<p>过去几年对科技行业来说是充满乐趣的。人工智能（AI）的到来为各家公司注入了增长动力，提高了长期预期，导致顶级 AI 股票的股价飙升，以及科技重的 <strong>纳斯达克综合指数</strong> 创下新高。</p>
<p>然而，股票在 2025 年开局时却显得有些不稳。投资者对美联储今年的利率政策感到担忧，担心通货膨胀可能卷土重来。此外，决定消费者和公司债务利息的 10 年期国债利率也持续上升。</p>
<p>纳斯达克是否可能面临修正？自去年 12 月以来，该指数已下跌至历史高点以下 5%。请记住，没有人能预测股市会涨多高或跌多低（或何时发生）。</p>
<p>更重要的是，股市下跌是正常现象，代表着以更好价格购买高质量股票的绝佳机会。</p>
<p>如果这三只顶级 AI 股票继续下跌，可以考虑买入：<strong>Palantir Technologies</strong>（PLTR 3.65%）、<strong>Advanced Micro Devices</strong>（AMD 2.55%）和 <strong>CrowdStrike Holdings</strong>（CRWD -1.76%）。</p>
<h2>Palantir 的快速增长使其估值变得困难</h2>
<p><strong>Jake Lerch（Palantir Technologies）：</strong> 我一直毫不掩饰我对 Palantir 股票的喜爱，感谢它在 AI 革命中的地位。然而，现在其股价在过去 12 个月内上涨超过 300%，我不得不讨论一下该股票的高估值。</p>
<p>衡量股票估值的方法有几种，包括市盈率（P/E）、市销率（P/S）和 PEG 比率。</p>
<p>对于像 Palantir 这样的快速增长公司，我更倾向于使用市销率和 PEG 比率。</p>
<p>让我们先来看看 Palantir 的市销率，在这种情况下，我使用的是过去 12 个月的销售额（TTM）。</p>
<p>截至目前，Palantir 的市销率为 61 倍。这比最高时接近 75 倍有所下降，但仍然高得惊人。相比之下，<strong>Nvidia</strong>，作为 AI 股票之王，在过去五年中上涨超过 2000%，其市销率为 30 倍。远离火热的 AI 领域，大多数股票的市销率在低个位数。</p>
<p>换句话说，仅根据市销率，Palantir 的股票是昂贵的。</p>
<p>然而，市销率并未考虑 Palantir 的快速增长。</p>
<p>PEG 比率将公司的市盈率除以其预计的增长率，能够更好地反映这一点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/54e64586c3f343141918b60cd9ddc22f.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/54e64586c3f343141918b60cd9ddc22f.png"/></p>
<p>PLTR PEG 比率数据来自 YCharts</p>
<p>在这里，你可以看到截至目前，Palantir 的 PEG 比率为 1.45。这比最高时的 1.77 有所下降，更重要的是，这表明 Palantir 的股票并不像其市销率所显示的那样昂贵。然而，即使按照 PEG 比率的标准，该股票的估值仍然很高。</p>
<p>一般来说，PEG 比率在 0 到 1 之间代表被低估的公司；PEG 接近 1 意味着合理定价的股票；而 PEG 比率超过 1 则代表被高估的股票。</p>
<p>显然，如果 Palantir 的股价下跌（其他条件不变），其 PEG 比率将收缩接近 1——这可能代表着对长期看好该公司的投资者来说的绝佳机会。</p>
<h2>是时候停止忽视这家 Nvidia 竞争对手了</h2>
<p><strong>Will Healy（Advanced Micro Devices）：</strong> 幸运的是，想要购买折扣 AI 股票的投资者现在可能有机会购买 AMD。自去年 3 月以来，该股票的价值几乎减半，原因是与 Nvidia 在 AI 加速器市场的竞争以及其业务特定部分的挑战。</p>
<p>除了为 PC 制造芯片的客户业务外，AMD 的数据中心部门设计 AI 加速器，尽管面临 Nvidia 的竞争，但仍然蓬勃发展。</p>
<p>2024 年前三个季度，数据中心部门的收入增长了 107%。这使得 AMD 的 180 亿美元公司收入在此期间年增长 10%。</p>
<p>那么，整体表现为何如此疲软？不幸的是，AMD 的游戏和嵌入式部门是其收入增长乏力的原因。这些部门在 2024 年前九个月经历了显著的收入下降，游戏收入下降了 58%，嵌入式收入年下降了 38%。</p>
<p>在游戏部门，<strong>微软</strong> 和 <strong>索尼</strong> 削减了渠道库存，而 AMD 则准备发布下一代 Radeon GPU。此外，客户正常化库存的举动导致嵌入式部门面临困境。</p>
<p>然而，这些部门的转机可能很快就会到来。新的 Radeon GPU 应该会重新振兴其游戏业务，AMD 表示其嵌入式业务在 2024 年第一季度触底。这些因素应该会扭转这些部门的下降趋势。</p>
<p>此外，估值看起来越来越有利。虽然其市盈率仍高于 100，但 AMD 的前瞻性市盈率仅为 24 倍。此外，AMD 的市净率略高于 3，而 Nvidia 的账面价值倍数略高于 50。这种差异可能促使投资者选择 AMD 的股票，尽管 Nvidia 在技术上领先。</p>
<p>最终，AMD 并非没有挣扎。然而，考虑到其所有部门的增长前景已经明朗，投资者可能希望在 AMD 股票以折扣估值出售时考虑买入。</p>
<h2>CrowdStrike 自 IT 故障以来的强劲表现凸显了其竞争优势</h2>
<p><strong>贾斯廷·波普（CrowdStrike Holdings）：</strong> 人工智能在网络安全领域已证明具有颠覆性。像 CrowdStrike 这样的公司开发了利用机器学习和人工智能技术来寻找计算机系统潜在威胁的技术。CrowdStrike 已确立自己在这一新一代安全公司中的领导地位，获得了众多行业奖项，转化为可观（且盈利）的收入增长。如今，CrowdStrike 的客户群包括《财富》500 强中的 300 家公司，在如此竞争激烈的领域中，这是一项令人印象深刻的成就。</p>
<p>该公司专注于终端安全，但其平台已稳步扩展。大约三分之二的 CrowdStrike 客户使用至少五个产品模块。过去 12 个月，该业务产生了 37 亿美元的收入，包括最近一个季度同比增长 28%。我认为，预计未来几年将实现两位数的收入增长是合理的。管理层相信，CrowdStrike 的总可寻址市场到 2029 年将增长至 2500 亿美元。</p>
<p>像 CrowdStrike 这样的新兴公司并不总是拥有明确的竞争壁垒。2024 年 7 月，CrowdStrike 经历了一次重大考验，一次故障更新导致全球数百万设备出现 IT 故障。该公司受到大量负面关注，许多人担心这将为竞争对手窃取客户打开大门。</p>
<p>然而，CrowdStrike 迄今为止表现出色，仅对明年的收入预期进行了小幅下调。这显示了 CrowdStrike 产品的粘性，这对公司长期继续增长其收入和利润具有积极的意义。公司的强劲表现反映在股票上，其市盈率（市销率）通常高于同行。如果股票在市场普遍下跌时出现波动，投资者明智的做法是抓住机会入场。</p>

CRWD

PLTR

<p>纳斯达克综合指数面临潜在的修正，因为它已从历史高点下跌了 5%，这引发了投资者对美联储利率政策和通胀的担忧。在这种不确定性中，有三只人工智能股票被认为是潜在的买入机会：Palantir Technologies、Advanced Micro Devices (AMD) 和 CrowdStrike Holdings。Palantir 的高市销率表明其可能被高估，但其市盈增长比率则显示出增长潜力。尽管在游戏和嵌入式领域面临挑战，AMD 的价值大幅下跌，但在数据中心领域显示出良好的前景</p>

<p>It's been a fun couple of years for the technology sector. The arrival of artificial intelligence (AI) has injected growth into various companies and raised long-term expectations, resulting in surging share prices for the top AI stocks and new highs for the tech-heavy <strong>Nasdaq</strong> <strong>Composite</strong> index.</p>
<div class="lb-trans"><p>过去几年对科技行业来说是充满乐趣的。人工智能（AI）的到来为各家公司注入了增长动力，提高了长期预期，导致顶级 AI 股票的股价飙升，以及科技重的 <strong>纳斯达克综合指数</strong> 创下新高。</p>
</div><p>However, stocks have started 2025 on some shaky footing. Investors are concerned about what the Fed's interest rate policy might look like this year amid fears of inflation returning. Additionally, the 10-year Treasury rate, which dictates the interest consumers and companies pay on debt, has continued to rise.</p>
<div class="lb-trans"><p>然而，股票在 2025 年开局时却显得有些不稳。投资者对美联储今年的利率政策感到担忧，担心通货膨胀可能卷土重来。此外，决定消费者和公司债务利息的 10 年期国债利率也持续上升。</p>
</div><p>Could the Nasdaq be headed for a correction? Since December, the index has fallen as low as 5% below its all-time highs. Remember, nobody can predict how far the stock market can rise or fall (or when).</p>
<div class="lb-trans"><p>纳斯达克是否可能面临修正？自去年 12 月以来，该指数已下跌至历史高点以下 5%。请记住，没有人能预测股市会涨多高或跌多低（或何时发生）。</p>
</div><p>More importantly, stock market declines are normal and represent fantastic opportunities to buy high-quality stocks at better prices.</p>
<div class="lb-trans"><p>更重要的是，股市下跌是正常现象，代表着以更好价格购买高质量股票的绝佳机会。</p>
</div><p>Consider buying into these three top AI stocks if they continue to drop: <strong>Palantir Technologies</strong>(PLTR 3.65%), <strong>Advanced Micro Devices</strong>(AMD 2.55%), and <strong>CrowdStrike Holdings</strong>(CRWD -1.76%).</p>
<div class="lb-trans"><p>如果这三只顶级 AI 股票继续下跌，可以考虑买入：<strong>Palantir Technologies</strong>（PLTR 3.65%）、<strong>Advanced Micro Devices</strong>（AMD 2.55%）和 <strong>CrowdStrike Holdings</strong>（CRWD -1.76%）。</p>
</div><h2>Palantir's rapid growth makes it difficult to value</h2>
<div class="lb-trans"><h2>Palantir 的快速增长使其估值变得困难</h2>
</div><p><strong>Jake Lerch (Palantir Technologies):</strong> I've made no secret of how much I love Palantir stock, thanks to its place in the AI revolution. However, now that its shares have rallied more than 300% in the last 12 months, I can't go without discussing the stock's rich valuation.</p>
<div class="lb-trans"><p><strong>Jake Lerch（Palantir Technologies）：</strong> 我一直毫不掩饰我对 Palantir 股票的喜爱，感谢它在 AI 革命中的地位。然而，现在其股价在过去 12 个月内上涨超过 300%，我不得不讨论一下该股票的高估值。</p>
</div><p>There are several ways to measure a stock's valuation, including price-to-earnings (P/E) ratio, price-to-sales (P/S) ratio, and PEG ratio.</p>
<div class="lb-trans"><p>衡量股票估值的方法有几种，包括市盈率（P/E）、市销率（P/S）和 PEG 比率。</p>
</div><p>For fast-growing companies like Palantir, I prefer the P/S ratio and the PEG ratio.</p>
<div class="lb-trans"><p>对于像 Palantir 这样的快速增长公司，我更倾向于使用市销率和 PEG 比率。</p>
</div><p>Let's examine Palantir's P/S ratio first, and in this case, I'm using trailing-12-month (TTM) sales.</p>
<div class="lb-trans"><p>让我们先来看看 Palantir 的市销率，在这种情况下，我使用的是过去 12 个月的销售额（TTM）。</p>
</div><p>As of this writing, Palantir's P/S ratio stands at 61 times. That's down from a high of almost 75 times, but it remains astronomically high. By comparison, <strong>Nvidia</strong>, the king of AI stocks and a stock that has surged by over 2,000% in the last five years, has a P/S ratio of 30 times. Step away from the red-hot field of AI, and most stocks boast P/S ratios in the low single digits.</p>
<div class="lb-trans"><p>截至目前，Palantir 的市销率为 61 倍。这比最高时接近 75 倍有所下降，但仍然高得惊人。相比之下，<strong>Nvidia</strong>，作为 AI 股票之王，在过去五年中上涨超过 2000%，其市销率为 30 倍。远离火热的 AI 领域，大多数股票的市销率在低个位数。</p>
</div><p>In other words, Palantir's stock is costly based on just the P/S ratio.</p>
<div class="lb-trans"><p>换句话说，仅根据市销率，Palantir 的股票是昂贵的。</p>
</div><p>However, the P/S ratio doesn't account for Palantir's rapid growth.</p>
<div class="lb-trans"><p>然而，市销率并未考虑 Palantir 的快速增长。</p>
</div><p>The PEG ratio, which divides the company's price-to-earnings multiple by its estimated growth rate, does.</p>
<div class="lb-trans"><p>PEG 比率将公司的市盈率除以其预计的增长率，能够更好地反映这一点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/54e64586c3f343141918b60cd9ddc22f.png" alt="" original-src="https://media.ycharts.com/charts/54e64586c3f343141918b60cd9ddc22f.png"/></p>
<p>PLTR PEG Ratio data by YCharts</p>
<div class="lb-trans"><p>PLTR PEG 比率数据来自 YCharts</p>
</div><p>Here, you can see that Palantir's PEG ratio stands at 1.45 as of this writing. That's down from a high of 1.77, and, what's more, it indicates that Palantir stock isn't as expensive as its P/S ratio seems to indicate. Nevertheless, the stock's valuation remains high, even by the standards of the PEG ratio.</p>
<div class="lb-trans"><p>在这里，你可以看到截至目前，Palantir 的 PEG 比率为 1.45。这比最高时的 1.77 有所下降，更重要的是，这表明 Palantir 的股票并不像其市销率所显示的那样昂贵。然而，即使按照 PEG 比率的标准，该股票的估值仍然很高。</p>
</div><p>As a general rule, PEG ratios between 0 and 1 represent companies that are undervalued; a PEG around 1 means a reasonably priced stock; and PEG ratios above 1 represent overvalued stocks.</p>
<div class="lb-trans"><p>一般来说，PEG 比率在 0 到 1 之间代表被低估的公司；PEG 接近 1 意味着合理定价的股票；而 PEG 比率超过 1 则代表被高估的股票。</p>
</div><p>Obviously, if Palantir shares were to fall in value (all else remaining equal), its PEG ratio would contract closer to 1 -- which could represent an excellent opportunity for investors that remain bullish on the company for the long term.</p>
<div class="lb-trans"><p>显然，如果 Palantir 的股价下跌（其他条件不变），其 PEG 比率将收缩接近 1——这可能代表着对长期看好该公司的投资者来说的绝佳机会。</p>
</div><h2>It is time to stop overlooking this Nvidia competitor</h2>
<div class="lb-trans"><h2>是时候停止忽视这家 Nvidia 竞争对手了</h2>
</div><p><strong>Will Healy</strong> <strong>(Advanced Micro Devices):</strong> Fortunately, investors who want to buy a discounted AI stock now may have that chance with AMD. The stock has lost nearly half of its value since last March amid competition with Nvidia in the AI accelerator market and challenges within specific parts of its business.</p>
<div class="lb-trans"><p><strong>Will Healy（Advanced Micro Devices）：</strong> 幸运的是，想要购买折扣 AI 股票的投资者现在可能有机会购买 AMD。自去年 3 月以来，该股票的价值几乎减半，原因是与 Nvidia 在 AI 加速器市场的竞争以及其业务特定部分的挑战。</p>
</div><p>Aside from the client segment of the business (which makes chips for PCs), AMD's data center segment, which designs AI accelerators, has prospered despite competition from Nvidia.</p>
<div class="lb-trans"><p>除了为 PC 制造芯片的客户业务外，AMD 的数据中心部门设计 AI 加速器，尽管面临 Nvidia 的竞争，但仍然蓬勃发展。</p>
</div><p>Revenue in the first three quarters of 2024 surged 107% higher for the data center segment. That allowed AMD's $18 billion in company revenue to grow by 10% yearly during that period.</p>
<div class="lb-trans"><p>2024 年前三个季度，数据中心部门的收入增长了 107%。这使得 AMD 的 180 亿美元公司收入在此期间年增长 10%。</p>
</div><p>So, why the sluggish overall performance? Unfortunately, AMD's gaming and embedded segments are to blame for its lackluster revenue growth. Those segments suffered considerable revenue declines in the first nine months of 2024, with gaming revenue dropping 58% and embedded revenue down 38% annually in the first nine months of the year.</p>
<div class="lb-trans"><p>那么，整体表现为何如此疲软？不幸的是，AMD 的游戏和嵌入式部门是其收入增长乏力的原因。这些部门在 2024 年前九个月经历了显著的收入下降，游戏收入下降了 58%，嵌入式收入年下降了 38%。</p>
</div><p>In the gaming segment, <strong>Microsoft</strong> and <strong>Sony</strong> cut channel inventory while AMD is preparing to release the next generation of Radeon GPUs. Also, the move by clients to normalize their inventories led to struggles in the embedded segment.</p>
<div class="lb-trans"><p>在游戏部门，<strong>微软</strong> 和 <strong>索尼</strong> 削减了渠道库存，而 AMD 则准备发布下一代 Radeon GPU。此外，客户正常化库存的举动导致嵌入式部门面临困境。</p>
</div><p>However, a turnaround in these segments may happen soon. The new Radeon GPU should reinvigorate its gaming business, and AMD stated that its embedded business bottomed in Q1 2024. These factors should reverse the declines in these segments.</p>
<div class="lb-trans"><p>然而，这些部门的转机可能很快就会到来。新的 Radeon GPU 应该会重新振兴其游戏业务，AMD 表示其嵌入式业务在 2024 年第一季度触底。这些因素应该会扭转这些部门的下降趋势。</p>
</div><p>Moreover, the valuations look increasingly favorable. While its trailing P/E ratio is still above 100, AMD trades at just 24 times forward earnings. Additionally, AMD's price-to-book ratio is just above 3, while Nvidia's book value multiple is just above 50. Such a difference could prompt investors to choose AMD's stock despite Nvidia's technical lead.</p>
<div class="lb-trans"><p>此外，估值看起来越来越有利。虽然其市盈率仍高于 100，但 AMD 的前瞻性市盈率仅为 24 倍。此外，AMD 的市净率略高于 3，而 Nvidia 的账面价值倍数略高于 50。这种差异可能促使投资者选择 AMD 的股票，尽管 Nvidia 在技术上领先。</p>
</div><p>In the end, AMD is not immune to struggle. Nonetheless, given that its growth prospects have brightened for all its segments, investors may want to consider buying AMD stock while it sells at a discounted valuation.</p>
<div class="lb-trans"><p>最终，AMD 并非没有挣扎。然而，考虑到其所有部门的增长前景已经明朗，投资者可能希望在 AMD 股票以折扣估值出售时考虑买入。</p>
</div><h2>CrowdStrike's resilient performance since the IT outage underlines its competitive moat</h2>
<div class="lb-trans"><h2>CrowdStrike 自 IT 故障以来的强劲表现凸显了其竞争优势</h2>
</div><p><strong>Justin Pope (CrowdStrike Holdings):</strong> AI has proven game-changing in cybersecurity. Companies like CrowdStrike have developed technology that uses machine learning and AI to look for potential threats in computer systems. CrowdStrike has established itself as a leader in this new generation of security companies. It has received numerous industry accolades, translating to substantial (and profitable) revenue growth. Today, CrowdStrike's customer base includes 300 companies in the Fortune 500, an impressive feat in such a highly competitive field.</p>
<div class="lb-trans"><p><strong>贾斯廷·波普（CrowdStrike Holdings）：</strong> 人工智能在网络安全领域已证明具有颠覆性。像 CrowdStrike 这样的公司开发了利用机器学习和人工智能技术来寻找计算机系统潜在威胁的技术。CrowdStrike 已确立自己在这一新一代安全公司中的领导地位，获得了众多行业奖项，转化为可观（且盈利）的收入增长。如今，CrowdStrike 的客户群包括《财富》500 强中的 300 家公司，在如此竞争激烈的领域中，这是一项令人印象深刻的成就。</p>
</div><p>The company specializes in endpoint security, but it has steadily expanded its platform. Approximately two-thirds of CrowdStrike's customers use at least five product modules. The business has generated $3.7 billion in revenue over the past 12 months, including 28% year-over-year growth in its most recent quarter. I think it's reasonable to expect years of double-digit revenue growth ahead. Management believes CrowdStrike's total addressable market will grow to $250 billion by 2029.</p>
<div class="lb-trans"><p>该公司专注于终端安全，但其平台已稳步扩展。大约三分之二的 CrowdStrike 客户使用至少五个产品模块。过去 12 个月，该业务产生了 37 亿美元的收入，包括最近一个季度同比增长 28%。我认为，预计未来几年将实现两位数的收入增长是合理的。管理层相信，CrowdStrike 的总可寻址市场到 2029 年将增长至 2500 亿美元。</p>
</div><p>Up-and-coming companies like CrowdStrike don't always have clear competitive moats. CrowdStrike was tested in a big way in July 2024 when a faulty update caused an IT outage for millions of devices worldwide. The company received a hefty dose of negative attention, and many feared it would open the door for competitors to steal customers.</p>
<div class="lb-trans"><p>像 CrowdStrike 这样的新兴公司并不总是拥有明确的竞争壁垒。2024 年 7 月，CrowdStrike 经历了一次重大考验，一次故障更新导致全球数百万设备出现 IT 故障。该公司受到大量负面关注，许多人担心这将为竞争对手窃取客户打开大门。</p>
</div><p>Yet, CrowdStrike has held up beautifully thus far, with only a minor downward revision to revenue estimates for next year. It shows how sticky CrowdStrike's product is, which bodes well for the company's ability to continue growing its top and bottom lines over the long term. The company's strong performance is reflected in the stock, which often trades at a higher valuation (price-to-sales ratio) than its peers. If the stock does stumble in a marketwide downturn, investors would be wise to seize the opportunity to get on board.</p>
<div class="lb-trans"><p>然而，CrowdStrike 迄今为止表现出色，仅对明年的收入预期进行了小幅下调。这显示了 CrowdStrike 产品的粘性，这对公司长期继续增长其收入和利润具有积极的意义。公司的强劲表现反映在股票上，其市盈率（市销率）通常高于同行。如果股票在市场普遍下跌时出现波动，投资者明智的做法是抓住机会入场。</p>
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Is the Nasdaq Headed for a Correction? 3 High-Flying AI Stocks to Buy if Prices Fall.

- 科技行业因人工智能的兴起而经历了快速增长，纳斯达克指数创下新高。  
- 然而，2025 年初股市动荡，投资者对美联储的利率政策和通胀担忧。  
- 三只 AI 股票：Palantir、AMD 和 CrowdStrike，可能在下跌时提供买入机会。

纳斯达克是否将迎来调整？如果价格下跌，可以购买这三只表现优异的 AI 股票