저자: 미상 · 외국인
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지정학 리스크·미국 재정적자·AI 자본지출 재평가로 시장 변동성이 커진 가운데, 헤지펀드 Citadel의 Ken Griffin이 메타·마이크로소프트를 줄이고 엔비디아·아마존·애플을 늘린 13F 공시를 근거로 이 3개 종목을 저평가된 AI 수혜주로 제시한다. 엔비디아는 매출 성장률 73%, 총마진 75%, 차세대 LPU 칩 기대를 근거로 들고, 아마존은 AWS 성장 24%·백로그 2,440억 달러와 자체 칩 전략을, 애플은 아이폰 판매 23% 증가와 MacBook Neo 출시, FCF 상향 조정을 근거로 든다. 전반적으로 낙관적 논조이며 구체적 가격 목표(애플 상승여력 최대 24%)가 일부 언급된다.
다듬은 글
The global markets are currently gripped by a triple threat of volatility. Escalating geopolitical friction in the Middle East, a sugar high of US fiscal deficits, and a brutal reevaluation of the AI capex boom. As investors panic over whether the $650 billion being poured into AI infrastructure will ever yield a bottom line return, the Magnificent Seven have faced a historic reckoning.
Yet, while the masses are retreating, the most profitable hedge fund manager in history, Ken Griffin, is executing a master class in portfolio reshuffling. Griffin, whose Citadel empire just returned $5 billion in profits to investors and manages over $67 billion, is famous for a philosophy built on complexity, math, and cold-blooded execution.
His latest 13F filings reveal a stunning pivot, a massive minus 59% reduction in Meta Platforms, and a sharp minus 17.8% exit from Microsoft. This isn't just profit taking, it's a strategic migration. While others see chaos, Griffin sees a valuation reset, moving billions out of overextended names and into high conviction AI plays that the market has unfairly discarded.
The stage is now set for a new era of the AI trade. Citadel has recently added many folds to positions in three specific AI powerhouses that are currently trading at bargain levels amid the recent sell-off. From doubling down on these powerhouses, Griffin is signaling that the AI revolution isn't over, it's just entering its most profitable phase for those with the stomach to buy the dip.
Today, we break down these three compelling stocks that Ken Griffin is betting on to dominate the next macro cycle. Let's begin with the powerhouse that is currently redefining the ceiling of the entire tech sector, Nvidia Corporation, ticker NVDA. Despite the macro turbulence and the triple threat of volatility we just discussed, Nvidia remains the undisputed king of the hill.
And the data behind its recent performance is nothing short of impeccable. In its latest fiscal report, the company delivered a staggering 73% revenue growth and a 98% surge in earnings per share, crushing even the most optimistic street estimates. Perhaps most impressively, in an environment where rising costs are the norm, Nvidia expanded its gross margins to a record 75% proving that its platform economics are functioning on an entirely different level than traditional semiconductor cycles.
The company is strategically evolving from a chip designer into a full-stack AI infrastructure provider. This shift is evident in their networking revenue, which recently hit $11 billion. Technologies like NVLink and InfiniBand are no longer secondary. They are the high-speed interconnects that turn thousands of individual GPUs into a singular massive AI factory.
This integrated stack creates a formidable moat that competitors struggle to bridge, especially as Nvidia transitions customers toward the Grace Blackwell systems and the upcoming Vera Rubin architecture. The next massive catalyst is the GTC 2026 event where CEO Jensen Huang has teased a mysterious chip that will surprise the world.
Strategic indicators suggest this could be a Groq-derived language processing unit, or LPU. Unlike standard GPUs, an LPU is purpose-built for the agentic AI inflection point, the sequential back-and-forth reasoning loops that define modern AI agents. By utilizing on-chip SRAM instead of external memory, this technology could offer a five-to-tenfold efficiency boost in inference workloads.
This would expand Nvidia's data center opportunity significantly while answering investor concerns about long-term moat durability. With sovereign AI spending tripling to over $30 billion and a broadening demand base that extends far beyond just the big hyperscalers, the growth runway remains expansive.
While the market has recently seen a valuation reset, the underlying fundamentals of 77% projected revenue growth for the coming quarter suggests the AI revolution is only accelerating. By capturing more of the value chain through software, networking, and specialized inference hardware, the company is positioning itself to dominate the next decade of accelerated computing.
Moving from the silicon that powers the intelligence to the cloud that houses it, we find a tech titan undergoing a massive fundamental transformation in amazon.com, ticker AMZN. While most of the world still views Amazon primarily as an e-commerce giant, the smartest money in the room is aggressively revaluing it as a premier AI infrastructure provider.
Despite the stock sitting roughly 18% below its all-time highs due to CapEx anxiety, the data tells a story of a company building an impenetrable fortress. Ken Griffin's Citadel clearly sees the vision having expanded their position by a staggering 336.2% adding nearly 11 million shares to build a $3.3 billion stronghold.
The real engine here is Amazon Web Services or AWS. In the most recent quarter, AWS accelerated to 24% year-over-year growth boasting a massive $244 billion backlog that is up 40% from last year. What's even more compelling is the margin profile. AWS operates at a 39% margin generating nearly the same operating income as the rest of Amazon's global retail business combined.
But the hidden catalyst lies in Amazon's custom silicon strategy. By developing their own Trainium and Graviton chips, Amazon is effectively bypassing the Nvidia tax offering 30% to 40% better price performance for their customers. This vertical integration has already created a $10 billion annual revenue run rate for their custom chips alone.
Critics are pointing to the record-breaking $200 billion CapEx guidance for 2026, fearing it will drive free cash flow into negative territory. However, this investment is the fuel for a massive operational efficiency play. Amazon now utilizes over 1.4 million of its own AI chips and more than 1 million robots in its fulfillment centers.
These AI-driven logistics are projected to save the company $16 billion annually by 2032. Furthermore, new AI tools like the shopping assistant Rufus are already increasing purchase completion probabilities by 60%, proving that AI isn't just a buzzword. It is actively expanding their delivery moat. With a forward PE ratio sitting at a very reasonable 27.5 times, Amazon presents a classic Google 2023 moment.
Investors are so focused on the cost of the build-out that they are missing the sheer scale of the eventual harvest. Between their $50 strategic partnership with OpenAI and their dominance in high-margin AI advertising, Amazon is positioning itself to capture the entire AI value chain. This isn't just a retail stock anymore.
It's a global compute powerhouse trading at a significant discount to its future earnings potential. While Amazon and Nvidia handle the heavy lifting in the cloud, Ken Griffin has identified a third pillar of the AI revolution that lives right in the pocket of the consumer. Apple Inc., ticker AAPL. While the broader market has been rattled by high-octane AI spending and geopolitical shifts, Citadel has been quietly increasing its conviction in Apple, raising its position by 12.2% to build a massive $1.5 billion fortress.
The strategy here is brilliantly counter-cyclical. While other hyperscalers are burning cash on uncertain infrastructure, Apple is seeing a massive re-acceleration in its core fundamentals. The company recently delivered a blockbuster 143.8 billion-dollar quarter with iPhone sales surging 23% largely fueled by a revival in the Chinese market where sales jumped 38%.
This isn't just about hardware. Apple's services division is now a $30 a quarter juggernaut 14% and boasting profit margins that resemble high-end software firms. But the most compelling bargain narrative for Apple right now is its agentic moment. As consumers scramble for secure hardware to run new AI agents like Open Claw and Claw Co-work, the Mac lineup has seen a sudden viral resurgence.
This unexpected demand tailwind has landed right in Apple's lap without requiring a multi-billion-dollar AI CapEx arms race. The timely release of the M5-powered MacBook Air and the premium M5 PR Max models, which offer up to 6.8 times faster AI processing than previous generations, positions Apple to monetize this shift immediately.
Furthermore, the launch of the $599 MacBook Neo is a master stroke in a K-shaped economy. By leveraging the A18 Pro chip, Apple has created a budget powerhouse that challenges Chromebook dominance in education while maintaining its prestigious 27% net income margins. From a valuation standpoint, Apple is entering a golden era of cash flow.
Analysts have revised free cash flow expectations upward by 8% for this year with a projected cash conversion rate exceeding 85% with a price target implying up to 24% upside based on FY27 earnings, Apple is the rare play that offers defensive stability during market chaos and aggressive growth during the AI transition.
Ken Griffin isn't just buying a phone company, he's buying a highly efficient cash generating platform that is currently being mispriced by the broader market panic. In a world of noise, Ken Griffin's Citadel is providing the signal. By slashing positions in legacy leaders and doubling down on the infrastructure and edge capabilities of Nvidia, Amazon, and Apple, the king of quants is signaling that the AI trade has matured from speculation to execution.
These three stocks represent the backbone, the cloud, and the interface of the next economic epic. As retail investors panic over short-term volatility, the smart money is quietly accumulating the future at a discount. The question is, are you watching the chaos or are you following the data?
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