<p>与人工智能相关公司的股票估值担忧本周影响了市场。这些担忧是否会像周五那样减退，或再次加剧，肯定是未来几天和几周值得关注的事情。我们理解对人工智能交易中投机性方面的估值担忧，例如核能股票和新云计算。吉姆·克莱默对此多次发出警告。然而，在过去的一周，整个人工智能群体——包括那些盈利并推动许多人称之为第四次工业革命的真正公司——受到了冲击。我们拥有其中许多公司：在芯片领域的英伟达和博通，以及在为这些耗能的人工智能数据中心提供动力的衍生交易中的 GE Vernova 和 Eaton。根据它们的基本面，这种情况不应该发生。除了估值之外，担忧还集中在资本支出和由于对人工智能基础设施的大规模投资而导致的折旧上。在这一点上，投资者面临选择。你可以选择那些紧盯电子表格的空头，他们根据历史推断技术资产的可用寿命，这似乎是一个可以理解的方法，并将这些折旧率应用于他们的财务模型，认为芯片在三年后几乎毫无价值。或者，你可以听取那些管理着推动人工智能交易的最大公司的管理团队的评论，以及吉姆从与世界上最聪明的首席执行官交谈中获得的见解。对于推动这一人工智能投资周期的真正参与者，比如我们投资的那些公司，我们认为考虑到它们的增长率和对美国乃至全球经济的重要性，估值并不算高或不合理。我们谈论的是英伟达首席执行官黄仁勋，他会告诉你，他公司的 CUDA 软件的进步将 GPU 芯片平台的使用寿命延长到了大约五到六年。不要忘记，CoreWeave 最近重新签约了英伟达的 H100 芯片，这些芯片是在 2022 年底发布的。那些拿着电子表格的空头会告诉你这些芯片毫无价值。然而，我们知道 H100 芯片保持了大部分价值。或者听听超微半导体首席执行官苏姿丰上周所说，她的客户现在已经到了 “他们可以看到这些大规模投资的回报” 的阶段。就我们而言，我们理解支出担忧和如果这些公司确实夸大了这些资产的使用寿命而产生的折旧问题。然而，那些对黄仁勋、苏姿丰，或 Meta Platforms 首席执行官马克·扎克伯格、微软首席执行官萨提亚·纳德拉等在科技界推动创新超过十年的公司抱有怀疑态度的人，屡屡遭受损失。虽然空头的担忧并非无效，但长期投资者更应该听取技术专家的意见。人工智能是真实存在的，随着采用率的提高和技术逐渐融入我们的日常生活，它将越来越带来生产力的提升，就像互联网一样。我们对我们投资的人工智能股票的管理团队充满信心，尽管信心并不是一种投资策略，但这种信心是基于强大的执行历史、对这些公司提供的产品是行业最佳的知识，以及对其基本业务和财务状况的审查。多年来，支持这些技术专家管理团队，而不是那些喧嚣的金融专家空头，使我们始终站在交易的正确一方，我们认为这种情况在未来不会改变。（有关吉姆·克莱默慈善信托中股票的完整列表，请参见此处，包括 NVDA、AVGO、GEV、ETN、META、MSFT。）作为吉姆·克莱默的 CNBC 投资俱乐部的订阅者，您将在吉姆进行交易之前收到交易警报。吉姆在发送交易警报后等待 45 分钟才会买入或卖出他慈善信托投资组合中的股票。如果吉姆在 CNBC 电视上谈论过某只股票，他将在发出交易警报后等待 72 小时才会执行交易。上述投资俱乐部信息受我们的条款和条件以及隐私政策的约束，并附有免责声明。您收到的与投资俱乐部相关的任何信息并不构成或创建任何受托责任或义务。没有任何特定的结果或利润是有保障的。</p>

英伟达

博通

<p>这篇文章讨论了对人工智能股票估值的担忧，强调了应避免的投机性股票以及像英伟达和博通这样的稳健投资。文章强调了管理层洞察的重要性，尤其是像黄仁勋和苏姿丰这样的领导者的见解，胜过悲观的财务模型。文章建议长期投资者应信任技术专家进行人工智能投资，因为这些公司对全球经济至关重要，并且在创新和执行方面有着良好的业绩记录</p>

<p>Concerns about stock valuations in companies tied to artificial intelligence knocked the market around this week. Whether these worries will recede, as they did Friday, or flare up again will certainly be something to watch in the days and weeks ahead. We understand the concerns about valuations in the speculative aspects of the AI trade, such as nuclear stocks and neoclouds. Jim Cramer has repeatedly warned about them. But, in the past week, the broader AI cohort — including real companies that make money and are driving what many are calling the fourth industrial revolution — has been getting hit. We own many of them: Nvidia and Broadcom on the chip side, and GE Vernova and Eaton on the derivative trade of powering these energy-gobbling AI data centers. That's not what should be happening based on their fundamentals. Outside of valuations, worries also center on capital expenditures and the depreciation that results from massive investments in AI infrastructure. On this point, investors face a choice. You can go with the bears who are glued to their spreadsheets and extrapolating the usable life of tech assets based on history, a seemingly understandable approach, and applying those depreciation rates to their financial models, arguing the chips should be near worthless after three years. Or, you can go with the commentary from management teams running the largest companies driving the AI trade, and what Jim has gleaned from talking with the smartest CEOs in the world. When it comes to the real players driving this AI investment cycle, like the ones we're invested in, we don't think valuations are all that high or unreasonable when you consider their growth rates and importance to the U.S., and by extension, the global economy. We're talking about Nvidia CEO Jensen Huang, who would tell you that advancements in his company's CUDA software have extended the life of GPU chip platforms to roughly five to six years. Don't forget, CoreWeave recently re-contracted for H100s from Nvidia, which were released in late 2022. The bears with their spreadsheets would tell you those chips are worthless. However, we know that H100s have held most of their value. Or listen to Lisa Su, CEO of Advanced Micro Devices , who said last week that her customers are at the point now where &#34;they can see the return on the other side&#34; of these massive investments. For our part, we understand the spending concerns and the depreciation issues that will arise if these companies are indeed overstating the useful lives of these assets. However, those who have bet against the likes of Jensen Huang and Lisa Su, or Meta Platforms CEO Mark Zuckerberg, Microsoft CEO Satya Nadella, and others who have driven innovation in the tech world for over a decade, have been burned time and again. While the bears' concerns aren't invalid, long-term investors are better off taking their cues from technology experts. AI is real, and it will increasingly lead to productivity gains as adoption ramps up and the technology becomes ingrained in our everyday lives, just as the internet has. We have faith in the management teams of the AI stocks in which we are invested, and while faith is not an investment strategy, that faith is based on a historical track record of strong execution, the knowledge that offerings from these companies are best in class, and scrutiny of their underlying business fundamentals and financial profiles. Siding with these technology expert management teams, over the loud financial expert bears, has kept us on the right side of the trade for years, and we don't see that changing in the future. (See here for a full list of the stocks in Jim Cramer's Charitable Trust, including NVDA, AVGO, GEV, ETN, META, MSFT.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.</p>
<div class="lb-trans"><p>与人工智能相关公司的股票估值担忧本周影响了市场。这些担忧是否会像周五那样减退，或再次加剧，肯定是未来几天和几周值得关注的事情。我们理解对人工智能交易中投机性方面的估值担忧，例如核能股票和新云计算。吉姆·克莱默对此多次发出警告。然而，在过去的一周，整个人工智能群体——包括那些盈利并推动许多人称之为第四次工业革命的真正公司——受到了冲击。我们拥有其中许多公司：在芯片领域的英伟达和博通，以及在为这些耗能的人工智能数据中心提供动力的衍生交易中的 GE Vernova 和 Eaton。根据它们的基本面，这种情况不应该发生。除了估值之外，担忧还集中在资本支出和由于对人工智能基础设施的大规模投资而导致的折旧上。在这一点上，投资者面临选择。你可以选择那些紧盯电子表格的空头，他们根据历史推断技术资产的可用寿命，这似乎是一个可以理解的方法，并将这些折旧率应用于他们的财务模型，认为芯片在三年后几乎毫无价值。或者，你可以听取那些管理着推动人工智能交易的最大公司的管理团队的评论，以及吉姆从与世界上最聪明的首席执行官交谈中获得的见解。对于推动这一人工智能投资周期的真正参与者，比如我们投资的那些公司，我们认为考虑到它们的增长率和对美国乃至全球经济的重要性，估值并不算高或不合理。我们谈论的是英伟达首席执行官黄仁勋，他会告诉你，他公司的 CUDA 软件的进步将 GPU 芯片平台的使用寿命延长到了大约五到六年。不要忘记，CoreWeave 最近重新签约了英伟达的 H100 芯片，这些芯片是在 2022 年底发布的。那些拿着电子表格的空头会告诉你这些芯片毫无价值。然而，我们知道 H100 芯片保持了大部分价值。或者听听超微半导体首席执行官苏姿丰上周所说，她的客户现在已经到了 “他们可以看到这些大规模投资的回报” 的阶段。就我们而言，我们理解支出担忧和如果这些公司确实夸大了这些资产的使用寿命而产生的折旧问题。然而，那些对黄仁勋、苏姿丰，或 Meta Platforms 首席执行官马克·扎克伯格、微软首席执行官萨提亚·纳德拉等在科技界推动创新超过十年的公司抱有怀疑态度的人，屡屡遭受损失。虽然空头的担忧并非无效，但长期投资者更应该听取技术专家的意见。人工智能是真实存在的，随着采用率的提高和技术逐渐融入我们的日常生活，它将越来越带来生产力的提升，就像互联网一样。我们对我们投资的人工智能股票的管理团队充满信心，尽管信心并不是一种投资策略，但这种信心是基于强大的执行历史、对这些公司提供的产品是行业最佳的知识，以及对其基本业务和财务状况的审查。多年来，支持这些技术专家管理团队，而不是那些喧嚣的金融专家空头，使我们始终站在交易的正确一方，我们认为这种情况在未来不会改变。（有关吉姆·克莱默慈善信托中股票的完整列表，请参见此处，包括 NVDA、AVGO、GEV、ETN、META、MSFT。）作为吉姆·克莱默的 CNBC 投资俱乐部的订阅者，您将在吉姆进行交易之前收到交易警报。吉姆在发送交易警报后等待 45 分钟才会买入或卖出他慈善信托投资组合中的股票。如果吉姆在 CNBC 电视上谈论过某只股票，他将在发出交易警报后等待 72 小时才会执行交易。上述投资俱乐部信息受我们的条款和条件以及隐私政策的约束，并附有免责声明。您收到的与投资俱乐部相关的任何信息并不构成或创建任何受托责任或义务。没有任何特定的结果或利润是有保障的。</p>
</div>

Here are real AI stocks to invest in and speculative ones to avoid

- 人工智能相关公司的股票估值引发市场担忧。  
- 投资者面临选择，需权衡技术专家与悲观分析师的观点。  
- 长期来看，AI 技术将推动生产力提升，管理团队值得信赖。  

以下是值得投资的真正 AI 股票以及需要避免的投机性股票