<p>五月份的數據發佈非常關鍵。我們收到了來自有影響力企業的財報、聯邦儲備委員會的公開市場委員會會議，以及特朗普總統及其政府關於關税和貿易政策的無數更新。</p>
<p>但在這片數據海洋中，也許沒有什麼比向證券交易委員會（SEC）提交 13F 表格更具啓示性。</p>
<p>在一個季度結束後的 45 個日曆日內，管理資產規模至少為 1 億美元的機構投資者必須向 SEC 提交 13F 表格。該表格使專業投資者和普通投資者能夠看到華爾街領先資產管理者在最近一個季度買入和賣出的股票和交易所交易基金（ETF）。5 月 15 日是提交詳細説明截至 3 月季度交易活動的 13F 表格的截止日期。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>儘管沃倫·巴菲特是所有資金管理者中最受歡迎的，但他並不是唯一以超額投資回報而聞名的億萬富翁基金經理。第三點的億萬富翁首席丹·洛布在華爾街也有相當多的追隨者。</p>
<p>洛布在 2025 年第一季度結束時管理着 65.5 億美元的資產，分佈在 45 只股票中。但洛布的投資風格特別值得注意的是他對高增長和廣泛持有公司的買賣偏好。</p>
<p>根據第三點最新的 13F，丹·洛布完全拋棄了北美電動車（EV）巨頭 <strong>特斯拉</strong>（TSLA 2.08%），並選擇投資華爾街首屈一指的人工智能（AI）股票。</p>
<h2>丹·洛布將其基金的特斯拉股份全部拋售</h2>
<p>儘管丹·洛布在第一季度完全退出了第三點的九個頭寸，包括社交媒體巨頭 <strong>Meta Platforms</strong>，但出售 50 萬股特斯拉的交易最為引人注目。原因是什麼？洛布最初在 2024 年第三季度購買了 40 萬股特斯拉，並在 12 月結束的季度增加了 10 萬股。在 1 月 1 日至 3 月 31 日之間，情況發生了變化。</p>
<p>這個 “變化” 很可能是特斯拉股價的飆升。在特朗普總統 11 月勝選後不久，首席執行官埃隆·馬斯克被指定為政府效率部（DOGE）的 “特別政府僱員”，特斯拉的股票一度翻倍。洛布投資組合中的平均股票持有時間略超過 13 個月，因此他並不害怕鎖定利潤。</p>
<p>但這次出售活動可能還有更多內情。</p>
<p>首先，人們越來越擔心馬斯克與 DOGE 的關係以及他眾多其他公司和項目的參與正在削弱特斯拉的增長潛力。儘管特斯拉的能源生產和儲存業務持續增長，但電動車收入在第一季度同比下降了 20%。</p>
<p>此外，特斯拉的車輛利潤率在過去兩年中持續走低。馬斯克在公司 2023 年年度會議上指出，電動車需求決定定價。特斯拉的車隊（Model 3、S、X 和 Y）大幅降價的舉措證實了競爭加劇和/或電動車需求減弱。即使在大幅降價的情況下，特斯拉也難以控制電動車庫存水平的上升。</p>
<p>另一個擔憂是特斯拉的盈利質量較差。擁有先發優勢的公司應該從其產品和服務中產生利潤。特斯拉超過一半的税前收入來自於汽車監管信用，這些信用是政府免費給予的，以及其現金所賺取的利息收入。如果沒有汽車監管信用，特斯拉在截至 3 月的季度將報告税前虧損。</p>
<p>最後，丹·洛布可能因埃隆·馬斯克眾多未兑現的承諾而退出。例如，特斯拉的首席執行官聲稱完全自動駕駛的第五級 “距離我們只有一年”，而這一説法已經持續了 11 年。他還在 2019 年預計 “明年” 美國道路上會有 100 萬輛機器人出租車。更糟糕的是，Cybertruck 的需求遠低於最初的炒作。如果將這些未兑現的承諾從特斯拉的估值中剔除，其股票可能會大幅下跌。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>洛布正在加碼華爾街最直接受益於 AI 的公司</h2>
<p>在另一端，第三點的 13F 顯示洛布在第一季度開設了 10 個新頭寸。儘管他確實增加了一些高收益的分紅股票，例如電信巨頭 <strong>AT&amp;T</strong> 和消費健康產品公司 <strong>Kenvue</strong>，這並不意外，因為我們在第一季度末開始目睹市場的波動，但洛布引人注目的購買是首屈一指的 AI 股票 <strong>英偉達</strong>（NVDA 0.83%）。</p>
<p>第三點的億萬富翁投資者上一次持有英偉達的股份是在 2023 年第二季度。他在 2023 年第三季度出售了相當於 500 萬股英偉達的股份，考慮到英偉達在 2024 年 6 月的 10 比 1 股票拆分。在 2025 年第一季度，洛布購買了 145 萬股，目前價值近 1.96 億美元。</p>
<p>沒有哪家公司比英偉達更直接受益於 AI 革命。其 Hopper 圖形處理單元（GPU）和 Blackwell GPU 架構是運營 AI 加速數據中心的企業的無可爭議的首選。基本上，英偉達的硬件是生成 AI 解決方案和許多大型語言模型（LLM）訓練的核心。</p>
<p>英偉達也能夠充分利用人工智能 GPU 的稀缺性。即使全球領先的芯片製造公司 <strong>台積電</strong> 正在提升其晶圓級封裝能力，英偉達仍無法滿足其硬件的全部需求。當一種商品的需求超過供應時，該商品的價格上漲是完全正常的。英偉達的 Hopper 和 Blackwell GPU 的價格都高於競爭對手的芯片，這對公司的毛利率是一個好處。</p>
<p>甚至 CUDA 軟件平台也在為英偉達成為華爾街最具影響力的企業之一貢獻力量。CUDA 是開發者用來最大化其英偉達 GPU 計算潛力的工具包，同時也是構建大型語言模型（LLMs）的工具。更重要的是，它是一個錨定工具，幫助客户保持對英偉達產品和服務生態系統的忠誠。</p>
<p>Loeb 所關注的最後一塊拼圖似乎是英偉達的估值，這一估值已經變得相當可口。在三月底，英偉達的前瞻市盈率（P/E）降至約 19，這在其能夠維持的增長率下顯得相當便宜。</p>
<p>但英偉達的股票並不保證會繼續上漲。在過去三十多年中，每一個下一個重大趨勢都經歷了擴張初期的泡沫破裂事件。大多數企業缺乏明確的人工智能戰略，並且在其人工智能投資上沒有產生利潤，這一簡單事實表明投資者再次高估了另一項顛覆性技術的採用率和實用性。</p>
<p>競爭也是一個真正的擔憂。隨着外部和內部競爭的加劇，人工智能 GPU 的稀缺性將會減弱。最終，這對英偉達的人工智能 GPU 定價能力和其利潤率來説是個壞消息。</p>

特斯拉

英偉達

<p>億萬富翁丹·洛布已出售他在特斯拉的全部股份，轉讓了 500,000 股，並將投資重點轉向英偉達，這是一家領先的人工智能股票。此決定是由於對特斯拉電動車收入下降、車輛利潤率降低以及對監管信用依賴以獲取利潤的擔憂。洛布的基金 Third Point 在第一季度還開設了 10 個新頭寸，包括高收益分紅股票，但這一重大舉措是向人工智能的轉變，表明在市場波動中投資優先級的戰略調整</p>

<p>The month of May has been packed with pivotal data releases. We've had no shortage of earnings reports from influential businesses, a Federal Reserve Open Market Committee meeting, and countless updates on tariff and trade policy from President Donald Trump and his administration.</p>
<div class="lb-trans"><p>五月份的數據發佈非常關鍵。我們收到了來自有影響力企業的財報、聯邦儲備委員會的公開市場委員會會議，以及特朗普總統及其政府關於關税和貿易政策的無數更新。</p>
</div><p>But amid this sea of data, perhaps nothing has been more telling than the filing of Form 13Fs with the Securities and Exchange Commission (SEC).</p>
<div class="lb-trans"><p>但在這片數據海洋中，也許沒有什麼比向證券交易委員會（SEC）提交 13F 表格更具啓示性。</p>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors overseeing at least $100 million in assets under management (AUM) are required to file a 13F with the SEC. This filing allows professional and everyday investors to see which stocks and exchange-traded funds (ETFs) Wall Street's leading asset managers bought and sold in the most recent quarter. May 15 marked the filing deadline for 13Fs detailing trading activity for the March-ended quarter.</p>
<div class="lb-trans"><p>在一個季度結束後的 45 個日曆日內，管理資產規模至少為 1 億美元的機構投資者必須向 SEC 提交 13F 表格。該表格使專業投資者和普通投資者能夠看到華爾街領先資產管理者在最近一個季度買入和賣出的股票和交易所交易基金（ETF）。5 月 15 日是提交詳細説明截至 3 月季度交易活動的 13F 表格的截止日期。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818844%2Fsilver-dice-buy-sell-stock-chart-volume-billionaire-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>Though Warren Buffett is the most-popular of all money managers, he's far from the only billionaire fund manager known for outsized investment returns. Third Point's billionaire chief Dan Loeb also has quite the following on Wall Street.</p>
<div class="lb-trans"><p>儘管沃倫·巴菲特是所有資金管理者中最受歡迎的，但他並不是唯一以超額投資回報而聞名的億萬富翁基金經理。第三點的億萬富翁首席丹·洛布在華爾街也有相當多的追隨者。</p>
</div><p>Loeb closed out the first frame of 2025 with $6.55 billion in AUM which was spread across 45 stocks. But what's particularly noteworthy about Loeb's investing style is his penchant for buying and selling high-growth and widely owned companies.</p>
<div class="lb-trans"><p>洛布在 2025 年第一季度結束時管理着 65.5 億美元的資產，分佈在 45 只股票中。但洛布的投資風格特別值得注意的是他對高增長和廣泛持有公司的買賣偏好。</p>
</div><p>Based on Third Point's latest 13F, Dan Loeb completely kicked North America's electric-vehicle (EV) kingpin <strong>Tesla</strong>(TSLA 2.08%) to the curb and chose to pile into Wall Street's preeminent artificial intelligence (AI) stock.</p>
<div class="lb-trans"><p>根據第三點最新的 13F，丹·洛布完全拋棄了北美電動車（EV）巨頭 <strong>特斯拉</strong>（TSLA 2.08%），並選擇投資華爾街首屈一指的人工智能（AI）股票。</p>
</div><h2>Dan Loeb sent his fund's entire Tesla stake packing</h2>
<div class="lb-trans"><h2>丹·洛布將其基金的特斯拉股份全部拋售</h2>
</div><p>Although Dan Loeb completely exited nine positions at Third Point during the first quarter, including social media colossus <strong>Meta Platforms</strong>, the sale of 500,000 shares of Tesla is what stands out most. The reason? Loeb initially purchased 400,000 shares of Tesla during the third quarter of 2024 and tacked on an additional 100,000 shares in the December-ended quarter. Between Jan. 1 and March 31, something changed.</p>
<div class="lb-trans"><p>儘管丹·洛布在第一季度完全退出了第三點的九個頭寸，包括社交媒體巨頭 <strong>Meta Platforms</strong>，但出售 50 萬股特斯拉的交易最為引人注目。原因是什麼？洛布最初在 2024 年第三季度購買了 40 萬股特斯拉，並在 12 月結束的季度增加了 10 萬股。在 1 月 1 日至 3 月 31 日之間，情況發生了變化。</p>
</div><p>This &#34;something&#34; could very well be Tesla's soaring share price. In the wake of President Donald Trump's victory in November and CEO Elon Musk being designated as a &#34;special government employee&#34; for the Department of Government Efficiency (DOGE), Tesla stock very briefly doubled. The average stock in Loeb's portfolio has an average hold time of a little over 13 months, so he's not shy about locking in profits.</p>
<div class="lb-trans"><p>這個 “變化” 很可能是特斯拉股價的飆升。在特朗普總統 11 月勝選後不久，首席執行官埃隆·馬斯克被指定為政府效率部（DOGE）的 “特別政府僱員”，特斯拉的股票一度翻倍。洛布投資組合中的平均股票持有時間略超過 13 個月，因此他並不害怕鎖定利潤。</p>
</div><p>But there may be more to this selling activity than meets the eye.</p>
<div class="lb-trans"><p>但這次出售活動可能還有更多內情。</p>
</div><p>To begin with, there's growing concern that Musk's involvement with DOGE and his numerous other companies and projects are detracting from Tesla's growth potential. Despite continued sales growth from Tesla's energy generation and storage operations, EV revenue plunged 20% in the first quarter from the prior-year period.</p>
<div class="lb-trans"><p>首先，人們越來越擔心馬斯克與 DOGE 的關係以及他眾多其他公司和項目的參與正在削弱特斯拉的增長潛力。儘管特斯拉的能源生產和儲存業務持續增長，但電動車收入在第一季度同比下降了 20%。</p>
</div><p>Moreover, Tesla's vehicle margin has been trending lower for the last two years. Musk noted during his company's 2023 annual meeting that EV demand dictates pricing. A slew of sweeping price cuts for Tesla's fleet (Model's 3, S, X, and Y) confirms that competition is picking up and/or demand for EVs has waned. Even with steep price cuts, Tesla has struggled to keep its EV inventory levels from rising.</p>
<div class="lb-trans"><p>此外，特斯拉的車輛利潤率在過去兩年中持續走低。馬斯克在公司 2023 年年度會議上指出，電動車需求決定定價。特斯拉的車隊（Model 3、S、X 和 Y）大幅降價的舉措證實了競爭加劇和/或電動車需求減弱。即使在大幅降價的情況下，特斯拉也難以控制電動車庫存水平的上升。</p>
</div><p>Another concern is that Tesla's earnings quality is poor. Companies with first-mover advantages should be generating their profits from their products and services. More than half of Tesla's pre-tax income can be traced to automotive regulatory credits, which are given to it for free by governments, and interest income earned on its cash. Without automotive regulatory credits, Tesla would have reported a pre-tax loss in the March-ended quarter.</p>
<div class="lb-trans"><p>另一個擔憂是特斯拉的盈利質量較差。擁有先發優勢的公司應該從其產品和服務中產生利潤。特斯拉超過一半的税前收入來自於汽車監管信用，這些信用是政府免費給予的，以及其現金所賺取的利息收入。如果沒有汽車監管信用，特斯拉在截至 3 月的季度將報告税前虧損。</p>
</div><p>Lastly, Dan Loeb might be out due to Elon Musk's numerous unfulfilled promises. For instance, Tesla's chief has claimed that Level 5 full self-driving is &#34;one year away&#34; for the last 11 years. He also expected 1 million robotaxis on American roadways &#34;next year&#34; in 2019. The cherry on top is that demand for Cybertruck has been well below the initial hype. If these unfulfilled promises are backed out of Tesla's valuation, its stock could have a long way to fall.</p>
<div class="lb-trans"><p>最後，丹·洛布可能因埃隆·馬斯克眾多未兑現的承諾而退出。例如，特斯拉的首席執行官聲稱完全自動駕駛的第五級 “距離我們只有一年”，而這一説法已經持續了 11 年。他還在 2019 年預計 “明年” 美國道路上會有 100 萬輛機器人出租車。更糟糕的是，Cybertruck 的需求遠低於最初的炒作。如果將這些未兑現的承諾從特斯拉的估值中剔除，其股票可能會大幅下跌。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MTg4NDQvd29tYW4tYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktdmlydHVhbC1hZ2VudC1jb21wdXRlci1jbG91ZC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F818844%2Fwoman-artificial-intelligence-ai-virtual-agent-computer-cloud-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>Loeb is loading up on Wall Street's most direct AI beneficiary</h2>
<div class="lb-trans"><h2>洛布正在加碼華爾街最直接受益於 AI 的公司</h2>
</div><p>On the other end of the spectrum, Third Point's 13F shows that Loeb opened 10 new positions during the first quarter. Though he did add a handful of high-yield dividend stocks, such as telecom titan <strong>AT&amp;T</strong> and consumer health products company <strong>Kenvue</strong>, which isn't unexpected given the volatility we began witnessing in the stock market late in the first quarter, Loeb's eyebrow-raising purchase is premier AI stock <strong>Nvidia</strong>(NVDA 0.83%).</p>
<div class="lb-trans"><p>在另一端，第三點的 13F 顯示洛布在第一季度開設了 10 個新頭寸。儘管他確實增加了一些高收益的分紅股票，例如電信巨頭 <strong>AT&amp;T</strong> 和消費健康產品公司 <strong>Kenvue</strong>，這並不意外，因為我們在第一季度末開始目睹市場的波動，但洛布引人注目的購買是首屈一指的 AI 股票 <strong>英偉達</strong>（NVDA 0.83%）。</p>
</div><p>The last time Third Point's billionaire investor held shares of Nvidia for his fund was the second quarter of 2023. He then sold what's now the equivalent of 5,000,000 shares of Nvidia during the third quarter of 2023, which takes into account Nvidia's 10-for-1 stock split in June 2024. During the first quarter of 2025, Loeb scooped up 1,450,000 shares, which are currently valued at almost $196 million.</p>
<div class="lb-trans"><p>第三點的億萬富翁投資者上一次持有英偉達的股份是在 2023 年第二季度。他在 2023 年第三季度出售了相當於 500 萬股英偉達的股份，考慮到英偉達在 2024 年 6 月的 10 比 1 股票拆分。在 2025 年第一季度，洛布購買了 145 萬股，目前價值近 1.96 億美元。</p>
</div><p>No company has been a more direct beneficiary of the AI revolution than Nvidia. Its Hopper graphics processing units (GPUs) and Blackwell GPU architecture are the undisputed preferred choice by businesses operating AI-accelerated data centers. Essentially, Nvidia's hardware is the brains behind generative AI solutions and the training of many large language models (LLMs).</p>
<div class="lb-trans"><p>沒有哪家公司比英偉達更直接受益於 AI 革命。其 Hopper 圖形處理單元（GPU）和 Blackwell GPU 架構是運營 AI 加速數據中心的企業的無可爭議的首選。基本上，英偉達的硬件是生成 AI 解決方案和許多大型語言模型（LLM）訓練的核心。</p>
</div><p>Nvidia has also been able to take full advantage of AI-GPU scarcity. Even with world-leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> ramping up its chip-on-wafer-on-substrate capacity, Nvidia can't come close to meeting the full demand for its hardware. When demand for a good overwhelms supply, it's perfectly normal the price of that good to climb. Both Nvidia's Hopper and Blackwell GPUs are commanding a premium to competing chips, which has been a benefit to the company's gross margin.</p>
<div class="lb-trans"><p>英偉達也能夠充分利用人工智能 GPU 的稀缺性。即使全球領先的芯片製造公司 <strong>台積電</strong> 正在提升其晶圓級封裝能力，英偉達仍無法滿足其硬件的全部需求。當一種商品的需求超過供應時，該商品的價格上漲是完全正常的。英偉達的 Hopper 和 Blackwell GPU 的價格都高於競爭對手的芯片，這對公司的毛利率是一個好處。</p>
</div><p>Even the CUDA software platform is doing its part to make Nvidia one of Wall Street's most-influential businesses. CUDA is the toolkit developers use to maximize the compute potential of their Nvidia GPUs, as well as build LLMs. More importantly, it's an anchoring tool that's helping to keep clients loyal to Nvidia's ecosystem of products and services.</p>
<div class="lb-trans"><p>甚至 CUDA 軟件平台也在為英偉達成為華爾街最具影響力的企業之一貢獻力量。CUDA 是開發者用來最大化其英偉達 GPU 計算潛力的工具包，同時也是構建大型語言模型（LLMs）的工具。更重要的是，它是一個錨定工具，幫助客户保持對英偉達產品和服務生態系統的忠誠。</p>
</div><p>The final piece of the puzzle for Loeb looks to be Nvidia's valuation, which has become considerably more palatable. During the tail-end of March, Nvidia's forward price-to-earnings (P/E) ratio dipped to around 19, which appears quite inexpensive given the growth rate it's been able to sustain.</p>
<div class="lb-trans"><p>Loeb 所關注的最後一塊拼圖似乎是英偉達的估值，這一估值已經變得相當可口。在三月底，英偉達的前瞻市盈率（P/E）降至約 19，這在其能夠維持的增長率下顯得相當便宜。</p>
</div><p>But Nvidia stock isn't guaranteed to head higher. Every next-big-thing trend for more than three decades has worked its way through a bubble-bursting event early in its expansion. The simple fact that most businesses lack a well-defined AI game plan and aren't generating a profit on their AI investments signals that investors have, once again, overestimated the adoption rate and utility of another game-changing technology.</p>
<div class="lb-trans"><p>但英偉達的股票並不保證會繼續上漲。在過去三十多年中，每一個下一個重大趨勢都經歷了擴張初期的泡沫破裂事件。大多數企業缺乏明確的人工智能戰略，並且在其人工智能投資上沒有產生利潤，這一簡單事實表明投資者再次高估了另一項顛覆性技術的採用率和實用性。</p>
</div><p>Competition is a genuine concern, as well. As both external and internal competition ramps up, AI-GPU scarcity will diminish. Ultimately, this is bad news for Nvidia's AI-GPU pricing power and its margins.</p>
<div class="lb-trans"><p>競爭也是一個真正的擔憂。隨着外部和內部競爭的加劇，人工智能 GPU 的稀缺性將會減弱。最終，這對英偉達的人工智能 GPU 定價能力和其利潤率來説是個壞消息。</p>
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Billionaire Dan Loeb Sold His Fund's Entire Stake in Tesla and Is Piling Into Wall Street's Preeminent Artificial Intelligence (AI) Stock

- 5 月發佈了重要數據，包括企業財報和美聯儲會議。  
- Dan Loeb 完全退出特斯拉，轉而投資人工智能股票 Nvidia。  
- 特斯拉麪臨需求下降和盈利質量差的問題。

億萬富翁丹·勒布已經出售了其基金持有的特斯拉全部股份，並正在大舉投資於華爾街最具影響力的人工智能（AI）股票