<p>五月對投資者來説是一個數據密集的月份。在財報季、政府持續發佈的經濟數據以及聯邦公開市場委員會的聯邦基金利率決定之間，有很多信息需要解讀。</p>
<p>但可以説，本季度最重要的數據發佈發生在一週前，即 5 月 15 日。這是資產管理規模（AUM）至少為 1 億美元的機構投資者向證券交易委員會提交 13F 表格的截止日期。13F 為投資者提供了一種跟蹤華爾街最知名的資金經理買賣哪些股票和交易所交易基金（ETF）的方法。</p>
<p>儘管 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特是所有資產管理者中最受關注的，但他並不是唯一一個以超額回報和影響市場而聞名的億萬富翁投資者。例如，億萬富翁基金經理菲利普·拉豐特（Philippe Laffont）管理着 227 億美元的資產，擁有豐富的超額收益記錄。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>拉豐特還因其對高增長股票的熱愛而聞名，尤其是科技領域的股票。</p>
<p>根據 Coatue 的第一季度 13F 報告，這位億萬富翁首席投資官繼續出售全球領先的人工智能（AI）股票 <strong>英偉達</strong>（Nvidia）（NVDA -1.82%），但卻大舉投資於華爾街今年最熱門的 AI 首次公開募股（IPO）。</p>
<h2>菲利普·拉豐特在過去兩年裏持續出售英偉達股票</h2>
<p>考慮到英偉達在 2024 年 6 月完成了 10 比 1 的前分拆，Coatue 在華爾街的 AI 明星中的持股在 2023 年 3 月結束的季度達到了 49,802,020 股的峯值。在過去兩年中，拉豐特一直在定期削減這一持倉。</p>
<p>在 2025 年第一季度，拉豐特的基金拋售了 1,460,653 股英偉達股票，代表着約 15% 的季度環比下降。但在過去的八個季度中，Coatue 的億萬富翁老闆已經監督了 41,256,185 股英偉達的累計銷售，代表着該基金原始持股的 83%。</p>
<p>客觀地説，英偉達為達到現在的地位做了很多事情是正確的。其 Hopper（H100）圖形處理單元（GPU）和後續的 Blackwell GPU 架構在計算能力方面遠超競爭對手。英偉達的硬件在企業 AI 數據中心中保持着近乎壟斷的市場份額。</p>
<p>對英偉達 GPU 的強勁需求也提升了其定價能力。由於 Hopper 和 Blackwell 的價格高於所有其他 GPU，英偉達的毛利率超過 70% 也就不足為奇了。</p>
<p>但並非一切對英偉達都是完美的——拉豐特的交易活動暗示了這一點。</p>
<p>儘管英偉達擁有優越的硬件，但競爭壓力開始對其利潤率產生影響。除了直接的外部競爭對手加大 AI-GPU 的生產外，許多按淨銷售額計算的英偉達頂級客户正在內部開發他們將在自己的數據中心使用的芯片。依賴內部生產的 AI 解決方案的成本和可及性優勢，可能會導致英偉達在未來的數據中心市場中失去寶貴的機會。</p>
<p>新出現的外部和內部競爭的存在也在減少 AI-GPU 稀缺性的影響。這是英偉達在過去兩年中的主要競爭優勢，也是其毛利率在一年前飆升至 78.4% 的核心原因。隨着其毛利率在財政第一季度再次預計下降，顯然英偉達最大的優勢正在減弱。</p>
<p>另一個令英偉達股東擔憂的重大問題是 AI 泡沫形成和破裂的可能性。包括 1990 年代中期互聯網的普及在內，過去三十多年沒有任何顛覆性創新能夠避免在擴張初期發生泡沫破裂事件。大多數企業尚未優化其 AI 解決方案，並且在許多情況下未能從其 AI 投資中獲得正回報，這強烈表明投資者再次高估了這一新興趨勢的早期效用和採用率。</p>
<p>在 2025 財年第四季度（截至 2025 年 1 月 26 日），英偉達超過 90% 的淨銷售額來自其數據中心部門，AI 泡沫的破裂將對其股票造成災難性影響。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>億萬富翁菲利普·拉豐特的新 AI 寵兒是一個炙手可熱的 IPO</h2>
<p>儘管拉豐特在截至 3 月的季度中出售了大量高增長科技股，但有一家人工智能公司引起了他的極大關注——而且它在第一季度結束前幾天才首次公開上市！</p>
<p>可以説，在 2025 年開局階段，沒有哪隻股票比英偉達支持的 AI 數據中心基礎設施公司 <strong>CoreWeave</strong>（CRWV 18.79%）更受到 Coatue 億萬富翁首席的積極購買。在作為上市公司的兩個交易日內（該公司的 IPO 是在 3 月 28 日星期五），拉豐特購買了 14,402,999 股，使其成為 Coatue 第 16 大市值持股。</p>
<p>CoreWeave 對拉豐特的吸引力幾乎肯定與企業對 AI 計算資源的強烈需求有關。CoreWeave 已從英偉達購買了 250,000 個 Hopper 芯片，這可不是一筆小投資。作為回報，該公司可以將其 AI 基礎設施和服務租賃給客户，其產生的銷售額完全取決於需求、提供的服務以及完成任務所需的 GPU。</p>
<p>Coatue 的億萬富翁資金經理很可能也對 CoreWeave 預期的增長速度感到印象深刻。考慮到相對早期階段企業的共識增長預期通常是流動的，CoreWeave 的銷售預計將從 2024 年報告的 19.2 億美元激增至 2028 年的 196.6 億美元。該公司還宣佈與 OpenAI 達成了一項戰略協議，增加了 112 億美元的收入積壓。</p>
<p>紙面上的數字絕對為 CoreWeave 描繪了一幅令人興奮的圖景。但現實世界並不總是如紙面上所示那樣發展。</p>
<p>首先，CoreWeave 的淨虧損正在以與其銷售同樣驚人的速度加速增長。作為一家早期階段的企業，該公司不得不依賴債務融資來資助其 GPU 採購。去年，CoreWeave 的淨利息支出接近 3.61 億美元。根據最近報告的第一季度數據，預計 2025 年的年淨利息支出將接近 10.6 億美元！投資者應該預期隨着 CoreWeave 收入的增長，虧損將會非常嚴重。</p>
<p>另一個對 CoreWeave 的重大擔憂，實際上可能超過其迅速擴大的淨虧損，是英偉達加速的創新週期。英偉達計劃每年大約推出一款新的高性能 AI 芯片。這意味着 CoreWeave 主要依賴 Hopper GPU 的數據中心可能會迅速變得過時——或者至少，這可能會大大削弱該公司對其服務的定價能力。</p>
<p>最後，CoreWeave 幾乎肯定會受到 AI 泡沫形成和破裂的負面影響。在人工智能作為一項技術成熟之前，企業削減其 AI 基礎設施支出的威脅仍然是一個切實的擔憂。</p>

英偉達

<p>億萬富翁菲利普·拉豐特（Philippe Laffont）通過其科圖管理公司（Coatue Management）在兩年內出售了其英偉達（Nvidia）股份的 83%，總計 4130 萬股，同時將重點轉向人工智能首次公開募股 CoreWeave。儘管英偉達在市場上佔據強勢地位且利潤率高，但競爭壓力和潛在的人工智能泡沫擔憂影響了拉豐特的出售策略。他最近的投資表明，正朝着新興人工智能機會轉變，反映出在市場數據豐富的月份中，機構投資者的更廣泛趨勢</p>

<p>May has been a data-packed month for investors. Between earnings season, a steady flow of economic data releases from the government, and the Federal Open Market Committee's federal funds rate decision, there's been a lot to unpack.</p>
<div class="lb-trans"><p>五月對投資者來説是一個數據密集的月份。在財報季、政府持續發佈的經濟數據以及聯邦公開市場委員會的聯邦基金利率決定之間，有很多信息需要解讀。</p>
</div><p>But arguably the most important data release of the quarter occurred one week ago, on May 15. This was the deadline for institutional investors with at least $100 million in assets under management (AUM) to file Form 13F with the Securities and Exchange Commission. A 13F provides investors with a way to track which stocks and exchange-traded funds (ETFs) Wall Street's most prominent money managers have been buying and selling.</p>
<div class="lb-trans"><p>但可以説，本季度最重要的數據發佈發生在一週前，即 5 月 15 日。這是資產管理規模（AUM）至少為 1 億美元的機構投資者向證券交易委員會提交 13F 表格的截止日期。13F 為投資者提供了一種跟蹤華爾街最知名的資金經理買賣哪些股票和交易所交易基金（ETF）的方法。</p>
</div><p>Though <strong>Berkshire Hathaway</strong>'s Warren Buffett is the most followed of all asset managers, he's far from the only billionaire investor known to deliver outsized returns and move markets. For instance, billionaire fund manager Philippe Laffont of Coatue Management, who's overseeing $22.7 billion in AUM, has a rich track record of outperformance.</p>
<div class="lb-trans"><p>儘管 <strong>伯克希爾哈撒韋</strong> 的沃倫·巴菲特是所有資產管理者中最受關注的，但他並不是唯一一個以超額回報和影響市場而聞名的億萬富翁投資者。例如，億萬富翁基金經理菲利普·拉豐特（Philippe Laffont）管理着 227 億美元的資產，擁有豐富的超額收益記錄。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvcHJvZmVzc2lvbmFsLXN0b2NrLXRyYWRlci1icm9rZXItYW5hbHl6ZS1zdG9jay1jaGFydC1pbnZlc3QtcmV0aXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818741%2Fprofessional-stock-trader-broker-analyze-stock-chart-invest-retire-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>Laffont is also known for his love of high-growth stocks -- especially those in the tech sector.</p>
<div class="lb-trans"><p>拉豐特還因其對高增長股票的熱愛而聞名，尤其是科技領域的股票。</p>
</div><p>Based on Coatue's first-quarter 13F, its billionaire chief continued to be a seller of the world's leading artificial intelligence (AI) stock, <strong>Nvidia</strong>(NVDA -1.82%), but absolutely piled into Wall Street's hottest AI-initial public offering (IPO) of the year.</p>
<div class="lb-trans"><p>根據 Coatue 的第一季度 13F 報告，這位億萬富翁首席投資官繼續出售全球領先的人工智能（AI）股票 <strong>英偉達</strong>（Nvidia）（NVDA -1.82%），但卻大舉投資於華爾街今年最熱門的 AI 首次公開募股（IPO）。</p>
</div><h2>Philippe Laffont has been a persistent seller of Nvidia stock for two years</h2>
<div class="lb-trans"><h2>菲利普·拉豐特在過去兩年裏持續出售英偉達股票</h2>
</div><p>Taking into account that Nvidia completed a 10-for-1 forward split in June 2024, Coatue's position in Wall Street's AI darling peaked at 49,802,020 shares in the March-ended quarter of 2023. Over the last two years, Laffont has been paring down this position with regularity.</p>
<div class="lb-trans"><p>考慮到英偉達在 2024 年 6 月完成了 10 比 1 的前分拆，Coatue 在華爾街的 AI 明星中的持股在 2023 年 3 月結束的季度達到了 49,802,020 股的峯值。在過去兩年中，拉豐特一直在定期削減這一持倉。</p>
</div><p>During the first quarter of 2025, Laffont's fund dumped 1,460,653 shares of Nvidia stock, which represents a sequential quarterly decline of about 15%. But over the last eight quarters, Coatue's billionaire boss has overseen the sale of 41,256,185 cumulative shares of Nvidia, representing 83% of the fund's original stake.</p>
<div class="lb-trans"><p>在 2025 年第一季度，拉豐特的基金拋售了 1,460,653 股英偉達股票，代表着約 15% 的季度環比下降。但在過去的八個季度中，Coatue 的億萬富翁老闆已經監督了 41,256,185 股英偉達的累計銷售，代表着該基金原始持股的 83%。</p>
</div><p>To be objective, Nvidia has done a lot of things right to get to where it is now. Its Hopper (H100) graphics processing unit (GPU) and successor Blackwell GPU architecture have run circles around the competition, in terms of compute ability. Nvidia's hardware maintains a near-monopoly-like share in enterprise AI data centers.</p>
<div class="lb-trans"><p>客觀地説，英偉達為達到現在的地位做了很多事情是正確的。其 Hopper（H100）圖形處理單元（GPU）和後續的 Blackwell GPU 架構在計算能力方面遠超競爭對手。英偉達的硬件在企業 AI 數據中心中保持着近乎壟斷的市場份額。</p>
</div><p>Overwhelming demand for Nvidia's GPUs also boosted its pricing power. With the Hopper and Blackwell commanding a premium over all other GPUs, it's no surprise that Nvidia's gross margin surpassed 70%.</p>
<div class="lb-trans"><p>對英偉達 GPU 的強勁需求也提升了其定價能力。由於 Hopper 和 Blackwell 的價格高於所有其他 GPU，英偉達的毛利率超過 70% 也就不足為奇了。</p>
</div><p>But not everything is perfect for Nvidia -- and Laffont's trading activity suggests it.</p>
<div class="lb-trans"><p>但並非一切對英偉達都是完美的——拉豐特的交易活動暗示了這一點。</p>
</div><p>Despite Nvidia having superior hardware, competitive pressures are beginning to weigh on its margins. In addition to direct external competitors ramping up production of their AI-GPUs, many of Nvidia's top customers by net sales are internally developing chips they'll use in their own data centers. The cost and accessibility advantage of relying on internally produced AI solutions could realistically result in Nvidia losing out on valuable future data center real estate.</p>
<div class="lb-trans"><p>儘管英偉達擁有優越的硬件，但競爭壓力開始對其利潤率產生影響。除了直接的外部競爭對手加大 AI-GPU 的生產外，許多按淨銷售額計算的英偉達頂級客户正在內部開發他們將在自己的數據中心使用的芯片。依賴內部生產的 AI 解決方案的成本和可及性優勢，可能會導致英偉達在未來的數據中心市場中失去寶貴的機會。</p>
</div><p>The presence of new external and internal competition is also working to minimize the effect of AI-GPU scarcity. This has been Nvidia's primary competitive edge for two years, and it's the core reason its gross margin surged to as high as 78.4% one year ago. With its gross margin expected to decline, yet again, in the fiscal first quarter, it's clear that Nvidia's biggest advantage is withering.</p>
<div class="lb-trans"><p>新出現的外部和內部競爭的存在也在減少 AI-GPU 稀缺性的影響。這是英偉達在過去兩年中的主要競爭優勢，也是其毛利率在一年前飆升至 78.4% 的核心原因。隨着其毛利率在財政第一季度再次預計下降，顯然英偉達最大的優勢正在減弱。</p>
</div><p>The other big-time concern for Nvidia shareholders is the likelihood of an AI bubble forming and bursting. Including the proliferation of the internet in the mid-1990s, there hasn't been a game-changing innovation in more than three decades that's avoided a bubble-bursting event early in its expansion. The fact that most businesses haven't optimized their AI solutions, and in many instances aren't generating a positive return on their AI investments, strongly signals that investors have (again) overestimated the early innings utility and adoption rate of a next-big-thing trend.</p>
<div class="lb-trans"><p>另一個令英偉達股東擔憂的重大問題是 AI 泡沫形成和破裂的可能性。包括 1990 年代中期互聯網的普及在內，過去三十多年沒有任何顛覆性創新能夠避免在擴張初期發生泡沫破裂事件。大多數企業尚未優化其 AI 解決方案，並且在許多情況下未能從其 AI 投資中獲得正回報，這強烈表明投資者再次高估了這一新興趨勢的早期效用和採用率。</p>
</div><p>With more than 90% of Nvidia's net sales coming from its data center segment in the fiscal fourth quarter of 2025 (ended Jan. 26, 2025), a bursting of the AI bubble would be disastrous for its stock.</p>
<div class="lb-trans"><p>在 2025 財年第四季度（截至 2025 年 1 月 26 日），英偉達超過 90% 的淨銷售額來自其數據中心部門，AI 泡沫的破裂將對其股票造成災難性影響。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg3NDEvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818741%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>The new AI apple of billionaire Philippe Laffont's eye is a scorching-hot IPO</h2>
<div class="lb-trans"><h2>億萬富翁菲利普·拉豐特的新 AI 寵兒是一個炙手可熱的 IPO</h2>
</div><p>Although Laffont was a seller of <em>a lot</em> of high-growth tech stocks during the March-ended quarter, there was one artificial intelligence company that caught his attention in a big way -- and it only debuted as a public company days before the end of the first quarter!</p>
<div class="lb-trans"><p>儘管拉豐特在截至 3 月的季度中出售了大量高增長科技股，但有一家人工智能公司引起了他的極大關注——而且它在第一季度結束前幾天才首次公開上市！</p>
</div><p>Arguably no stock was purchased more aggressively in the opening frame of 2025 by Coatue's billionaire chief than Nvidia-backed AI-data center infrastructure company <strong>CoreWeave</strong>(CRWV 18.79%). In its two business days as a publicly traded company in the first quarter (the company's IPO was Friday, March 28), Laffont scooped up 14,402,999 shares, which vaulted it to Coatue's 16th-largest holding by market value.</p>
<div class="lb-trans"><p>可以説，在 2025 年開局階段，沒有哪隻股票比英偉達支持的 AI 數據中心基礎設施公司 <strong>CoreWeave</strong>（CRWV 18.79%）更受到 Coatue 億萬富翁首席的積極購買。在作為上市公司的兩個交易日內（該公司的 IPO 是在 3 月 28 日星期五），拉豐特購買了 14,402,999 股，使其成為 Coatue 第 16 大市值持股。</p>
</div><p>The allure of CoreWeave for Laffont almost certainly has to do with the insatiable enterprise demand for AI computing resources. CoreWeave has purchased 250,000 Hopper chips from Nvidia, which is no small investment. In return, the company can lease out its AI infrastructure and services to clients, with the amount it generates in sales all dependent on things like demand, the services rendered, and the GPUs needed to complete a task.</p>
<div class="lb-trans"><p>CoreWeave 對拉豐特的吸引力幾乎肯定與企業對 AI 計算資源的強烈需求有關。CoreWeave 已從英偉達購買了 250,000 個 Hopper 芯片，這可不是一筆小投資。作為回報，該公司可以將其 AI 基礎設施和服務租賃給客户，其產生的銷售額完全取決於需求、提供的服務以及完成任務所需的 GPU。</p>
</div><p>Coatue's billionaire money manager is likely also impressed with CoreWeave's expected growth ramp. Keeping in mind that consensus growth estimates for relatively early stage businesses are often fluid, CoreWeave's sales are projected to catapult from a reported $1.92 billion in 2024 to an estimated $19.66 billion come 2028. The company also announced a strategic deal with OpenAI that tacks on $11.2 billion in its revenue backlog.</p>
<div class="lb-trans"><p>Coatue 的億萬富翁資金經理很可能也對 CoreWeave 預期的增長速度感到印象深刻。考慮到相對早期階段企業的共識增長預期通常是流動的，CoreWeave 的銷售預計將從 2024 年報告的 19.2 億美元激增至 2028 年的 196.6 億美元。該公司還宣佈與 OpenAI 達成了一項戰略協議，增加了 112 億美元的收入積壓。</p>
</div><p>The numbers on paper absolutely paint an exciting picture for CoreWeave. But the real world doesn't always pan out as things do on paper.</p>
<div class="lb-trans"><p>紙面上的數字絕對為 CoreWeave 描繪了一幅令人興奮的圖景。但現實世界並不總是如紙面上所示那樣發展。</p>
</div><p>To begin with, CoreWeave's net losses are accelerating at the same staggering rate as its sales. As an early stage business, the company had to rely on debt financing to fund its GPU purchases. Last year, CoreWeave had nearly $361 million in net interest expenses. Its annual run in 2025 for net interest expense, based on its recently reported first quarter, is almost $1.06 billion! Investors should expect <em>steep</em> losses as CoreWeave's revenue ramp-up continues.</p>
<div class="lb-trans"><p>首先，CoreWeave 的淨虧損正在以與其銷售同樣驚人的速度加速增長。作為一家早期階段的企業，該公司不得不依賴債務融資來資助其 GPU 採購。去年，CoreWeave 的淨利息支出接近 3.61 億美元。根據最近報告的第一季度數據，預計 2025 年的年淨利息支出將接近 10.6 億美元！投資者應該預期隨着 CoreWeave 收入的增長，虧損將會非常嚴重。</p>
</div><p>Another sizable concern for CoreWeave, which might actually trump its rapidly widening net loss, is Nvidia's accelerated innovation cycle. Nvidia plans to bring a new high-powered AI chip to market roughly once per year. This means that CoreWeave's predominantly Hopper GPU-powered data centers could quickly become obsolete -- or at the very least, it could substantially weaken the company's pricing power for its services.</p>
<div class="lb-trans"><p>另一個對 CoreWeave 的重大擔憂，實際上可能超過其迅速擴大的淨虧損，是英偉達加速的創新週期。英偉達計劃每年大約推出一款新的高性能 AI 芯片。這意味着 CoreWeave 主要依賴 Hopper GPU 的數據中心可能會迅速變得過時——或者至少，這可能會大大削弱該公司對其服務的定價能力。</p>
</div><p>Lastly, CoreWeave would almost certainly be adversely affected by an AI bubble forming and bursting. Until artificial intelligence matures as a technology, the threat of businesses paring back their AI infrastructure spending remains a tangible concern.</p>
<div class="lb-trans"><p>最後，CoreWeave 幾乎肯定會受到 AI 泡沫形成和破裂的負面影響。在人工智能作為一項技術成熟之前，企業削減其 AI 基礎設施支出的威脅仍然是一個切實的擔憂。</p>
</div>

Billionaire Philippe Laffont Has Cumulatively Sold 83% of Coatue's Nvidia Stake and Is Piling Into Wall Street's Hottest Artificial Intelligence (AI) IPO

- 5 月是投資者數據密集的月份，涉及財報和經濟數據發佈。  
- 5 月 15 日是機構投資者提交 13F 表格的截止日期，顯示其持股動態。  
- 億萬富翁投資者 Laffont 繼續減持 Nvidia，同時大舉投資 AI 公司 CoreWeave。

億萬富翁菲利普·拉豐特已經累計出售了 Coatue 持有的 83% 的英偉達股份，並正在投資於華爾街最熱門的人工智能（AI）首次公開募股