<p>大約兩個多月前，即 8 月 14 日，投資者收到了可以説是第三季度最重要的數據發佈，我指的不是任何通脹報告。</p>
<p>在季度結束後的 45 個日曆日內，至少擁有 1 億美元資產管理規模的機構投資者需要向美國證券交易委員會提交 13F 表格。這一提交告訴投資者，華爾街頂尖資產管理者在最新季度（本例為截至 6 月的季度）購買和出售了哪些股票、交易所交易基金（ETF）以及偶爾的期權。</p>
<p>正如你所想象的，專業和普通投資者特別關注華爾街最聰明的資產管理者如何看待人工智能（AI）股票。過去兩年，人工智能一直是最熱門的趨勢，普華永道的分析師預計，到 2030 年，這項技術將為全球經濟帶來 15.7 萬億美元的增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<p>有趣的是，第二季度的 13F 顯示，包括 Citadel 的 Ken Griffin 在內的億萬富翁投資者對推動人工智能革命的公司持有不同看法。</p>
<p>自 1990 年成立以來，Citadel 的對沖基金在創造投資收益方面比其他任何對沖基金都更成功。這就是為什麼投資者明智地關注 Griffin 及其團隊正在買賣的股票。</p>
<p>在截至 6 月的季度，Griffin 監督了其基金在市場領先的人工智能股票 <strong>英偉達</strong>（NVDA -2.81%）中的相當比例的減持，但選擇加大對另一家人工智能公司的投資，後者似乎擁有幾乎無法逾越的護城河。</p>
<h2>Griffin 的 Citadel 將大部分英偉達股票出售——理由充分</h2>
<p>在開始討論之前，我要指出 Citadel 是一家積極的對沖基金，持有無數頭寸，並經常通過認購和/或認沽期權對其普通股持倉進行套期保值。話雖如此，在第二季度，也許沒有比 Griffin 及其團隊減持其基金在英偉達持倉 79% 更引人注目的賣方活動。</p>
<p>自 2023 年以來，英偉達的股價已經上漲了 844%，截至 2024 年 10 月 18 日收盤，市值增加了近 3 萬億美元。這是一個前所未見的市值增長，這表明獲利了結至少在一定程度上導致 Citadel 減少其大量頭寸。但有理由相信，這種賣出活動背後可能不僅僅是良性的獲利了結。</p>
<p>首先，來自各個方面的競爭正向英偉達襲來。競爭對手芯片製造商正在開發和擴大生產旨在與英偉達的超受歡迎的 H100 GPU 和下一代 Blackwell GPU 架構競爭的人工智能圖形處理單元（GPU）。儘管英偉達的硬件在 AI 加速數據中心方面應該沒有問題，但競爭芯片更便宜，企業可能更容易獲得。</p>
<p>進一步説，內部競爭可能更加危險。英偉達按淨銷售額計算的前四大客户都在開發用於其數據中心的 AI-GPU。與內部開發的芯片的成本優勢相比，英偉達的硬件保持計算優勢可能不足夠。這表明英偉達未來可能會失去寶貴的數據中心市場份額。</p>
<p>Ken Griffin 及其 Citadel 團隊也可能從英偉達的管理團隊那裏得到啓示。雖然首席執行官 Jensen Huang 對公司的未來和繼任者 Blackwell 芯片非常樂觀，但自公司內部人員最後一次在公開市場購買股票以來已經快四年了。一系列內部人員的賣出行為描繪出這樣一個畫面，暗示英偉達的股價已經超前。</p>
<p>最後，Griffin 可能讓歷史充當嚮導。儘管圍繞人工智能崛起的熱潮不斷，但在過去 30 年裏，沒有一項改變遊戲規則的創新或技術能夠避免早期階段的泡沫。專業和零售投資者一直高估新技術的採用和效用，最終導致失望和泡沫破裂事件。由於沒有一家公司比英偉達更多地受益於人工智能革命，如果人工智能泡沫破裂，它可能會受到最嚴重的打擊。</p>
<p>然而，儘管億萬富翁 Ken Griffin 大幅減少了基金在英偉達的持倉，他卻大舉投資於另一家人工智能公司，後者具有明確定義的競爭優勢。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Griffin 將基金在這家獨特人工智能公司的持倉增加了超過 1100%！</h2>
<p>引起 Citadel 最聰明投資者，包括 Griffin，關注的這家高飛的人工智能公司，正是基於雲的數據挖掘專家 <strong>Palantir Technologies</strong>（PLTR -0.81%）。Citadel 的對沖基金在第二季度將其在該公司的持倉增加了約 1140%。</p>
<p>對於&#34;為什麼選擇 Palantir?&#34;，最好的答案是因為它在規模上是不可替代的。</p>
<p>Palantir 的兩個核心業務部門是 Gotham 和 Foundry。Gotham 是一個由人工智能驅動的平台，幫助政府機構收集數據並規劃各種任務。這包括衞星和無人機的自主任務分配。</p>
<p>與此同時，Foundry 是 Palantir 的人工智能和機器學習平台，專為企業而設計。它的任務是理清大量數據，並幫助企業簡化運營流程。雖然有一些公司處理了 Gotham 和/或 Foundry 提供的部分功能，但沒有其他公司能與 Palantir 的規模相提並論。華爾街傾向於獎勵獨特性、不可替代性和可持續的護城河。</p>
<p>Palantir 的許多增長都得益於 Gotham。Palantir 從政府機構獲得的許多合同都持續多年，導致高度可預測的經營現金流。但考慮到 Palantir 只允許美國及其盟友訪問，Gotham 的長期增長潛力也相對有限。</p>
<p>Palantir 的未來在很大程度上依賴於 Foundry 的成功。儘管公司的商業部門仍處於擴張的早期階段，但似乎已經找到了腳跟。截至 6 月 30 日，企業客户數量從去年同期增長了 55%，達到 467 家，該部門的銷售額增長了 33%。考慮到 Foundry 的潛在市場沒有像 Gotham 那樣的天花板，它有潛力在本十年後半段成為一個更大的利潤驅動器。</p>
<p>Palantir 的一個顯著缺點是其估值。儘管 Citadel 在其最近的上漲之前就已進入，但要驗證 Palantir 的未來市盈率（P/E）達到 100 的確是一項艱鉅的任務！儘管 Palantir 看起來具備了長期成功所需的所有工具和無形資產，但其股票可能在短期內面臨困難。</p>

PLTR

<p>億萬富翁肯·格里芬的 Citadel 出售了其在領先的人工智能股票 Nvidia 中的 79% 股份，這可能是因為競爭加劇和潛在市場調整。Nvidia 的股價在 2023 年飆升了 844%，引發了獲利回吐。格里芬的策略似乎轉向了 Palantir Technologies，將 Citadel 在該公司的持股增加了超過 1,100%，表明其正在將重點轉向在人工智能領域具有強大競爭優勢的公司</p>

<p>A little over two months ago, on Aug. 14, investors received what can arguably be described as the most important data release of the third quarter -- and I'm not talking about any inflation report.</p>
<div class="lb-trans"><p>大約兩個多月前，即 8 月 14 日，投資者收到了可以説是第三季度最重要的數據發佈，我指的不是任何通脹報告。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors with at least $100 million in assets under management (AUM) are required to file Form 13F with the Securities and Exchange Commission. This filing tells investors which stocks, exchange-traded funds (ETFs), and occasionally options, Wall Street's top money managers purchased and sold in the latest quarter (in this case, the June-ended quarter).</p>
<div class="lb-trans"><p>在季度結束後的 45 個日曆日內，至少擁有 1 億美元資產管理規模的機構投資者需要向美國證券交易委員會提交 13F 表格。這一提交告訴投資者，華爾街頂尖資產管理者在最新季度（本例為截至 6 月的季度）購買和出售了哪些股票、交易所交易基金（ETF）以及偶爾的期權。</p>
</div><p>As you might imagine, professional and everyday investors are particularly interested in seeing how Wall Street's smartest asset managers are approaching artificial intelligence (AI) stocks. AI has been the hottest trend over the last two years, with the analysts at PwC expecting this technology to provide a $15.7 trillion boost to the global economy by 2030.</p>
<div class="lb-trans"><p>正如你所想象的，專業和普通投資者特別關注華爾街最聰明的資產管理者如何看待人工智能（AI）股票。過去兩年，人工智能一直是最熱門的趨勢，普華永道的分析師預計，到 2030 年，這項技術將為全球經濟帶來 15.7 萬億美元的增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvc3RvY2stdHJhZGVyLWFuYWx5c3QtZnVuZC1tYW5hZ2VyLWJ1eS1zZWxsLWNoYXJ0LWRlY2xpbmUtYmVhci1tYXJrZXQtc21hcnRwaG9uZS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794711%2Fstock-trader-analyst-fund-manager-buy-sell-chart-decline-bear-market-smartphone-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><p>Interestingly, 13Fs from the second quarter show that billionaire investors, including Citadel's Ken Griffin, have a mixed view of the companies powering the AI revolution.</p>
<div class="lb-trans"><p>有趣的是，第二季度的 13F 顯示，包括 Citadel 的 Ken Griffin 在內的億萬富翁投資者對推動人工智能革命的公司持有不同看法。</p>
</div><p>Since its inception in 1990, Citadel's hedge fund has been more successful generating investment gains than any other hedge fund. It's why investors wisely pay attention to what Griffin and his team are buying and selling.</p>
<div class="lb-trans"><p>自 1990 年成立以來，Citadel 的對沖基金在創造投資收益方面比其他任何對沖基金都更成功。這就是為什麼投資者明智地關注 Griffin 及其團隊正在買賣的股票。</p>
</div><p>During the June-ended quarter, Griffin oversaw the disposition of a sizable percentage of his fund's stake in market-leading AI stock <strong>Nvidia</strong>(NVDA -2.81%), but chose pile into another AI company that appears to have a virtually insurmountable moat.</p>
<div class="lb-trans"><p>在截至 6 月的季度，Griffin 監督了其基金在市場領先的人工智能股票 <strong>英偉達</strong>（NVDA -2.81%）中的相當比例的減持，但選擇加大對另一家人工智能公司的投資，後者似乎擁有幾乎無法逾越的護城河。</p>
</div><h2>Griffin's Citadel shows the bulk of its Nvidia shares to the door -- and with good reason</h2>
<div class="lb-trans"><h2>Griffin 的 Citadel 將大部分英偉達股票出售——理由充分</h2>
</div><p>Let me preface this discussion by pointing out that Citadel is an active hedge fund with countless positions, and it often hedges its common stock holdings with put and/or call options. With this being said, perhaps no sell-side activity stood out more during the second quarter than Griffin and his crew shedding 79% of their fund's stake in Nvidia.</p>
<div class="lb-trans"><p>在開始討論之前，我要指出 Citadel 是一家積極的對沖基金，持有無數頭寸，並經常通過認購和/或認沽期權對其普通股持倉進行套期保值。話雖如此，在第二季度，也許沒有比 Griffin 及其團隊減持其基金在英偉達持倉 79% 更引人注目的賣方活動。</p>
</div><p>Since 2023 began, Nvidia's stock has gained 844%, as of the closing bell on Oct. 18, 2024, and tacked on close to $3 trillion in market cap. These are never-before-seen gains from a market-leading business, which suggests that profit-taking played at least some role in Citadel reducing its sizable position. But there's a reasonable chance this selling activity is about more than benign profit-taking.</p>
<div class="lb-trans"><p>自 2023 年以來，英偉達的股價已經上漲了 844%，截至 2024 年 10 月 18 日收盤，市值增加了近 3 萬億美元。這是一個前所未見的市值增長，這表明獲利了結至少在一定程度上導致 Citadel 減少其大量頭寸。但有理由相信，這種賣出活動背後可能不僅僅是良性的獲利了結。</p>
</div><p>To start with, competition is coming at Nvidia from all angles. Rival chipmakers are developing and ramping production of AI-graphics processing units (GPUs) designed to complete with Nvidia's ultra-popular H100 GPU and next-generation Blackwell GPU architecture. Although Nvidia's hardware shouldn't have any trouble maintaining a computing advantage in AI-accelerated data centers, competing chips are cheaper and may be easier for businesses to get their hands on.</p>
<div class="lb-trans"><p>首先，來自各個方面的競爭正向英偉達襲來。競爭對手芯片製造商正在開發和擴大生產旨在與英偉達的超受歡迎的 H100 GPU 和下一代 Blackwell GPU 架構競爭的人工智能圖形處理單元（GPU）。儘管英偉達的硬件在 AI 加速數據中心方面應該沒有問題，但競爭芯片更便宜，企業可能更容易獲得。</p>
</div><p>To build on this point, competition from within can be even more dangerous. All four of Nvidia's top customers by net sales are developing AI-GPUs for use in their data centers. Nvidia's hardware maintaining computing advantages may not be enough when compared to the cost advantages of internally developed chips. This suggests Nvidia could lose out on precious data center real estate down the road.</p>
<div class="lb-trans"><p>進一步説，內部競爭可能更加危險。英偉達按淨銷售額計算的前四大客户都在開發用於其數據中心的 AI-GPU。與內部開發的芯片的成本優勢相比，英偉達的硬件保持計算優勢可能不足夠。這表明英偉達未來可能會失去寶貴的數據中心市場份額。</p>
</div><p>Ken Griffin and his team at Citadel may also be taking their cues from Nvidia's management team. While CEO Jensen Huang has been incredibly optimistic about his company's future and the successor Blackwell chip, it's coming up on four years since the last time any company insider purchased shares of their stock on the open market. A barrage of insider selling paints a picture that implies Nvidia's stock has gotten ahead of itself.</p>
<div class="lb-trans"><p>Ken Griffin 及其 Citadel 團隊也可能從英偉達的管理團隊那裏得到啓示。雖然首席執行官 Jensen Huang 對公司的未來和繼任者 Blackwell 芯片非常樂觀，但自公司內部人員最後一次在公開市場購買股票以來已經快四年了。一系列內部人員的賣出行為描繪出這樣一個畫面，暗示英偉達的股價已經超前。</p>
</div><p>Lastly, Griffin may be letting history act as a guide. In spite of the buzz surrounding the rise of AI, no game-changing innovation or technology has avoided an early stage bubble in 30 years. Professional and retail investors consistently overestimate the adoption and utility of new technologies, which eventually leads to disappointment and a bubble-bursting event. Since no stock has benefited more than Nvidia from the AI revolution, it would, presumably, be hit the hardest if the AI bubble bursts.</p>
<div class="lb-trans"><p>最後，Griffin 可能讓歷史充當嚮導。儘管圍繞人工智能崛起的熱潮不斷，但在過去 30 年裏，沒有一項改變遊戲規則的創新或技術能夠避免早期階段的泡沫。專業和零售投資者一直高估新技術的採用和效用，最終導致失望和泡沫破裂事件。由於沒有一家公司比英偉達更多地受益於人工智能革命，如果人工智能泡沫破裂，它可能會受到最嚴重的打擊。</p>
</div><p>But while billionaire Ken Griffin was meaningfully cutting back his fund's stake in Nvidia, he was buying into another AI company, with well-defined competitive advantages, hand over fist.</p>
<div class="lb-trans"><p>然而，儘管億萬富翁 Ken Griffin 大幅減少了基金在英偉達的持倉，他卻大舉投資於另一家人工智能公司，後者具有明確定義的競爭優勢。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy83OTQ3MTEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F794711%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>圖片來源：Getty Images。</p>
</div><h2>Griffin increased his fund's stake in this unique AI stock by more than 1,100%!</h2>
<div class="lb-trans"><h2>Griffin 將基金在這家獨特人工智能公司的持倉增加了超過 1100%！</h2>
</div><p>The high-flying artificial intelligence stock that caught the attention of Citadel's brightest investors, including Griffin, is none other than cloud-based data-mining specialist <strong>Palantir Technologies</strong>(PLTR -0.81%). Citadel's hedge fund increased its stake in the company by roughly 1,140% during the second quarter.</p>
<div class="lb-trans"><p>引起 Citadel 最聰明投資者，包括 Griffin，關注的這家高飛的人工智能公司，正是基於雲的數據挖掘專家 <strong>Palantir Technologies</strong>（PLTR -0.81%）。Citadel 的對沖基金在第二季度將其在該公司的持倉增加了約 1140%。</p>
</div><p>The best answer to &#34;why Palantir?&#34; is because it's irreplaceable at scale.</p>
<div class="lb-trans"><p>對於&#34;為什麼選擇 Palantir?&#34;，最好的答案是因為它在規模上是不可替代的。</p>
</div><p>Palantir's two core operating segments are Gotham and Foundry. Gotham is an AI-driven platform that helps government entities collect data and plan various missions. This includes the autonomous tasking of satellites and drones.</p>
<div class="lb-trans"><p>Palantir 的兩個核心業務部門是 Gotham 和 Foundry。Gotham 是一個由人工智能驅動的平台，幫助政府機構收集數據並規劃各種任務。這包括衞星和無人機的自主任務分配。</p>
</div><p>Meanwhile, Foundry is Palantir's AI and machine learning-inspired platform that's geared toward businesses. It's tasked with making sense of large sums of data and helps businesses streamline their operations. While there are companies that handle bits and pieces of what Gotham and/or Foundry bring to the table, nothing else is close to the scale of Palantir. Wall Street tends to reward uniqueness, irreplaceability, and sustainable moats.</p>
<div class="lb-trans"><p>與此同時，Foundry 是 Palantir 的人工智能和機器學習平台，專為企業而設計。它的任務是理清大量數據，並幫助企業簡化運營流程。雖然有一些公司處理了 Gotham 和/或 Foundry 提供的部分功能，但沒有其他公司能與 Palantir 的規模相提並論。華爾街傾向於獎勵獨特性、不可替代性和可持續的護城河。</p>
</div><p>Much of Palantir's growth has been fueled by Gotham. Many of the contracts Palantir secures from government agencies last multiple years, leading to highly predictable operating cash flow. But Gotham's long-term growth potential is also reasonably limited given that Palantir will only allow the U.S. and its allies access.</p>
<div class="lb-trans"><p>Palantir 的許多增長都得益於 Gotham。Palantir 從政府機構獲得的許多合同都持續多年，導致高度可預測的經營現金流。但考慮到 Palantir 只允許美國及其盟友訪問，Gotham 的長期增長潛力也相對有限。</p>
</div><p>Palantir's future is very much reliant on the success of Foundry. Although it's still very early in its expansion, the company's commercial segment appears to be finding its footing. Enterprise customer count jumped 55% to 467 from the prior-year period, as of June 30, with sales from this segment climbing 33%. Considering the addressable market for Foundry has no glass ceiling like Gotham, it has the potential to become a considerably larger profit driver in the latter-half of this decade.</p>
<div class="lb-trans"><p>Palantir 的未來在很大程度上依賴於 Foundry 的成功。儘管公司的商業部門仍處於擴張的早期階段，但似乎已經找到了腳跟。截至 6 月 30 日，企業客户數量從去年同期增長了 55%，達到 467 家，該部門的銷售額增長了 33%。考慮到 Foundry 的潛在市場沒有像 Gotham 那樣的天花板，它有潛力在本十年後半段成為一個更大的利潤驅動器。</p>
</div><p>The one notable drawback with Palantir is its valuation. While Citadel got in well ahead of its recent run-up, it's a tough task trying to validate Palantir's forward price-to-earnings (P/E) ratio of 100! Though it looks to have all the tools and intangibles needed for success over the long run, Palantir's stock may find the short-term sledding difficult.</p>
<div class="lb-trans"><p>Palantir 的一個顯著缺點是其估值。儘管 Citadel 在其最近的上漲之前就已進入，但要驗證 Palantir 的未來市盈率（P/E）達到 100 的確是一項艱鉅的任務！儘管 Palantir 看起來具備了長期成功所需的所有工具和無形資產，但其股票可能在短期內面臨困難。</p>
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Billionaire Ken Griffin Sold 79% of Citadel's Stake in Nvidia and Is Piling Into Another Artificial Intelligence (AI) Stock With a Competitive Moat

- 投資者關注的 13F 報告顯示，Ken Griffin 減持 Nvidia 股份 79%。  
- Citadel 增持 Palantir 股份超過 1,100%，因其在數據挖掘領域的獨特優勢。  
- Palantir 的未來增長依賴於其商業平台 Foundry 的成功。  

億萬富翁肯·格里芬出售了 Citadel 在英偉達 79% 的股份，並正在投資另一傢俱有競爭優勢的人工智能（AI）股票