<p>華爾街的數據豐富，如果你不保持警惕，重要的信息可能會輕易被忽視。</p>
<p>例如，8 月 14 日是資產管理規模（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——而這一提交可能已經被投資者忽視。13F 表格詳細列出了華爾街頂級資金經理在最新季度買入和賣出的股票。它還可以幫助投資者識別哪些公司、行業、部門和趨勢引起了市場上最聰明的基金經理的興趣。</p>
<p>但 13F 表格並不僅僅是像沃倫·巴菲特這樣的億萬富翁所擁有的龐大投資組合的專屬。1 億美元的 AUM 上限適用於一些華爾街最具影響力的企業，這些企業恰好也是投資者。這包括人工智能（AI）革命的代表，<strong>Nvidia</strong>（NVDA -3.47%）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<p>除了是最大的上市公司外，Nvidia 還以其圖形處理單元（GPU）而聞名，這些 GPU 是 AI 加速數據中心的核心。Nvidia 的 Hopper（H100）和 Blackwell GPU 佔據了目前企業部署的 AI-GPU 的大部分，而在計算能力方面，沒有外部競爭對手能夠接近取代這些芯片。</p>
<p>然而，這家 GPU 巨頭也是一名投資者。它在截至 6 月的季度結束時的 AUM 為 43.3 億美元，分佈在六隻主要集中於 AI 的股票中。然而，這種分佈並不均勻，Nvidia 的六個持股中有兩個佔其投資資產的 95% 以上。</p>
<h2>CoreWeave：91.4% 的投資資產</h2>
<p>當 6 月季度結束時，Nvidia 的投資組合可以準確地總結為數據中心基礎設施服務提供商 <strong>CoreWeave</strong>（CRWV -4.04%）和其他五家公司。包括在第二季度新增的 95,113 股 CoreWeave，Nvidia 持有 24,277,573 股，這在 2025 年中期的價值為 39.6 億美元！</p>
<p>CoreWeave 的運營模式非常簡單。它積極投資於 AI-GPU——購買了 25 萬顆 Nvidia 的 Hopper 芯片——目標是向需要計算基礎設施的企業提供（租賃）其服務。考慮到企業在 AI 基礎設施上的支出，CoreWeave 預計在尋找客户方面不會遇到太大困難。</p>
<p>Nvidia 也希望 CoreWeave 能夠蓬勃發展。CoreWeave 在六年內對其 GPU 進行折舊，這表明 Nvidia 的主要投資持股將在此期間尋求升級其硬件。Nvidia 在 CoreWeave 的約 5% 的股份，加上其 CUDA 軟件平台的吸引力，幫助客户充分利用其 Hopper 和 Blackwell GPU，應該能使 CoreWeave 牢牢與其產品和服務生態系統相連。</p>
<p>如果 CoreWeave 僅僅滿足華爾街的共識預期，其銷售額預計將從今年的 52.5 億美元飆升至 2028 年的 195.5 億美元。</p>
<p>然而，CoreWeave 的成功並不像其自 3 月底首次公開募股以來的火熱股價上漲所暗示的那樣有保障。</p>
<p>儘管它正在積極擴展數據中心基礎設施以鎖定長期的豐厚交易，但購買 AI-GPU 的成本是沉重的。預計該公司今年的利息支出將超過 10 億美元，全年淨虧損約為 12 億美元。儘管銷售額以驚人的速度增長，但虧損也在迅速擴大。</p>
<p>此外，Nvidia 的先進芯片開發週期可能對 CoreWeave 構成問題。Nvidia 首席執行官黃仁勳計劃每年推出一款新的 AI-GPU，這可能會迅速使前幾代 GPU（如 Hopper）貶值。如果 CoreWeave 的資產貶值速度超過預期，或比預期更快過時，這可能會帶來高昂的成本。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Arm Holdings：4.1% 的投資資產</h2>
<p>在 Nvidia 的 43.3 億美元投資組合中，另一個引人注目的火熱人工智能股票是半導體巨頭 <strong>Arm Holdings</strong>（ARM -5.00%）。Nvidia 在 6 月底持有的 Arm 股份與 3 月時相同（1,101,249），市值為 1.781 億美元。</p>
<p>而大多數半導體股票都與對物理硬件的需求相關，Arm 則是一種獨特的芯片公司。它的所有收入都來自與其知識產權（IP）和設計相關的特許權使用費和許可費，這些設計被芯片公司（如 Nvidia）在生產 GPU、中央處理單元（CPU）和其他系統 IP 時使用。</p>
<p>作為 “架構師” 而非實際製造商的主要優勢可以在間接費用中觀察到。傳統芯片製造商必須擔心一系列供應鏈挑戰和需求阻力，而 Arm Holdings 的銷售成本在截至 6 月 30 日的財年第一季度僅為 3000 萬美元。這與 10.53 億美元的淨銷售額相比，形成了 97.2% 的豐厚公認會計原則（GAAP）毛利率。</p>
<p>對更高能效 AI 芯片的持續增長需求預計將在未來幾年推動 Arm 的銷售增長。Arm 的設計應成為降低企業數據中心成本的基礎。</p>
<p>此外，Arm 不僅僅是一隻人工智能股票。雖然人工智能被視為增長趨勢中的焦點，但 Arm 依靠其在 CPU 方面的知識產權，其架構在大多數智能手機中都是一個真正的主流。如果未來形成並破裂一個人工智能泡沫，Arm 可能能夠避開最嚴重的痛苦。</p>
<p>可以説，Arm Holdings 最大的疑問是它是否能夠維持其令人矚目的估值溢價。雖然毫無疑問，Arm 作為知識產權領導者的獨特地位值得一個估值溢價，但預期僅能實現 20% 持續增長率的公司，其前瞻市盈率（P/E）為 61 可能過高。</p>

CRWV

<p>Nvidia 已經將其 43.3 億美元投資組合的 95% 以上投資於兩隻人工智能股票：CoreWeave 和 Arm Holdings。CoreWeave 作為數據中心基礎設施提供商，佔據了 Nvidia 投資的 91.4%，具有顯著的增長潛力，但面臨高成本和虧損的挑戰。Arm Holdings 佔投資組合的 4.1%，通過專利費和許可產生收入，避免了傳統制造的挑戰。這兩家公司都處於蓬勃發展的人工智能市場中，但 CoreWeave 的快速增長伴隨着與 GPU 貶值和財務虧損相關的風險</p>

<p>Data is abundant on Wall Street, and if you don't have your eyes peeled, it can be easy for something of importance to slip through the cracks.</p>
<div class="lb-trans"><p>華爾街的數據豐富，如果你不保持警惕，重要的信息可能會輕易被忽視。</p>
</div><p>For instance, Aug. 14 marked 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 -- and this filing may have slid beneath the radar of investors. A 13F details which stocks Wall Street's top money managers bought and sold in the latest quarter. It can also help investors identify which companies, industries, sectors, and trends are piquing the interest of the market's savviest fund managers.</p>
<div class="lb-trans"><p>例如，8 月 14 日是資產管理規模（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——而這一提交可能已經被投資者忽視。13F 表格詳細列出了華爾街頂級資金經理在最新季度買入和賣出的股票。它還可以幫助投資者識別哪些公司、行業、部門和趨勢引起了市場上最聰明的基金經理的興趣。</p>
</div><p>But 13Fs aren't just for billionaires like Warren Buffett who are overseeing mammoth investment portfolios. The $100 million AUM cap applies to some of Wall Street's most-influential businesses, which happen to be investors, as well. This includes the face of the artificial intelligence (AI) revolution, <strong>Nvidia</strong>(NVDA -3.47%).</p>
<div class="lb-trans"><p>但 13F 表格並不僅僅是像沃倫·巴菲特這樣的億萬富翁所擁有的龐大投資組合的專屬。1 億美元的 AUM 上限適用於一些華爾街最具影響力的企業，這些企業恰好也是投資者。這包括人工智能（AI）革命的代表，<strong>Nvidia</strong>（NVDA -3.47%）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtYWktcm9ib3QtYmlnLWRhdGEtYnVsbC1tYXJrZXQtc3RvY2stY2hhcnQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829743%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><p>Aside from being the largest publicly traded company, Nvidia is best known for its graphics processing units (GPUs), which act as the brains of AI-accelerated data centers. Nvidia's Hopper (H100) and Blackwell GPUs have accounted for the bulk of AI-GPUs currently deployed by businesses, and there isn't an external competitor that's particularly close to unseating these chips, in terms of compute capabilities.</p>
<div class="lb-trans"><p>除了是最大的上市公司外，Nvidia 還以其圖形處理單元（GPU）而聞名，這些 GPU 是 AI 加速數據中心的核心。Nvidia 的 Hopper（H100）和 Blackwell GPU 佔據了目前企業部署的 AI-GPU 的大部分，而在計算能力方面，沒有外部競爭對手能夠接近取代這些芯片。</p>
</div><p>However, this GPU juggernaut is also an investor. It closed out the June-ended quarter with $4.33 billion in AUM, which was spread across six mostly AI-focused stocks. Yet this spread is anything but equal, with two of Nvidia's six holdings comprising more than 95% of its invested assets.</p>
<div class="lb-trans"><p>然而，這家 GPU 巨頭也是一名投資者。它在截至 6 月的季度結束時的 AUM 為 43.3 億美元，分佈在六隻主要集中於 AI 的股票中。然而，這種分佈並不均勻，Nvidia 的六個持股中有兩個佔其投資資產的 95% 以上。</p>
</div><h2>CoreWeave: 91.4% of invested assets</h2>
<div class="lb-trans"><h2>CoreWeave：91.4% 的投資資產</h2>
</div><p>When the June quarter came to a close, Nvidia's investment portfolio could accurately be summarized as data-center infrastructure services provider <strong>CoreWeave</strong>(CRWV -4.04%) and five other companies. Inclusive of the 95,113 shares of CoreWeave that were added during the second quarter, Nvidia holds 24,277,573 shares, which at the midpoint of 2025 were worth $3.96 billion!</p>
<div class="lb-trans"><p>當 6 月季度結束時，Nvidia 的投資組合可以準確地總結為數據中心基礎設施服務提供商 <strong>CoreWeave</strong>（CRWV -4.04%）和其他五家公司。包括在第二季度新增的 95,113 股 CoreWeave，Nvidia 持有 24,277,573 股，這在 2025 年中期的價值為 39.6 億美元！</p>
</div><p>CoreWeave's operating model is straightforward. It's invested aggressively in AI-GPUs -- it purchased 250,000 of Nvidia's Hopper chips -- with the goal of providing (leasing) its compute infrastructure to businesses that need it. Considering how much money is being spent by businesses on AI infrastructure, CoreWeave is expected to have little trouble finding takers for its services.</p>
<div class="lb-trans"><p>CoreWeave 的運營模式非常簡單。它積極投資於 AI-GPU——購買了 25 萬顆 Nvidia 的 Hopper 芯片——目標是向需要計算基礎設施的企業提供（租賃）其服務。考慮到企業在 AI 基礎設施上的支出，CoreWeave 預計在尋找客户方面不會遇到太大困難。</p>
</div><p>It's also in Nvidia's best interests that CoreWeave thrives. CoreWeave depreciates its GPUs over the course of six years, which suggests Nvidia's top investment holding will look to upgrade its hardware in that time span. Nvidia's roughly 5% stake in CoreWeave, coupled with the lure of its CUDA software platform, which helps its clients get the most out of their Hopper and Blackwell GPUs, should keep CoreWeave firmly tied to its ecosystem of products and services.</p>
<div class="lb-trans"><p>Nvidia 也希望 CoreWeave 能夠蓬勃發展。CoreWeave 在六年內對其 GPU 進行折舊，這表明 Nvidia 的主要投資持股將在此期間尋求升級其硬件。Nvidia 在 CoreWeave 的約 5% 的股份，加上其 CUDA 軟件平台的吸引力，幫助客户充分利用其 Hopper 和 Blackwell GPU，應該能使 CoreWeave 牢牢與其產品和服務生態系統相連。</p>
</div><p>If CoreWeave simply meets Wall Street's consensus expectations, its sales will catapult from an estimated $5.25 billion this year to a projected $19.55 billion come 2028.</p>
<div class="lb-trans"><p>如果 CoreWeave 僅僅滿足華爾街的共識預期，其銷售額預計將從今年的 52.5 億美元飆升至 2028 年的 195.5 億美元。</p>
</div><p>However, CoreWeave's success isn't as guaranteed as its scorching-hot stock run-up since its initial public offering in late March might suggest.</p>
<div class="lb-trans"><p>然而，CoreWeave 的成功並不像其自 3 月底首次公開募股以來的火熱股價上漲所暗示的那樣有保障。</p>
</div><p>Though it's aggressively building out its data-center infrastructure to lock in long-term, lucrative deals, the cost to purchase AI-GPUs is burdensome. The company is on pace to log north of $1 billion in interest expenses this year, with its full-year net loss tracking about $1.2 billion. Although sales are climbing at a breakneck pace, losses are growing rapidly, as well.</p>
<div class="lb-trans"><p>儘管它正在積極擴展數據中心基礎設施以鎖定長期的豐厚交易，但購買 AI-GPU 的成本是沉重的。預計該公司今年的利息支出將超過 10 億美元，全年淨虧損約為 12 億美元。儘管銷售額以驚人的速度增長，但虧損也在迅速擴大。</p>
</div><p>Furthermore, Nvidia's advanced-chip development cycle may be problematic for CoreWeave. Nvidia CEO Jensen Huang aims to bring a new AI-GPU to market annually, which could rapidly depreciate prior-generation GPUs, such as the Hopper. If CoreWeave's assets depreciate faster than expected, or become obsolete quicker than anticipated, it could prove costly.</p>
<div class="lb-trans"><p>此外，Nvidia 的先進芯片開發週期可能對 CoreWeave 構成問題。Nvidia 首席執行官黃仁勳計劃每年推出一款新的 AI-GPU，這可能會迅速使前幾代 GPU（如 Hopper）貶值。如果 CoreWeave 的資產貶值速度超過預期，或比預期更快過時，這可能會帶來高昂的成本。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk3NDMvc2VtaWNvbmR1Y3Rvci1jaGlwLWVxdWlwbWVudC01Zy1lbGVjdHJvbmljcy1mYWItd2FmZXItbWFudWZhY3R1cmluZy1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829743%2Fsemiconductor-chip-equipment-5g-electronics-fab-wafer-manufacturing-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>Arm Holdings: 4.1% of invested assets</h2>
<div class="lb-trans"><h2>Arm Holdings：4.1% 的投資資產</h2>
</div><p>The other scorching-hot artificial intelligence stock that stands out in Nvidia's $4.33 billion investment portfolio is semiconductor colossus <strong>Arm Holdings</strong>(ARM -5.00%). Nvidia closed out June with the same number of shares of Arm as it had in March (1,101,249), which worked out to a market value of $178.1 million.</p>
<div class="lb-trans"><p>在 Nvidia 的 43.3 億美元投資組合中，另一個引人注目的火熱人工智能股票是半導體巨頭 <strong>Arm Holdings</strong>（ARM -5.00%）。Nvidia 在 6 月底持有的 Arm 股份與 3 月時相同（1,101,249），市值為 1.781 億美元。</p>
</div><p>Whereas most semiconductor stocks are all about demand for physical hardware, Arm is a unique breed of chip company. All of its revenue derives from royalties and licensing fees tied to its intellectual property (IP) and designs that chip companies (like Nvidia) use when producing GPUs, central processing units (CPUs), and other systems IP.</p>
<div class="lb-trans"><p>而大多數半導體股票都與對物理硬件的需求相關，Arm 則是一種獨特的芯片公司。它的所有收入都來自與其知識產權（IP）和設計相關的特許權使用費和許可費，這些設計被芯片公司（如 Nvidia）在生產 GPU、中央處理單元（CPU）和其他系統 IP 時使用。</p>
</div><p>The primary advantage of being an &#34;architect&#34; and not an actual manufacturer can be observed in the overhead costs. While traditional chipmakers have to worry about a laundry list of supply chain challenges and demand headwinds, Arm Holdings' cost of sales totaled just $30 million in the fiscal first quarter (ended June 30). This compares with $1.053 billion in net sales, which works out to a juicy generally accepted accounting principles (GAAP) gross profit margin of 97.2%.</p>
<div class="lb-trans"><p>作為 “架構師” 而非實際製造商的主要優勢可以在間接費用中觀察到。傳統芯片製造商必須擔心一系列供應鏈挑戰和需求阻力，而 Arm Holdings 的銷售成本在截至 6 月 30 日的財年第一季度僅為 3000 萬美元。這與 10.53 億美元的淨銷售額相比，形成了 97.2% 的豐厚公認會計原則（GAAP）毛利率。</p>
</div><p>Steadily growing demand for more energy-efficient AI chips should act as an accelerant for Arm's sales growth in the coming years. Arm's designs should be foundational to reducing costs in enterprise data centers.</p>
<div class="lb-trans"><p>對更高能效 AI 芯片的持續增長需求預計將在未來幾年推動 Arm 的銷售增長。Arm 的設計應成為降低企業數據中心成本的基礎。</p>
</div><p>In addition, Arm has the benefit of being more than just an AI stock. While AI is viewed as the bulls-eye among growth trends, Arm is leaned on for its IP in CPUs, with its architecture a veritable mainstay in most smartphones. If an AI bubble were to form and burst at some point in the future, Arm might be able to sidestep the worst of the pain.</p>
<div class="lb-trans"><p>此外，Arm 不僅僅是一隻人工智能股票。雖然人工智能被視為增長趨勢中的焦點，但 Arm 依靠其在 CPU 方面的知識產權，其架構在大多數智能手機中都是一個真正的主流。如果未來形成並破裂一個人工智能泡沫，Arm 可能能夠避開最嚴重的痛苦。</p>
</div><p>Arguably the biggest question mark with Arm Holdings is whether it can sustain its eye-popping valuation premium. While there's no doubt Arm's unique position as an IP leader warrants a valuation premium, a forward price-to-earnings (P/E) ratio of 61 might be excessive for a company expected to deliver &#34;only&#34; a sustained growth rate of 20%.</p>
<div class="lb-trans"><p>可以説，Arm Holdings 最大的疑問是它是否能夠維持其令人矚目的估值溢價。雖然毫無疑問，Arm 作為知識產權領導者的獨特地位值得一個估值溢價，但預期僅能實現 20% 持續增長率的公司，其前瞻市盈率（P/E）為 61 可能過高。</p>
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More Than 95% of Nvidia's $4.3 Billion Investment Portfolio Has Been Put to Work in These 2 Scorching-Hot Artificial Intelligence (AI) Stocks

- 8 月 14 日是機構投資者提交 13F 表格的截止日期。  
- Nvidia 在其 43.3 億美元的投資組合中，主要持有 CoreWeave 和 Arm Holdings。  
- CoreWeave 的成功依賴於 AI-GPU 的需求和 Nvidia 的技術支持。  

英偉達 43 億美元投資組合中超過 95% 的資金已投入到這兩隻炙手可熱的人工智能（AI）股票中