澳大利亚最大的养老基金之一正避开对数据中心的直接投资，理由是人工智能繁荣的最大赢家最终将是利用该技术的公司，而非建设其背后基础设施的公司。
One of Australia’s top pension funds is steering clear of direct investments in data centers, arguing the biggest winners from the artificial intelligence boom will ultimately be the companies that harness the technology rather than those building the infrastructure behind it.
管理1800亿澳元（约合1270亿美元）的UniSuper首席投资官John Pearce在该基金持仓的数据中心运营商Nextdc Ltd.股价周三暴跌42%后发表了上述言论。此前Nextdc发布盈利预警，称因电力延迟和社区反对导致业绩受影响。
John Pearce, chief investment officer at A$180 billion ($127 billion) fund UniSuper, made the comments after shares in data-center operator Nextdc Ltd. — in which the fund holds positions — slumped 42% on Wednesday following a profit warning tied to power delays and community opposition. “We are not that keen on the pure infrastructure players like the data centers,” Pearce told Bloomberg Television in an interview.
“我们对纯基础设施参与者（如数据中心）不太感兴趣，”Pearce在接受彭博电视采访时表示。尽管该基金持有Nextdc和数据中心开发商Goodman Group的股份，但不会直接投资数据中心本身，他说。
While the fund has positions in Nextdc and data center developer Goodman Group, it wouldn’t invest directly in centers themselves, he said. Goodman shares are down 16% this year, significantly underperforming Australia’s benchmark stock index.
Goodman股价今年下跌16%，大幅跑输澳大利亚基准股指。
Pearce instead sees the “real winners” of the AI boom as ultimately the users of the technology — drawing a parallel with the telecommunications boom.
Pearce认为，AI繁荣的“真正赢家”最终将是技术的使用者——他将此与电信繁荣时期作比较。“当时不是基础设施所有者获胜，而是Netflix这类公司，”他说。“所以我们必须找到下一个Netflix。”在数据中心运营商Firmus Grid Ltd.上市失败、成为澳大利亚近年市场史上最大败笔之一之前，Pearce就曾对其估值持怀疑态度。
“It wasn’t the owners of the infrastructure, it was the Netflixes of the world,” he said. “So we’ve got to find the next Netflix.”Pearce was also a skeptic of the Firmus Grid Ltd. valuation before the data center operator’s IPO failed in one of the biggest flops in Australia’s recent market history. Firmus Fiasco Was Investors ‘Doing Their Job,’ Says Pension CIO UniSuper holds Nextdc across a range of its investment options, according to its latest portfolio holdings, though it isn’t listed as a significant shareholder.
UniSuper在其各类投资选项中均持有Nextdc股份，根据其最新投资组合持仓显示，但未被列为大股东。Nextdc股价周三暴跌，此前该公司表示正考虑援引不可抗力条款，并因墨尔本一个主要项目的电力延迟而大幅下调盈利指引。
Nextdc’s shares plummeted on Wednesday after the firm said it was considering force majeure options and slashed earnings guidance after power delays at one of its major projects in Melbourne. At the same time, Pearce remains bullish on semiconductors, saying the world is “short of memory” and that he is comfortable with the fund’s positioning in the sector.
与此同时，皮尔斯对半导体板块依然看好，称世界“缺乏内存”，并表示对基金在该板块的仓位感到满意。“我们将把任何回调视为买入机会，”他说。
“We will look at any pullback as a buying opportunity,” he said. More broadly, Pearce said AI is “much closer to the start in the super cycle than even the middle of the super cycle, I believe.”
更广泛地说，皮尔斯表示，人工智能“更接近超级周期的起点，而非中期，我认为。”皮尔斯还反驳了上市市场存在泡沫的担忧。“如果你看看上市市场泡沫定价的典型衡量指标，我目前就是没看到，”他说。然而，这位首席投资官对非上市市场的估值提出了质疑。
Pearce also pushed back against concerns of a bubble in listed markets. “If you look at your typical measures of bubble pricing in listed markets, I’m just not seeing it now,” he said. However, the CIO questioned valuations in unlisted markets. “I can’t get my mind around a $1.52 trillion valuation for Anthropic,” he said.
“我无法理解 Anthropic 1.52 万亿美元的估值，”他说。“我可能是错的，但如果你倒推一下，看看 Anthropic 在三四年内需要赚多少钱才能证明这种估值合理，似乎要达到那种程度是极其勉强的。“所以我认为那里存在泡沫定价的成分，但时间会给出答案。”
“I could be wrong, but if you work backwards and see what Anthropic has to earn in three or four years’ time to justify that sort of valuation, it seems to be an enormous stretch to get there. “So that’s where I feel there are elements of of bubble pricing, but time will tell.”