<p>在過去幾年中，人工智能（AI）領域的進展迅猛而激烈。可以説，這一趨勢的最大受益者之一是 <strong>Nvidia</strong>（NVDA 0.40%）。該公司的圖形處理單元（GPU）支撐了許多領域的進步，並已成為人工智能的黃金標準。這推動了 Nvidia 前所未有的銷售和利潤增長，投資者對公司每一個舉動都進行剖析，以洞察人工智能革命的未來。</p>
<p>上週晚些時候，Nvidia 向證券交易委員會（SEC）提交了其 13F 報告，詳細説明了其在最近一個季度的投資組合變化——在這種情況下，是截至 12 月 31 日的季度。</p>
<p>Nvidia 進行了重大調整，完全拋售了三隻人工智能股票，削減了一項頭寸，並在另外兩隻股票中增持。由於該公司對人工智能的發展趨勢瞭如指掌，其決策在投資者中似乎具有很大的分量。</p>
<p>讓我們來看看這些股票，看看我們能從 Nvidia 的舉動中獲得什麼見解。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>三項顯著的出售</h2>
<p>Nvidia 完全拋售了其在 <strong>SoundHound AI</strong>（SOUN 4.33%）的持股。該公司是智能電視、汽車、物聯網（IoT）和客户服務領域領先的語音啓用人工智能解決方案提供商。其生成式人工智能解決方案正在擴展到多個行業，助力其增長。Nvidia 大約售出了 170 萬股，價值超過 3400 萬美元。</p>
<p>在第三季度，SoundHound AI 的創紀錄收入為 2500 萬美元，同比增長 89%，每股虧損為 0.06 美元，相較於去年同期的 0.09 美元虧損有所改善。儘管這些結果令人印象深刻，但自 Nvidia 首次報告其持股以來，SoundHound AI 的股票在一年內上漲了約 836%。</p>
<p>其估值的相應增長同樣引人注目，股票在年末以 90 倍銷售額的價格收盤，這對於一家尚未盈利的公司來説是一個驚人的倍數。</p>
<p>Nvidia 還拋售了其在 <strong>Serve Robotics</strong>（SERV -14.66%）的全部股份，該公司自稱為 “領先的自主人行道配送公司”，專注於最後一公里配送。Serve Robotics 擁有一支配送機器人隊伍，並與一些市場上最大的食品配送公司建立了合作關係，但其增長非常不穩定。Nvidia 售出了約 370 萬股，價值 5000 萬美元。</p>
<p>在第三季度，Serve Robotics 的收入為 22 萬美元，同比增長 254%，但較第二季度的 51 萬美元有所放緩。此外，該公司的虧損增加至 790 萬美元。Nvidia 的興趣引發了該股的上漲，自 6 月 30 日至 12 月 31 日上漲了 592%。這導致其估值相應增加，股票以 279 倍銷售額的價格出售，但盈利能力仍然遙不可及。</p>
<p>這家芯片製造商還拋售了其在 <strong>Nano-X Imaging</strong>（NNOX -2.68%）的全部股份，該公司利用人工智能結合現實世界的醫學影像應用，提供先進的診斷能力並改善患者護理。這是 Nvidia 持股中最小的一項，售出了所有 60000 股，價值約 429,000 美元。</p>
<p>在第三季度，Nano-X 的收入為 300 萬美元，同比增長 22%，而每股虧損為 0.23 美元，相較於去年同期的每股虧損 0.37 美元有所改善。此外，該公司的現金儲備從 8200 萬美元下降至 5700 萬美元，因為其仍在消耗儲備。</p>
<p>Nano-X 的股票在年末以 39 倍銷售額的價格出售，對於一家財務進展緩慢的公司來説，這個價格相當高。</p>
<h2>一項削減的頭寸</h2>
<p>Nvidia 還大幅減少了其在 <strong>Arm Holdings</strong>（ARM 0.49%）的持股，這一直是其最大的持股。該公司提供用於世界上許多最先進的半導體的設計，從中獲得特許權使用費和許可費。Nvidia 大約售出了 860,000 股，價值約 1.06 億美元。公平地説，它仍持有超過 110 萬股，價值近 1.76 億美元（截至週五市場收盤），因此仍然是 Nvidia 最大的持股。</p>
<p>在第三季度，Arm 的收入同比增長 19%，達到了創紀錄的 9.83 億美元，得益於創紀錄的特許權使用費和強勁的許可收入。這推動了每股收益（EPS）達到 0.24 美元，增長了三倍。推動業績的因素是該公司的以人工智能為中心的第 9 版核心，提供更強的計算能力，併產生兩倍於其前身的特許權使用費率。</p>
<p>儘管 Arm 盈利且在增長，但該股票的估值仍然很高，以 209 倍的市盈率和 46 倍的銷售額出售（截至目前）。</p>
<h2>兩項顯著的增持</h2>
<p>Nvidia 的新持股之一是 <strong>Nebius Group</strong>（NBIS 8.05%）。該公司之前被稱為 Yandex Group，在俄羅斯提供互聯網和搜索服務。該股票的交易在 2022 年 2 月暫停，正值烏克蘭入侵不久之後。該公司剝離了其在俄羅斯的業務控制權，並遷至荷蘭。</p>
<p>Nebius 已經轉型，現在向全球客户提供雲和人工智能服務。該股票於 10 月 20 日開始交易，隨後 Nvidia 購買了約 120 萬股，價值約 3300 萬美元。</p>
<p>值得注意的是，Nvidia 參與了一項 7 億美元的私募，Nebius 表示這將用於增加容量，以支持訓練和運行人工智能模型。該公司之前宣佈計劃在歐洲投資超過 10 億美元用於以人工智能為中心的基礎設施。</p>
<p>考慮到當前情況，比較相對沒有意義。儘管如此，4330 萬美元的收入增長了 766%，調整後的 4700 萬美元虧損改善了 45%，儘管基數較小。在英偉達投資時，該股票的銷售額不到 1 倍，這通常意味着股票被低估。</p>
<p>英偉達的另一個新頭寸是 <strong>WeRide</strong>（WRD 28.25%）。這家中國機器人出租車和自動駕駛公司在 10 月底上市，緊接着宣佈與 <strong>Uber</strong> 達成戰略合作，將其機器人出租車整合到 Uber 的平台上。在上市後不久，WeRide 開始在阿聯酋的 Uber 應用上部署其機器人出租車車隊。</p>
<p>在第三季度，WeRide 的收入下降了 6%，降至 1000 萬美元，而每股虧損 2.10 美元改善了 31%。由於其有限的公開運營歷史，缺乏足夠的信息，因此很難給出估值。然而，英偉達一定對其所看到的情況感到滿意，因為它在購買時購買了超過 170 萬股，價值近 2500 萬美元。</p>
<h2>這意味着什麼</h2>
<p>英偉達所有銷售背後的共同點是相對高企的估值。看起來該公司只是對其認為的高倍數做出了反應，並進行了適度的獲利了結。也有可能英偉達審查了其投資的相對財務和運營表現，並得出結論認為它們並沒有發揮出潛力。</p>
<p>事後看來，英偉達很可能並不知道華爾街不知道的事情，而只是對其認為更具吸引力的機會做出了反應。</p>

英偉達財報，一站看懂！

SERV

<p>Nvidia 對其投資組合進行了重大調整，出售了三隻人工智能股票：SoundHound AI、Serve Robotics 和 Nano-X Imaging，同時削減了在 Arm Holdings 的持倉。這些銷售反映了 Nvidia 在人工智能領域的戰略舉措，出售了價值超過 3400 萬美元的 SoundHound AI 股票、價值 5000 萬美元的 Serve Robotics 股票，以及約 429,000 美元的 Nano-X Imaging 股票。儘管這些公司的收入增長令人矚目，但其高估值和缺乏盈利能力影響了 Nvidia 的決策。Nvidia 仍持有 Arm Holdings 的 substantial stake，後者仍是其最大的投資</p>

<p>Advances in the field of artificial intelligence (AI) over the past couple of years have come fast and furious. Arguably, one of the biggest beneficiaries of this trend is <strong>Nvidia</strong>(NVDA 0.40%). The company's graphics processing units (GPUs) have underpinned many of the advances in the field and have become the gold standard for AI. This has fueled unprecedented sales and profit growth for Nvidia, and every move the company makes is dissected by investors for insight into the future of the AI revolution.</p>
<div class="lb-trans"><p>在過去幾年中，人工智能（AI）領域的進展迅猛而激烈。可以説，這一趨勢的最大受益者之一是 <strong>Nvidia</strong>（NVDA 0.40%）。該公司的圖形處理單元（GPU）支撐了許多領域的進步，並已成為人工智能的黃金標準。這推動了 Nvidia 前所未有的銷售和利潤增長，投資者對公司每一個舉動都進行剖析，以洞察人工智能革命的未來。</p>
</div><p>Late last week, Nvidia filed its 13F report with the Securities and Exchange Commission (SEC), which details the changes to its investment portfolio in the most recent quarter -- in this case, the quarter ended Dec. 31.</p>
<div class="lb-trans"><p>上週晚些時候，Nvidia 向證券交易委員會（SEC）提交了其 13F 報告，詳細説明了其在最近一個季度的投資組合變化——在這種情況下，是截至 12 月 31 日的季度。</p>
</div><p>Nvidia made some significant changes, selling out of three AI stocks, trimming one position, and adding stakes in two others. Because the company has its finger on the pulse of AI, its decisions seem to carry a lot of weight with investors.</p>
<div class="lb-trans"><p>Nvidia 進行了重大調整，完全拋售了三隻人工智能股票，削減了一項頭寸，並在另外兩隻股票中增持。由於該公司對人工智能的發展趨勢瞭如指掌，其決策在投資者中似乎具有很大的分量。</p>
</div><p>Let's take a look at the stocks in question and see what insight we can glean from Nvidia's moves.</p>
<div class="lb-trans"><p>讓我們來看看這些股票，看看我們能從 Nvidia 的舉動中獲得什麼見解。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDgxMTcvYS1zdG9jay1ncmFwaC1zaG93aW5nLWluY3JlYXNpbmctZ3Jvd3RoLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F808117%2Fa-stock-graph-showing-increasing-growth.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>Three notable sales</h2>
<div class="lb-trans"><h2>三項顯著的出售</h2>
</div><p>Nvidia sold completely out of its position in <strong>SoundHound AI</strong>(SOUN 4.33%). The company is one of the leading providers of voice-enabled AI solutions in the smart television, automotive, Internet of Things (IoT), and customer service spaces. Its generative AI solutions have been expanding into a variety of industries, helping fuel its growth. Nvidia sold roughly 1.7 million shares worth more than $34 million.</p>
<div class="lb-trans"><p>Nvidia 完全拋售了其在 <strong>SoundHound AI</strong>（SOUN 4.33%）的持股。該公司是智能電視、汽車、物聯網（IoT）和客户服務領域領先的語音啓用人工智能解決方案提供商。其生成式人工智能解決方案正在擴展到多個行業，助力其增長。Nvidia 大約售出了 170 萬股，價值超過 3400 萬美元。</p>
</div><p>In the third quarter, SoundHound AI's record revenue of $25 million grew 89% year over year, resulting in a loss per share of $0.06, an improvement from a $0.09 loss in the prior-year quarter. While those results are impressive, SoundHound AI stock had gained roughly 836% in the year since Nvidia initially reported its stake.</p>
<div class="lb-trans"><p>在第三季度，SoundHound AI 的創紀錄收入為 2500 萬美元，同比增長 89%，每股虧損為 0.06 美元，相較於去年同期的 0.09 美元虧損有所改善。儘管這些結果令人印象深刻，但自 Nvidia 首次報告其持股以來，SoundHound AI 的股票在一年內上漲了約 836%。</p>
</div><p>The resulting increase in its valuation has been equally eye-catching, and the stock closed out the year selling for 90 times sales, a stunning multiple for a company that's not yet profitable.</p>
<div class="lb-trans"><p>其估值的相應增長同樣引人注目，股票在年末以 90 倍銷售額的價格收盤，這對於一家尚未盈利的公司來説是一個驚人的倍數。</p>
</div><p>Nvidia also dumped its entire stake in <strong>Serve Robotics</strong>(SERV -14.66%), which describes itself as a &#34;leading autonomous sidewalk delivery company&#34; focusing on last-mile delivery. Serve Robotics has a fleet of delivery robots and has partnered with some of the market's biggest food delivery companies, but its growth has been extremely lumpy. Nvidia sold about 3.7 million shares worth $50 million.</p>
<div class="lb-trans"><p>Nvidia 還拋售了其在 <strong>Serve Robotics</strong>（SERV -14.66%）的全部股份，該公司自稱為 “領先的自主人行道配送公司”，專注於最後一公里配送。Serve Robotics 擁有一支配送機器人隊伍，並與一些市場上最大的食品配送公司建立了合作關係，但其增長非常不穩定。Nvidia 售出了約 370 萬股，價值 5000 萬美元。</p>
</div><p>In the third quarter, Serve Robotics generated revenue of $0.22 million, which grew 254% year over year, but decelerated from $0.51 million in Q2. Furthermore, the company's losses increased to $7.9 million. Nvidia's interest sparked a run on the stock, which gained 592% between June 30 and Dec. 31. This resulted in a commensurate increase in its valuation, as the stock was selling for 279 times sales, yet profitability was nowhere in sight.</p>
<div class="lb-trans"><p>在第三季度，Serve Robotics 的收入為 22 萬美元，同比增長 254%，但較第二季度的 51 萬美元有所放緩。此外，該公司的虧損增加至 790 萬美元。Nvidia 的興趣引發了該股的上漲，自 6 月 30 日至 12 月 31 日上漲了 592%。這導致其估值相應增加，股票以 279 倍銷售額的價格出售，但盈利能力仍然遙不可及。</p>
</div><p>The chipmaker also ditched its entire stake in <strong>Nano-X Imaging</strong>(NNOX -2.68%), a company that uses AI in conjunction with real-world medical imaging applications to provide advanced diagnostic capabilities and improve patient care. This was by far Nvidia's smallest stake, and it sold all 60,000 shares worth roughly $429,000.</p>
<div class="lb-trans"><p>這家芯片製造商還拋售了其在 <strong>Nano-X Imaging</strong>（NNOX -2.68%）的全部股份，該公司利用人工智能結合現實世界的醫學影像應用，提供先進的診斷能力並改善患者護理。這是 Nvidia 持股中最小的一項，售出了所有 60000 股，價值約 429,000 美元。</p>
</div><p>In the third quarter, Nano-X delivered revenue of $3 million, which increased 22% year over year, while Nano-X's loss per share of $0.23 improved compared to a per-share loss of $0.37 in the prior-year quarter. Furthermore, the company's cash position declined from $82 million to $57 million as it continues to burn through its reserves.</p>
<div class="lb-trans"><p>在第三季度，Nano-X 的收入為 300 萬美元，同比增長 22%，而每股虧損為 0.23 美元，相較於去年同期的每股虧損 0.37 美元有所改善。此外，該公司的現金儲備從 8200 萬美元下降至 5700 萬美元，因為其仍在消耗儲備。</p>
</div><p>Nano-X stock ended the year selling for 39 times sales, a steep price to pay for a company whose financial progress has been tepid at best.</p>
<div class="lb-trans"><p>Nano-X 的股票在年末以 39 倍銷售額的價格出售，對於一家財務進展緩慢的公司來説，這個價格相當高。</p>
</div><h2>One trimmed position</h2>
<div class="lb-trans"><h2>一項削減的頭寸</h2>
</div><p>Nvidia also significantly reduced its stake in <strong>Arm Holdings</strong>(ARM 0.49%), which had long been its largest holding. The company provides the designs used in many of the world's most advanced semiconductors, generating royalties and licensing fees in the process. Nvidia sold off roughly 860,000 shares worth roughly $106 million. To be fair, it still has more than 1.1 million shares that were worth nearly $176 million (as of market close on Friday), so it's still Nvidia's largest stake by far.</p>
<div class="lb-trans"><p>Nvidia 還大幅減少了其在 <strong>Arm Holdings</strong>（ARM 0.49%）的持股，這一直是其最大的持股。該公司提供用於世界上許多最先進的半導體的設計，從中獲得特許權使用費和許可費。Nvidia 大約售出了 860,000 股，價值約 1.06 億美元。公平地説，它仍持有超過 110 萬股，價值近 1.76 億美元（截至週五市場收盤），因此仍然是 Nvidia 最大的持股。</p>
</div><p>In the third quarter, Arm generated revenue that grew 19% year over year to a record $983 million, driven by record royalty revenue and strong licensing. This fueled earnings per share (EPS) of $0.24, which tripled. Helping drive the results were the company's AI-centric version 9 cores, which offer greater computing power and generate twice the royalty rate of its predecessor.</p>
<div class="lb-trans"><p>在第三季度，Arm 的收入同比增長 19%，達到了創紀錄的 9.83 億美元，得益於創紀錄的特許權使用費和強勁的許可收入。這推動了每股收益（EPS）達到 0.24 美元，增長了三倍。推動業績的因素是該公司的以人工智能為中心的第 9 版核心，提供更強的計算能力，併產生兩倍於其前身的特許權使用費率。</p>
</div><p>While Arm is profitable and growing, the stock still carries a lofty valuation, selling for 209 times earnings and 46 times sales (as of this writing).</p>
<div class="lb-trans"><p>儘管 Arm 盈利且在增長，但該股票的估值仍然很高，以 209 倍的市盈率和 46 倍的銷售額出售（截至目前）。</p>
</div><h2>Two notable additions</h2>
<div class="lb-trans"><h2>兩項顯著的增持</h2>
</div><p>The first of Nvidia's new holdings is <strong>Nebius Group</strong>(NBIS 8.05%). The company, previously known as Yandex Group, provided internet and search services in Russia. Trading of the stock was suspended in February 2022, shortly after the invasion of Ukraine. The company divested control of its Russian businesses and relocated to the Netherlands.</p>
<div class="lb-trans"><p>Nvidia 的新持股之一是 <strong>Nebius Group</strong>（NBIS 8.05%）。該公司之前被稱為 Yandex Group，在俄羅斯提供互聯網和搜索服務。該股票的交易在 2022 年 2 月暫停，正值烏克蘭入侵不久之後。該公司剝離了其在俄羅斯的業務控制權，並遷至荷蘭。</p>
</div><p>Nebius has pivoted and now offers cloud and AI services to a global customer base. The stock began trading on Oct. 20 and, soon thereafter, Nvidia purchased roughly 1.2 million shares worth roughly $33 million at the time of purchase.</p>
<div class="lb-trans"><p>Nebius 已經轉型，現在向全球客户提供雲和人工智能服務。該股票於 10 月 20 日開始交易，隨後 Nvidia 購買了約 120 萬股，價值約 3300 萬美元。</p>
</div><p>It's also worth noting that Nvidia was part of a private placement of $700 million, which Nebius said will be used for additional capacity to support training and running AI models. The company previously announced plans to invest more than $1 billion to AI-centric infrastructure in Europe.</p>
<div class="lb-trans"><p>值得注意的是，Nvidia 參與了一項 7 億美元的私募，Nebius 表示這將用於增加容量，以支持訓練和運行人工智能模型。該公司之前宣佈計劃在歐洲投資超過 10 億美元用於以人工智能為中心的基礎設施。</p>
</div><p>Comparisons are relatively meaningless, given the situation. That said, revenue of $43.3 million grew 766%, and its adjusted loss of $47 million improved by 45%, albeit from a small base. At the time of Nvidia's investment, the stock was selling for less than 1 times sales, which usually suggests an undervalued stock.</p>
<div class="lb-trans"><p>考慮到當前情況，比較相對沒有意義。儘管如此，4330 萬美元的收入增長了 766%，調整後的 4700 萬美元虧損改善了 45%，儘管基數較小。在英偉達投資時，該股票的銷售額不到 1 倍，這通常意味着股票被低估。</p>
</div><p>Nvidia's other new position is in <strong>WeRide</strong>(WRD 28.25%). The Chinese robotaxi and autonomous driving company went public in late October, shortly after announcing a strategic partnership with <strong>Uber</strong> to integrate its robotaxis onto Uber's platform. Shortly after its IPO, WeRide began deploying its fleet of robotaxis on the Uber app in the United Arab Emirates.</p>
<div class="lb-trans"><p>英偉達的另一個新頭寸是 <strong>WeRide</strong>（WRD 28.25%）。這家中國機器人出租車和自動駕駛公司在 10 月底上市，緊接着宣佈與 <strong>Uber</strong> 達成戰略合作，將其機器人出租車整合到 Uber 的平台上。在上市後不久，WeRide 開始在阿聯酋的 Uber 應用上部署其機器人出租車車隊。</p>
</div><p>In the third quarter, WeRide generated revenue that declined 6% to $10 million, while its loss per share of $2.10 improved 31%. Because of its limited public operating history, there isn't much to go on, and it would be tough to assign a valuation. However, Nvidia must have liked what it saw, as it purchased more than 1.7 million shares in a stake worth nearly $25 million at the time of purchase.</p>
<div class="lb-trans"><p>在第三季度，WeRide 的收入下降了 6%，降至 1000 萬美元，而每股虧損 2.10 美元改善了 31%。由於其有限的公開運營歷史，缺乏足夠的信息，因此很難給出估值。然而，英偉達一定對其所看到的情況感到滿意，因為它在購買時購買了超過 170 萬股，價值近 2500 萬美元。</p>
</div><h2>What it all means</h2>
<div class="lb-trans"><h2>這意味着什麼</h2>
</div><p>The common thread behind all of Nvidia's sales is relatively stretched valuations. It appears the company was simply reacting to what it likely viewed as lofty multiples and indulged in a bit of profit-taking. It's also possible Nvidia had reviewed the relative financial and operating performances of its investments and concluded that they simply weren't living up to their potential.</p>
<div class="lb-trans"><p>英偉達所有銷售背後的共同點是相對高企的估值。看起來該公司只是對其認為的高倍數做出了反應，並進行了適度的獲利了結。也有可能英偉達審查了其投資的相對財務和運營表現，並得出結論認為它們並沒有發揮出潛力。</p>
</div><p>In hindsight, it's likely that Nvidia <em>didn't</em> know something that Wall Street doesn't, but was merely reacting to what it perceived as more compelling opportunities.</p>
<div class="lb-trans"><p>事後看來，英偉達很可能並不知道華爾街不知道的事情，而只是對其認為更具吸引力的機會做出了反應。</p>
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Does Nvidia Know Something Wall Street Doesn't? The Chipmaker Just Sold 4 Popular Artificial Intelligence (AI) Stocks and Bought 2 Others.

- Nvidia 在最新季度調整投資組合，出售三隻 AI 股票並增持兩隻。  
- 主要出售包括 SoundHound AI 和 Serve Robotics，因其估值過高。  
- 新增投資 Nebius Group 和 WeRide，前者專注於雲和 AI 服務。  

英偉達是否知道一些華爾街不知道的事情？這家芯片製造商剛剛賣出了 4 只受歡迎的人工智能（AI）股票，並買入了另外 2 只股票