<p>近 60 年來，伯克希爾 - 哈撒韋（BRK.A 1.34%）（BRK.B 1.35%）首席執行官沃倫·巴菲特一直在為華爾街和投資者上演一場課程。儘管和任何其他投資者一樣會犯錯，但作為奧馬哈之謎，他領導的 A 類股票（BRK.A）累計回報接近 550 萬%，自他擔任首席執行官以來。</p>
<p>巴菲特發現隱藏在明處的絕佳交易的能力贏得了眾多追隨者。投資者們迫不及待地等待伯克希爾每季度的 13F 表格發佈，以瞭解他和他的首席投資助手託德·康姆斯和泰德·韋施勒買賣了哪些股票。</p>
<p>儘管我們經常認為沃倫·巴菲特更青睞價值導向、成熟的企業，但他和他的團隊在伯克希爾 - 哈撒韋的投資組合中有相當一部分投資與人工智能（AI）革命有關的公司。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA"/></p>
<p>伯克希爾 - 哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
<p>難以不被 AI 驅動軟件和系統在沒有人類干預的情況下學習和進化的長期潛力所吸引。這項技術的幾乎無限用途導致普華永道的分析師預測，到本十年末，AI 技術將為全球經濟增加 15.7 萬億美元。</p>
<p>曾經，伯克希爾投資組合中約 46%（約 1890 億美元）投資於四家備受矚目的 AI 股票。但根據最新向美國證券交易委員會提交的 13F 表格，巴菲特和他的投資團隊已將在 AI 股票中的持股削減了約 50%。</p>
<h2>奧馬哈之謎及其團隊在四家 AI 股票上押注</h2>
<p>在開始討論之前，我要指出，沃倫·巴菲特可能對人工智能作為一項技術瞭解甚少或不感興趣，但他確實對消費者行為有着牢固的把握，以及 AI 如何可能影響未來的生產率增長和消費端轉變。</p>
<p>伯克希爾 - 哈撒韋的 AI 投資的支柱一直是科技股 <strong>蘋果</strong>（AAPL 0.37%）。這是巴菲特及其團隊管理的最大持股，數量遠遠超過其他。</p>
<p>在蘋果 6 月的年度全球開發者大會上，該公司揭開了所謂的 “蘋果智能”，即其旨在推動增長的各種 AI 項目。這些新創新包括使語音助手 Siri 更加直觀，以及引入一個將由 ChatGPT 驅動的聊天機器人到其操作系統中。</p>
<p>巴菲特及其投資副手押注的另外三家 AI 股票（儘管規模較蘋果小）分別是電商領導者 <strong>亞馬遜</strong>（AMZN -1.36%）、中國電動汽車製造商 <strong>比亞迪</strong>（BYDD.F 1.57%）和雲數據倉儲公司 <strong>Snowflake</strong>（SNOW -2.08%）。</p>
<p>儘管亞馬遜以其主導地位的在線市場而聞名，但它也是領先的雲基礎設施服務平台。根據 Canalys 的數據，亞馬遜網絡服務（AWS）在雲基礎設施服務支出中佔全球份額的 33%（截至 6 月 30 日）。亞馬遜正在積極投資於為其 AWS 客户提供生成式 AI 解決方案，可幫助處理從虛擬聊天代理到定製營銷的各種問題。</p>
<p>至於比亞迪，它正在利用人工智能來提高駕駛安全性。今年 1 月，該公司推出了其炫驥架構，這是其智能駕駛平台，提供各種先進的駕駛輔助技術。比亞迪還與中國監管機構合作，在中國道路上測試第三級自動駕駛功能。這在沒有 AI 的情況下是不可能的。</p>
<p>最後，伯克希爾最聰明的頭腦們自 2020 年 Snowflake 首次公開募股以來一直是投資者。Snowflake 的基礎設施建立在最流行的雲基礎設施服務平台之上，使其客户能夠無縫共享和訪問數據。與亞馬遜類似，Snowflake 計劃在其數據雲中部署生成式 AI 解決方案，使其客户能夠構建和訓練大型語言模型。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>巴菲特及其投資副手削減了在 AI 股票中的持股</h2>
<p>然而，伯克希爾截至 6 月的 13F 表顯示，巴菲特、康姆斯和韋施勒大幅減少了公司對人工智能的押注。</p>
<p>儘管伯克希爾在亞馬遜的持股數量保持不變，為 1000 萬股，而對比亞迪的賣出活動多年來一直很少（巴菲特的公司持有約 5420 萬股比亞迪），但對於蘋果或 Snowflake 來説就不同了。</p>
<p>在第二季度，超過 3.89 億股蘋果被拋售，佔伯克希爾 3 月 31 日持股的約 49%。包括在 2023 年第四季度和 2024 年第一季度出售的股票，伯克希爾的投資團隊在九個月內處理了超過 5 億股蘋果股票。</p>
<p>當伯克希爾 - 哈撒韋在 5 月初舉行年度股東大會時，巴菲特暗示他公司在蘋果的賣出活動可能與税收有關。伯克希爾首席認為，企業税率的峯值可能會從目前的歷史低點 21% 上升。因此，現在鎖定未實現收益並支付較低税率將來看來將受到伯克希爾 - 哈撒韋的投資者的青睞。</p>
<p>但是這次的拋售背後可能有更多隱情。儘管蘋果的人工智能計劃在六月點燃了其股價，但公司的運營表現在過去一年多中令人不滿。截至 2024 財年前九個月，iPhone 銷量相對去年同期下降了 1%。除了穩步增長的訂閲服務部門外，蘋果的實體設備銷售一直是一個拖累。</p>
<p>蘋果不再是巴菲特最初在 2016 年初投資時所看好的超值或增長故事。</p>
<p>儘管巴菲特及其團隊在截至六月的季度減持了近 50% 的蘋果股份，但他們完全清倉了 Snowflake 的 612 萬 5376 股。</p>
<p>Snowflake 從未完全符合典型的巴菲特股票模式。儘管它擁有明確定義的競爭優勢，這是巴菲特、康姆斯和韋斯勒作為投資者所看重的，但其天文數字的估值溢價令人不滿。</p>
<p>過去幾年，Snowflake 的銷售增長率持續下降，它不再具備曾經擁有的估值溢價。儘管它定位良好，可以在企業雲生態系統的持續發展中發揮關鍵作用，但即使從歷史最高點下跌了 70%，它仍不是一個特別吸引人的價值投資。</p>
<p>歷史表明，人工智能泡沫破裂即將來臨，巴菲特可能還沒有完成對人工智能股票的拋售。</p>

伯克希爾哈撒韋-B

伯克希爾哈撒韋-A

蘋果

<p>沃倫·巴菲特的伯克希爾 - 哈撒韋公司根據最新的 SEC 13F 報告，大幅減少了對四家人工智能公司的投資，將其持股比例減少了近 50%。這四家公司包括蘋果、亞馬遜、比亞迪和 Snowflake。儘管亞馬遜和比亞迪的持股保持穩定，巴菲特在蘋果公司減持了約 49% 的股份，並大幅減少了對 Snowflake 的持倉。儘管如此，巴菲特的團隊仍在繼續關注人工智能行業的趨勢</p>

<p>For nearly 60 years, <strong>Berkshire Hathaway</strong>(BRK.A 1.34%) (BRK.B 1.35%) CEO Warren Buffett has been putting on a clinic for Wall Street and investors. Despite being just as fallible as any other investor, the Oracle of Omaha, as he's come to be known, has overseen close to a 5,500,000% aggregate return in his Class A shares (BRK.A) since ascending to the CEO chair.</p>
<div class="lb-trans"><p>近 60 年來，伯克希爾 - 哈撒韋（BRK.A 1.34%）（BRK.B 1.35%）首席執行官沃倫·巴菲特一直在為華爾街和投資者上演一場課程。儘管和任何其他投資者一樣會犯錯，但作為奧馬哈之謎，他領導的 A 類股票（BRK.A）累計回報接近 550 萬%，自他擔任首席執行官以來。</p>
</div><p>Buffett's ability to locate phenomenal bargains hiding in plain sight has earned him quite the following. Investors eagerly await the release of Berkshire's quarterly Form 13Fs to find out which stocks he and his top investment aides, Todd Combs and Ted Weschler, have been buying and selling.</p>
<div class="lb-trans"><p>巴菲特發現隱藏在明處的絕佳交易的能力贏得了眾多追隨者。投資者們迫不及待地等待伯克希爾每季度的 13F 表格發佈，以瞭解他和他的首席投資助手託德·康姆斯和泰德·韋施勒買賣了哪些股票。</p>
</div><p>While we often view Warren Buffett as someone who favors value-oriented, mature businesses, he and his team have a sizable percentage of Berkshire Hathaway's investment portfolio tied up in companies fueled by the artificial intelligence (AI) revolution.</p>
<div class="lb-trans"><p>儘管我們經常認為沃倫·巴菲特更青睞價值導向、成熟的企業，但他和他的團隊在伯克希爾 - 哈撒韋的投資組合中有相當一部分投資與人工智能（AI）革命有關的公司。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvYnVmZmV0dDE3LXRtZi5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788474%2Fbuffett17-tmf.jpg&amp;op=resize&amp;w=700"/></p>
<p>Berkshire Hathaway CEO Warren Buffett. Image source: The Motley Fool.</p>
<div class="lb-trans"><p>伯克希爾 - 哈撒韋首席執行官沃倫·巴菲特。圖片來源：The Motley Fool。</p>
</div><p>It's difficult not to be enamored with the long-term potential of having AI-driven software and systems learning and evolving without human intervention. The virtually limitless utility of this technology led the analysts at PwC to predict it'll add $15.7 trillion to the global economy by the turn of the decade.</p>
<div class="lb-trans"><p>難以不被 AI 驅動軟件和系統在沒有人類干預的情況下學習和進化的長期潛力所吸引。這項技術的幾乎無限用途導致普華永道的分析師預測，到本十年末，AI 技術將為全球經濟增加 15.7 萬億美元。</p>
</div><p>At one point, 46% of Berkshire's investment portfolio (about $189 billion) was spread across four highly touted AI stocks. But based on the latest 13F filing with the Securities and Exchange Commission, Buffett and his investment team have slashed their stake in AI stocks by roughly 50%.</p>
<div class="lb-trans"><p>曾經，伯克希爾投資組合中約 46%（約 1890 億美元）投資於四家備受矚目的 AI 股票。但根據最新向美國證券交易委員會提交的 13F 表格，巴菲特和他的投資團隊已將在 AI 股票中的持股削減了約 50%。</p>
</div><h2>The Oracle of Omaha and his team had bet big on four AI stocks</h2>
<div class="lb-trans"><h2>奧馬哈之謎及其團隊在四家 AI 股票上押注</h2>
</div><p>Let me preface this discussion by pointing out that Warren Buffett might have minimal understanding or interest in artificial intelligence as a technology, but what he definitely does have is a firm grasp on consumer behaviors, and how AI might influence productivity gains and consumption-side shifts in the future.</p>
<div class="lb-trans"><p>在開始討論之前，我要指出，沃倫·巴菲特可能對人工智能作為一項技術瞭解甚少或不感興趣，但他確實對消費者行為有着牢固的把握，以及 AI 如何可能影響未來的生產率增長和消費端轉變。</p>
</div><p>The anchor of Berkshire Hathaway's AI investments has always been tech stock <strong>Apple</strong>(AAPL 0.37%). This is the largest holding Buffett and his team oversee by a <em>significant</em> amount.</p>
<div class="lb-trans"><p>伯克希爾 - 哈撒韋的 AI 投資的支柱一直是科技股 <strong>蘋果</strong>（AAPL 0.37%）。這是巴菲特及其團隊管理的最大持股，數量遠遠超過其他。</p>
</div><p>During Apple's annual Worldwide Developer Conference in June, the company lifted the hood on what it called &#34;Apple Intelligence,&#34; i.e., its variety of AI-powered initiatives designed to fuel growth. These new innovations include making voice assistant Siri more intuitive, as well as introducing a chatbot, which will be powered by ChatGPT, to its operating system.</p>
<div class="lb-trans"><p>在蘋果 6 月的年度全球開發者大會上，該公司揭開了所謂的 “蘋果智能”，即其旨在推動增長的各種 AI 項目。這些新創新包括使語音助手 Siri 更加直觀，以及引入一個將由 ChatGPT 驅動的聊天機器人到其操作系統中。</p>
</div><p>The other three AI stocks Buffett and his investing lieutenants had wagered on (albeit to a smaller degree than Apple) were e-commerce leader <strong>Amazon</strong>(AMZN -1.36%), China-based electric vehicle (EV) manufacturer <strong>BYD</strong>(BYDD.F 1.57%), and cloud data-warehousing company <strong>Snowflake</strong>(SNOW -2.08%).</p>
<div class="lb-trans"><p>巴菲特及其投資副手押注的另外三家 AI 股票（儘管規模較蘋果小）分別是電商領導者 <strong>亞馬遜</strong>（AMZN -1.36%）、中國電動汽車製造商 <strong>比亞迪</strong>（BYDD.F 1.57%）和雲數據倉儲公司 <strong>Snowflake</strong>（SNOW -2.08%）。</p>
</div><p>Though Amazon is best-known for its dominant online marketplace, it's also the leading cloud infrastructure service platform. According to Canalys, Amazon Web Services (AWS) held a 33% global share (as of June 30) of cloud infrastructure service spending. Amazon is aggressively investing in generative AI solutions for its AWS customers that can help with everything from virtual chat agents to tailored marketing.</p>
<div class="lb-trans"><p>儘管亞馬遜以其主導地位的在線市場而聞名，但它也是領先的雲基礎設施服務平台。根據 Canalys 的數據，亞馬遜網絡服務（AWS）在雲基礎設施服務支出中佔全球份額的 33%（截至 6 月 30 日）。亞馬遜正在積極投資於為其 AWS 客户提供生成式 AI 解決方案，可幫助處理從虛擬聊天代理到定製營銷的各種問題。</p>
</div><p>As for BYD, it's utilizing artificial intelligence as a means to improve driver safety. In January, the company unveiled its Xuanji Architecture, which is its intelligent driving platform that offers an assortment of advanced driver assistance technologies. BYD is also working with Chinese regulators to test Level 3 autonomous vehicle capabilities on China's roadways. This wouldn't be possible without the use of AI.</p>
<div class="lb-trans"><p>至於比亞迪，它正在利用人工智能來提高駕駛安全性。今年 1 月，該公司推出了其炫驥架構，這是其智能駕駛平台，提供各種先進的駕駛輔助技術。比亞迪還與中國監管機構合作，在中國道路上測試第三級自動駕駛功能。這在沒有 AI 的情況下是不可能的。</p>
</div><p>Lastly, Berkshire's brightest minds had been investors in Snowflake since its initial public offering in 2020. Snowflake's infrastructure is built atop the most popular cloud infrastructure service platforms to allow its customers to seamlessly share and access data. Similar to Amazon, Snowflake plans to deploy generative AI solutions within its data cloud, which will allow its customers to build and train large language models.</p>
<div class="lb-trans"><p>最後，伯克希爾最聰明的頭腦們自 2020 年 Snowflake 首次公開募股以來一直是投資者。Snowflake 的基礎設施建立在最流行的雲基礎設施服務平台之上，使其客户能夠無縫共享和訪問數據。與亞馬遜類似，Snowflake 計劃在其數據雲中部署生成式 AI 解決方案，使其客户能夠構建和訓練大型語言模型。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83ODg0NzQvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F788474%2Finvestor-pressing-sell-button-getty.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Buffett and his investing lieutenants have slashed their holdings in AI stocks</h2>
<div class="lb-trans"><h2>巴菲特及其投資副手削減了在 AI 股票中的持股</h2>
</div><p>However, Berkshire's 13F for the June-ended quarter showed that Buffett, Combs, and Weschler <em>substantially</em> lightened their company's wager on artificial intelligence.</p>
<div class="lb-trans"><p>然而，伯克希爾截至 6 月的 13F 表顯示，巴菲特、康姆斯和韋施勒大幅減少了公司對人工智能的押注。</p>
</div><p>Although Berkshire's stake in Amazon remains unchanged at 10 million shares, and selling activity in BYD has been minimal for years (Buffett's company holds around 54.2 million shares of BYD), the same can't be said for Apple or Snowflake.</p>
<div class="lb-trans"><p>儘管伯克希爾在亞馬遜的持股數量保持不變，為 1000 萬股，而對比亞迪的賣出活動多年來一直很少（巴菲特的公司持有約 5420 萬股比亞迪），但對於蘋果或 Snowflake 來説就不同了。</p>
</div><p>During the second quarter, more than 389 million shares of Apple, representing roughly 49% of Berkshire's stake, as of March 31, were sent to the chopping block. Including shares sold during the fourth quarter of 2023 and first quarter of 2024, Berkshire's investment trio have overseen the disposition of more than 500 million shares of Apple in a nine-month stretch.</p>
<div class="lb-trans"><p>在第二季度，超過 3.89 億股蘋果被拋售，佔伯克希爾 3 月 31 日持股的約 49%。包括在 2023 年第四季度和 2024 年第一季度出售的股票，伯克希爾的投資團隊在九個月內處理了超過 5 億股蘋果股票。</p>
</div><p>When Berkshire Hathaway held its annual shareholder meeting in early May, Buffett hinted that his company's selling activity in Apple might be tax-related. Berkshire's chief believes the peak corporate tax rate is likely to head higher from its current historically low rate of 21%. Therefore, locking in unrealized gains and paying a lower tax rate now will, in hindsight, be viewed favorably by Berkshire Hathaway's investors.</p>
<div class="lb-trans"><p>當伯克希爾 - 哈撒韋在 5 月初舉行年度股東大會時，巴菲特暗示他公司在蘋果的賣出活動可能與税收有關。伯克希爾首席認為，企業税率的峯值可能會從目前的歷史低點 21% 上升。因此，現在鎖定未實現收益並支付較低税率將來看來將受到伯克希爾 - 哈撒韋的投資者的青睞。</p>
</div><p>But there might be more to this selling than meets the eye. While Apple's AI plans certainly lit a fire under its stock in June, the company's operating performance has left a lot to be desired over the last year and change. Sales of iPhones are down 1% through the first nine months of fiscal 2024, relative to the comparable period last year. With the exception of its steadily growing subscription services segment, Apple's physical-device sales have been a drag.</p>
<div class="lb-trans"><p>但是這次的拋售背後可能有更多隱情。儘管蘋果的人工智能計劃在六月點燃了其股價，但公司的運營表現在過去一年多中令人不滿。截至 2024 財年前九個月，iPhone 銷量相對去年同期下降了 1%。除了穩步增長的訂閲服務部門外，蘋果的實體設備銷售一直是一個拖累。</p>
</div><p>Apple is no longer the amazing value or growth story that it was when Buffett initially invested in the company in early 2016.</p>
<div class="lb-trans"><p>蘋果不再是巴菲特最初在 2016 年初投資時所看好的超值或增長故事。</p>
</div><p>While Buffett and his team shed almost 50% of their Apple stake in the June-ended quarter, they completely dumped all 6,125,376 shares of Snowflake.</p>
<div class="lb-trans"><p>儘管巴菲特及其團隊在截至六月的季度減持了近 50% 的蘋果股份，但他們完全清倉了 Snowflake 的 612 萬 5376 股。</p>
</div><p>Snowflake never quite fit the mold of a typical Buffett stock. Though it possesses well-defined competitive advantages, which is something Buffett, Combs, and Weschler look for as investors, its astronomical valuation premium left a lot to be desired.</p>
<div class="lb-trans"><p>Snowflake 從未完全符合典型的巴菲特股票模式。儘管它擁有明確定義的競爭優勢，這是巴菲特、康姆斯和韋斯勒作為投資者所看重的，但其天文數字的估值溢價令人不滿。</p>
</div><p>Over the past couple of years, Snowflake's sales growth rate has continually shrunk and it no longer commands anywhere close to the valuation premium it once held. Even though it's well positioned to play a key role in the ongoing development of the enterprise cloud ecosystem, it's not a particularly intriguing value, even after a 70% decline from its all-time high.</p>
<div class="lb-trans"><p>過去幾年，Snowflake 的銷售增長率持續下降，它不再具備曾經擁有的估值溢價。儘管它定位良好，可以在企業雲生態系統的持續發展中發揮關鍵作用，但即使從歷史最高點下跌了 70%，它仍不是一個特別吸引人的價值投資。</p>
</div><p>With history suggesting an artificial intelligence bubble-burst is looming, Buffett may not be done selling his AI stocks.</p>
<div class="lb-trans"><p>歷史表明，人工智能泡沫破裂即將來臨，巴菲特可能還沒有完成對人工智能股票的拋售。</p>
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Warren Buffett Once Had $189 Billion Invested in 4 Artificial Intelligence (AI) Stocks. He's Now Slashed This Stake by Roughly 50%!

- 沃倫·巴菲特（Warren Buffett）領導的伯克希爾·哈撒韋（Berkshire Hathaway）投資組合中，曾有近 46% 資金投入四家人工智能（AI）公司。
- 最新的 13F 文件顯示，巴菲特和投資團隊已將在 AI 股票中的持股削減約 50%。
- 儘管保留了對亞馬遜（Amazon）的持股，但在蘋果（Apple）和 Snowflake 方面的投資已大幅減少。

沃倫·巴菲特曾經在 4 只人工智能（AI）股票中投資了 1890 億美元。他現在已經將這部分持股削減了約 50%！