<p>自 2022 年底以來，華爾街上沒有哪個趨勢比人工智能（AI）的發展更受重視。能夠在沒有人類監督的情況下做出瞬間決策的軟件和系統，代表着一種在全球幾乎每個行業都有廣泛潛力的技術。</p>
<p>與大多數下一個重大技術一樣，人工智能的可尋址市場預測各不相同。但根據普華永道分析師的一項預測，生產力提升和消費側效應的結合可以在 2030 年前使全球國內生產總值增加 15.7 萬億美元。</p>
<p>在如此龐大的可尋址市場面前，毫無疑問，許多公司，無論是硬件/基礎設施還是實際應用，都有可能成為巨大的贏家。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>然而，華爾街最聰明、最成功的億萬富翁基金經理似乎對華爾街的人工智能寵兒 <strong>Nvidia</strong>（NVDA 1.71%）的未來回報潛力持有不同的看法。儘管 Nvidia 是 Millennium Management 套利專家以色列·英格蘭德最大的個股持倉，但億萬富翁成長投資者菲利普·拉豐特（Philippe Laffont）在 Coatue Management 中已經連續八個季度出售該股票。</p>
<h2>英格蘭德的 Millennium Management 在人工智能革命中大舉下注</h2>
<p>在討論之前，英格蘭德管理着一個真正_龐大的_投資組合，其特點是通過許多個股頭寸進行基於期權的對沖。儘管 Nvidia 不是其最大的純持倉，但根據已執行的期權合約的名義價值，它_是_英格蘭德基金中按市值計算的最大個股，排除期權合約和交易所交易基金（ETF）。Millennium 的 13F 文件顯示，截至 3 月底，該基金持有 9,233,791 股。</p>
<p>億萬富翁以色列·英格蘭德對 Nvidia 的明顯樂觀可能歸結為以下四個因素之一或多個。</p>
<p>首先，Nvidia 在企業在人工智能加速的數據中心中部署的圖形處理單元（GPU）方面享有壟斷般的市場份額。自推出 Hopper（H100）並推出繼任者 Blackwell GPU 以來，企業對 Nvidia 硬件的訂單一直無法滿足。</p>
<p>其次，基於前一點，AI-GPU 的需求持續超過可用供應。即使直接競爭對手（例如 <strong>超微半導體</strong> 的 Instinct 系列 GPU）正在加大生產，領先的芯片製造公司 <strong>台積電</strong> 也無法快速增加其芯片在晶圓上的產能以滿足需求。只要 AI-GPU 短缺存在，Nvidia 就有理由對其銷售的 GPU 收取溢價。Nvidia 的最終結果是其毛利率大幅上升。</p>
<p>像億萬富翁以色列·英格蘭德這樣的樂觀者通常也對 Nvidia 的創新能力印象深刻。首席執行官黃仁勳（Jensen Huang）一直致力於積極投資先進芯片，並每年推出更快/更節能的 AI-GPU。今年晚些時候，Blackwell Ultra 預計將首次亮相，隨後是 2026 年和 2027 年下半年推出的 Vera Rubin 和 Vera Rubin Ultra。這兩款芯片將基於全新的 Vera 處理器，應該能夠輕鬆維持 Nvidia 的計算優勢。</p>
<p>最後，Nvidia 的運營表現在某種程度上也趕上了其飆升的估值。由於關税相關問題和中國 DeepSeek 的大型語言模型聊天機器人的揭示，該公司的股票在第一季度大幅下跌，Nvidia 的前瞻市盈率一度跌破 20。一些投資者顯然看到了價值，即使在 Nvidia 自 2023 年初以來增加了超過 3 萬億美元的市值之後。</p>
<p>但這個故事還有另一面，菲利普·拉豐特持續出售 Nvidia 股票的行為揭示了這一點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>拉豐特的 Coatue Management 連續兩個季度出售 Nvidia 股票</h2>
<p>雖然 Coatue Management 的億萬富翁首席並不完全看空 Nvidia——它仍然是他基金中的一項可觀持倉——但他已經連續八個季度出售華爾街最受歡迎的人工智能股票。考慮到 Nvidia 在 2024 年 6 月的歷史性 10 比 1 前分拆，以下是自 2023 年 3 月 31 日以來 Coatue 在 Nvidia 的季度末持股變化：</p>
<ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
<p>重申一下，持有超過 850 萬股並不是小數目——但拉豐特在過去兩年中出售其基金在該公司的 83% 股份是有原因的（或四個原因）。</p>
<p>獲利了結絕對是 Coatue Management 的老闆以及其他減少對 Nvidia 敞口的億萬富翁們的一個可能原因。我們從未見過一家巨頭公司如此迅速地增加 3 萬億美元的市值，因此兑現利潤可能被視為明智之舉。</p>
<p>然而，還有一個合理的預期，即未來幾年 Nvidia 的競爭將會大幅加劇。儘管它在計算排行榜上沒有失去領先地位的危險，但需要考慮的變量比單純的 AI-GPU 速度要多。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2d6b75b19d03b79645e1d61322fae767.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/2d6b75b19d03b79645e1d61322fae767.png"/></p>
<p>競爭壓力似乎正在侵蝕英偉達的高毛利率。根據 YCharts 的數據，英偉達的毛利率（季度）。</p>
<p>例如，許多英偉達的主要客户（即 “七大巨頭” 中的大多數）正在內部開發用於其數據中心的 AI 芯片。儘管這些硬件在外部並不威脅英偉達，但這些內部開發的芯片比 Hopper 和 Blackwell 便宜得多，並且更容易獲得。使用內部硬件意味着英偉達未來贏得的潛在市場空間減少。這也對推動其毛利率上升的 AI-GPU 稀缺性造成了拖累。</p>
<p>拉豐特可能也對唐納德·特朗普總統的關税和貿易政策感到擔憂。在前總統喬·拜登任內開始的三年裏，特朗普繼續限制向中國出口高性能 AI 芯片及相關設備。特朗普總統強調國家安全以及 AI 創新需要保持在國內邊界內，英偉達可能會失去來自其最大單一市場之一的數十億美元季度銷售額。</p>
<p>最後，億萬富翁菲利普·拉豐特可能意識到 AI 革命的歷史先例的重要性。在過去三十多年中，每一項顛覆性技術或創新都經歷了一個最終破裂的泡沫。儘管企業正在積極投資於 AI 基礎設施，但大多數企業並未從其 AI 投資中獲得正回報，也未優化其 AI 解決方案。人工智能作為一項技術成熟需要時間，這意味着形成、破裂並大幅拖低英偉達股價的 AI 泡沫的可能性很大。</p>
<p>儘管英偉達擁有在 AI 成熟後成為長期贏家的工具，但它具備了在不完美的早期趨勢中被定價為完美公司的所有特徵。</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

<p>億萬富翁投資者對英偉達（Nvidia）這一領先的人工智能股票有不同的看法。Millennium Management 的以色列·英格蘭德（Israel Englander）將英偉達視為其最大股票持倉，理由是其在 GPU 市場的主導地位和強勁的需求。相反，Coatue Management 的菲利普·拉豐（Philippe Laffont）已連續八個季度出售英偉達的股票，顯著減少了他的持股比例。儘管英偉達的增長和市值增加令人印象深刻，但拉豐的拋售表明謹慎，可能是由於獲利了結或對估值的擔憂。這些截然不同的策略突顯了市場對英偉達在人工智能領域未來的複雜情緒</p>

<p>Since late 2022, no trend has been held in higher regard on Wall Street than the evolution of artificial intelligence (AI). Software and systems having the ability to make split-second decisions without human oversight represents a technology with broad-reaching potential in virtually every industry around the globe.</p>
<div class="lb-trans"><p>自 2022 年底以來，華爾街上沒有哪個趨勢比人工智能（AI）的發展更受重視。能夠在沒有人類監督的情況下做出瞬間決策的軟件和系統，代表着一種在全球幾乎每個行業都有廣泛潛力的技術。</p>
</div><p>As with most next-big-thing technologies, addressable market projections for AI are all over the map. But based on one prognostication from the analysts at PwC, the combination of productivity improvements and consumption-side effects can boost worldwide gross domestic product $15.7 trillion come 2030.</p>
<div class="lb-trans"><p>與大多數下一個重大技術一樣，人工智能的可尋址市場預測各不相同。但根據普華永道分析師的一項預測，生產力提升和消費側效應的結合可以在 2030 年前使全球國內生產總值增加 15.7 萬億美元。</p>
</div><p>With an addressable market this vast, there's little question that a long list of companies, both hardware/infrastructure and practical application, can be big-time winners.</p>
<div class="lb-trans"><p>在如此龐大的可尋址市場面前，毫無疑問，許多公司，無論是硬件/基礎設施還是實際應用，都有可能成為巨大的贏家。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821758%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>However, Wall Street's brightest and most-successful billionaire money managers appear to have mixed feelings about the future return potential of Wall Street's AI darling, <strong>Nvidia</strong>(NVDA 1.71%). Whereas Nvidia is the largest individual stock holding for Millennium Management's arbitrage specialist Israel Englander, it's a stock that's been sold for eight consecutive quarters by billionaire growth investor extraordinaire Philippe Laffont of Coatue Management.</p>
<div class="lb-trans"><p>然而，華爾街最聰明、最成功的億萬富翁基金經理似乎對華爾街的人工智能寵兒 <strong>Nvidia</strong>（NVDA 1.71%）的未來回報潛力持有不同的看法。儘管 Nvidia 是 Millennium Management 套利專家以色列·英格蘭德最大的個股持倉，但億萬富翁成長投資者菲利普·拉豐特（Philippe Laffont）在 Coatue Management 中已經連續八個季度出售該股票。</p>
</div><h2>Englander's Millennium Management bets big on the AI revolution</h2>
<div class="lb-trans"><h2>英格蘭德的 Millennium Management 在人工智能革命中大舉下注</h2>
</div><p>To preface this discussion, Englander oversees a truly <em>massive</em> portfolio that's highlighted by option-based hedging with many of its individual stock positions. Though Nvidia isn't its largest pure holding, based on the nominal value of fully executed options contracts, it <em>is</em> the biggest individual stock by market cap for Englander's fund, excluding options contracts and exchange-traded funds (ETFs). Millennium's Form 13 filing shows the fund held 9,233,791 shares, as of the end of March.</p>
<div class="lb-trans"><p>在討論之前，英格蘭德管理着一個真正_龐大的_投資組合，其特點是通過許多個股頭寸進行基於期權的對沖。儘管 Nvidia 不是其最大的純持倉，但根據已執行的期權合約的名義價值，它_是_英格蘭德基金中按市值計算的最大個股，排除期權合約和交易所交易基金（ETF）。Millennium 的 13F 文件顯示，截至 3 月底，該基金持有 9,233,791 股。</p>
</div><p>Billionaire Israel Englander's apparent optimism for Nvidia can likely be boiled down to one or more of the following four factors.</p>
<div class="lb-trans"><p>億萬富翁以色列·英格蘭德對 Nvidia 的明顯樂觀可能歸結為以下四個因素之一或多個。</p>
</div><p>First, Nvidia is enjoying a monopoly like market share of the graphics processing units (GPUs) being deployed by businesses in AI-accelerated data centers. Since introducing the Hopper (H100) and rolling out the successor Blackwell GPU, businesses haven't been able to order Nvidia's hardware fast enough.</p>
<div class="lb-trans"><p>首先，Nvidia 在企業在人工智能加速的數據中心中部署的圖形處理單元（GPU）方面享有壟斷般的市場份額。自推出 Hopper（H100）並推出繼任者 Blackwell GPU 以來，企業對 Nvidia 硬件的訂單一直無法滿足。</p>
</div><p>Secondly, but building on this previous point, demand for AI-GPUs has persistently overwhelmed the available supply. Even with direct competitors ramping up their production (e.g., <strong>Advanced Micro Devices</strong> with its Instinct series GPUs), leading chip fabrication company <strong>Taiwan Semiconductor Manufacturing</strong> can't increase its chip-on-wafer-on-substrate capacity fast enough to satisfy demand. As long as AI-GPU scarcity exists, Nvidia has a reason to charge a premium for the GPUs it's selling. The end result for Nvidia has been a big uptick in its gross margin.</p>
<div class="lb-trans"><p>其次，基於前一點，AI-GPU 的需求持續超過可用供應。即使直接競爭對手（例如 <strong>超微半導體</strong> 的 Instinct 系列 GPU）正在加大生產，領先的芯片製造公司 <strong>台積電</strong> 也無法快速增加其芯片在晶圓上的產能以滿足需求。只要 AI-GPU 短缺存在，Nvidia 就有理由對其銷售的 GPU 收取溢價。Nvidia 的最終結果是其毛利率大幅上升。</p>
</div><p>Optimists like billionaire Israel Englander are also typically impressed by Nvidia's innovative prowess. CEO Jensen Huang has made it a point to invest aggressively in advanced chips and bring a faster/more energy-efficient AI-GPU to market on annual basis. Later this year, Blackwell Ultra is expected to make its debut, which will be followed by Vera Rubin and Vera Rubin Ultra in the second halves of 2026 and 2027, respectively. These latter two chips will run on the brand-new Vera processor and should have no trouble sustaining Nvidia's compute advantages.</p>
<div class="lb-trans"><p>像億萬富翁以色列·英格蘭德這樣的樂觀者通常也對 Nvidia 的創新能力印象深刻。首席執行官黃仁勳（Jensen Huang）一直致力於積極投資先進芯片，並每年推出更快/更節能的 AI-GPU。今年晚些時候，Blackwell Ultra 預計將首次亮相，隨後是 2026 年和 2027 年下半年推出的 Vera Rubin 和 Vera Rubin Ultra。這兩款芯片將基於全新的 Vera 處理器，應該能夠輕鬆維持 Nvidia 的計算優勢。</p>
</div><p>Lastly, Nvidia's operating performance has somewhat caught up to its skyrocketing valuation. With shares of the company swooning during the first quarter due to tariff-related concerns and China-based DeepSeek's large language model chatbot reveal, Nvidia's forward price-to-earnings ratio briefly dipped below 20. Some investors clearly see value, even in the wake of Nvidia adding more than $3 trillion in market cap since 2023 began.</p>
<div class="lb-trans"><p>最後，Nvidia 的運營表現在某種程度上也趕上了其飆升的估值。由於關税相關問題和中國 DeepSeek 的大型語言模型聊天機器人的揭示，該公司的股票在第一季度大幅下跌，Nvidia 的前瞻市盈率一度跌破 20。一些投資者顯然看到了價值，即使在 Nvidia 自 2023 年初以來增加了超過 3 萬億美元的市值之後。</p>
</div><p>But there's another side to this story that Philippe Laffont's persistent selling of Nvidia stock brings to light.</p>
<div class="lb-trans"><p>但這個故事還有另一面，菲利普·拉豐特持續出售 Nvidia 股票的行為揭示了這一點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjE3NTgvZGF0YS1jZW50ZXItZW5naW5lZXItZ3B1LWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWFpLWNsb3VkLXNlcnZlci1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F821758%2Fdata-center-engineer-gpu-artificial-intelligence-ai-cloud-server-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>Laffont's Coatue Management has been selling Nvidia stock every quarter for two years</h2>
<div class="lb-trans"><h2>拉豐特的 Coatue Management 連續兩個季度出售 Nvidia 股票</h2>
</div><p>While Coatue Management's billionaire chief isn't exactly bearish on Nvidia -- it still represents a sizable holding for his fund -- he has sold shares of Wall Street's favorite AI stock for eight consecutive quarters. Taking into account Nvidia's historic 10-for-1 forward split in June 2024, here's the progression of Coatue's quarter-end share count in Nvidia since March 31, 2023:</p>
<div class="lb-trans"><p>雖然 Coatue Management 的億萬富翁首席並不完全看空 Nvidia——它仍然是他基金中的一項可觀持倉——但他已經連續八個季度出售華爾街最受歡迎的人工智能股票。考慮到 Nvidia 在 2024 年 6 月的歷史性 10 比 1 前分拆，以下是自 2023 年 3 月 31 日以來 Coatue 在 Nvidia 的季度末持股變化：</p>
</div><ul>
<li><strong>Q1 2023</strong>: 49,802,020 shares of Nvidia</li>
<li><strong>Q2 2023</strong>: 46,449,700 shares</li>
<li><strong>Q3 2023</strong>: 45,410,400 shares</li>
<li><strong>Q4 2023</strong>: 43,222,010 shares</li>
<li><strong>Q1 2024</strong>: 13,851,410 shares</li>
<li><strong>Q2 2024</strong>: 13,754,447 shares</li>
<li><strong>Q3 2024</strong>: 10,138,161 shares</li>
<li><strong>Q4 2024</strong>: 10,006,488 shares</li>
<li><strong>Q1 2025</strong>: 8,545,835 shares</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>2023 年第一季度</strong>：49,802,020 股 Nvidia</li>
<li><strong>2023 年第二季度</strong>：46,449,700 股</li>
<li><strong>2023 年第三季度</strong>：45,410,400 股</li>
<li><strong>2023 年第四季度</strong>：43,222,010 股</li>
<li><strong>2024 年第一季度</strong>：13,851,410 股</li>
<li><strong>2024 年第二季度</strong>：13,754,447 股</li>
<li><strong>2024 年第三季度</strong>：10,138,161 股</li>
<li><strong>2024 年第四季度</strong>：10,006,488 股</li>
<li><strong>2025 年第一季度</strong>：8,545,835 股</li>
</ul>
</div><p>To reiterate, more than 8.5 million shares held isn't chump change -- but there's a reason (or four) why Laffont has sold 83% of his fund's stake in the company over the last two years.</p>
<div class="lb-trans"><p>重申一下，持有超過 850 萬股並不是小數目——但拉豐特在過去兩年中出售其基金在該公司的 83% 股份是有原因的（或四個原因）。</p>
</div><p>Profit-taking is absolutely a possibility for Coatue Management's boss, as well as other billionaires who've reduced their exposure to Nvidia. We've never witnessed a megacap stock gain $3 trillion in market cap so quickly before, so ringing the register might be viewed as a wise move.</p>
<div class="lb-trans"><p>獲利了結絕對是 Coatue Management 的老闆以及其他減少對 Nvidia 敞口的億萬富翁們的一個可能原因。我們從未見過一家巨頭公司如此迅速地增加 3 萬億美元的市值，因此兑現利潤可能被視為明智之舉。</p>
</div><p>However, there's also the logical expectation that competition is going to pick up in a big way for Nvidia in the coming years. Even though it's in no danger of losing its spot atop the compute leaderboard, there are more variables to consider than just how fast an AI-GPU can be.</p>
<div class="lb-trans"><p>然而，還有一個合理的預期，即未來幾年 Nvidia 的競爭將會大幅加劇。儘管它在計算排行榜上沒有失去領先地位的危險，但需要考慮的變量比單純的 AI-GPU 速度要多。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2d6b75b19d03b79645e1d61322fae767.png" alt="" original-src="https://media.ycharts.com/charts/2d6b75b19d03b79645e1d61322fae767.png"/></p>
<p>Competitive pressures appear to be chipping away at Nvidia's high gross margin. NVDA Gross Profit Margin (Quarterly) data by YCharts.</p>
<div class="lb-trans"><p>競爭壓力似乎正在侵蝕英偉達的高毛利率。根據 YCharts 的數據，英偉達的毛利率（季度）。</p>
</div><p>For instance, many of Nvidia's top customers by net sales (i.e., most members of the &#34;Magnificent Seven&#34;) are internally developing AI chips to use in their data centers. Though this hardware is no threat to Nvidia on an external basis, these internally developed chips are considerably cheaper than Hopper and Blackwell, as well as more readily accessible. The use of internal hardware means less prospective real estate for Nvidia to win in the future. It's also a drag on the AI-GPU scarcity that's powered its gross margin higher.</p>
<div class="lb-trans"><p>例如，許多英偉達的主要客户（即 “七大巨頭” 中的大多數）正在內部開發用於其數據中心的 AI 芯片。儘管這些硬件在外部並不威脅英偉達，但這些內部開發的芯片比 Hopper 和 Blackwell 便宜得多，並且更容易獲得。使用內部硬件意味着英偉達未來贏得的潛在市場空間減少。這也對推動其毛利率上升的 AI-GPU 稀缺性造成了拖累。</p>
</div><p>Laffont might also be rightly concerned about President Donald Trump's tariff and trade policy. For three years, beginning under former President Joe Biden and continuing under Trump, exports of high-powered AI chips and related equipment to China have been restricted. With President Trump emphasizing national security and the need for AI innovation to remain within domestic borders, Nvidia could lose out on billions of dollars in quarterly sales from one of its largest individual markets.</p>
<div class="lb-trans"><p>拉豐特可能也對唐納德·特朗普總統的關税和貿易政策感到擔憂。在前總統喬·拜登任內開始的三年裏，特朗普繼續限制向中國出口高性能 AI 芯片及相關設備。特朗普總統強調國家安全以及 AI 創新需要保持在國內邊界內，英偉達可能會失去來自其最大單一市場之一的數十億美元季度銷售額。</p>
</div><p>Finally, billionaire Philippe Laffont might recognize the gravity of historical precedent when it comes to the AI revolution. For more than three decades, every game-changing technology or innovation has worked its way through a bubble that eventually burst. While businesses are aggressively investing in AI infrastructure, most aren't generating a positive return on their AI investments, nor are they optimizing their AI solutions. It's going to take time for artificial intelligence to mature as a technology, which means there's a strong likelihood of an AI bubble forming, bursting, and dragging Nvidia's share price considerably lower.</p>
<div class="lb-trans"><p>最後，億萬富翁菲利普·拉豐特可能意識到 AI 革命的歷史先例的重要性。在過去三十多年中，每一項顛覆性技術或創新都經歷了一個最終破裂的泡沫。儘管企業正在積極投資於 AI 基礎設施，但大多數企業並未從其 AI 投資中獲得正回報，也未優化其 AI 解決方案。人工智能作為一項技術成熟需要時間，這意味着形成、破裂並大幅拖低英偉達股價的 AI 泡沫的可能性很大。</p>
</div><p>Though Nvidia has the tools to be a long-term winner once AI matures, it has all the hallmarks of a company priced for perfection in an imperfect early stage trend.</p>
<div class="lb-trans"><p>儘管英偉達擁有在 AI 成熟後成為長期贏家的工具，但它具備了在不完美的早期趨勢中被定價為完美公司的所有特徵。</p>
</div>

Dueling Billionaires: Artificial Intelligence (AI) Stock Nvidia Is Israel Englander's Largest Stock Holding, but Philippe Laffont Has Sold Shares for 8 Consecutive Quarters

- 自 2022 年底以來，人工智能在華爾街備受關注。  
- 根據 PwC 的預測，到 2030 年，全球 GDP 可增加 15.7 萬億美元。  
- 投資者對 Nvidia 的未來回報存在分歧，部分人持續減持其股票。  

億萬富翁對決：人工智能（AI）股票英偉達是以色列·英格蘭德最大的持股，而菲利普·拉豐特則連續 8 個季度出售其股票