投資組合與人工智能概念股票分析:以亞馬遜和聯發科技為例

Abstract

With exponential increase of computing power and data generated, Artificial Intelligence (AI) is expected to thrive and drives the next wave of productivity improvement and business innovation. Investors who want to bet on companies that can benefit from this trend are wise to do solid researches and have a well-diversified portfolio first, as nothing is for certain and investing is about managing risks. This thesis walks through these processes for typical retail investors with limited resources. Using Exchange Trade Funds (ETF) accessible to retail investors, we statistically allocate asset (SAA) to construct diversified portfolio, tactically adjust allocation (TAA) depending on where we are in the economic cycle, and dynamically adjust allocation (DAA) to manage extreme risk scenario like recession. Stressing on that one should only invest in businesses they understand, we case study two publicly traded companies participating at two ends of the AI value chain. On the cloud side, we look at US e-commerce giant, Amazon, and on the edge side, we look at Taiwan’s top IC supplier, MediaTek. Methods of study include industry and competitive analysis for business overview, operation efficiency and moat analysis for past profitability, financial ratios for current health, and future growth and overall valuation.