「科技投資大師」警告：AI估值飆升「令人不安」，英偉達千億押注OpenAI讓人想起互聯網泡沫

華爾街見聞

2025/10/01

曾因押注英偉達、特斯拉和亞馬遜而聲名鵲起的英國知名科技投資者James Anderson，如今對AI領域的估值狂歡發出了警告。據英國《金融時報》最新報道，James Anderson本周表示，儘管直到近一兩個月他尚未看到明顯的泡沫跡象，但OpenAI在不到一年內估值從1570億美元飆升至5000億美元，以及其競爭對手Anthropic的估值在過去六個月裏幾乎增長兩倍至1700億美元。他認為，...

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Anderson本周表示，儘管直到近一兩個月他尚未看到明顯的泡沫跡象，但OpenAI在不到一年內估值從1570億美元飆升至5000億美元，以及其競爭對手Anthropic的估值在過去六個月裏幾乎增長兩倍至1700億美元。\n他認為，...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3756586\">網頁鏈接</a>\n\n</div>\n","source":"wallstreetcn_hot_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>「科技投資大師」警告：AI估值飆升「令人不安」，英偉達千億押注OpenAI讓人想起互聯網泡沫</title>\n<style 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href=\"https://wallstreetcn.com/articles/3756586\">網頁鏈接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://wallstreetcn.com/articles/3756586\">華爾街見聞</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2487616109.SGD","symbol_name":"JPM AMERICA EQUITY \"A\" (SGD) ACC","start_time":0,"source_url":"https://wallstreetcn.com/articles/3756586","article_id":"2572692535","we_media_id":null,"thumbnails":["https://wpimg-wscn.awtmt.com/2affc63f-4c97-4075-a2f0-b002cba0aa77.png"],"rights":{"source":"wallstreetcn_hot_news","url":"https://wallstreetcn.com/articles/3756586","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2572692535","pubTimestamp":1759317650,"columns":[],"sourceInfo":{"source_id":"wallstreetcn_hot_news","name":"华尔街见闻"},"weMediaInfo":null,"summary":"James 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surges \"disturbing\", Nvidia's 100 billion bet on OpenAI is reminiscent of the dot-com bubble","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NVD3.UK":0.6,"NVDS":0.6,"NVD2.UK":0.6,"NVDS.UK":0.6,"3NVD.UK":0.6,"NVIW.SI":0.6,"2NVD.UK":0.6,"NVDX":0.6,"NVDD":0.6,"NVDY":0.6,"NVD":0.6,"SNVD.UK":0.6,"NVDU":0.6,"NVDA":1.5},"content_text":"曾因押注英偉達、特斯拉和亞馬遜而聲名鵲起的英國知名科技投資者James Anderson，如今對AI領域的估值狂歡發出了警告。\n據英國《金融時報》最新報道，James Anderson本周表示，儘管直到近一兩個月他尚未看到明顯的泡沫跡象，但OpenAI在不到一年內估值從1570億美元飆升至5000億美元，以及其競爭對手Anthropic的估值在過去六個月裏幾乎增長兩倍至1700億美元。\n他認為，這種估值跳升的規模和速度「令人不安」。並且，英偉達計劃向其大客户之一OpenAI鉅額投資的舉動，讓他聯想到了互聯網泡沫時期盛行的「供應商融資」模式。\n而Anderson的言論伴隨着實際行動。他所管理的基金Lingotto Innovation Strategy已在今年早些時候減持了英偉達的頭寸，而這家芯片巨頭曾是該基金的最大持倉。\n歷史的迴響：警惕「供應商融資」模式\nAnderson的擔憂集中在英偉達與OpenAI之間潛在的1000億美元鉅額投資上。\n他將此與2000年前後的歷史進行了類比，當時電信設備製造商通過大舉借貸來資助其客户建設互聯網光纖網絡，這種模式最終被證明是不可持續的。\n「我必須説，‘供應商融資’這個詞，對於我這個年紀的人來説，並不會帶來美好的回憶，」Anderson表示。他補充説，儘管當前的情況「不完全像1999-2000年許多電信供應商的做法，但它確實有某些相似之處」。\nAnderson同時強調自己仍然是英偉達的「巨大崇拜者」，但這筆因其循環結構和不確定性而受到批評的交易，讓他「比以前更有理由感到擔憂」。\n從頭號重倉到減持：投資策略的轉變\nAnderson的警告並非空談，其投資組合的變化印證了他的審慎態度。他與Morgan Samet共同管理的Lingotto Innovation Strategy基金，已將對英偉達的持倉從第一位下調。\n據報道，該基金目前的第一大重倉股已變為中國電池製造商寧德時代。這一調倉發生在今年早些時候，Lingotto減持了英偉達，而寧德時代的股價自5月在香港上市以來則大幅上漲。\n這一立場與Anderson去年的樂觀預測形成了「鮮明反差」。他當時曾表示，最樂觀的情況下，英偉達的市值可能達到兩位數的萬億美元。如今，這家芯片製造商的市值約為4.4萬億美元。\n着眼早期投資，佈局未來賽道\n儘管對近期AI估值表示擔憂，Anderson和他的團隊仍在積極佈局早期科技投資。由Agnelli家族控股公司Exor建立的Lingotto投資管理公司，正進一步向早期科技投資領域拓展。\nAnderson的合夥人Morgan Samet表示，Lingotto投資管理公司現在將投資從種子期到上市後的初創企業。\n她補充説，她尤其看好自動駕駛汽車和人工智能在醫療保健領域的機遇，並認為「你需要更早地介入，才能弄清楚未來的發展方向」。風險提示及免責條款\n\n            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