<p>在過去兩年半的時間裏，沒有哪個趨勢能像人工智能（AI）那樣吸引投資者的關注和資本。藉助人工智能，軟件和系統能夠在無需人類干預的情況下做出瞬間決策。</p>
<p>這是一項看似具有無限長期潛力的技術。由於人工智能在全球幾乎所有行業中都提供某種形式的效用，普華永道的分析師預計到 2030 年其對全球國內生產總值的影響將達到 15.7 萬億美元。如此龐大的數字確保了將會有一長串贏家。</p>
<p>沒有哪家公司比 <strong>Nvidia</strong>（NVDA -0.85%）更直接地受益於人工智能的演變，其市值在不到兩年的時間裏飆升了超過 3 萬億美元。</p>
<p>但有趣的是，華爾街最知名的億萬富翁投資經理們對 Nvidia 股票的態度。具體來説，億萬富翁投資者們正在大量出售 Nvidia 的股票……但有一個顯著的例外。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>億萬富翁 Chase Coleman 繼續增持 Nvidia</h2>
<p>在一個季度結束後的 45 個日曆日內，管理至少 1 億美元資產的機構投資者必須向證券交易委員會提交 13F 表格。該文件詳細説明了華爾街最聰明的投資經理在最新季度買入和賣出的股票。</p>
<p>儘管大多數億萬富翁一直在持續出售 Nvidia 股票（我稍後會提到這個話題），但 Tiger Global Management 的億萬富翁首席執行官 Chase Coleman 卻是個例外。考慮到 Nvidia 在 2024 年 6 月實施的歷史性 10 比 1 的前分拆，Coleman 的基金在 2023 年底的持股從 9,683,550 股增至 2025 年 3 月底的 10,967,550 股。</p>
<p>Coleman 的投資策略歷來側重於大型和小型成長股的混合，傾向於關注下一個重大趨勢和創新。人工智能的崛起無疑符合 Tiger Global 億萬富翁投資者的興趣。</p>
<p>Chase Coleman 選擇擴大其基金對 Nvidia 的投資，可能與以下四個因素之一或多個因素有關。</p>
<p>首先，Nvidia 在高計算數據中心的圖形處理單元（GPU）市場的份額可以被描述為壟斷式的。企業紛紛排隊購買 Nvidia 的 Hopper（H100）及其後續產品 Blackwell GPU，並且沒有證據表明對這些產品的需求有所減緩。華爾街往往會獎勵那些被認為具有可持續護城河的公司。</p>
<p>其次，AI-GPU 的稀缺性對 Nvidia 有利。即使華爾街的 AI 寵兒和其他直接競爭對手儘可能多地推出 GPU，芯片製造供應鏈目前也已達到極限。由於對 AI-GPU 的需求遠遠超過供應，Nvidia 能夠對 Hopper 和 Blackwell 收取三位數百分比的溢價，相較於一些直接競爭對手。這幫助 Nvidia 的毛利率超過了 70%。</p>
<p>第三個可能促使 Coleman 擴大其基金在 Nvidia 股份的因素是首席執行官黃仁勳的雄心勃勃的創新時間表。黃仁勳每年監督推出一款新的先進 AI 芯片。Blackwell Ultra（2025 年下半年）、Vera Rubin（2026 年下半年）和 Vera Rubin Ultra（2027 年下半年）是繼超受歡迎的 Blackwell 芯片之後的下一款。Nvidia 似乎沒有面臨在 AI 加速數據中心中失去明顯計算優勢的危險。</p>
<p>最後，Nvidia 股票在第一季度的某些時候出現下跌，這可能使其未來一年的收益倍數降至一個吸引 Coleman 的水平。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>大多數億萬富翁投資經理持續出售 Nvidia 股票——原因在於此</h2>
<p>然而，Chase Coleman 的行為在億萬富翁基金經理中顯得不尋常。自從 Nvidia 股票開始其歷史性的上漲以來，大多數億萬富翁都減少了對這家 AI 巨頭的投資或完全退出了各自的持倉：</p>
<ul>
<li>Duquesne Family Office 的 Stanley Druckenmiller 在 2023 年 6 月 30 日至 2024 年 9 月 30 日之間出售了所有 9,500,750 股 Nvidia 股票。</li>
<li>Lone Pine Capital 的 Stephen Mandel 在 2023 年 6 月 30 日至 2024 年 6 月 30 日之間拋售了所有 6,416,490 股。</li>
<li>Appaloosa 的 David Tepper 自 2023 年 9 月 30 日以來減少了其基金在 Nvidia 的持股 97%（售出 999.5 萬股）。</li>
<li>Coatue Management 的 Philippe Laffont 自 2023 年 3 月 31 日以來已將超過 4120 萬股送上砧板，減少了其基金的持股 83%。</li>
<li>Millennium Management 的 Israel Englander，定期使用看跌和看漲期權進行對沖，自 2023 年 9 月 30 日以來已削減近 2830 萬股（減少 75%）。</li>
</ul>
<p>這種持續的出售活動可能僅僅是簡單的獲利了結。我們從未見過一家市值巨頭在不到兩年的時間內獲得 3 萬億美元的市值，這為億萬富翁們提供了大量兑現利潤的機會。</p>
<p>但這種持續的出售可能不僅僅是出於獲利的願望。</p>
<p>例如，競爭在 AI 加速的數據中心中是不可避免的。即使 Nvidia 繼續成為高計算數據中心的首選選項，但隨着直接競爭對手加大 GPU 生產力度，其壟斷式的市場份額不太可能保持不變。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png"/></p>
<p>日益激烈的競爭似乎對英偉達的優越毛利率造成了壓力。NVDA 毛利率（季度）數據來自 YCharts。</p>
<p>更令人擔憂的是，&#34;七大奇蹟&#34;中的大多數成員正在內部開發用於其數據中心的 AI 芯片。雖然這些 GPU 對英偉達的計算優勢沒有威脅，但它們顯著更便宜，並且由於需求沒有積壓。這些芯片的存在意味着英偉達硬件未來的機會減少，以及在溢價定價能力方面的下降。</p>
<p>還有一個非常現實的可能性是，黃仁勳加速的創新時間表可能會對他的公司造成傷害，而不是幫助。儘管每年推出一款新芯片將鞏固其計算優勢，但這可能會迅速貶值前一代芯片的價值。寄希望於英偉達最大的客户每年或接近每年升級他們的硬件是有風險的，可能不會帶來回報。</p>
<p>對於大多數出售英偉達股票的億萬富翁資金經理來説，最大的擔憂可能是歷史重演的前景。在過去三十多年中，每一個改變遊戲規則的趨勢和創新在其擴張初期都經歷過最終的泡沫破裂事件。這是因為投資者高估了新技術或創新的主流採用和/或實用性。</p>
<p>考慮到大多數企業在其 AI 投資中並未產生正回報，也沒有優化其 AI 解決方案，AI 泡沫破裂似乎只是時間問題。如果歷史重演，預計沒有公司會比英偉達更受影響。</p>

英偉達

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半導體 3 倍做多 - Direxion

<p>億萬富翁投資經理們大多在出售英偉達股票，Tiger Global Management 的 Chase Coleman 是一個顯著的例外。Coleman 將其持股從 968 萬股增至 1097 萬股，這可能是由於英偉達在 AI GPU 領域的強大市場地位、高需求和雄心勃勃的創新計劃。相比之下，其他億萬富翁如 Stanley Druckenmiller 和 David Tepper 則顯著減少或退出了他們的持倉，可能是出於獲利了結的考慮。由於英偉達在 AI 領域的關鍵角色，其市值激增，預計到 2030 年將對全球 GDP 產生顯著影響</p>

<p>For the last two and a half years, no trend has captivated more attention or capital from investors than artificial intelligence (AI). With AI, software and systems are capable of making split-second decisions without the need for human intervention.</p>
<div class="lb-trans"><p>在過去兩年半的時間裏，沒有哪個趨勢能像人工智能（AI）那樣吸引投資者的關注和資本。藉助人工智能，軟件和系統能夠在無需人類干預的情況下做出瞬間決策。</p>
</div><p>This is a technology with seemingly limitless long-term potential. With AI offering some form of utility in virtually all industries around the globe, the analysts at PwC pegged its worldwide impact on gross domestic product by 2030 at $15.7 trillion. A figure this massive ensures there will be a long list of winners.</p>
<div class="lb-trans"><p>這是一項看似具有無限長期潛力的技術。由於人工智能在全球幾乎所有行業中都提供某種形式的效用，普華永道的分析師預計到 2030 年其對全球國內生產總值的影響將達到 15.7 萬億美元。如此龐大的數字確保了將會有一長串贏家。</p>
</div><p>No company has been a more direct beneficiary of the evolution of AI than <strong>Nvidia</strong>(NVDA -0.85%), whose market cap skyrocketed by more than $3 trillion in less than two years.</p>
<div class="lb-trans"><p>沒有哪家公司比 <strong>Nvidia</strong>（NVDA -0.85%）更直接地受益於人工智能的演變，其市值在不到兩年的時間裏飆升了超過 3 萬億美元。</p>
</div><p>But what's interesting is how Wall Street's most prominent billionaire money managers have approached Nvidia stock. Specifically, billionaire investors have been selling shares of Nvidia hand over fist... with one notable exception.</p>
<div class="lb-trans"><p>但有趣的是，華爾街最知名的億萬富翁投資經理們對 Nvidia 股票的態度。具體來説，億萬富翁投資者們正在大量出售 Nvidia 的股票……但有一個顯著的例外。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821084%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-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>Billionaire Chase Coleman continues to load up on Nvidia</h2>
<div class="lb-trans"><h2>億萬富翁 Chase Coleman 繼續增持 Nvidia</h2>
</div><p>No later than 45 calendar days following the end to a quarter, institutional investors overseeing at least $100 million in assets are required to file Form 13F with the Securities and Exchange Commission. This filing details for investors which stocks Wall Street's smartest money managers were buying and selling in the latest quarter.</p>
<div class="lb-trans"><p>在一個季度結束後的 45 個日曆日內，管理至少 1 億美元資產的機構投資者必須向證券交易委員會提交 13F 表格。該文件詳細説明了華爾街最聰明的投資經理在最新季度買入和賣出的股票。</p>
</div><p>Whereas most billionaires have been persistent sellers of Nvidia stock (a topic I'll touch on a bit later), Tiger Global Management's billionaire chief Chase Coleman has been the exception. Accounting for Nvidia's historic 10-for-1 forward split that was enacted in June 2024, Coleman's fund has expanded its stake in the company from 9,683,550 shares, at the end of 2023, to 10,967,550 shares, as of the end of March 2025.</p>
<div class="lb-trans"><p>儘管大多數億萬富翁一直在持續出售 Nvidia 股票（我稍後會提到這個話題），但 Tiger Global Management 的億萬富翁首席執行官 Chase Coleman 卻是個例外。考慮到 Nvidia 在 2024 年 6 月實施的歷史性 10 比 1 的前分拆，Coleman 的基金在 2023 年底的持股從 9,683,550 股增至 2025 年 3 月底的 10,967,550 股。</p>
</div><p>Coleman's investment strategy has historically focused on a mix of large- and small-cap growth stocks, with a tendency to lean into next-big-thing trends and innovations. The rise of artificial intelligence certainly fits the mold of a game-changing trend that would interest Tiger Global's billionaire investor.</p>
<div class="lb-trans"><p>Coleman 的投資策略歷來側重於大型和小型成長股的混合，傾向於關注下一個重大趨勢和創新。人工智能的崛起無疑符合 Tiger Global 億萬富翁投資者的興趣。</p>
</div><p>Chase Coleman choosing to expand his fund's exposure to Nvidia likely has to do with one or more of the following four factors.</p>
<div class="lb-trans"><p>Chase Coleman 選擇擴大其基金對 Nvidia 的投資，可能與以下四個因素之一或多個因素有關。</p>
</div><p>First, Nvidia's share of the graphics processing unit (GPU) market in high-compute data centers can be described as monopoly like. Businesses have lined up to purchase Nvidia's Hopper (H100) and successor Blackwell GPUs, and there's been no evidence that demand for these products has slowed. Wall Street tends to reward companies with perceived-to-be sustainable moats.</p>
<div class="lb-trans"><p>首先，Nvidia 在高計算數據中心的圖形處理單元（GPU）市場的份額可以被描述為壟斷式的。企業紛紛排隊購買 Nvidia 的 Hopper（H100）及其後續產品 Blackwell GPU，並且沒有證據表明對這些產品的需求有所減緩。華爾街往往會獎勵那些被認為具有可持續護城河的公司。</p>
</div><p>Secondly, AI-GPU scarcity has been working in Nvidia's favor. Even with Wall Street's AI darling and other direct competitors pushing out as many GPUs as possible, the chip fabrication supply chain is currently maxed out. With demand heavily outpacing the supply of AI-GPUs, Nvidia has been able to charge a triple-digit percentage premium for Hopper and Blackwell, relative to some of its direct rivals. This helped to lift Nvidia's gross margin above 70%.</p>
<div class="lb-trans"><p>其次，AI-GPU 的稀缺性對 Nvidia 有利。即使華爾街的 AI 寵兒和其他直接競爭對手儘可能多地推出 GPU，芯片製造供應鏈目前也已達到極限。由於對 AI-GPU 的需求遠遠超過供應，Nvidia 能夠對 Hopper 和 Blackwell 收取三位數百分比的溢價，相較於一些直接競爭對手。這幫助 Nvidia 的毛利率超過了 70%。</p>
</div><p>The third factor that likely played a role in enticing Coleman to expand his fund's Nvidia stake is CEO Jensen Huang's ambitious innovation timeline. Huang is overseeing the debut of a new advanced AI chip on an annual basis. Blackwell Ultra (second-half of 2025), Vera Rubin (second-half of 2026), and Vera Rubin Ultra (second-half of 2027) are next in line after the ultra-popular Blackwell chip. Nvidia looks to be in no danger of ceding its clear-cut compute advantages in AI-accelerated data centers.</p>
<div class="lb-trans"><p>第三個可能促使 Coleman 擴大其基金在 Nvidia 股份的因素是首席執行官黃仁勳的雄心勃勃的創新時間表。黃仁勳每年監督推出一款新的先進 AI 芯片。Blackwell Ultra（2025 年下半年）、Vera Rubin（2026 年下半年）和 Vera Rubin Ultra（2027 年下半年）是繼超受歡迎的 Blackwell 芯片之後的下一款。Nvidia 似乎沒有面臨在 AI 加速數據中心中失去明顯計算優勢的危險。</p>
</div><p>Fourth and finally, Nvidia stock tumbled at times during the first quarter, which may have brought its forward-year earnings multiple down to a level that intrigued Coleman.</p>
<div class="lb-trans"><p>最後，Nvidia 股票在第一季度的某些時候出現下跌，這可能使其未來一年的收益倍數降至一個吸引 Coleman 的水平。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjEwODQvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821084%2Fred-dice-buy-sell-stock-chart-financial-data-invest-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><h2>Most billionaire money managers have been persistent sellers of Nvidia stock -- here's why</h2>
<div class="lb-trans"><h2>大多數億萬富翁投資經理持續出售 Nvidia 股票——原因在於此</h2>
</div><p>However, Chase Coleman's actions are out of the ordinary among billionaire fund managers. Since Nvidia stock kicked off its historic run-up, most billionaires have pared down their exposure to the AI colossus or completely exited their respective positions:</p>
<div class="lb-trans"><p>然而，Chase Coleman 的行為在億萬富翁基金經理中顯得不尋常。自從 Nvidia 股票開始其歷史性的上漲以來，大多數億萬富翁都減少了對這家 AI 巨頭的投資或完全退出了各自的持倉：</p>
</div><ul>
<li>Stanley Druckenmiller of Duquesne Family Office sold all 9,500,750 shares of Nvidia stock between June 30, 2023 and Sept. 30, 2024.</li>
<li>Stephen Mandel of Lone Pine Capital dumped all 6,416,490 shares between June 30, 2023 and June 30, 2024.</li>
<li>David Tepper of Appaloosa shed 97% of his fund's stake (9.95 million shares sold) in Nvidia since Sept. 30, 2023.</li>
<li>Philippe Laffont of Coatue Management has sent over 41.2 million shares to the chopping block since March 31, 2023 and reduced his fund's holdings by 83%.</li>
<li>Israel Englander of Millennium Management, who regularly hedges with put and call options, has trimmed nearly 28.3 million shares (a 75% reduction) since Sept. 30, 2023.</li>
</ul>
<div class="lb-trans"><ul>
<li>Duquesne Family Office 的 Stanley Druckenmiller 在 2023 年 6 月 30 日至 2024 年 9 月 30 日之間出售了所有 9,500,750 股 Nvidia 股票。</li>
<li>Lone Pine Capital 的 Stephen Mandel 在 2023 年 6 月 30 日至 2024 年 6 月 30 日之間拋售了所有 6,416,490 股。</li>
<li>Appaloosa 的 David Tepper 自 2023 年 9 月 30 日以來減少了其基金在 Nvidia 的持股 97%（售出 999.5 萬股）。</li>
<li>Coatue Management 的 Philippe Laffont 自 2023 年 3 月 31 日以來已將超過 4120 萬股送上砧板，減少了其基金的持股 83%。</li>
<li>Millennium Management 的 Israel Englander，定期使用看跌和看漲期權進行對沖，自 2023 年 9 月 30 日以來已削減近 2830 萬股（減少 75%）。</li>
</ul>
</div><p>This persistent selling activity may well be explained by nothing more than simple profit-taking. We've never witnessed a megacap stock gain $3 trillion in market cap in less than two years before, which has offered plenty of opportunity for billionaires to cash in their chips.</p>
<div class="lb-trans"><p>這種持續的出售活動可能僅僅是簡單的獲利了結。我們從未見過一家市值巨頭在不到兩年的時間內獲得 3 萬億美元的市值，這為億萬富翁們提供了大量兑現利潤的機會。</p>
</div><p>But there may be more to this consistent selling than just a desire to take profits.</p>
<div class="lb-trans"><p>但這種持續的出售可能不僅僅是出於獲利的願望。</p>
</div><p>For example, competition is inevitable in AI-accelerated data centers. Even if Nvidia continues to be the preferred option in high-compute data centers, it's unlikely to retain its monopoly like market share as direct competitors ramp up their GPU production.</p>
<div class="lb-trans"><p>例如，競爭在 AI 加速的數據中心中是不可避免的。即使 Nvidia 繼續成為高計算數據中心的首選選項，但隨着直接競爭對手加大 GPU 生產力度，其壟斷式的市場份額不太可能保持不變。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png" alt="" original-src="https://media.ycharts.com/charts/86d0f81a09cf28189d6da7bcecc95cae.png"/></p>
<p>Growing competition looks to be weighing on Nvidia's superior gross margin. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>日益激烈的競爭似乎對英偉達的優越毛利率造成了壓力。NVDA 毛利率（季度）數據來自 YCharts。</p>
</div><p>What's potentially more worrisome is that most members of the &#34;Magnificent Seven&#34; are internally developing AI chips to use in their data centers. While these GPUs are no threat to Nvidia's compute advantages, they are notably cheaper and not backlogged due to demand. The mere presence of these chips means less future opportunity for Nvidia's hardware, as well as less in the way of premium pricing power.</p>
<div class="lb-trans"><p>更令人擔憂的是，&#34;七大奇蹟&#34;中的大多數成員正在內部開發用於其數據中心的 AI 芯片。雖然這些 GPU 對英偉達的計算優勢沒有威脅，但它們顯著更便宜，並且由於需求沒有積壓。這些芯片的存在意味着英偉達硬件未來的機會減少，以及在溢價定價能力方面的下降。</p>
</div><p>There's also the very real possibility of Jensen Huang's accelerated innovation timeline hurting, not, helping, his company. Though bringing a new chip to market annually will cement its compute advantage, it has the potential to quickly depreciate the value of prior-generation chips. Wagering on Nvidia's largest customers to upgrade their hardware on an annual or near-annual basis is risky and may not pay off.</p>
<div class="lb-trans"><p>還有一個非常現實的可能性是，黃仁勳加速的創新時間表可能會對他的公司造成傷害，而不是幫助。儘管每年推出一款新芯片將鞏固其計算優勢，但這可能會迅速貶值前一代芯片的價值。寄希望於英偉達最大的客户每年或接近每年升級他們的硬件是有風險的，可能不會帶來回報。</p>
</div><p>Perhaps the biggest concern for a majority of billionaire money managers selling Nvidia stock is the prospect of history rhyming. Every game-changing trend and innovation for more than three decades has endured an eventual bubble-bursting event early in its expansion. This is due to investors overestimating the mainstream adoption and/or utility of a new technology or innovation.</p>
<div class="lb-trans"><p>對於大多數出售英偉達股票的億萬富翁資金經理來説，最大的擔憂可能是歷史重演的前景。在過去三十多年中，每一個改變遊戲規則的趨勢和創新在其擴張初期都經歷過最終的泡沫破裂事件。這是因為投資者高估了新技術或創新的主流採用和/或實用性。</p>
</div><p>Considering that most businesses aren't generating a positive return on their AI investments, nor have they optimized their AI solutions, it looks to be a matter of time before the AI bubble bursts. If history were to rhyme, no company would be expected to take it on the chin more than Nvidia.</p>
<div class="lb-trans"><p>考慮到大多數企業在其 AI 投資中並未產生正回報，也沒有優化其 AI 解決方案，AI 泡沫破裂似乎只是時間問題。如果歷史重演，預計沒有公司會比英偉達更受影響。</p>
</div>

Billionaire Money Managers Are Selling Nvidia Stock Hand Over Fist, With One Notable Exception

- 人工智能吸引了大量投資，預計到 2030 年對全球 GDP 影響達 15.7 萬億美元。  
- 儘管大多數億萬富翁投資者出售 Nvidia 股票，Chase Coleman 卻持續增持。  
- Nvidia 在 GPU 市場的壟斷地位和高需求推動其股價上漲，但競爭加劇可能影響未來表現。

億萬富翁資金管理者正在紛紛拋售英偉達股票，但有一個值得注意的例外