<p><strong>英伟达</strong>(NVDA -2.09%) 和 <strong>Palantir</strong>(PLTR -3.72%) 是今年市场上表现最好的两只股票，而人工智能是主要原因。</p>
<p>英伟达在这一点上无需多言。这家芯片公司在人工智能热潮中主导了数据中心 GPU（图形处理单元）市场，自 2024 年初以来，其股价大约上涨了 10 倍。与此同时，Palantir 作为人工智能软件领域的最大赢家，其在深度数据挖掘方面的经验，称为数据融合，尤其是在去年推出人工智能平台（AIP）后，取得了丰厚的回报。</p>
<p>如下图所示，这两只股票今年都大幅上涨。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/529d66adeb29b13ac280717c90cc6a40.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/529d66adeb29b13ac280717c90cc6a40.png"/></p>
<p>PLTR 数据来源于 YCharts</p>
<p>那么，今天哪只股票更值得购买呢？让我们深入了解每只股票的优势。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxODUvc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxODUvc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>商业模式：英伟达 vs. Palantir？</h2>
<p>英伟达凭借其在人工智能领域的实力以及对 CUDA 软件库等领域的投资，确立了自己作为领先芯片设计公司的地位，这使其具备了竞争优势。</p>
<p>由于在以人工智能为重点的组件（如新推出的 Blackwell 平台）方面的巨大领先，英伟达目前的利润率非常可观，第三季度的公认会计原则（GAAP）营业利润率为 62%。</p>
<p>该公司建立了一个专注于创新的明星文化，似乎有望在人工智能芯片领域保持领先。它依赖于 <strong>台湾半导体制造公司</strong> 进行制造，并且容易受到周期性波动和对人工智能泡沫的广泛担忧的影响。半导体行业以周期性著称，价格和库存水平可能迅速变化。因此，英伟达最大的风险可能是行业动态的变化，这将威胁到其增长，而不是来自竞争的威胁。</p>
<p>Palantir 在 911 事件后开始为美国情报机构提供服务，帮助他们连接数据点以发现他们可能错过的威胁。此后，Palantir 扩展了其产品系列，专注于满足各种商业需求，包括加密货币、数据保护和防止洗钱。</p>
<p>其主要软件平台包括 Gotham、Foundry、Apollo 和人工智能平台（AIP）。Gotham 和 Foundry 专注于将大量信息转化为有用的数据集。</p>
<p>Apollo 是一个为商业客户提供的层，使他们能够在几乎任何环境中运行其软件，而 AIP 与 Gotham 和 Foundry 协同工作，利用机器学习加速洞察。</p>
<p>Palantir 的高薪客户数量相对较少，这意味着它处理的是大型合同。合同的规模和复杂性使得该公司面临来自其他软件公司的竞争相对较小。相反，它将客户的内部软件开发努力视为最大的竞争对手。</p>
<p>与英伟达一样，Palantir 也面临整个行业回调的风险，尽管考虑到其业务的专业性质，其竞争地位似乎相对稳固。</p>
<h2>财务状况：英伟达 vs. Palantir？</h2>
<p>英伟达和 Palantir 都交出了令人印象深刻的业绩，但其中一家公司显然增长更快。</p>
<p>英伟达在第三季度报告了 94% 的收入增长，达到 351 亿美元，净收入为 193 亿美元，同比增长 109%。</p>
<p>另一方面，Palantir 报告了 30% 的收入增长，达到 7.26 亿美元，在美国及其商业部门表现强劲。净收入跃升 103%，达到 1.493 亿美元，利润率迅速提升。</p>
<h2>估值：英伟达 vs. Palantir？</h2>
<p>Palantir 今年的爆炸性增长主要来自于市盈率的扩张。因此，该股票的估值非常高。Palantir 目前的市销率为 75，市盈率为 411（基于 GAAP 收益）。</p>
<p>英伟达的股票看起来更合理。它目前的市销率为 31，市盈率为 55。</p>
<h2>哪个更值得购买？</h2>
<p>这两家公司都为投资者提供了很多机会，尤其是在人工智能需求持续增长的情况下，但从整体来看，英伟达是更好的选择。</p>
<p>Palantir 的业务确实引人注目。它向客户展示了其价值，并似乎拥有显著的竞争优势。然而，其估值带来了重大风险，因为如果未能达到预期，股价可能会大幅下跌。</p>
<p>另一方面，英伟达也看起来有望实现类似的增长，但下行风险较小。</p>

PLTR

英伟达

<p>英伟达和 Palantir 今年表现出色，受益于人工智能的热潮。英伟达在 GPU 市场占据主导地位，运营利润率为 62%，收入增长达到 94%；而 Palantir 专注于数据挖掘，报告的收入增长为 30%。与 Palantir 的高市销率和市盈率相比，英伟达的估值更为合理。总体而言，尽管 Palantir 在其细分市场具有竞争优势，但由于英伟达的增长潜力和较低的下行风险，英伟达被认为是更好的投资选择</p>

<p><strong>Nvidia</strong>(NVDA -2.09%) and <strong>Palantir</strong>(PLTR -3.72%) have been two of the best-performing stocks on the market this year, and artificial intelligence is the major reason.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA -2.09%) 和 <strong>Palantir</strong>(PLTR -3.72%) 是今年市场上表现最好的两只股票，而人工智能是主要原因。</p>
</div><p>Nvidia needs little introduction at this point. The chip stock has come to dominate the market for data center GPUs (graphics processing units) in the AI boom, which has driven its stock price up roughly 10 times since the start of 2024. Palantir, meanwhile, has emerged as the biggest winner in software from AI as its experience with deep data mining, known as data fusion, has paid off, especially since the launch of its artificial intelligence platform (AIP) last year.</p>
<div class="lb-trans"><p>英伟达在这一点上无需多言。这家芯片公司在人工智能热潮中主导了数据中心 GPU（图形处理单元）市场，自 2024 年初以来，其股价大约上涨了 10 倍。与此同时，Palantir 作为人工智能软件领域的最大赢家，其在深度数据挖掘方面的经验，称为数据融合，尤其是在去年推出人工智能平台（AIP）后，取得了丰厚的回报。</p>
</div><p>As the chart below shows, both stocks have soared this year.</p>
<div class="lb-trans"><p>如下图所示，这两只股票今年都大幅上涨。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/529d66adeb29b13ac280717c90cc6a40.png" alt="" original-src="https://media.ycharts.com/charts/529d66adeb29b13ac280717c90cc6a40.png"/></p>
<p>PLTR data by YCharts</p>
<div class="lb-trans"><p>PLTR 数据来源于 YCharts</p>
</div><p>So, which is the better buy today? Let's get into the details on what each stock has to offer.</p>
<div class="lb-trans"><p>那么，今天哪只股票更值得购买呢？让我们深入了解每只股票的优势。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDIxODUvc3RvY2stbWFya2V0LWNoYXJ0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F802185%2Fstock-market-chart.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Business model: Nvidia vs. Palantir?</h2>
<div class="lb-trans"><h2>商业模式：英伟达 vs. Palantir？</h2>
</div><p>Nvidia has established itself as the leading chip design company, thanks to its prowess in AI and its investments in areas like its CUDA software library, which give it a competitive advantage.</p>
<div class="lb-trans"><p>英伟达凭借其在人工智能领域的实力以及对 CUDA 软件库等领域的投资，确立了自己作为领先芯片设计公司的地位，这使其具备了竞争优势。</p>
</div><p>As a result of its wide lead in AI-focused components like the new Blackwell platform, Nvidia currently generates massive profit margins with a generally accepted accounting principles (GAAP) operating margin of 62% in the third quarter.</p>
<div class="lb-trans"><p>由于在以人工智能为重点的组件（如新推出的 Blackwell 平台）方面的巨大领先，英伟达目前的利润率非常可观，第三季度的公认会计原则（GAAP）营业利润率为 62%。</p>
</div><p>The company has built an all-star culture focused on innovation, and it seems likely to remain ahead of the competition on AI chips. It depends on foundries like <strong>Taiwan Semiconductor Manufacturing Company</strong> for manufacturing and is vulnerable to cyclicality and broader concerns about a bubble in AI. The semiconductor industry is notoriously cyclical and prices and inventory levels can change quickly. Therefore, Nvidia's greatest risk is likely a change in industry dynamics that would threaten its growth rather than a competitive threat.</p>
<div class="lb-trans"><p>该公司建立了一个专注于创新的明星文化，似乎有望在人工智能芯片领域保持领先。它依赖于 <strong>台湾半导体制造公司</strong> 进行制造，并且容易受到周期性波动和对人工智能泡沫的广泛担忧的影响。半导体行业以周期性著称，价格和库存水平可能迅速变化。因此，英伟达最大的风险可能是行业动态的变化，这将威胁到其增长，而不是来自竞争的威胁。</p>
</div><p>Palantir got its start serving U.S. intelligence agencies after 9/11, helping them connect data points to find threats they otherwise would have missed. Palantir has since expanded its product suite to specialize in a wide range of business needs, including cryptocurrency, data protection, and the prevention of money laundering.</p>
<div class="lb-trans"><p>Palantir 在 911 事件后开始为美国情报机构提供服务，帮助他们连接数据点以发现他们可能错过的威胁。此后，Palantir 扩展了其产品系列，专注于满足各种商业需求，包括加密货币、数据保护和防止洗钱。</p>
</div><p>Its principal software platforms include Gotham, Foundry, Apollo, and Artificial Intelligence Platform (AIP). Gotham and Foundry are focused on taking massive amounts of information and making it into a useful dataset.</p>
<div class="lb-trans"><p>其主要软件平台包括 Gotham、Foundry、Apollo 和人工智能平台（AIP）。Gotham 和 Foundry 专注于将大量信息转化为有用的数据集。</p>
</div><p>Apollo is a layer for commercial customers that allows them to run their software in nearly any environment, and AIP works with Gotham and Foundry to use machine learning to accelerate insights.</p>
<div class="lb-trans"><p>Apollo 是一个为商业客户提供的层，使他们能够在几乎任何环境中运行其软件，而 AIP 与 Gotham 和 Foundry 协同工作，利用机器学习加速洞察。</p>
</div><p>Palantir has a relatively small number of high-paying customers, meaning it deals in large contracts. The size and complexity of its contracts mean the company faces relatively little competition from other software companies. Instead, it sees the internal software development efforts of its customers as its biggest competitor.</p>
<div class="lb-trans"><p>Palantir 的高薪客户数量相对较少，这意味着它处理的是大型合同。合同的规模和复杂性使得该公司面临来自其他软件公司的竞争相对较小。相反，它将客户的内部软件开发努力视为最大的竞争对手。</p>
</div><p>Like Nvidia, Palantir is also at risk of a sectorwide pullback, though its competitive position seems resilient, given the specialized nature of its business.</p>
<div class="lb-trans"><p>与英伟达一样，Palantir 也面临整个行业回调的风险，尽管考虑到其业务的专业性质，其竞争地位似乎相对稳固。</p>
</div><h2>Financials: Nvidia vs. Palantir?</h2>
<div class="lb-trans"><h2>财务状况：英伟达 vs. Palantir？</h2>
</div><p>Both Nvidia and Palantir have delivered impressive results, but one company is clearly growing faster than the other.</p>
<div class="lb-trans"><p>英伟达和 Palantir 都交出了令人印象深刻的业绩，但其中一家公司显然增长更快。</p>
</div><p>Nvidia reported 94% revenue growth in the third quarter to $35.1 billion, with $19.3 billion in net income, up 109% from the year before.</p>
<div class="lb-trans"><p>英伟达在第三季度报告了 94% 的收入增长，达到 351 亿美元，净收入为 193 亿美元，同比增长 109%。</p>
</div><p>Palantir, on the other hand, reported 30% revenue growth to $726 million with strong results in the U.S. and its commercial segment. Net income jumped 103% to $149.3 million as its margins rapidly scaled up.</p>
<div class="lb-trans"><p>另一方面，Palantir 报告了 30% 的收入增长，达到 7.26 亿美元，在美国及其商业部门表现强劲。净收入跃升 103%，达到 1.493 亿美元，利润率迅速提升。</p>
</div><h2>Valuation: Nvidia vs. Palantir?</h2>
<div class="lb-trans"><h2>估值：英伟达 vs. Palantir？</h2>
</div><p>Palantir's explosive growth this year has come largely from multiple expansions. As a result, the stock is trading at a sky-high valuation. Palantir now trades at a price-to-sales ratio of 75 and a price-to-earnings ratio of 411 based on GAAP earnings.</p>
<div class="lb-trans"><p>Palantir 今年的爆炸性增长主要来自于市盈率的扩张。因此，该股票的估值非常高。Palantir 目前的市销率为 75，市盈率为 411（基于 GAAP 收益）。</p>
</div><p>Nvidia stock looks more reasonable. It currently trades at a price-to-sales ratio of 31 and a price-to-earnings ratio of 55.</p>
<div class="lb-trans"><p>英伟达的股票看起来更合理。它目前的市销率为 31，市盈率为 55。</p>
</div><h2>Which is the better buy?</h2>
<div class="lb-trans"><h2>哪个更值得购买？</h2>
</div><p>Both of these companies have a lot to offer investors, especially if demand for AI continues to grow, but looking at both stocks holistically, Nvidia is the better buy.</p>
<div class="lb-trans"><p>这两家公司都为投资者提供了很多机会，尤其是在人工智能需求持续增长的情况下，但从整体来看，英伟达是更好的选择。</p>
</div><p>Palantir's business is certainly intriguing. It's demonstrated its value to customers and seems to have a meaningful competitive advantage. However, its valuation presents a significant risk as the stock could easily plunge if it misses expectations.</p>
<div class="lb-trans"><p>Palantir 的业务确实引人注目。它向客户展示了其价值，并似乎拥有显著的竞争优势。然而，其估值带来了重大风险，因为如果未能达到预期，股价可能会大幅下跌。</p>
</div><p>Nvidia, on the other hand, also looks poised for similar growth but with less downside risk.</p>
<div class="lb-trans"><p>另一方面，英伟达也看起来有望实现类似的增长，但下行风险较小。</p>
</div>

Better AI Stock: Nvidia vs. Palantir?

- Nvidia 和 Palantir 是今年表现最佳的股票，主要受益于人工智能。  
- Nvidia 第三季度收入增长 94%，净收入达 193 亿美元；Palantir 收入增长 30%，净收入 1.49 亿美元。  
- 综合考虑，Nvidia 被认为是更好的投资选择。  

哪只 AI 股票更好：英伟达 vs. Palantir Tech？