Nvidia 在 AI 基础设施领域领先，并在训练机器人方面扮演重要角色。它并未高估，而是被低估：内在价值 309 美元，而股价为 224 美元，按现金流折现计算约低估 27%，远期市盈率仅为盈利的 14 倍。
逐段跳播
有意思的是，Veeva Systems，一家在软件即服务（SaaS）灾难中受到严重冲击的软件公司，上涨了35%，紧随其后的是 IPO，上涨了28%。这是一只专门针对能源和人工智能基础设施的股票。
Apple 的股价上涨了26%，这很有意思。年初大家都在嘲笑 Apple 完全没有参与任何人工智能的建设，但它上涨了26%，Nvidia 上涨了22%，Palantir 上涨了18%。
Interestingly, Veeva Systems, a software company that was badly affected during the Software as a Service (SaaS) disaster, rose 35%, followed by IPO, up 28%. This is a stock specific to energy and artificial intelligence infrastructure .
Apple's stock rose by an interesting 26% . Everyone was mocking Apple at the beginning of the year for not being involved in building any artificial intelligence at all, but it rose by 26%, Nvidia by 22%, and Palantir by 18%.
这些股票包括 Nvidia、ASML 和 Broadcom，以及像 SOXX 和 AIPO 这样的 ETF。所以这就是所谓的 AI 交易，明白吗？但请注意，我并不持有那些被高估的，明白吗？
我持有的是被低估或估值合理的股票。所以它们大约占我投资组合的17%，明白吗？
These are stocks like Nvidia, ASML, and Broadcom, as well as ETFs like the SOXX and AIPO. So that's what you call AI trading , okay? But notice that I don't own the overvalued ones, okay?
Those are the undervalued or fairly priced stocks . So they make up about 17% of my portfolio, okay?
给你大致看一下我的持仓组合，就像我说的，我赚得最多的几只股票是 Fortnite。你可以看到上面 Fortnite 涨了212%。我持有 Palo Alto，涨了148%，CrowdStrike 涨了217%，当然，那些大公司也贡献得不错。
Amazon 涨了119%，Alphabet（Google）涨了221%，Nvidia 涨了209%，MetaTrader 涨了114%，Microsoft 涨了67%，还有一些我持有的其他抗泡沫股票，比如医疗保健板块的 United Health，涨了26%，之前还更高，但后来小幅回落。
我可能会加仓 UnitedHealth，HCA Healthcare 涨了32%，GlobalX Defense 涨了17%，
To give you a glimpse of the portfolio, like I said, my biggest winners are Fortnite. You can see Fortnite up there, 212%. I have Palo Alto up 148%, CrowdStrike up 217%, and of course, the big companies are contributing well.
Amazon up 119%, Alphabet ( Google) up 221%, Nvidia up 209%, MetaTrader up 114%, Microsoft up 67%, and some of my other anti-bubble stocks like healthcare, United Health, up 26%, was even higher but has since dipped slightly.
I could add more to UnitedHealth, HCA Healthcare up 32%, and GlobalX Defense up 17%,
当然，还有计算和基础设施。谁受益最大？Nvidia，明白吗？这就引出了我最后一部分。AI 基础设施公司怎么样？它们的价格还有吸引力吗？我认为其中一些仍然有吸引力。我仍然持有其中一些股票。
当然，其中领先且最重要的公司是 Nvidia。而且，一旦我们进入实体人工智能，也就是机器人领域，Nvidia 在其中也扮演着非常强的角色，在训练机器人方面，对吧？那么，如果你看 Nvidia，它的内在价值是多少？
And of course, computing and infrastructure. Who will benefit the most? Nvidia, okay? This leads us to my last part. What about AI infrastructure companies? Are its prices still attractive ?
I think some of them still are . I still hold some of its shares. Of course, the leading and most important company among them is Nvidia. And of course, once we move on to physical artificial intelligence, i.e., robots , Nvidia has a very strong role to play in that as well, in training robots, right ?
So, if you look at Nvidia, what is its intrinsic value?
最后，让我谈谈 Nvidia，正如我所说，它是人工智能基础设施领域的领导者。它们被高估了吗？我不这么认为。事实上，如果你看这里的 Nvidia，你可能会惊讶地发现，从许多衡量标准来看，它仍然被低估。
Finally, let me talk about Nvidia, which, as I said, is a leader in the field of artificial intelligence infrastructure. Are they overvalued? I don't think so. In fact, if you look at Nvidia here, you might be surprised to learn that it is still undervalued by many measures.
内在价值是309美元。它现在价值224美元，也就是被低估了27%。这是基于贴现现金流模型得出的。如果你看市盈率，远期市盈率只有14倍盈利。我是说，就看看这个远期市盈率，看起来相当便宜，不是吗？
Well, the intrinsic value is $309. It is now worth $224, which is 27% undervalued. This is based on the discounted cash flow model. If you look at the price-to-earnings ratio, the forward price-to-earnings ratio is only 14 times earnings.
I mean, just look at the forward price-to-earnings ratio, it looks pretty cheap, doesn't it?
当你点击这里的“内在价值”，你可以看到，无论你用什么方法给 Nvidia 估值，股价都显著低于所有不同的估值方法得出的结果。很好。
When you click on Intrinsic Value here, you can see that regardless of the method you use to value Nvidia, the stock price is significantly lower than all the different valuation methods . Good.
第一个篮子，人工智能基础设施，比如 Nvidia、Broadcom 和 SOXX。当然，我持有的股票没有被高估。事实上，要说的话，Nvidia 是被低估的。
The first basket, artificial intelligence infrastructure such as Nvidia, Broadcom, and SOXX. And of course, the shares I own are not overvalued. In fact, if anything, Nvidia is undervalued .