<p>每個季度，投資者通過一種名為 13F 表格的巧妙工具，得以窺見華爾街 “聰明資金” 投資者正在買入和賣出的股票。這些文件是美國證券交易委員會（SEC）要求提交的，基本上作為大型資金管理者在最近一個季度內買賣的股票的詳細清單。</p>
<p>除了對沖基金和銀行等傳統金融機構外，如果公司在其他上市公司中也持有股份，則也需要提交 13F 表格。讓我們來探討 <strong>亞馬遜</strong> 在第一季度的投資，並評估這對 <strong>英偉達</strong> 在長期內可能意味着什麼。</p>
<h2>這是亞馬遜下一個大規模的人工智能投資嗎？</h2>
<p>根據其最新的 13F 表格，亞馬遜持有九家上市公司的股票。其長期持有的股票包括電動車製造商 <strong>Rivian Automotive</strong> 以及半導體股票 <strong>Marvell Technology</strong>。在第一季度，亞馬遜通過新建 <strong>先進微處理器公司</strong>（AMD -1.58%）的持倉來補充其對芯片股票的投資。根據文件，亞馬遜購買了 822,234 股 AMD，按當前價格計算價值約為 8400 萬美元。</p>
<h2>亞馬遜為何對 AMD 感興趣？</h2>
<p>在過去的幾年中，亞馬遜向一家名為 Anthropic 的人工智能（AI）初創公司投資了 80 億美元。根據他們合作的條款，Anthropic 使用亞馬遜的雲基礎設施——亞馬遜網絡服務（AWS）來訓練其生成性 AI 模型。此外，Anthropic 還利用亞馬遜的定製硅芯片——稱為 Trainium 和 Inferentia。</p>
<p>由於 Anthropic 已成為支持 AWS 的新支柱，雲基礎設施業務的收入增長和運營利潤率都加速了。這一點很重要，因為這些動態表明亞馬遜在其與 AI 相關的投資上已經產生了強勁的單位經濟效益。</p>
<p>這為亞馬遜提供了高度的財務靈活性，使其能夠在 AI 領域的其他方面進行進一步投資。這就是我認為對 AMD 的投資如此顯著的原因。亞馬遜已經將其內部芯片與英偉達的 GPU 架構結合使用。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>然而，通過投資 AMD，亞馬遜可能希望補充其當前的芯片組合——最終採取措施進一步擺脱對英偉達的依賴。鑑於亞馬遜正在加大對 AI 基礎設施項目的投入，包括數據中心的建設，我樂觀地認為 AMD 有機會成為雲計算巨頭的關鍵合作伙伴，並開始侵蝕英偉達的市場份額。</p>
<h2>現在 AMD 股票值得買嗎？</h2>
<p>截至目前，AMD 的前瞻市盈率（P/E）為 29。作為參考，<strong>標準普爾 500</strong> 指數的平均前瞻市盈率約為 20。AMD 的前瞻市盈率與標準普爾 500 的差異可能表明這隻半導體股票有些昂貴。然而，我並不一定這樣看。</p>
<p>根據下面的圖表，投資者可以看到 AMD 的前瞻市盈率在過去一年中一直在下降。在我看來，這表明投資者可能對公司的增長前景有一些疑問。進一步説，我懷疑投資者是否認為 AMD 的增長能與英偉達相匹配。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.png?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://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.png"/></p>
<p>AMD 前瞻市盈率數據來源於 YCharts</p>
<p>在我看來，這並不是評估 AMD 投資的最佳方法。相反，我鼓勵投資者考慮一下公司在過去一年中如何迅速擴大其數據中心 GPU 業務，同時贏得 <strong>Meta Platforms</strong>、<strong>微軟</strong> 和 <strong>甲骨文</strong> 等關鍵客户。就像亞馬遜一樣，所有這些公司也都嚴重依賴英偉達的芯片——然而最近卻開始轉向 AMD 作為替代供應商。</p>
<p>考慮到這些細節，加上 AMD 將在今年晚些時候推出新的 GPU 架構，可以説這隻股票的交易價格實際上是合理的，因為投資者的預期似乎相對保守。</p>
<p>我認為亞馬遜決定投資 AMD 為這家芯片製造商的聲譽增添了可信度，我不會感到驚訝如果該公司成為亞馬遜 AI 基礎設施路線圖的重要組成部分。</p>
<p>我認為現在是購買 AMD 股票的絕佳機會。投資者可能想要考慮在 AMD 中建立一個頭寸，因為與英偉達相比，其前景在長期內可能更為強勁，因為英偉達仍在面臨定製硅設計和 AMD 新架構等阻力。</p>

亞馬遜

<p>亞馬遜最近對先進微電子公司（AMD）的投資標誌着其人工智能基礎設施的戰略轉變，可能減少對英偉達的依賴。該公司購買了超過 822,000 股 AMD 股票，價值約 8400 萬美元。這一舉措是在亞馬遜對人工智能初創公司 Anthropic 進行 80 億美元投資之後，後者利用亞馬遜的雲服務和定製芯片。分析師表示，AMD 不斷增長的數據中心 GPU 業務和新架構可能使其在與英偉達的競爭中處於有利地位，使得 AMD 股票成為尋求長期增長機會的投資者的一個有吸引力的選擇</p>

<p>Each quarter, investors get a glimpse into which stocks &#34;smart money&#34; investors on Wall Street are buying and selling thanks to a nifty tool called the Form 13F. These filings are required by the Securities and Exchange Commission (SEC), and essentially serve as an itemized breakdown of what stocks large money managers bought and sold during the most recent quarter.</p>
<div class="lb-trans"><p>每個季度，投資者通過一種名為 13F 表格的巧妙工具，得以窺見華爾街 “聰明資金” 投資者正在買入和賣出的股票。這些文件是美國證券交易委員會（SEC）要求提交的，基本上作為大型資金管理者在最近一個季度內買賣的股票的詳細清單。</p>
</div><p>Beyond traditional financial institutions such as hedge funds and banks, corporations are also required to file a 13F if they also own positions in other public companies. Let's explore what investments <strong>Amazon</strong> made during the first quarter, and assess what it could mean for <strong>Nvidia</strong> in the long run.</p>
<div class="lb-trans"><p>除了對沖基金和銀行等傳統金融機構外，如果公司在其他上市公司中也持有股份，則也需要提交 13F 表格。讓我們來探討 <strong>亞馬遜</strong> 在第一季度的投資，並評估這對 <strong>英偉達</strong> 在長期內可能意味着什麼。</p>
</div><h2>Is this Amazon's next big-ticket AI investment?</h2>
<div class="lb-trans"><h2>這是亞馬遜下一個大規模的人工智能投資嗎？</h2>
</div><p>According to its most recent 13F, Amazon holds stock in nine public companies. Among its long-term positions are electric vehicle (EV) manufacturer <strong>Rivian Automotive</strong> as well as semiconductor stock <strong>Marvell Technology</strong>. During the first quarter, Amazon complemented its exposure to chip stocks by initiating a position in <strong>Advanced Micro Devices</strong>(AMD -1.58%). Per the filing, Amazon purchased 822,234 shares of AMD -- worth about $84 million at its current price.</p>
<div class="lb-trans"><p>根據其最新的 13F 表格，亞馬遜持有九家上市公司的股票。其長期持有的股票包括電動車製造商 <strong>Rivian Automotive</strong> 以及半導體股票 <strong>Marvell Technology</strong>。在第一季度，亞馬遜通過新建 <strong>先進微處理器公司</strong>（AMD -1.58%）的持倉來補充其對芯片股票的投資。根據文件，亞馬遜購買了 822,234 股 AMD，按當前價格計算價值約為 8400 萬美元。</p>
</div><h2>Why might Amazon be interested in AMD?</h2>
<div class="lb-trans"><h2>亞馬遜為何對 AMD 感興趣？</h2>
</div><p>Over the last couple of years ago, Amazon has invested $8 billion into an artificial intelligence (AI) start-up called Anthropic. Per the terms of their partnership, Anthropic uses Amazon's cloud infrastructure, Amazon Web Services (AWS), to train its generative AI models. Furthermore, Anthropic also leverages Amazon's custom silicon chips -- dubbed Trainium and Inferentia.</p>
<div class="lb-trans"><p>在過去的幾年中，亞馬遜向一家名為 Anthropic 的人工智能（AI）初創公司投資了 80 億美元。根據他們合作的條款，Anthropic 使用亞馬遜的雲基礎設施——亞馬遜網絡服務（AWS）來訓練其生成性 AI 模型。此外，Anthropic 還利用亞馬遜的定製硅芯片——稱為 Trainium 和 Inferentia。</p>
</div><p>Since Anthropic has become a new pillar supporting AWS, the cloud infrastructure business has accelerated both revenue growth and operating margin. This is important, as these dynamics underscore that Amazon is already generating strong unit economics on its AI-related investments.</p>
<div class="lb-trans"><p>由於 Anthropic 已成為支持 AWS 的新支柱，雲基礎設施業務的收入增長和運營利潤率都加速了。這一點很重要，因為這些動態表明亞馬遜在其與 AI 相關的投資上已經產生了強勁的單位經濟效益。</p>
</div><p>This provides Amazon with a high degree of financial flexibility, which it can use to make further investments in other pockets of the AI realm. This is why I think the investment in AMD is so notable. Amazon already uses a combination of its in-house chips with Nvidia's GPU architecture.</p>
<div class="lb-trans"><p>這為亞馬遜提供了高度的財務靈活性，使其能夠在 AI 領域的其他方面進行進一步投資。這就是我認為對 AMD 的投資如此顯著的原因。亞馬遜已經將其內部芯片與英偉達的 GPU 架構結合使用。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg2OTgvZ2V0dHlpbWFnZXMtMTQ4NDE5MjYzNC0zLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818698%2Fgettyimages-1484192634-3.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>However, by investing in AMD, Amazon may be looking to complement its current chip stack -- ultimately making moves to further migrate away from Nvidia. Given Amazon is doubling down on AI infrastructure projects, including data center buildouts, I'm optimistic that AMD has a lucrative opportunity to emerge as a key partner to the cloud hyperscaler and begin to encroach on Nvidia's market share.</p>
<div class="lb-trans"><p>然而，通過投資 AMD，亞馬遜可能希望補充其當前的芯片組合——最終採取措施進一步擺脱對英偉達的依賴。鑑於亞馬遜正在加大對 AI 基礎設施項目的投入，包括數據中心的建設，我樂觀地認為 AMD 有機會成為雲計算巨頭的關鍵合作伙伴，並開始侵蝕英偉達的市場份額。</p>
</div><h2>Is AMD stock a buy right now?</h2>
<div class="lb-trans"><h2>現在 AMD 股票值得買嗎？</h2>
</div><p>As of this writing, AMD's forward price-to-earnings (P/E) multiple is 29. For context, the average forward P/E across the <strong>S&amp;P 500</strong> index is about 20. The disparity between AMD's forward P/E compared to that of the S&amp;P 500 might suggest that the semiconductor stock is a bit pricey. I don't necessarily see it that way, however.</p>
<div class="lb-trans"><p>截至目前，AMD 的前瞻市盈率（P/E）為 29。作為參考，<strong>標準普爾 500</strong> 指數的平均前瞻市盈率約為 20。AMD 的前瞻市盈率與標準普爾 500 的差異可能表明這隻半導體股票有些昂貴。然而，我並不一定這樣看。</p>
</div><p>Per the graph below, investors can see that AMD's forward P/E has been on the decline for a year now. To me, this suggests that investors may have some questions over the company's growth prospects. Taking this a step further, my suspicion is that investors are doubtful that AMD's growth will ever match that of Nvidia.</p>
<div class="lb-trans"><p>根據下面的圖表，投資者可以看到 AMD 的前瞻市盈率在過去一年中一直在下降。在我看來，這表明投資者可能對公司的增長前景有一些疑問。進一步説，我懷疑投資者是否認為 AMD 的增長能與英偉達相匹配。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.png" alt="" original-src="https://media.ycharts.com/charts/be34957b425d86ea5cee66f4224702f3.png"/></p>
<p>AMD PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>AMD 前瞻市盈率數據來源於 YCharts</p>
</div><p>To me, that isn't the best approach when evaluating an investment in AMD. Instead, I'd encourage investors to consider just how quickly the company has scaled its data center GPU business over the last year while winning over the likes of <strong>Meta Platforms</strong>, <strong>Microsoft</strong>, and <strong>Oracle</strong> as key customers. Just like Amazon, all of those companies also rely heavily on Nvidia chips -- and yet have recently been turning to AMD as an alternative provider.</p>
<div class="lb-trans"><p>在我看來，這並不是評估 AMD 投資的最佳方法。相反，我鼓勵投資者考慮一下公司在過去一年中如何迅速擴大其數據中心 GPU 業務，同時贏得 <strong>Meta Platforms</strong>、<strong>微軟</strong> 和 <strong>甲骨文</strong> 等關鍵客户。就像亞馬遜一樣，所有這些公司也都嚴重依賴英偉達的芯片——然而最近卻開始轉向 AMD 作為替代供應商。</p>
</div><p>When you take these details into account, combined with the fact that AMD is launching new GPU architectures later this year, it could be argued that the stock is actually trading for a reasonable price considering investor expectations seem to be somewhat conservative.</p>
<div class="lb-trans"><p>考慮到這些細節，加上 AMD 將在今年晚些時候推出新的 GPU 架構，可以説這隻股票的交易價格實際上是合理的，因為投資者的預期似乎相對保守。</p>
</div><p>I think Amazon's decision to make an investment in AMD adds validity to the chipmaker's reputation, and I wouldn't be surprised if the company becomes an integral part of Amazon's AI infrastructure roadmap.</p>
<div class="lb-trans"><p>我認為亞馬遜決定投資 AMD 為這家芯片製造商的聲譽增添了可信度，我不會感到驚訝如果該公司成為亞馬遜 AI 基礎設施路線圖的重要組成部分。</p>
</div><p>I see AMD stock as a no-brainer buying opportunity right now. Investors may want to consider a position in AMD, because its prospects could be more robust in the long run compared to Nvidia, as Nvidia continues to push against headwinds such as custom silicon designs and new architectures from AMD.</p>
<div class="lb-trans"><p>我認為現在是購買 AMD 股票的絕佳機會。投資者可能想要考慮在 AMD 中建立一個頭寸，因為與英偉達相比，其前景在長期內可能更為強勁，因為英偉達仍在面臨定製硅設計和 AMD 新架構等阻力。</p>
</div>

This Artificial Intelligence (AI) Chipmaker Just Got a Game-Changing Boost From Amazon, and Nvidia Investors Should Be Paying Close Attention

- 亞馬遜在第一季度購買了 822,234 股 AMD 股票，價值約 8400 萬美元。  
- 此舉可能與亞馬遜在人工智能領域的投資戰略相關。  
- 投資 AMD 可能幫助亞馬遜減少對 Nvidia 的依賴，增強其雲基礎設施。

這家人工智能芯片製造商剛剛獲得了亞馬遜的重大推動，英偉達的投資者應密切關注