<p>在財報季節——每個季度的六週期間，大多數最具影響力的企業報告其運營結果——經濟數據發佈和特朗普政府的更新之間，跟蹤市場動態新聞事件對投資者來説可能是一個挑戰。事實上，重要信息很容易被忽視。</p>
<p>投資者可能忽視的一個關鍵數據發佈是，資產管理規模至少為 1 億美元的機構投資者必須在 5 月 15 日之前向證券交易委員會提交 13F 表格。13F 表格必須在季度結束後的 45 個日曆日內提交，提供了華爾街頂級資產管理者買賣哪些股票的簡明快照。</p>
<p>儘管 13F 表格存在缺陷——例如，它們可能為非常活躍的對沖基金提供過時的快照——但它們在幫助投資者拼湊出哪些股票和趨勢受到成功基金經理的高度關注方面是無價的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<p>雖然投資者通常急切地等待億萬富翁沃倫·巴菲特的動向，但他並不是唯一一個在股市中引起波動的億萬富翁。Third Point 的丹·洛布（Dan Loeb）也是一位以發現好交易而聞名的億萬富翁資產管理者。</p>
<p>在截至 3 月的季度中，Third Point 的億萬富翁首席執行官在人工智能（AI）領域進行了兩筆引人注目的交易。他將其基金在 <strong>Meta Platforms</strong>（META -0.98%）的全部股份拋售，並大量購買了一家無可爭議的 AI 領導者的股票，該公司的可尋址市場在 10 年內可能增長 25 倍。</p>
<h2>億萬富翁丹·洛布的 Third Point 退出 Meta</h2>
<p>根據 Third Point 的 13F，洛布在第一季度完全退出了九個頭寸，其中沒有哪個比社交媒體巨頭 Meta Platforms 更引人注目。洛布批准出售了截至 2024 年底持有的所有 665,000 股。</p>
<p>這筆出售很可能只是 Third Point 的億萬富翁首席執行官的獲利機會。平均而言，洛布的基金持有頭寸的時間略超過 13 個月，而 Third Point 在 Meta 的持股是在 2023 年第三季度開始的。在此期間，Meta 的股票價格翻了一番，洛布有充分的理由兑現利潤。</p>
<p>問題是：這次出售活動背後是否有比單純的獲利了結更不尋常的原因？</p>
<p>一個擔憂是美國經濟可能陷入衰退。儘管紐約聯邦儲備銀行的衰退概率工具僅顯示到 2026 年 6 月發生衰退的概率為 28.7%，但當這一概率超過 32% 時，它在成功預測經濟衰退方面有着驚人的記錄，而這一概率在 2023 年和 2024 年確實超過了 32%。紐約聯儲的衰退概率指標上一次提供錯誤的積極信號是在 1966 年 10 月。</p>
<p>雖然大多數股票在衰退期間往往受到不利影響，但 Meta 尤其脆弱，因為其近 98% 的淨銷售額來自廣告。企業在出現問題的第一跡象時往往會削減營銷預算。</p>
<p>丹·洛布也可能對 Meta 未來的股票表現持懷疑態度，因為首席執行官馬克·扎克伯格計劃在 AI 數據中心基礎設施上進行大規模投資。儘管扎克伯格在開發新產品並在時機合適時實現盈利方面有着出色的記錄，但他一直在不斷提高公司預計的資本支出（capex）。Meta 對 2025 年的資本支出預測在 640 億美元到 720 億美元之間，比公司之前的指導中值增加了 55 億美元。</p>
<p>考慮到整體股票市場的高估，華爾街和投資者對錯誤的容忍度很低。Meta Platforms 在其之前的預測基礎上在 AI 基礎設施上花費數十億美元，給失望留下了空間。</p>
<p>雖然我不責怪丹·洛布鎖定利潤，但我最終相信，當他在多年後回顧時，會後悔退出這個頭寸。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Third Point 的億萬富翁投資者購買了一隻高速增長的股票</h2>
<p>不包括期權，Third Point 截至 3 月的 13F 顯示，億萬富翁丹·洛布開設了 10 個新頭寸，其中沒有哪個比 AI 革命的代表 <strong>Nvidia</strong>（NVDA -2.42%）更引人注目。</p>
<p>在第一季度，洛布購買了 145 萬股 Nvidia，這是他的基金自 2023 年第二季度以來首次持有這家 AI 領導者的股票。</p>
<p>顯而易見，人工智能作為一項技術的全球潛力是非凡的。賦予 AI 的軟件和系統能夠在沒有人類監督的情況下做出瞬間決策，這對全球大多數行業來説都是一場遊戲規則的改變。根據聯合國貿易和發展會議的估計，全球 AI 市場預計將從 2023 年的 1890 億美元飆升至 2033 年的 4.8 萬億美元。這是十年內增長 25 倍，對於在家裏打分的人來説。</p>
<p>Nvidia 成為華爾街最大的上市公司，反映出其 Hopper 和 Blackwell 圖形處理單元（GPU）在 AI 加速數據中心中的主導地位。由於對 AI-GPU 的需求遠遠超過供應，Nvidia 不僅能夠在年比年基礎上銷售更多的 GPU，還能夠對其直接外部競爭對手收取超過 100% 的溢價。不出所料，隨着 AI 革命的展開，Nvidia 的毛利率飆升。</p>
<p>第三點的億萬富翁投資者可能也對英偉達的創新時間表感到興奮。首席執行官黃仁勳預計每年將推出一款新的先進 AI 芯片。如果一切順利，Blackwell Ultra（2025 年）、Vera Rubin（2026 年）和 Vera Rubin Ultra（2027 年）將繼承 Hopper 和 Blackwell 的步伐。關鍵在於，英偉達的計算優勢似乎是不可動搖的。</p>
<p>另一個讓英偉達持續發展的因素是其頂級的 CUDA 軟件平台。這是開發者用來最大化其英偉達 GPU 計算潛力的工具，同時也是構建和訓練大型語言模型的基礎。CUDA 在默默地出色地保持着英偉達客户對其產品和服務生態系統的忠誠。</p>
<p>但可以説，使這次購買引人注目的原因在於其時機。在過去的三十多年裏，每一次顛覆性的創新都經歷過早期泡沫破裂事件。儘管人工智能展現出巨大的潛力，但大多數企業尚未接近優化其 AI 解決方案。隨着跡象表明 AI 可能是漫長泡沫歷史中的下一個，英偉達的股票最終可能會崩潰。</p>
<p>洛布的購買也很有趣，因為它是在 AI 領域競爭激烈的背景下進行的。雖然大多數投資者密切關注直接的外部競爭，但對英偉達最大的威脅可能來自內部。許多按淨銷售額計算的最大客户正在為其數據中心內部開發 AI-GPU。這些芯片在計算能力上雖然不及英偉達的硬件，但顯著更便宜且更易獲得。它們可以減少 AI-GPU 的稀缺性，降低英偉達的定價能力和利潤率，並縮小其在 AI 加速數據中心的未來機會。</p>
<p>如果這最終只是第三點首席的快速交易，那也不會讓人感到驚訝。</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>億萬富翁丹·洛布已經出售了第三點公司在 Meta Platforms 的全部股份，清算了 665,000 股，可能是為了獲利，因為該股票自他首次投資以來已經翻倍。對潛在經濟衰退的擔憂以及 Meta 對廣告收入的高度依賴可能影響了這一決定。與此同時，洛布已投資於英偉達，收購了 145 萬股，標誌着他對人工智能領域的重新關注，該領域預計在未來幾年將實現顯著增長</p>

<p>Between earnings season -- the six-week period every quarter where a majority of the most-influential businesses report their operating results -- economic data releases, and updates from the Trump administration, keeping up on market-moving news events can be challenging for investors. In fact, it's easy for something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>在財報季節——每個季度的六週期間，大多數最具影響力的企業報告其運營結果——經濟數據發佈和特朗普政府的更新之間，跟蹤市場動態新聞事件對投資者來説可能是一個挑戰。事實上，重要信息很容易被忽視。</p>
</div><p>One key data release that investors might have overlooked is the May 15 deadline for institutional investors with at least $100 million in assets under management to file Form 13F with the Securities and Exchange Commission. A 13F is required to be filed no later than 45 calendar days following the end to a quarter, and it provides investors with a concise snapshot of which stocks Wall Street's top-tier asset managers have been buying and selling.</p>
<div class="lb-trans"><p>投資者可能忽視的一個關鍵數據發佈是，資產管理規模至少為 1 億美元的機構投資者必須在 5 月 15 日之前向證券交易委員會提交 13F 表格。13F 表格必須在季度結束後的 45 個日曆日內提交，提供了華爾街頂級資產管理者買賣哪些股票的簡明快照。</p>
</div><p>Though 13Fs have their flaws -- e.g., they can offer a stale snapshot for very active hedge funds -- they're invaluable in helping investors piece together which stocks and trends have the undivided attention of successful fund managers.</p>
<div class="lb-trans"><p>儘管 13F 表格存在缺陷——例如，它們可能為非常活躍的對沖基金提供過時的快照——但它們在幫助投資者拼湊出哪些股票和趨勢受到成功基金經理的高度關注方面是無價的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825824%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><p>While investors tend to wait on the edge of their seat to see what billionaire Warren Buffett has been up to, he's far from the only billionaire known to make waves in the stock market. Third Point's Dan Loeb is another billionaire asset manager known for spotting good deals.</p>
<div class="lb-trans"><p>雖然投資者通常急切地等待億萬富翁沃倫·巴菲特的動向，但他並不是唯一一個在股市中引起波動的億萬富翁。Third Point 的丹·洛布（Dan Loeb）也是一位以發現好交易而聞名的億萬富翁資產管理者。</p>
</div><p>During the March-ended quarter, Third Point's billionaire chief made two curious trades in the artificial intelligence (AI) arena. He sent his fund's entire stake in <strong>Meta Platforms</strong>(META -0.98%) packing, and loaded up on shares of an undisputed AI leader whose addressable market can potentially grow 25-fold over a 10-year stretch.</p>
<div class="lb-trans"><p>在截至 3 月的季度中，Third Point 的億萬富翁首席執行官在人工智能（AI）領域進行了兩筆引人注目的交易。他將其基金在 <strong>Meta Platforms</strong>（META -0.98%）的全部股份拋售，並大量購買了一家無可爭議的 AI 領導者的股票，該公司的可尋址市場在 10 年內可能增長 25 倍。</p>
</div><h2>Billionaire Dan Loeb's Third Point logs out of Meta</h2>
<div class="lb-trans"><h2>億萬富翁丹·洛布的 Third Point 退出 Meta</h2>
</div><p>Based on Third Point's 13F, Loeb completely exited nine positions during the first quarter, none of which is more of an eyebrow-raiser than social media titan Meta Platforms. Loeb green-lit the sale of all 665,000 shares that were held at the end of 2024.</p>
<div class="lb-trans"><p>根據 Third Point 的 13F，洛布在第一季度完全退出了九個頭寸，其中沒有哪個比社交媒體巨頭 Meta Platforms 更引人注目。洛布批准出售了截至 2024 年底持有的所有 665,000 股。</p>
</div><p>It's quite possible that this sale represented nothing more than a profit-taking opportunity for Third Point's billionaire chief. On average, Loeb's fund holds its positions for a little over 13 months, and Third Point's Meta stake had been initiated during the third quarter of 2023. With Meta stock more than doubling during this period, Loeb had plenty of reason to cash in his chips.</p>
<div class="lb-trans"><p>這筆出售很可能只是 Third Point 的億萬富翁首席執行官的獲利機會。平均而言，洛布的基金持有頭寸的時間略超過 13 個月，而 Third Point 在 Meta 的持股是在 2023 年第三季度開始的。在此期間，Meta 的股票價格翻了一番，洛布有充分的理由兑現利潤。</p>
</div><p>The question is: Was something more nefarious behind this selling activity than just benign profit-taking?</p>
<div class="lb-trans"><p>問題是：這次出售活動背後是否有比單純的獲利了結更不尋常的原因？</p>
</div><p>One concern is the potential for the U.S. economy to fall into a recession. Though the New York Federal Reserve's recession probability tool only shows 28.7% chance of a recession occurring through June 2026, it has an uncanny track record of successfully forecasting economic downturns when this probability climbs above 32%, which it did in 2023 and 2024. The last time the New York Fed's recession probability indicator provided a false positive was October 1966.</p>
<div class="lb-trans"><p>一個擔憂是美國經濟可能陷入衰退。儘管紐約聯邦儲備銀行的衰退概率工具僅顯示到 2026 年 6 月發生衰退的概率為 28.7%，但當這一概率超過 32% 時，它在成功預測經濟衰退方面有着驚人的記錄，而這一概率在 2023 年和 2024 年確實超過了 32%。紐約聯儲的衰退概率指標上一次提供錯誤的積極信號是在 1966 年 10 月。</p>
</div><p>While most stocks tend to be adversely impacted by recessions, Meta is particularly vulnerable since almost 98% of its net sales derive from advertising. Businesses aren't shy about paring their marketing budgets at the first signs of trouble.</p>
<div class="lb-trans"><p>雖然大多數股票在衰退期間往往受到不利影響，但 Meta 尤其脆弱，因為其近 98% 的淨銷售額來自廣告。企業在出現問題的第一跡象時往往會削減營銷預算。</p>
</div><p>It's also possible Dan Loeb was skeptical of Meta's future stock performance given CEO Mark Zuckerberg's plans to spend aggressively on AI-data center infrastructure. Despite Zuckerberg's phenomenal track record of developing new products and monetizing them only when the time is right, he's been consistently upping his company's projected capital expenditures (capex). Meta's capex forecast for 2025 slots in between $64 billion and $72 billion, which is up $5.5 billion at the midpoint from the company's prior guidance.</p>
<div class="lb-trans"><p>丹·洛布也可能對 Meta 未來的股票表現持懷疑態度，因為首席執行官馬克·扎克伯格計劃在 AI 數據中心基礎設施上進行大規模投資。儘管扎克伯格在開發新產品並在時機合適時實現盈利方面有着出色的記錄，但他一直在不斷提高公司預計的資本支出（capex）。Meta 對 2025 年的資本支出預測在 640 億美元到 720 億美元之間，比公司之前的指導中值增加了 55 億美元。</p>
</div><p>Considering how pricey the stock market is as a whole, Wall Street and investors have little tolerance for mistakes. Meta Platforms spending billions on AI infrastructure above its prior forecast leaves the door open for disappointment.</p>
<div class="lb-trans"><p>考慮到整體股票市場的高估，華爾街和投資者對錯誤的容忍度很低。Meta Platforms 在其之前的預測基礎上在 AI 基礎設施上花費數十億美元，給失望留下了空間。</p>
</div><p>While I don't fault Dan Loeb for locking in his profits, I ultimately believe he'll regret exiting this position when looking back years from now.</p>
<div class="lb-trans"><p>雖然我不責怪丹·洛布鎖定利潤，但我最終相信，當他在多年後回顧時，會後悔退出這個頭寸。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjU4MjQvcm9ja2V0LWNvaW5zLWNhbGN1bGF0b3ItZmluYW5jaWFsLW1ldHJpY3MtdG8tbW9vbi1jcnlwdG8taW52ZXN0LWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F825824%2Frocket-coins-calculator-financial-metrics-to-moon-crypto-invest-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>Third Point's billionaire investor scooped up shares of a hypergrowth stock</h2>
<div class="lb-trans"><h2>Third Point 的億萬富翁投資者購買了一隻高速增長的股票</h2>
</div><p>Excluding options, Third Point's 13F from the March-ended quarter shows billionaire Dan Loeb opened 10 new positions, none of which offers more intrigue than the face of the AI revolution, <strong>Nvidia</strong>(NVDA -2.42%).</p>
<div class="lb-trans"><p>不包括期權，Third Point 截至 3 月的 13F 顯示，億萬富翁丹·洛布開設了 10 個新頭寸，其中沒有哪個比 AI 革命的代表 <strong>Nvidia</strong>（NVDA -2.42%）更引人注目。</p>
</div><p>During the first quarter, Loeb scooped up 1.45 million shares of Nvidia, which marks the first time his fund has held shares of this AI leader since the second quarter of 2023.</p>
<div class="lb-trans"><p>在第一季度，洛布購買了 145 萬股 Nvidia，這是他的基金自 2023 年第二季度以來首次持有這家 AI 領導者的股票。</p>
</div><p>To state the obvious, the global potential for artificial intelligence as a technology is otherworldly. The ability for software and systems empowered with AI to make split-second decisions without human oversight is a game-changer for most industries around the world. Based on estimates from UN Trade and Development, the global AI market is projected to skyrocket from a reported $189 billion in 2023 to $4.8 trillion come 2033. That's a 25X increase in a decade, for those of you keeping score at home.</p>
<div class="lb-trans"><p>顯而易見，人工智能作為一項技術的全球潛力是非凡的。賦予 AI 的軟件和系統能夠在沒有人類監督的情況下做出瞬間決策，這對全球大多數行業來説都是一場遊戲規則的改變。根據聯合國貿易和發展會議的估計，全球 AI 市場預計將從 2023 年的 1890 億美元飆升至 2033 年的 4.8 萬億美元。這是十年內增長 25 倍，對於在家裏打分的人來説。</p>
</div><p>Nvidia becoming Wall Street's largest publicly traded company is a reflection of just how dominant its Hopper and Blackwell graphics processing units (GPUs) have been in AI-accelerated data centers. With demand for AI-GPUs significantly outweighing their supply, Nvidia has been able to not only sell more GPUs on a year-over-year basis, but also charge a 100%-plus premium to its direct external rivals. Not surprisingly, Nvidia's gross margin soared as the AI revolution took shape.</p>
<div class="lb-trans"><p>Nvidia 成為華爾街最大的上市公司，反映出其 Hopper 和 Blackwell 圖形處理單元（GPU）在 AI 加速數據中心中的主導地位。由於對 AI-GPU 的需求遠遠超過供應，Nvidia 不僅能夠在年比年基礎上銷售更多的 GPU，還能夠對其直接外部競爭對手收取超過 100% 的溢價。不出所料，隨着 AI 革命的展開，Nvidia 的毛利率飆升。</p>
</div><p>Third Point's billionaire investor might also be excited about Nvidia's innovation timeline. CEO Jensen Huang expects to bring a new advanced AI chip to market annually. If all goes according to plan, Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027) will follow in the footsteps of Hopper and Blackwell. The key point here is that Nvidia's compute advantages appear untouchable.</p>
<div class="lb-trans"><p>第三點的億萬富翁投資者可能也對英偉達的創新時間表感到興奮。首席執行官黃仁勳預計每年將推出一款新的先進 AI 芯片。如果一切順利，Blackwell Ultra（2025 年）、Vera Rubin（2026 年）和 Vera Rubin Ultra（2027 年）將繼承 Hopper 和 Blackwell 的步伐。關鍵在於，英偉達的計算優勢似乎是不可動搖的。</p>
</div><p>The other factor that's kept Nvidia humming along is its premier CUDA software platform. This is what developers use to maximize the compute potential of their Nvidia GPUs, as well as to build and train large language models. CUDA is quietly doing a phenomenal job of keeping Nvidia's clients loyal to its ecosystem of products and services.</p>
<div class="lb-trans"><p>另一個讓英偉達持續發展的因素是其頂級的 CUDA 軟件平台。這是開發者用來最大化其英偉達 GPU 計算潛力的工具，同時也是構建和訓練大型語言模型的基礎。CUDA 在默默地出色地保持着英偉達客户對其產品和服務生態系統的忠誠。</p>
</div><p>But what, arguably, makes this buy intriguing is its timing. For more than three decades, every game-changing innovation has worked its way through an early stage bubble-bursting event. Though artificial intelligence shows plenty of promise, most businesses haven't come anywhere close to optimizing their AI solutions as of yet. With signs pointing to AI being the next in a long line of bubbles, Nvidia stock could eventually crumble.</p>
<div class="lb-trans"><p>但可以説，使這次購買引人注目的原因在於其時機。在過去的三十多年裏，每一次顛覆性的創新都經歷過早期泡沫破裂事件。儘管人工智能展現出巨大的潛力，但大多數企業尚未接近優化其 AI 解決方案。隨着跡象表明 AI 可能是漫長泡沫歷史中的下一個，英偉達的股票最終可能會崩潰。</p>
</div><p>Loeb's buy is also interesting in the sense that it comes as competition in the AI space is exploding. While most investors are paying close attention to direct external competition, the biggest threat to Nvidia likely comes from within. Many of its largest customers by net sales are internally developing AI-GPUs for their data centers. These chips, while inferior on a compute basis to Nvidia's hardware, are notably cheaper and more readily accessible. They can minimize AI-GPU scarcity, reduce Nvidia's pricing power and margins, and narrow its future opportunities in AI-accelerated data centers.</p>
<div class="lb-trans"><p>洛布的購買也很有趣，因為它是在 AI 領域競爭激烈的背景下進行的。雖然大多數投資者密切關注直接的外部競爭，但對英偉達最大的威脅可能來自內部。許多按淨銷售額計算的最大客户正在為其數據中心內部開發 AI-GPU。這些芯片在計算能力上雖然不及英偉達的硬件，但顯著更便宜且更易獲得。它們可以減少 AI-GPU 的稀缺性，降低英偉達的定價能力和利潤率，並縮小其在 AI 加速數據中心的未來機會。</p>
</div><p>It wouldn't be a surprise if this turned out to be nothing more than a quick trade for Third Point's chief.</p>
<div class="lb-trans"><p>如果這最終只是第三點首席的快速交易，那也不會讓人感到驚訝。</p>
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Billionaire Dan Loeb Sold Third Point's Entire Stake in Meta Platforms and Has Piled Into a Market Leader Whose Addressable Market Can 25X in a Decade

- 投資者需關注 5 月 15 日的 13F 表格提交截止日期。  
- Dan Loeb 在第一季度退出 Meta，增持 Nvidia 股票。  
- Nvidia 的 AI 市場潛力巨大，但競爭加劇可能影響其未來表現。

億萬富翁丹·勒布已經出售了 Third Point 在 Meta Platforms 的全部股份，並投資於一個市場領導者，該領導者的可服務市場在十年內可能增長 25 倍