英伟达交出超预期答卷 AI投资下半场仍面临不确定性

智通财经
Aug 28
【英伟达交出超预期答卷 AI投资下半场仍面临不确定性】二季度13F文件显示,机构对美股七巨头的分歧已现:约44%的机构减持,42%的机构新建仓或增持。分歧不仅体现在买与卖之间,也存在于美股七巨头内部的结构调仓中。 桥水基金对二季度以来上涨的英伟达、谷歌等进行获利了结,减持英伟达约82.68万股,减持幅度17.62%。桥水联席首席投资官认同AI是本轮经济扩张的重要主导力量之一,但也表示随着大规模AI资本开支热潮越来越多反映在市场定价中,这类企业的潜在上涨空间已有所收窄。量化巨头文艺复兴科技二季度增持英伟达、Meta、谷歌母公司Alphabet,同时建仓亚马逊。 英伟达最新财报在多大程度上回应了这份“旧账本”的分歧?AI需求没有放缓,数据中心需求依然刚性,产品迭代没有断档,这在一定程度上缓解了市场对算力资本开支见顶的担忧。但客户集中度与依赖风险、下游AI商业化闭环能否跑通、供应链瓶颈何时缓解、云厂商自研芯片分流英伟达需求的不确定性,这些担忧依然存在。 其中,“循环投资模式”正引发新一轮争议,英伟达已投资AI生态系统内多家企业,还为多个数据中心项目提供财务支持。财报发布后,黄仁勋接受采访时表示这些投入将带来巨大回报,风险很低。但外界担忧并未就此消散。

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