e295e851c8d05e0e140a2.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Nevertheless, even with such a massive move in the share price, AMD trades for roughly 36 times forward earnings. Although this isn't exactly cheap, shares of AMD are well within their usual valuation range.</p>
<div class="lb-trans"><p>尽管股价出现如此大幅波动，AMD 的交易价格仍约为前瞻性市盈率的 36 倍。虽然这并不算便宜，但 AMD 的股价仍在其通常的估值范围内。</p>
</div><p>My hunch is that AMD is still being discounted by some investors, primarily due to the enormous competitive threat the company faces from <strong>Nvidia</strong>.</p>
<div class="lb-trans"><p>我猜测，AMD 仍然被一些投资者低估，主要是由于该公司面临来自 <strong>英伟达</strong> 的巨大竞争威胁。</p>
</div><p>Considering how much momentum is fueling AMD stock right now, I think I'd sit on the sidelines for the time being. To me, the company's long-term prospects are somewhat ambiguous so long as Nvidia remains king of the chip industry. While there is likely still good money to be made in AMD stock, there are more reasonable price points to build a position.</p>
<div class="lb-trans"><p>考虑到目前推动 AMD 股票的强劲势头，我认为暂时观望是明智的。对我而言，只要英伟达仍然是芯片行业的王者，该公司的长期前景就有些模糊。虽然在 AMD 股票中仍可能有不错的收益，但还有更合理的价格点可以建立持仓。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjM3NDIvZ2V0dHlpbWFnZXMtMjA3ODkxNzEwOS00LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F823742%2Fgettyimages-2078917109-4.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>2. Taiwan Semiconductor Manufacturing</h2>
<div class="lb-trans"><h2>2. 台湾半导体制造公司</h2>
</div><p>Ark complemented its AMD purchases with some exposure to <strong>Taiwan Semiconductor Manufacturing</strong>(TSM 0.75%) back in May. The firm doubled down on this decision by adding over 190,000 shares of TSMC throughout June.</p>
<div class="lb-trans"><p>Ark 在 5 月通过增加对 <strong>台湾半导体制造公司</strong>（TSM 0.75%）的投资来补充其 AMD 的购买。该公司在 6 月又增加了超过 19 万股 TSMC。</p>
</div><p>I see TSMC as the most interesting opportunity within the broader chip landscape. Unlike Nvidia, AMD, <strong>Broadcom</strong>, or the cloud hyperscalers, TSMC doesn't specialize in designing its own chipsets. Rather, the company offers industry-leading fabrication services that bring semiconductor designs to life.</p>
<div class="lb-trans"><p>我认为 TSMC 是在更广泛的芯片市场中最有趣的机会。与英伟达、AMD、<strong>博通</strong> 或云计算巨头不同，TSMC 并不专注于设计自己的芯片。相反，该公司提供行业领先的制造服务，将半导体设计变为现实。</p>
</div><p>This puts TSMC in a unique position as the company stands to benefit from rising spend in AI infrastructure over the coming years, regardless of which specific chipsets are witnessing the most demand.</p>
<div class="lb-trans"><p>这使得 TSMC 处于一个独特的位置，因为该公司将在未来几年受益于人工智能基础设施支出的增加，无论具体哪些芯片组受到最多需求。</p>
</div><p>Looked at another way, investors in TSMC need not overanalyze which chip company will sell the most graphics processing units (GPUs). Rather, an investment in TSMC could be viewed similarly to a call option on ongoing investment in data center infrastructure and AI chips for the long term.</p>
<div class="lb-trans"><p>换句话说，TSMC 的投资者无需过度分析哪家芯片公司将销售最多的图形处理单元（GPU）。相反，投资 TSMC 可以被视为对数据中心基础设施和 AI 芯片长期投资的看涨期权。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/1e0127c23c3303ed2e98f9f7e3117c29.png" alt="" original-src="https://media.ycharts.com/charts/1e0127c23c3303ed2e98f9f7e3117c29.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>While TSMC has witnessed some notable valuation expansion throughout the AI revolution, the company's forward price-to-earnings (P/E) multiple of 25 is still reasonable. Unlike AMD, I do not think rising competition is what concerns investors over a position in TSMC, though.</p>
<div class="lb-trans"><p>尽管在 AI 革命中，TSMC 经历了一些显著的估值扩张，但该公司的前瞻性市盈率（P/E）倍数为 25 仍然合理。与 AMD 不同，我认为上升的竞争并不是投资者对 TSMC 持仓的担忧。</p>
</div><p>Rather, it's geopolitical tensions with China that give way to uncertainty over TSMC's growth prospects. Given the company's ongoing investments in geographic expansion, though, I think the concerns over China are exaggerated and likely baked into the stock at this point.</p>
<div class="lb-trans"><p>相反，地缘政治紧张局势与中国的关系使得 TSMC 的增长前景充满不确定性。然而，考虑到该公司在地理扩张方面的持续投资，我认为对中国的担忧被夸大了，并且可能已经反映在股票中。</p>
</div><p>As I wrote a few weeks ago, TSMC might be the best bargain in the AI market right now. Compelling secular tailwinds, combined with an industry-leading position in the fabrication market, strong institutional backing, and a reasonable valuation, make TSMC a no-brainer for long-term investors.</p>
<div class="lb-trans"><p>正如我几周前所写，TSMC 可能是目前 AI 市场中最好的投资机会。强劲的长期趋势，加上在制造市场中的行业领先地位、强大的机构支持和合理的估值，使得 TSMC 成为长期投资者的明智选择。</p>
</div>

Cathie Wood Just Went Bargain Hunting: 2 Artificial Intelligence (AI) Chip Stocks She Just Scooped Up (Hint: Nvidia Isn't One of Them)

- Cathie Wood 的 Ark Invest 近期增持了 AMD 和台积电的股票。  
- AMD 在过去几个月中股价上涨约 61%，成为 Ark 的第 11 大持仓。  
- 台积电则因其在 AI 基础设施中的独特地位，吸引了投资者关注。  

凯西·伍德刚刚开始寻找便宜货：她刚刚买入了两只人工智能（AI）芯片股票（提示：英伟达不在其中）