<p>今年的开局与过去两年大致相同：牛市牢牢掌控局面。上周，广受关注的 <strong>标准普尔 500 指数</strong> 正式抹去了 5% 的回调，强势冲向另一个创纪录的收盘高点。</p>
<p>在华尔街，催化剂并不难找，超出预期的企业盈利、温和的通货膨胀率以及唐纳德·特朗普在 11 月的胜利——这三大主要股指在特朗普的第一任期内均大幅上涨——点燃了股市的热情。但在催化剂的优先级中，人工智能（AI）的崛起无疑是最重要的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>在《Sizing the Prize》中，普华永道的分析师将人工智能的可寻址市场估计为到 2030 年达到 15.7 万亿美元。这个天文数字并没有被投资者或华尔街的主要资金经理忽视。</p>
<p>尽管大多数亿万富翁资产管理者都从人工智能的崛起中受益，但对被认为是人工智能领域关键参与者的前景看法不一。例如，杜克斯家族办公室的亿万富翁斯坦利·德鲁肯米勒（Stanley Druckenmiller）管理着近 30 亿美元的资产（截至 9 月 30 日），他已果断抛售了华尔街两只最热门的人工智能股票，同时明确买入了另外两家基础性人工智能公司的股票。</p>
<h2>德鲁肯米勒抛售英伟达和 Palantir</h2>
<p>尽管大多数人工智能股票因强劲的长期增长前景而上涨，但很少有股票能像半导体巨头 <strong>英伟达</strong>（NVDA -16.97%）和数据挖掘专家 <strong>Palantir Technologies</strong>（PLTR -4.48%）那样吸引投资者的注意。</p>
<p>自 2023 年初以来，英伟达的市值增加了超过 3.1 万亿美元。该公司的图形处理单元（GPU），包括超受欢迎的 Hopper（H100）芯片和下一代 Blackwell GPU 架构，是推动高计算数据中心瞬时决策和大型语言模型训练的核心。</p>
<p>与此同时，Palantir 的股票自 2023 年开始以来上涨了超过 1100%。Palantir 的 AI 驱动的 Gotham 平台为联邦政府收集和分析大量数据，并帮助进行军事任务规划和执行，是其主要的利润驱动因素。更重要的是，Gotham 和 Foundry（Palantir 的企业专注部门）在规模上无法复制，这为公司提供了相对稳固的护城河。</p>
<p>尽管这些竞争优势非常明显，但德鲁肯米勒的基金主要还是将这两家人工智能领军企业拒之门外。在 2024 年 3 月 31 日至 2024 年 9 月 30 日的六个月期间，杜克斯的 13F 文件显示，所有 175,943 股英伟达股票均已售出，而该基金在 Palantir 的 95% 股份也被抛售。</p>
<p>除了简单的获利了结外，市场领导者如英伟达和 Palantir 面临的主要担忧是人工智能泡沫的形成。在过去三十年中，没有哪个新兴投资趋势能够避免早期泡沫破裂事件。尽管人工智能的应用案例存在，但大多数企业缺乏明确的计划来最佳部署这项技术并获得投资回报。人工智能需要时间来成熟，这对英伟达和 Palantir Technologies 来说可能是个坏消息。</p>
<p>虽然 Palantir 在竞争压力下相对隔绝，但英伟达并非如此，英伟达面临来自各个方向的竞争者。更令人担忧的是，许多英伟达最大的客户正在开发用于其数据中心的 AI-GPU。即使这些芯片的计算速度不及英伟达的 H100 和 Blackwell，但它们将显著更便宜且更易获取。换句话说，这将减少推动英伟达利润和定价权的 AI-GPU 稀缺性。</p>
<p>最后，英伟达和 Palantir 的估值令人担忧。历史上，处于新兴创新前沿的公司在过去 12 个月（TTM）销售额的估值通常在 40 倍左右达到顶峰。英伟达在去年夏天的 TTM 销售额超过 42 倍，而 Palantir 目前的估值高达惊人的 72 倍 TTM 销售额。这种估值溢价水平是不可持续的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>斯坦利·德鲁肯米勒正在加码另外两只重要的人工智能股票</h2>
<p>但仅仅因为杜克斯家族办公室的负责人在六个月内抛售了英伟达和 Palantir 的股票，并不意味着他没有在人工智能领域发现潜在价值。根据在这段相似的六个月内的 13F 文件，德鲁肯米勒购买了 239,980 股 AI 网络解决方案巨头 <strong>博通</strong>（AVGO -17.40%）以及 21,610 股知识产权（IP）驱动的半导体股票 <strong>Arm Holdings</strong>（ARM -10.19%）。</p>
<p>尽管博通在 GPU 市场上并不像英伟达那样占据主导地位，但它是运行生成性 AI 解决方案和构建/训练大型语言模型的企业的首选网络解决方案选项。当博通在近两年前推出其 Jericho3-AI 架构时，它为企业提供了一种将多达 32,000 个 GPU 连接起来以最大化计算潜力并最小化尾延迟的方法。减少响应时间对 AI 软件和系统的成功至关重要。</p>
<p>除了网络解决方案外，博通首席执行官霍克·谭预计，定制应用特定集成电路订单将在未来三年内为公司的三大领先超大规模客户带来 600 亿至 900 亿美元的总 AI 收入。</p>
<p>关于博通的另一个重要属性是，它不仅仅是一家人工智能公司。尽管人工智能是其无可争议的主要增长驱动力，但它也是智能手机无线芯片和配件的顶级供应商，网络安全软件的销售商，以及光学组件的领先制造商。如果出现人工智能泡沫并破裂，博通由于其多元化的业务将提供一定程度的下行保护。</p>
<p>Arm 之所以成为如此吸引人的股票，是因为它在人工智能革命中的独特定位。Arm 并不制造为人工智能数据中心提供动力的硬件，而是负责提供像 Nvidia 这样的公司用来设计其 GPU 的知识产权。人工智能越普及，Arm 收取版税和许可费用的潜力就越大。</p>
<p>Arm Holdings 在数据中心和智能手机中使用的人工智能芯片的演变方面尤其有帮助。虽然提高计算速度始终很重要，但 Arm 的价值在于使 GPU 和中央处理单元（CPU）更加节能。</p>
<p>与博通类似，Arm 也受益于其多元化的业务。尽管人工智能是公司主要的增长驱动力，但它也从 CPU、知识产权系统和物理知识产权中产生版税和许可收入。如果出现人工智能泡沫并破裂，Arm 相对较低的间接费用和丰厚的利润率可能会在一定程度上支撑其股票。</p>
<p>也许 Arm Holdings 唯一令人担忧的是其估值。尽管持续的销售增长超过 20% 且毛利率始终保持在 90% 中间范围，但前瞻市盈率（P/E）达到 80 却是一个难以接受的数字。</p>

英伟达

博通

PLTR

<p>亿万富翁斯坦利·德鲁肯米勒已出售了所有英伟达的股份和 95% 的 Palantir 股份，转而投资于博通和 Arm Holdings。尽管人工智能行业正在增长，但对潜在人工智能泡沫和英伟达、Palantir 高估值的担忧促使了这些举动。英伟达的市场主导地位受到竞争对手开发更便宜的 AI-GPU 的威胁，而 Palantir 以 72 倍的 TTM 销售额估值被认为不可持续。德鲁肯米勒的策略反映出在对主要参与者前景看法不一的情况下，向其他人工智能股票中被认为有价值的公司转变</p>

<p>This year has begun in much in the same way as the previous two: with the bulls firmly in charge. Last week, the widely followed <strong>S&amp;P 500</strong> officially erased a 5% pullback and blasted its way to another record-closing high.</p>
<div class="lb-trans"><p>今年的开局与过去两年大致相同：牛市牢牢掌控局面。上周，广受关注的 <strong>标准普尔 500 指数</strong> 正式抹去了 5% 的回调，强势冲向另一个创纪录的收盘高点。</p>
</div><p>Catalysts haven't been hard to come by on Wall Street, with better-than-expected corporate earnings, a tamer prevailing rate of inflation, and Donald Trump's November victory -- all three major stock indexes soared during Trump's first term in the White House -- lighting a fire under equities. But at the top of the pecking order in terms of catalysts has been the ascent of artificial intelligence (AI).</p>
<div class="lb-trans"><p>在华尔街，催化剂并不难找，超出预期的企业盈利、温和的通货膨胀率以及唐纳德·特朗普在 11 月的胜利——这三大主要股指在特朗普的第一任期内均大幅上涨——点燃了股市的热情。但在催化剂的优先级中，人工智能（AI）的崛起无疑是最重要的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1yZWZsZWN0aW9uLWdsYXNzZXMtbGFwdG9wLWJ1eS1zZWxsLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805266%2Fmoney-manager-stock-chart-reflection-glasses-laptop-buy-sell-getty.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><p>In <em>Sizing the Prize</em>, the analysts at PwC pegged the addressable market for AI at $15.7 trillion by 2030. This stratospheric figure hasn't been lost on investors or Wall Street's leading money managers.</p>
<div class="lb-trans"><p>在《Sizing the Prize》中，普华永道的分析师将人工智能的可寻址市场估计为到 2030 年达到 15.7 万亿美元。这个天文数字并没有被投资者或华尔街的主要资金经理忽视。</p>
</div><p>Although most billionaire asset managers have benefited from the rise of AI, the outlook for the perceived-to-be key players in the artificial intelligence arena is mixed. For instance, billionaire Stanley Druckenmiller of Duquesne Family Office, who oversees close to $3 billion in assets under management (as of Sept. 30), has been a decisive seller of two of Wall Street's hottest AI stocks, and a clear buyer of two other foundational AI companies.</p>
<div class="lb-trans"><p>尽管大多数亿万富翁资产管理者都从人工智能的崛起中受益，但对被认为是人工智能领域关键参与者的前景看法不一。例如，杜克斯家族办公室的亿万富翁斯坦利·德鲁肯米勒（Stanley Druckenmiller）管理着近 30 亿美元的资产（截至 9 月 30 日），他已果断抛售了华尔街两只最热门的人工智能股票，同时明确买入了另外两家基础性人工智能公司的股票。</p>
</div><h2>Nvidia and Palantir get the heave-ho from Druckenmiller</h2>
<div class="lb-trans"><h2>德鲁肯米勒抛售英伟达和 Palantir</h2>
</div><p>Even though most AI stocks have risen on the prospect of robust long-term growth prospects, few have captured the attention of investors quite like semiconductor giant <strong>Nvidia</strong>(NVDA -16.97%) and data-mining specialist <strong>Palantir Technologies</strong>(PLTR -4.48%).</p>
<div class="lb-trans"><p>尽管大多数人工智能股票因强劲的长期增长前景而上涨，但很少有股票能像半导体巨头 <strong>英伟达</strong>（NVDA -16.97%）和数据挖掘专家 <strong>Palantir Technologies</strong>（PLTR -4.48%）那样吸引投资者的注意。</p>
</div><p>Nvidia has added more than $3.1 trillion in market value since the start of 2023. The company's graphics processing units (GPUs), which include the ultra-popular Hopper (H100) chip and next-generation Blackwell GPU architecture, are the brains powering split-second decision-making and large language model training in high-compute data centers.</p>
<div class="lb-trans"><p>自 2023 年初以来，英伟达的市值增加了超过 3.1 万亿美元。该公司的图形处理单元（GPU），包括超受欢迎的 Hopper（H100）芯片和下一代 Blackwell GPU 架构，是推动高计算数据中心瞬时决策和大型语言模型训练的核心。</p>
</div><p>Meanwhile, Palantir's stock has rallied more than 1,100% since 2023 began. Palantir's AI-fueled Gotham platform, which gathers and analyzes copious amounts of data for federal governments and helps with military mission planning and execution, is its primary profit driver. More importantly, Gotham and Foundry (Palantir's enterprise-focused segment) aren't replicable at scale, which gives the company a relatively rock-solid moat.</p>
<div class="lb-trans"><p>与此同时，Palantir 的股票自 2023 年开始以来上涨了超过 1100%。Palantir 的 AI 驱动的 Gotham 平台为联邦政府收集和分析大量数据，并帮助进行军事任务规划和执行，是其主要的利润驱动因素。更重要的是，Gotham 和 Foundry（Palantir 的企业专注部门）在规模上无法复制，这为公司提供了相对稳固的护城河。</p>
</div><p>Despite these well-defined competitive advantages, Druckenmiller's fund has predominantly shown these two AI leaders to the door. In the six-month period between March 31, 2024 and Sept. 30, 2024, Duquesne's Form 13F filings show that all 175,943 shares of Nvidia stock were sold, while 95% of the fund's shares in Palantir were sent packing.</p>
<div class="lb-trans"><p>尽管这些竞争优势非常明显，但德鲁肯米勒的基金主要还是将这两家人工智能领军企业拒之门外。在 2024 年 3 月 31 日至 2024 年 9 月 30 日的六个月期间，杜克斯的 13F 文件显示，所有 175,943 股英伟达股票均已售出，而该基金在 Palantir 的 95% 股份也被抛售。</p>
</div><p>Aside from simple profit-taking, the prevailing concern with market leaders like Nvidia and Palantir is the prospect of an AI bubble forming. There hasn't been a next-big-thing investment trend in three decades that's managed to avoid an early innings bubble-bursting event. Though use cases exist for AI, most businesses lack a clear game plan to deploy this technology optimally and generate a positive return on their investment. AI will need time to mature, and that's potentially bad news for Nvidia and Palantir Technologies.</p>
<div class="lb-trans"><p>除了简单的获利了结外，市场领导者如英伟达和 Palantir 面临的主要担忧是人工智能泡沫的形成。在过去三十年中，没有哪个新兴投资趋势能够避免早期泡沫破裂事件。尽管人工智能的应用案例存在，但大多数企业缺乏明确的计划来最佳部署这项技术并获得投资回报。人工智能需要时间来成熟，这对英伟达和 Palantir Technologies 来说可能是个坏消息。</p>
</div><p>Whereas Palantir is well-insulated from competitive pressures, this isn't necessarily the case for Nvidia, which has competitors coming at it from all angles. What's arguably most worrisome is that many of Nvidia's largest customers by net sales are developing AI-GPUs to use in their data centers. Even if these chips lack the computing speed of Nvidia's H100 and Blackwell, they'll be notably cheaper and easier to access. In other words, it'll minimize the AI-GPU scarcity that's powered Nvidia's margins and premier pricing power.</p>
<div class="lb-trans"><p>虽然 Palantir 在竞争压力下相对隔绝，但英伟达并非如此，英伟达面临来自各个方向的竞争者。更令人担忧的是，许多英伟达最大的客户正在开发用于其数据中心的 AI-GPU。即使这些芯片的计算速度不及英伟达的 H100 和 Blackwell，但它们将显著更便宜且更易获取。换句话说，这将减少推动英伟达利润和定价权的 AI-GPU 稀缺性。</p>
</div><p>Lastly, Nvidia's and Palantir's valuations are concerning. Historically, companies on the leading edge of next-big-thing innovations have topped out around 40 times trailing-12-month (TTM) sales. Nvidia peaked at north of 42 times TTM sales last summer, while Palantir is currently valued at a staggering 72 times TTM sales. This level of valuation premium isn't sustainable.</p>
<div class="lb-trans"><p>最后，英伟达和 Palantir 的估值令人担忧。历史上，处于新兴创新前沿的公司在过去 12 个月（TTM）销售额的估值通常在 40 倍左右达到顶峰。英伟达在去年夏天的 TTM 销售额超过 42 倍，而 Palantir 目前的估值高达惊人的 72 倍 TTM 销售额。这种估值溢价水平是不可持续的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MDUyNjYvc3RvcHdhdGNoLXNlY29uZC1oYW5kLXRpbWUtdG8tYnV5LWludmVzdC1zdG9jay1tYXJrZXQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F805266%2Fstopwatch-second-hand-time-to-buy-invest-stock-market-getty.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>Stanley Druckenmiller is piling into two other vital AI stocks</h2>
<div class="lb-trans"><h2>斯坦利·德鲁肯米勒正在加码另外两只重要的人工智能股票</h2>
</div><p>But just because Duquesne Family Office's chief has been dumping shares of Nvidia and Palantir over six months, it doesn't mean he hasn't found perceived value in the AI space. Based on 13F filings over this comparable six-month stretch, Druckenmiller has purchased 239,980 shares of AI networking solutions kingpin <strong>Broadcom</strong>(AVGO -17.40%), as well as 21,610 shares of intellectual-property (IP)-propelled semiconductor stock <strong>Arm Holdings</strong>(ARM -10.19%).</p>
<div class="lb-trans"><p>但仅仅因为杜克斯家族办公室的负责人在六个月内抛售了英伟达和 Palantir 的股票，并不意味着他没有在人工智能领域发现潜在价值。根据在这段相似的六个月内的 13F 文件，德鲁肯米勒购买了 239,980 股 AI 网络解决方案巨头 <strong>博通</strong>（AVGO -17.40%）以及 21,610 股知识产权（IP）驱动的半导体股票 <strong>Arm Holdings</strong>（ARM -10.19%）。</p>
</div><p>Although Broadcom doesn't have a stranglehold on GPUs quite like Nvidia, it is a preferred networking solutions option for businesses running generative AI solutions and building/training large language models. When Broadcom introduced its Jericho3-AI fabric nearly two years ago, it gave businesses a way to connect up to 32,000 GPUs to maximize their computing potential and minimize tail latency. Reducing response times is critical to the success of AI software and systems.</p>
<div class="lb-trans"><p>尽管博通在 GPU 市场上并不像英伟达那样占据主导地位，但它是运行生成性 AI 解决方案和构建/训练大型语言模型的企业的首选网络解决方案选项。当博通在近两年前推出其 Jericho3-AI 架构时，它为企业提供了一种将多达 32,000 个 GPU 连接起来以最大化计算潜力并最小化尾延迟的方法。减少响应时间对 AI 软件和系统的成功至关重要。</p>
</div><p>Beyond networking solutions, Broadcom CEO Hock Tan anticipates that custom application-specific integrated circuit orders will yield $60 billion to $90 billion in aggregate AI revenue from the company's three leading hyperscale customers over the next three years.</p>
<div class="lb-trans"><p>除了网络解决方案外，博通首席执行官霍克·谭预计，定制应用特定集成电路订单将在未来三年内为公司的三大领先超大规模客户带来 600 亿至 900 亿美元的总 AI 收入。</p>
</div><p>The other important attribute to remember about Broadcom is that it's more than just an AI company. Even though AI is its unquestioned top growth driver, it's also a top provider of wireless chips and accessories for smartphones, a seller of cybersecurity software, and a leading manufacturer of optical components. If an AI bubble forms and bursts, Broadcom would offer some semblance of downside protection because of its diversified operations.</p>
<div class="lb-trans"><p>关于博通的另一个重要属性是，它不仅仅是一家人工智能公司。尽管人工智能是其无可争议的主要增长驱动力，但它也是智能手机无线芯片和配件的顶级供应商，网络安全软件的销售商，以及光学组件的领先制造商。如果出现人工智能泡沫并破裂，博通由于其多元化的业务将提供一定程度的下行保护。</p>
</div><p>What makes Arm such an attractive stock is its unique positioning within the AI revolution. Instead of making the hardware that's powering AI data centers, Arm is responsible for the IP that companies like Nvidia use to design their GPUs. The more AI proliferates, the more potential for Arm to collect royalties and licensing fees.</p>
<div class="lb-trans"><p>Arm 之所以成为如此吸引人的股票，是因为它在人工智能革命中的独特定位。Arm 并不制造为人工智能数据中心提供动力的硬件，而是负责提供像 Nvidia 这样的公司用来设计其 GPU 的知识产权。人工智能越普及，Arm 收取版税和许可费用的潜力就越大。</p>
</div><p>Where Arm Holdings can be especially helpful is the evolution of AI chips going into data centers and smartphones. While improving computing speed is always important, Arm's value is in making GPUs and central processing units (CPUs) more energy efficient.</p>
<div class="lb-trans"><p>Arm Holdings 在数据中心和智能手机中使用的人工智能芯片的演变方面尤其有帮助。虽然提高计算速度始终很重要，但 Arm 的价值在于使 GPU 和中央处理单元（CPU）更加节能。</p>
</div><p>Similar to Broadcom, Arm benefits from its diversified operations. Even with AI being the company's leading growth driver, it's generating royalties and licensing revenue from CPUs, IP systems, and physical IP, as well. In the event that an AI bubble forms and bursts, Arm's relatively minimal overhead expenses and juicy margins may somewhat buoy its stock.</p>
<div class="lb-trans"><p>与博通类似，Arm 也受益于其多元化的业务。尽管人工智能是公司主要的增长驱动力，但它也从 CPU、知识产权系统和物理知识产权中产生版税和许可收入。如果出现人工智能泡沫并破裂，Arm 相对较低的间接费用和丰厚的利润率可能会在一定程度上支撑其股票。</p>
</div><p>Perhaps the one worry with Arm Holdings is its valuation. In spite of sustained sales growth of more than 20% per year and gross margin consistently in the mid-90% range, a forward price-to-earnings (P/E) ratio of 80 is a tough pill to swallow.</p>
<div class="lb-trans"><p>也许 Arm Holdings 唯一令人担忧的是其估值。尽管持续的销售增长超过 20% 且毛利率始终保持在 90% 中间范围，但前瞻市盈率（P/E）达到 80 却是一个难以接受的数字。</p>
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Billionaire Stanley Druckenmiller Has Been a Big-Time Seller of Nvidia and Palantir in Favor of 2 Other High-Flying Artificial Intelligence (AI) Stocks

- 2023 年，标普 500 指数回升至新高，受益于企业盈利和通胀放缓。  
- 投资者关注人工智能市场，预计到 2030 年将达 15.7 万亿美元。  
- Druckenmiller 出售 Nvidia 和 Palantir 股票，转而投资 Broadcom 和 Arm Holdings。

亿万富翁斯坦利·德鲁肯米勒一直在大量抛售英伟达和 Palantir Tech，转而青睐另外两只表现优异的人工智能（AI）股票