<p>如果说投资者在华尔街永远不会缺少什么，那就是数据。每个季度都要消化大量的财报，以及几乎每天发布的经济数据，有时会让人感到不堪重负。这也使得一些重要的信息容易被忽视。</p>
<p>例如，可以说向证券交易委员会提交的 13F 表格的截止日期不晚于季度结束后的 45 个日历天，与财报季同样重要。13F 是机构投资者（管理资产至少 1 亿美元）必须提交的文件，详细列出了他们在前一个季度的买卖活动。</p>
<p>尽管 13F 远非完美——活跃对冲基金的快照往往过时——但它们可以提供关于华尔街顶尖资金经理所关注的股票和趋势的洞察。当我提到 “顶尖资金经理” 时，我指的不仅仅是亿万富翁沃伦·巴菲特。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<p>例如，第三点的亿万富翁首席执行官丹·洛布（Dan Loeb）无疑赢得了相当多的关注。洛布管理着超过 65 亿美元的资产，并展现出从小型和大型成长股中获取利润的才能。</p>
<p>洛布在截至 3 月的季度的交易活动尤其引人注目。尽管他新增了 11 个新头寸（其中 10 个是个股持仓），并完全退出了九个投资，但他与华尔街两家最具影响力企业的交易方式尤为突出。</p>
<h2>亿万富翁丹·洛布抛售特斯拉股票</h2>
<p>或许第三点第一季度 13F 中最大的惊喜是，北美领先的电动汽车制造商 <strong>特斯拉</strong>（TSLA 4.68%）的所有 500,000 股股票都被抛售。</p>
<p>有趣的是，洛布在 2024 年第三季度的某个时候开始建立特斯拉的头寸。当时，特斯拉首席执行官埃隆·马斯克正在加大对当时候选人唐纳德·特朗普的支持。可以推测，如果特朗普赢得总统选举，这对特斯拉将是一个积极的信号。在特朗普 11 月胜选后，特斯拉的股票实际上翻了一番。</p>
<p>因此，洛布在第一季度的退出可能仅仅代表着一次恰到好处的交易，受到了政治局势变化的推动。考虑到第三点投资组合中的平均证券持有时间略超过 13 个月，丹·洛布展现出了锁定收益的意愿。</p>
<p>然而，特斯拉股票被抛售的现实可能还受到其他因素的影响。</p>
<p>首先，特斯拉的电动汽车部门表现不佳，其车辆利润经历了两年的下降。马斯克之前曾指出，他公司的电动汽车定价政策是由需求决定的。随着竞争加剧和特斯拉库存增加，它别无选择，只能在定价上变得更加激进。超过六次的降价对特斯拉的运营利润造成了沉重压力。</p>
<p>特斯拉的另一个问题是其盈利质量。尽管连续五年盈利，但其相当一部分税前收入来自不可持续的来源，如监管税收抵免和现金利息收入。特朗普的新税收和支出法案——《一项伟大的美丽法案》将会在美国取消这些监管抵免。</p>
<p>丹·洛布退出特斯拉的决定也可能受到埃隆·马斯克带来的逆风影响。尽管马斯克将公司的收入来源扩展到能源生产和储存，但他在过度承诺和未能兑现方面有着悠久的记录。令人失望的 Cybertruck 销量、在德克萨斯州奥斯汀的温和机器人出租车发布，以及十多年来未能实现的 5 级自动驾驶承诺，表明特斯拉的股票不过是建立在虚假承诺之上。</p>
<p>最后，特斯拉的估值几乎没有出错的余地。即使预计 2025 年销售停滞，马斯克的公司仍然要求一个不可思议的前瞻性市盈率为 105。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="486" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>第三点的亿万投资者正在加码华尔街的人工智能宠儿</h2>
<p>在另一个极端，亿万富翁丹·洛布正在加码的一只股票，自 1999 年 1 月首次公开募股（IPO）以来，包括支付的股息，已经飙升超过 420,000%。第三点的 13F 显示，洛布在截至 3 月的季度中购买了 1,450,000 股 <strong>英伟达</strong>（NVDA 0.75%），这也是他第二次拥有华尔街人工智能宠儿的股票。</p>
<p>英伟达之所以成为华尔街最大的上市公司，并且自 2022 年底以来市值增加超过 3.5 万亿美元，并非偶然。它之所以能够实现这一成就，得益于其一系列竞争优势。</p>
<p>英伟达的销售增长——在 2023 财年（截至 2023 年 1 月）报告的销售额为 270 亿美元，预计在 2026 财年（截至 2026 年 1 月）达到 2000 亿美元——反映出其图形处理单元（GPU）在企业数据中心的主导地位。对 Hopper 及其后续的 Blackwell GPU 架构的需求仍然处于积压状态。</p>
<p>尽管 <strong>台湾半导体制造公司</strong> 努力迅速扩大其晶圆上晶片的产能，但对人工智能 GPU 的需求仍然远远超过供应。这使得英伟达能够每年销售更多的人工智能 GPU，并且相对于外部竞争对手能够对其芯片收取显著的溢价。人工智能 GPU 的稀缺性帮助英伟达的毛利率在一年多前达到了 78.4% 的峰值。</p>
<p>华尔街也因英伟达持续投资于创新而给予其奖励。首席执行官黄仁勋试图每年推出一款新的人工智能先进芯片，继去年推出的 Blackwell 之后，计划在 2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，以及在 2027 年推出 Vera Rubin Ultra，如果一切顺利的话。每年推出一款新芯片几乎可以确保英伟达的硬件保持其计算优势。</p>
<p>吸引第三点的亿万富翁投资者下手的另一个因素可能是英伟达第一季度的下滑。除了因特朗普的关税和贸易政策导致的整体股市疲软外，英伟达的股票在 1 月份因中国的 DeepSeek 发布 R1 大型语言模型聊天机器人而下滑。DeepSeek 的聊天机器人据称使用了更便宜且性能较低的英伟达芯片。这些短暂的下跌使英伟达的股票降低了未来一年的盈利倍数，给了洛布一个出手的机会。</p>
<p>但尽管取得了成功，英伟达的股票仍可能处于泡沫之中。根据历史经验，过去三十多年中，没有任何下一代重大技术能够避免泡沫破裂事件。人工智能作为一项技术需要时间来成熟，这使得英伟达面临人工智能泡沫破裂的可能性。</p>
<p>除了特朗普的关税和贸易政策外，英伟达面临的另一个主要问题是不可避免的竞争加剧。特别是，许多按净销售额计算的最大客户正在内部开发用于其数据中心的人工智能芯片。尽管这些硬件不会与英伟达的 AI-GPU 形成外部竞争，但未来可能会占用华尔街的人工智能宠儿宝贵的数据中心空间，减少 AI-GPU 的稀缺性，并延迟升级周期。</p>

<p>亿万富翁丹·洛布（Dan Loeb）通过其第三点投资公司（Third Point）在截至三月的季度内出售了其在特斯拉的全部股份，总计 500,000 股。此决定是在特斯拉车辆利润下降和竞争加剧的背景下做出的。洛布的退出也可能受到对特斯拉盈利质量和埃隆·马斯克（Elon Musk）过往表现的担忧影响。相反，洛布投资了英伟达（Nvidia），购买了 1,450,000 股，自 1999 年上市以来，该股票已上涨超过 420,000%，反映了他向以人工智能为重点的投资转变</p>

<p>If there's one thing investors are never short of on Wall Street, it's data. Trying to digest an onslaught of earnings reports each quarter, as well as near-daily economic data releases, can sometimes be overwhelming. It also makes it easy for something important to fall through the cracks.</p>
<div class="lb-trans"><p>如果说投资者在华尔街永远不会缺少什么，那就是数据。每个季度都要消化大量的财报，以及几乎每天发布的经济数据，有时会让人感到不堪重负。这也使得一些重要的信息容易被忽视。</p>
</div><p>For example, an argument can be made that the filing of Form 13F with the Securities and Exchange Commission no later than 45 calendar days following the end to a quarter is equally as important as earnings season. A 13F is a required filing by institutional investors with at least $100 million in assets under management (AUM) that details their buying and selling activity for the prior quarter.</p>
<div class="lb-trans"><p>例如，可以说向证券交易委员会提交的 13F 表格的截止日期不晚于季度结束后的 45 个日历天，与财报季同样重要。13F 是机构投资者（管理资产至少 1 亿美元）必须提交的文件，详细列出了他们在前一个季度的买卖活动。</p>
</div><p>Although 13Fs are far from perfect -- snapshots for active hedge funds are often stale -- they can offer insight on the stocks and trends piquing the interest of Wall Street's leading money managers. And when I say &#34;leading money managers,&#34; I'm talking about more than just billionaire Warren Buffett.</p>
<div class="lb-trans"><p>尽管 13F 远非完美——活跃对冲基金的快照往往过时——但它们可以提供关于华尔街顶尖资金经理所关注的股票和趋势的洞察。当我提到 “顶尖资金经理” 时，我指的不仅仅是亿万富翁沃伦·巴菲特。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824425%2Fmoney-manager-stock-chart-market-level-2-data-invest-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>For instance, Third Point's billionaire chief Dan Loeb has rightly earned himself quite the following. Loeb is overseeing more than $6.5 billion in AUM and has demonstrated a knack for generating profits from a mix of small- and large-cap growth stocks.</p>
<div class="lb-trans"><p>例如，第三点的亿万富翁首席执行官丹·洛布（Dan Loeb）无疑赢得了相当多的关注。洛布管理着超过 65 亿美元的资产，并展现出从小型和大型成长股中获取利润的才能。</p>
</div><p>Loeb's trading activity during the March-ended quarter is particularly interesting. Though he added 11 new positions (10 of which are individual stock holdings) and completely exited nine stakes, it's his approach with two of Wall Street's most-influential businesses that stands out.</p>
<div class="lb-trans"><p>洛布在截至 3 月的季度的交易活动尤其引人注目。尽管他新增了 11 个新头寸（其中 10 个是个股持仓），并完全退出了九个投资，但他与华尔街两家最具影响力企业的交易方式尤为突出。</p>
</div><h2>Billionaire Dan Loeb gave Tesla stock the heave-ho</h2>
<div class="lb-trans"><h2>亿万富翁丹·洛布抛售特斯拉股票</h2>
</div><p>Perhaps the biggest surprise of Third Point's first-quarter 13F is that all 500,000 shares of North America's leading electric-vehicle (EV) manufacturer <strong>Tesla</strong>(TSLA 4.68%) were shown the door.</p>
<div class="lb-trans"><p>或许第三点第一季度 13F 中最大的惊喜是，北美领先的电动汽车制造商 <strong>特斯拉</strong>（TSLA 4.68%）的所有 500,000 股股票都被抛售。</p>
</div><p>Interestingly, Loeb initiated his fund's position in Tesla at some point during the third quarter of 2024. This was at a time when Tesla CEO Elon Musk was ramping up his support for then-candidate Donald Trump. Presumptively, if Trump were to win the presidency, it was expected to be a positive for Tesla. In the wake of Trump's November victory, Tesla stock effectively doubled.</p>
<div class="lb-trans"><p>有趣的是，洛布在 2024 年第三季度的某个时候开始建立特斯拉的头寸。当时，特斯拉首席执行官埃隆·马斯克正在加大对当时候选人唐纳德·特朗普的支持。可以推测，如果特朗普赢得总统选举，这对特斯拉将是一个积极的信号。在特朗普 11 月胜选后，特斯拉的股票实际上翻了一番。</p>
</div><p>Thus, Loeb's first-quarter exit might represent nothing more than a well-placed trade that was fueled by political puzzle pieces falling into place. With the average security in Third Point's portfolio held for a little over 13 months, Dan Loeb has demonstrated a willingness to lock in gains.</p>
<div class="lb-trans"><p>因此，洛布在第一季度的退出可能仅仅代表着一次恰到好处的交易，受到了政治局势变化的推动。考虑到第三点投资组合中的平均证券持有时间略超过 13 个月，丹·洛布展现出了锁定收益的意愿。</p>
</div><p>However, there's the realistic possibility that other factors played a role in sending shares of Tesla to the chopping block in the March-ended quarter.</p>
<div class="lb-trans"><p>然而，特斯拉股票被抛售的现实可能还受到其他因素的影响。</p>
</div><p>For starters, Tesla's EV segment isn't performing well, with its vehicle margin enduring a two-year decline. Musk has previously noted that his company's EV-pricing policy is dictated by demand. With competition ramping up and Tesla's inventory climbing, it's had no choice but to get more aggressive with its pricing. More than a half-dozen price cuts have weighed heavily on Tesla's operating margin.</p>
<div class="lb-trans"><p>首先，特斯拉的电动汽车部门表现不佳，其车辆利润经历了两年的下降。马斯克之前曾指出，他公司的电动汽车定价政策是由需求决定的。随着竞争加剧和特斯拉库存增加，它别无选择，只能在定价上变得更加激进。超过六次的降价对特斯拉的运营利润造成了沉重压力。</p>
</div><p>Another issue with Tesla has been the quality of its earnings. Although it's been profitable for five consecutive years, a substantial portion of its pre-tax income has come from unsustainable sources, such as regulatory tax credits and interest income on its cash. Trump's new tax and spending law, the One, Big, Beautiful Bill, will eliminate these regulatory credits for Tesla in the U.S.</p>
<div class="lb-trans"><p>特斯拉的另一个问题是其盈利质量。尽管连续五年盈利，但其相当一部分税前收入来自不可持续的来源，如监管税收抵免和现金利息收入。特朗普的新税收和支出法案——《一项伟大的美丽法案》将会在美国取消这些监管抵免。</p>
</div><p>Dan Loeb's exit from Tesla might also be influenced by headwinds created by Elon Musk. Despite expanding his company's revenue stream to include energy generation and storage, Musk has a lengthy track record of overpromising and underdelivering. Disappointing Cybertruck sales, a tame robotaxi launch in Austin, TX, and more than a decade of unfulfilled Level 5 autonomy promises suggest Tesla stock is being propped up on nothing more than false promises.</p>
<div class="lb-trans"><p>丹·洛布退出特斯拉的决定也可能受到埃隆·马斯克带来的逆风影响。尽管马斯克将公司的收入来源扩展到能源生产和储存，但他在过度承诺和未能兑现方面有着悠久的记录。令人失望的 Cybertruck 销量、在德克萨斯州奥斯汀的温和机器人出租车发布，以及十多年来未能实现的 5 级自动驾驶承诺，表明特斯拉的股票不过是建立在虚假承诺之上。</p>
</div><p>Lastly, Tesla's valuation leaves no room for error. Even with stagnant sales expected in 2025, Musk's company is commanding an inexplicable forward-year earnings multiple of 105.</p>
<div class="lb-trans"><p>最后，特斯拉的估值几乎没有出错的余地。即使预计 2025 年销售停滞，马斯克的公司仍然要求一个不可思议的前瞻性市盈率为 105。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ0MjUvYnV5LWxvdy1zZWxsLWhpZ2gtc3RvY2stbWFya2V0LWNoYXJ0LWludmVzdGluZy1yZXRpcmVtZW50LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824425%2Fbuy-low-sell-high-stock-market-chart-investing-retirement-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>Third Point's billionaire investor is loading up on Wall Street's AI darling</h2>
<div class="lb-trans"><h2>第三点的亿万投资者正在加码华尔街的人工智能宠儿</h2>
</div><p>On the other end of the spectrum is a stock billionaire Dan Loeb is loading up on that, including dividends paid, has skyrocketed more than 420,000% since its initial public offering (IPO) in January 1999. Third Point's 13F shows that Loeb scooped up 1,450,000 shares of <strong>Nvidia</strong>(NVDA 0.75%) in the March-ended quarter, which marks only the second time he's ever owned shares of Wall Street's artificial intelligence (AI) darling.</p>
<div class="lb-trans"><p>在另一个极端，亿万富翁丹·洛布正在加码的一只股票，自 1999 年 1 月首次公开募股（IPO）以来，包括支付的股息，已经飙升超过 420,000%。第三点的 13F 显示，洛布在截至 3 月的季度中购买了 1,450,000 股 <strong>英伟达</strong>（NVDA 0.75%），这也是他第二次拥有华尔街人工智能宠儿的股票。</p>
</div><p>Nvidia didn't become Wall Street's largest publicly traded company, or tack on north of $3.5 trillion in market cap since the end of 2022, by accident. It accomplished this feat thanks to its an assortment of competitive advantages.</p>
<div class="lb-trans"><p>英伟达之所以成为华尔街最大的上市公司，并且自 2022 年底以来市值增加超过 3.5 万亿美元，并非偶然。它之所以能够实现这一成就，得益于其一系列竞争优势。</p>
</div><p>Nvidia's sales growth -- $27 billion in reported full-year sales in fiscal 2023 (ended January 2023) to an estimated $200 billion in full-year sales in fiscal 2026 (ended January 2026) -- is a reflection of how dominant its graphics processing units (GPUs) are in enterprise data centers. Demand for the Hopper and successor Blackwell GPU architecture remain backlogged.</p>
<div class="lb-trans"><p>英伟达的销售增长——在 2023 财年（截至 2023 年 1 月）报告的销售额为 270 亿美元，预计在 2026 财年（截至 2026 年 1 月）达到 2000 亿美元——反映出其图形处理单元（GPU）在企业数据中心的主导地位。对 Hopper 及其后续的 Blackwell GPU 架构的需求仍然处于积压状态。</p>
</div><p>Despite the best efforts of <strong>Taiwan Semiconductor Manufacturing</strong> to rapidly expand its chip-on-wafer-on-substrate capacity, demand for AI-GPUs has continued to handily overwhelm their supply. This has allowed Nvidia to sell more AI-GPUs annually and to also charge a significant premium for its chips, relative to external competitors. AI-GPU scarcity helped lift Nvidia's gross margin to a peak of 78.4% a little over one year ago.</p>
<div class="lb-trans"><p>尽管 <strong>台湾半导体制造公司</strong> 努力迅速扩大其晶圆上晶片的产能，但对人工智能 GPU 的需求仍然远远超过供应。这使得英伟达能够每年销售更多的人工智能 GPU，并且相对于外部竞争对手能够对其芯片收取显著的溢价。人工智能 GPU 的稀缺性帮助英伟达的毛利率在一年多前达到了 78.4% 的峰值。</p>
</div><p>Wall Street has also rewarded Nvidia for its continued investments in innovation. CEO Jensen Huang is attempting to bring a new AI-advanced chip to market annually, Following Blackwell, which debuted last year, will be Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027), if all goes according to plan. Introducing a new chip every year all but ensures that Nvidia's hardware will retain its compute advantages.</p>
<div class="lb-trans"><p>华尔街也因英伟达持续投资于创新而给予其奖励。首席执行官黄仁勋试图每年推出一款新的人工智能先进芯片，继去年推出的 Blackwell 之后，计划在 2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，以及在 2027 年推出 Vera Rubin Ultra，如果一切顺利的话。每年推出一款新芯片几乎可以确保英伟达的硬件保持其计算优势。</p>
</div><p>The other factor that may have played a role in enticing Third Point's billionaire investor to take the plunge is Nvidia's first-quarter swoon. In addition to general stock market weakness caused by Trump's tariff and trade policy, Nvidia stock swooned in January following the release of China-based DeepSeek's R1 large language model chatbot. DeepSeek's chatbot is claimed to have used cheaper and less-powerful Nvidia chips. These brief downturns for Nvidia stock lowered its forward-year earnings multiple and gave Loeb an opportunity to pounce.</p>
<div class="lb-trans"><p>吸引第三点的亿万富翁投资者下手的另一个因素可能是英伟达第一季度的下滑。除了因特朗普的关税和贸易政策导致的整体股市疲软外，英伟达的股票在 1 月份因中国的 DeepSeek 发布 R1 大型语言模型聊天机器人而下滑。DeepSeek 的聊天机器人据称使用了更便宜且性能较低的英伟达芯片。这些短暂的下跌使英伟达的股票降低了未来一年的盈利倍数，给了洛布一个出手的机会。</p>
</div><p>But in spite of its success, Nvidia stock may still be in a bubble. Based on what history tells us, no next-big-thing technology has avoided a bubble-bursting event in over three decades. It's going to take time for AI to mature as a technology, which leaves Nvidia exposed to the possibility of the AI bubble bursting.</p>
<div class="lb-trans"><p>但尽管取得了成功，英伟达的股票仍可能处于泡沫之中。根据历史经验，过去三十多年中，没有任何下一代重大技术能够避免泡沫破裂事件。人工智能作为一项技术需要时间来成熟，这使得英伟达面临人工智能泡沫破裂的可能性。</p>
</div><p>The other major issue for Nvidia, beyond Trump's tariff and trade policy, is the inevitable ramp in competition it'll face. In particular, many of its largest customers by net sales are internally developing AI chips to use in their data centers. Even though this hardware is at no risk of externally competing with Nvidia's AI-GPUs, it could cost Wall Street's AI darling valuable data center space in the future, reduce AI-GPU scarcity, and delay upgrade cycles.</p>
<div class="lb-trans"><p>除了特朗普的关税和贸易政策外，英伟达面临的另一个主要问题是不可避免的竞争加剧。特别是，许多按净销售额计算的最大客户正在内部开发用于其数据中心的人工智能芯片。尽管这些硬件不会与英伟达的 AI-GPU 形成外部竞争，但未来可能会占用华尔街的人工智能宠儿宝贵的数据中心空间，减少 AI-GPU 的稀缺性，并延迟升级周期。</p>
</div>

Billionaire Dan Loeb of Third Point Sold His Entire Stake in Tesla in Favor of a Stock That's Climbed More Than 420,000% Since Its IPO

- 投资者在华尔街面临大量数据，难以消化季度财报和经济数据。  
- 第三点资本的丹·洛布在第一季度退出特斯拉，增持英伟达股票。  
- 特斯拉面临竞争加剧和盈利质量问题，而英伟达则因 AI 需求强劲而增长。

Motley Fool

英伟达

特斯拉

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

2 倍做空特斯拉 ETF - GraniteShares

2 倍做多特斯拉 ETF - Direxion

2 倍做空特斯拉 ETF - Tradr

XI二南特斯-U

南方两倍做多特斯拉

南方两倍做空特斯拉

2 倍做多 TSLA ETF - GraniteShares

半导体 3 倍做多 - Direxion

第三点公司的亿万富翁丹·勒布出售了他在特斯拉的全部股份，转而投资于一只自首次公开募股以来涨幅超过 420,000% 的股票