Nvidia(US:NVDA) 美股IPO·2025-10-02 03:53Core Viewpoint - James Anderson warns about the alarming rise in valuations within the AI sector, drawing parallels to the internet bubble era and expressing concerns over Nvidia's planned $100 billion investment in OpenAI [1][3][4]. Group 1: Valuation Concerns - Anderson highlights that OpenAI's valuation skyrocketed from $157 billion to $500 billion in less than a year, while competitor Anthropic's valuation nearly doubled to $170 billion in six months, indicating a troubling trend [3]. - The scale and speed of these valuation increases are described as "disturbing" by Anderson, who notes that he had not observed clear signs of a bubble until recently [3][4]. Group 2: Historical Context - Anderson compares the current situation to the late 1990s, when telecom equipment manufacturers heavily borrowed to finance their clients' internet infrastructure, a model that ultimately proved unsustainable [4][5]. - He expresses that the term "vendor financing" does not evoke positive memories for those familiar with the past, suggesting that there are similarities to the practices of telecom suppliers during the internet boom [5]. Group 3: Investment Strategy Shift - The Lingotto Innovation Strategy fund, managed by Anderson, has reduced its holdings in Nvidia, which was previously its largest position, now shifting to focus on Chinese battery manufacturer CATL as its top holding [6]. - This change in investment strategy marks a stark contrast to Anderson's earlier optimistic predictions regarding Nvidia's potential market value, which he had estimated could reach trillions [6]. Group 4: Future Investment Focus - Despite concerns over current AI valuations, Anderson and his team are actively pursuing early-stage technology investments, indicating a strategic shift towards identifying future growth areas [7]. - The Lingotto investment management company is expanding its focus from seed-stage to post-IPO startups, with particular interest in opportunities in autonomous vehicles and AI in healthcare [7].