<p>华尔街的数据丰富，如果你不保持警惕，重要的信息可能会轻易被忽视。</p>
<p>例如，8 月 14 日是资产管理规模（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——而这一提交可能已经被投资者忽视。13F 表格详细列出了华尔街顶级资金经理在最新季度买入和卖出的股票。它还可以帮助投资者识别哪些公司、行业、部门和趋势引起了市场上最聪明的基金经理的兴趣。</p>
<p>但 13F 表格并不仅仅是像沃伦·巴菲特这样的亿万富翁所拥有的庞大投资组合的专属。1 亿美元的 AUM 上限适用于一些华尔街最具影响力的企业，这些企业恰好也是投资者。这包括人工智能（AI）革命的代表，<strong>Nvidia</strong>（NVDA -3.47%）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<p>除了是最大的上市公司外，Nvidia 还以其图形处理单元（GPU）而闻名，这些 GPU 是 AI 加速数据中心的核心。Nvidia 的 Hopper（H100）和 Blackwell GPU 占据了目前企业部署的 AI-GPU 的大部分，而在计算能力方面，没有外部竞争对手能够接近取代这些芯片。</p>
<p>然而，这家 GPU 巨头也是一名投资者。它在截至 6 月的季度结束时的 AUM 为 43.3 亿美元，分布在六只主要集中于 AI 的股票中。然而，这种分布并不均匀，Nvidia 的六个持股中有两个占其投资资产的 95% 以上。</p>
<h2>CoreWeave：91.4% 的投资资产</h2>
<p>当 6 月季度结束时，Nvidia 的投资组合可以准确地总结为数据中心基础设施服务提供商 <strong>CoreWeave</strong>（CRWV -4.04%）和其他五家公司。包括在第二季度新增的 95,113 股 CoreWeave，Nvidia 持有 24,277,573 股，这在 2025 年中期的价值为 39.6 亿美元！</p>
<p>CoreWeave 的运营模式非常简单。它积极投资于 AI-GPU——购买了 25 万颗 Nvidia 的 Hopper 芯片——目标是向需要计算基础设施的企业提供（租赁）其服务。考虑到企业在 AI 基础设施上的支出，CoreWeave 预计在寻找客户方面不会遇到太大困难。</p>
<p>Nvidia 也希望 CoreWeave 能够蓬勃发展。CoreWeave 在六年内对其 GPU 进行折旧，这表明 Nvidia 的主要投资持股将在此期间寻求升级其硬件。Nvidia 在 CoreWeave 的约 5% 的股份，加上其 CUDA 软件平台的吸引力，帮助客户充分利用其 Hopper 和 Blackwell GPU，应该能使 CoreWeave 牢牢与其产品和服务生态系统相连。</p>
<p>如果 CoreWeave 仅仅满足华尔街的共识预期，其销售额预计将从今年的 52.5 亿美元飙升至 2028 年的 195.5 亿美元。</p>
<p>然而，CoreWeave 的成功并不像其自 3 月底首次公开募股以来的火热股价上涨所暗示的那样有保障。</p>
<p>尽管它正在积极扩展数据中心基础设施以锁定长期的丰厚交易，但购买 AI-GPU 的成本是沉重的。预计该公司今年的利息支出将超过 10 亿美元，全年净亏损约为 12 亿美元。尽管销售额以惊人的速度增长，但亏损也在迅速扩大。</p>
<p>此外，Nvidia 的先进芯片开发周期可能对 CoreWeave 构成问题。Nvidia 首席执行官黄仁勋计划每年推出一款新的 AI-GPU，这可能会迅速使前几代 GPU（如 Hopper）贬值。如果 CoreWeave 的资产贬值速度超过预期，或比预期更快过时，这可能会带来高昂的成本。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Arm Holdings：4.1% 的投资资产</h2>
<p>在 Nvidia 的 43.3 亿美元投资组合中，另一个引人注目的火热人工智能股票是半导体巨头 <strong>Arm Holdings</strong>（ARM -5.00%）。Nvidia 在 6 月底持有的 Arm 股份与 3 月时相同（1,101,249），市值为 1.781 亿美元。</p>
<p>而大多数半导体股票都与对物理硬件的需求相关，Arm 则是一种独特的芯片公司。它的所有收入都来自与其知识产权（IP）和设计相关的特许权使用费和许可费，这些设计被芯片公司（如 Nvidia）在生产 GPU、中央处理单元（CPU）和其他系统 IP 时使用。</p>
<p>作为 “架构师” 而非实际制造商的主要优势可以在间接费用中观察到。传统芯片制造商必须担心一系列供应链挑战和需求阻力，而 Arm Holdings 的销售成本在截至 6 月 30 日的财年第一季度仅为 3000 万美元。这与 10.53 亿美元的净销售额相比，形成了 97.2% 的丰厚公认会计原则（GAAP）毛利率。</p>
<p>对更高能效 AI 芯片的持续增长需求预计将在未来几年推动 Arm 的销售增长。Arm 的设计应成为降低企业数据中心成本的基础。</p>
<p>此外，Arm 不仅仅是一只人工智能股票。虽然人工智能被视为增长趋势中的焦点，但 Arm 依靠其在 CPU 方面的知识产权，其架构在大多数智能手机中都是一个真正的主流。如果未来形成并破裂一个人工智能泡沫，Arm 可能能够避开最严重的痛苦。</p>
<p>可以说，Arm Holdings 最大的疑问是它是否能够维持其令人瞩目的估值溢价。虽然毫无疑问，Arm 作为知识产权领导者的独特地位值得一个估值溢价，但预期仅能实现 20% 持续增长率的公司，其前瞻市盈率（P/E）为 61 可能过高。</p>

CRWV

<p>Nvidia 已经将其 43.3 亿美元投资组合的 95% 以上投资于两只人工智能股票：CoreWeave 和 Arm Holdings。CoreWeave 作为数据中心基础设施提供商，占据了 Nvidia 投资的 91.4%，具有显著的增长潜力，但面临高成本和亏损的挑战。Arm Holdings 占投资组合的 4.1%，通过专利费和许可产生收入，避免了传统制造的挑战。这两家公司都处于蓬勃发展的人工智能市场中，但 CoreWeave 的快速增长伴随着与 GPU 贬值和财务亏损相关的风险</p>

<p>Data is abundant on Wall Street, and if you don't have your eyes peeled, it can be easy for something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>华尔街的数据丰富，如果你不保持警惕，重要的信息可能会轻易被忽视。</p>
</div><p>For instance, Aug. 14 marked 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 -- and this filing may have slid beneath the radar of investors. A 13F details which stocks Wall Street's top money managers bought and sold in the latest quarter. It can also help investors identify which companies, industries, sectors, and trends are piquing the interest of the market's savviest fund managers.</p>
<div class="lb-trans"><p>例如，8 月 14 日是资产管理规模（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——而这一提交可能已经被投资者忽视。13F 表格详细列出了华尔街顶级资金经理在最新季度买入和卖出的股票。它还可以帮助投资者识别哪些公司、行业、部门和趋势引起了市场上最聪明的基金经理的兴趣。</p>
</div><p>But 13Fs aren't just for billionaires like Warren Buffett who are overseeing mammoth investment portfolios. The $100 million AUM cap applies to some of Wall Street's most-influential businesses, which happen to be investors, as well. This includes the face of the artificial intelligence (AI) revolution, <strong>Nvidia</strong>(NVDA -3.47%).</p>
<div class="lb-trans"><p>但 13F 表格并不仅仅是像沃伦·巴菲特这样的亿万富翁所拥有的庞大投资组合的专属。1 亿美元的 AUM 上限适用于一些华尔街最具影响力的企业，这些企业恰好也是投资者。这包括人工智能（AI）革命的代表，<strong>Nvidia</strong>（NVDA -3.47%）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829743%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><p>Aside from being the largest publicly traded company, Nvidia is best known for its graphics processing units (GPUs), which act as the brains of AI-accelerated data centers. Nvidia's Hopper (H100) and Blackwell GPUs have accounted for the bulk of AI-GPUs currently deployed by businesses, and there isn't an external competitor that's particularly close to unseating these chips, in terms of compute capabilities.</p>
<div class="lb-trans"><p>除了是最大的上市公司外，Nvidia 还以其图形处理单元（GPU）而闻名，这些 GPU 是 AI 加速数据中心的核心。Nvidia 的 Hopper（H100）和 Blackwell GPU 占据了目前企业部署的 AI-GPU 的大部分，而在计算能力方面，没有外部竞争对手能够接近取代这些芯片。</p>
</div><p>However, this GPU juggernaut is also an investor. It closed out the June-ended quarter with $4.33 billion in AUM, which was spread across six mostly AI-focused stocks. Yet this spread is anything but equal, with two of Nvidia's six holdings comprising more than 95% of its invested assets.</p>
<div class="lb-trans"><p>然而，这家 GPU 巨头也是一名投资者。它在截至 6 月的季度结束时的 AUM 为 43.3 亿美元，分布在六只主要集中于 AI 的股票中。然而，这种分布并不均匀，Nvidia 的六个持股中有两个占其投资资产的 95% 以上。</p>
</div><h2>CoreWeave: 91.4% of invested assets</h2>
<div class="lb-trans"><h2>CoreWeave：91.4% 的投资资产</h2>
</div><p>When the June quarter came to a close, Nvidia's investment portfolio could accurately be summarized as data-center infrastructure services provider <strong>CoreWeave</strong>(CRWV -4.04%) and five other companies. Inclusive of the 95,113 shares of CoreWeave that were added during the second quarter, Nvidia holds 24,277,573 shares, which at the midpoint of 2025 were worth $3.96 billion!</p>
<div class="lb-trans"><p>当 6 月季度结束时，Nvidia 的投资组合可以准确地总结为数据中心基础设施服务提供商 <strong>CoreWeave</strong>（CRWV -4.04%）和其他五家公司。包括在第二季度新增的 95,113 股 CoreWeave，Nvidia 持有 24,277,573 股，这在 2025 年中期的价值为 39.6 亿美元！</p>
</div><p>CoreWeave's operating model is straightforward. It's invested aggressively in AI-GPUs -- it purchased 250,000 of Nvidia's Hopper chips -- with the goal of providing (leasing) its compute infrastructure to businesses that need it. Considering how much money is being spent by businesses on AI infrastructure, CoreWeave is expected to have little trouble finding takers for its services.</p>
<div class="lb-trans"><p>CoreWeave 的运营模式非常简单。它积极投资于 AI-GPU——购买了 25 万颗 Nvidia 的 Hopper 芯片——目标是向需要计算基础设施的企业提供（租赁）其服务。考虑到企业在 AI 基础设施上的支出，CoreWeave 预计在寻找客户方面不会遇到太大困难。</p>
</div><p>It's also in Nvidia's best interests that CoreWeave thrives. CoreWeave depreciates its GPUs over the course of six years, which suggests Nvidia's top investment holding will look to upgrade its hardware in that time span. Nvidia's roughly 5% stake in CoreWeave, coupled with the lure of its CUDA software platform, which helps its clients get the most out of their Hopper and Blackwell GPUs, should keep CoreWeave firmly tied to its ecosystem of products and services.</p>
<div class="lb-trans"><p>Nvidia 也希望 CoreWeave 能够蓬勃发展。CoreWeave 在六年内对其 GPU 进行折旧，这表明 Nvidia 的主要投资持股将在此期间寻求升级其硬件。Nvidia 在 CoreWeave 的约 5% 的股份，加上其 CUDA 软件平台的吸引力，帮助客户充分利用其 Hopper 和 Blackwell GPU，应该能使 CoreWeave 牢牢与其产品和服务生态系统相连。</p>
</div><p>If CoreWeave simply meets Wall Street's consensus expectations, its sales will catapult from an estimated $5.25 billion this year to a projected $19.55 billion come 2028.</p>
<div class="lb-trans"><p>如果 CoreWeave 仅仅满足华尔街的共识预期，其销售额预计将从今年的 52.5 亿美元飙升至 2028 年的 195.5 亿美元。</p>
</div><p>However, CoreWeave's success isn't as guaranteed as its scorching-hot stock run-up since its initial public offering in late March might suggest.</p>
<div class="lb-trans"><p>然而，CoreWeave 的成功并不像其自 3 月底首次公开募股以来的火热股价上涨所暗示的那样有保障。</p>
</div><p>Though it's aggressively building out its data-center infrastructure to lock in long-term, lucrative deals, the cost to purchase AI-GPUs is burdensome. The company is on pace to log north of $1 billion in interest expenses this year, with its full-year net loss tracking about $1.2 billion. Although sales are climbing at a breakneck pace, losses are growing rapidly, as well.</p>
<div class="lb-trans"><p>尽管它正在积极扩展数据中心基础设施以锁定长期的丰厚交易，但购买 AI-GPU 的成本是沉重的。预计该公司今年的利息支出将超过 10 亿美元，全年净亏损约为 12 亿美元。尽管销售额以惊人的速度增长，但亏损也在迅速扩大。</p>
</div><p>Furthermore, Nvidia's advanced-chip development cycle may be problematic for CoreWeave. Nvidia CEO Jensen Huang aims to bring a new AI-GPU to market annually, which could rapidly depreciate prior-generation GPUs, such as the Hopper. If CoreWeave's assets depreciate faster than expected, or become obsolete quicker than anticipated, it could prove costly.</p>
<div class="lb-trans"><p>此外，Nvidia 的先进芯片开发周期可能对 CoreWeave 构成问题。Nvidia 首席执行官黄仁勋计划每年推出一款新的 AI-GPU，这可能会迅速使前几代 GPU（如 Hopper）贬值。如果 CoreWeave 的资产贬值速度超过预期，或比预期更快过时，这可能会带来高昂的成本。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829743%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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>Arm Holdings: 4.1% of invested assets</h2>
<div class="lb-trans"><h2>Arm Holdings：4.1% 的投资资产</h2>
</div><p>The other scorching-hot artificial intelligence stock that stands out in Nvidia's $4.33 billion investment portfolio is semiconductor colossus <strong>Arm Holdings</strong>(ARM -5.00%). Nvidia closed out June with the same number of shares of Arm as it had in March (1,101,249), which worked out to a market value of $178.1 million.</p>
<div class="lb-trans"><p>在 Nvidia 的 43.3 亿美元投资组合中，另一个引人注目的火热人工智能股票是半导体巨头 <strong>Arm Holdings</strong>（ARM -5.00%）。Nvidia 在 6 月底持有的 Arm 股份与 3 月时相同（1,101,249），市值为 1.781 亿美元。</p>
</div><p>Whereas most semiconductor stocks are all about demand for physical hardware, Arm is a unique breed of chip company. All of its revenue derives from royalties and licensing fees tied to its intellectual property (IP) and designs that chip companies (like Nvidia) use when producing GPUs, central processing units (CPUs), and other systems IP.</p>
<div class="lb-trans"><p>而大多数半导体股票都与对物理硬件的需求相关，Arm 则是一种独特的芯片公司。它的所有收入都来自与其知识产权（IP）和设计相关的特许权使用费和许可费，这些设计被芯片公司（如 Nvidia）在生产 GPU、中央处理单元（CPU）和其他系统 IP 时使用。</p>
</div><p>The primary advantage of being an &#34;architect&#34; and not an actual manufacturer can be observed in the overhead costs. While traditional chipmakers have to worry about a laundry list of supply chain challenges and demand headwinds, Arm Holdings' cost of sales totaled just $30 million in the fiscal first quarter (ended June 30). This compares with $1.053 billion in net sales, which works out to a juicy generally accepted accounting principles (GAAP) gross profit margin of 97.2%.</p>
<div class="lb-trans"><p>作为 “架构师” 而非实际制造商的主要优势可以在间接费用中观察到。传统芯片制造商必须担心一系列供应链挑战和需求阻力，而 Arm Holdings 的销售成本在截至 6 月 30 日的财年第一季度仅为 3000 万美元。这与 10.53 亿美元的净销售额相比，形成了 97.2% 的丰厚公认会计原则（GAAP）毛利率。</p>
</div><p>Steadily growing demand for more energy-efficient AI chips should act as an accelerant for Arm's sales growth in the coming years. Arm's designs should be foundational to reducing costs in enterprise data centers.</p>
<div class="lb-trans"><p>对更高能效 AI 芯片的持续增长需求预计将在未来几年推动 Arm 的销售增长。Arm 的设计应成为降低企业数据中心成本的基础。</p>
</div><p>In addition, Arm has the benefit of being more than just an AI stock. While AI is viewed as the bulls-eye among growth trends, Arm is leaned on for its IP in CPUs, with its architecture a veritable mainstay in most smartphones. If an AI bubble were to form and burst at some point in the future, Arm might be able to sidestep the worst of the pain.</p>
<div class="lb-trans"><p>此外，Arm 不仅仅是一只人工智能股票。虽然人工智能被视为增长趋势中的焦点，但 Arm 依靠其在 CPU 方面的知识产权，其架构在大多数智能手机中都是一个真正的主流。如果未来形成并破裂一个人工智能泡沫，Arm 可能能够避开最严重的痛苦。</p>
</div><p>Arguably the biggest question mark with Arm Holdings is whether it can sustain its eye-popping valuation premium. While there's no doubt Arm's unique position as an IP leader warrants a valuation premium, a forward price-to-earnings (P/E) ratio of 61 might be excessive for a company expected to deliver &#34;only&#34; a sustained growth rate of 20%.</p>
<div class="lb-trans"><p>可以说，Arm Holdings 最大的疑问是它是否能够维持其令人瞩目的估值溢价。虽然毫无疑问，Arm 作为知识产权领导者的独特地位值得一个估值溢价，但预期仅能实现 20% 持续增长率的公司，其前瞻市盈率（P/E）为 61 可能过高。</p>
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More Than 95% of Nvidia's $4.3 Billion Investment Portfolio Has Been Put to Work in These 2 Scorching-Hot Artificial Intelligence (AI) Stocks

- 8 月 14 日是机构投资者提交 13F 表格的截止日期。  
- Nvidia 在其 43.3 亿美元的投资组合中，主要持有 CoreWeave 和 Arm Holdings。  
- CoreWeave 的成功依赖于 AI-GPU 的需求和 Nvidia 的技术支持。  

英伟达 43 亿美元投资组合中超过 95% 的资金已投入到这两只炙手可热的人工智能（AI）股票中