<p><strong>英伟达</strong>(NVDA 1.92%) 和 <strong>Palantir Technologies</strong>(PLTR 5.53%) 去年表现出色，两家公司的股票因对其人工智能（AI）硬件和软件解决方案的快速增长需求而显著上涨。但 2025 年对这些炙手可热的成长股来说却有所不同。</p>
<p>尽管英伟达的股票在 2025 年回落近 14%，但 Palantir 在年初表现良好后，最近几天也失去了很多地盘。然而，毫无疑问，两家公司都在朝着有利可图的终端市场发展。英伟达最近的业绩表明，对 AI 硬件的快速增长需求仍然是公司主要的增长动力，而 Palantir 则因生成式 AI 软件需求的扩大而持续改善其增长前景。</p>
<p>然而，如果你现在必须在这两只 AI 股票中选择一只，你应该把钱投向哪一只呢？让我们来看看。</p>
<h2>支持英伟达的理由</h2>
<p>市场对英伟达维持健康增长的能力表示怀疑，原因多种多样，从对其 AI 图形处理单元（GPU）的出口管制，到 AI 基础设施支出的潜在放缓，再到其他类型芯片（如定制处理器）对其构成的威胁，这些定制处理器正被科技巨头采用，以降低其 AI 开支。</p>
<p>然而，该公司最新的季度业绩清楚表明，对其 AI 芯片的需求依然强劲。英伟达在 2025 财年第四季度（截至 1 月 26 日）的收入同比增长了惊人的 78%，达到了创纪录的 393 亿美元。调整后的每股收益也增长了令人印象深刻的 71%，达到了 0.89 美元。这两个数字均超出了华尔街的预期。</p>
<p>指导意见表明，英伟达有望维持其健康的增长势头。它预计当前季度的收入将达到 430 亿美元，这将比去年同期增长 65%。然而，随着其最新一代 Blackwell 处理器的供应增加，以支持快速增长的客户需求，英伟达可能会超出自身的预期。</p>
<p>更重要的是，Blackwell 可以帮助英伟达维持其在 AI 芯片市场的主导地位，得益于其多功能性。管理层在最新的财报电话会议上指出：“Blackwell 覆盖了整个 AI 市场，从预训练、后训练到推理，涵盖云端、本地和企业。”</p>
<p>英伟达进一步指出，像 DeepSeek 的 R1 这样的低成本推理模型的出现可能会大幅增加计算需求。这对公司的 Blackwell 架构是个好消息，英伟达声称与上一代 H100 处理器相比，Blackwell 能够以 20 倍更低的成本处理请求，速度快 25 倍。因此，看到英伟达在未来维持约 85% 的 AI 芯片市场份额并不令人惊讶。</p>
<p>这也可能是分析师提高对该公司当前及未来两个财年的收入增长预期的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.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/9294dcc3fc113a4aa8fa31f295fd02da.png"/></p>
<p>NVDA 当前财年收入预估数据来自 YCharts</p>
<p>与此同时，尽管在提高 Blackwell 处理器产量的过程中将面临短期利润压力，但该公司的收益预计在当前财年将增长 50%。英伟达指出，随着 Blackwell 生产的全面提升，其调整后的毛利率将在财年后期回升至中 70% 的范围，而目前则在低 70% 的范围。</p>
<p>因此，随着年份的推移，看到英伟达的收益以更快的速度增长并超出分析师的预期也就不足为奇了。</p>
<h2>支持 Palantir Technologies 的理由</h2>
<p>Palantir Technologies 是 AI 软件平台的领先供应商之一，这一市场预计在长期内将变得庞大。市场研究公司 IDC 估计，全球 AI 软件平台市场可能从 2023 年的 280 亿美元增长到 2028 年的 1530 亿美元，年增长率超过 40%。</p>
<p>这个快速增长的市场已经对 Palantir 的表现产生了积极影响。该公司的收入增长在 2024 年加速至 29%，而 2023 年仅增长了 17%。考虑到 Palantir 去年的收入接近 29 亿美元，可以看出，考虑到 AI 软件平台市场的潜在规模，该公司在未来仍有很大的增长空间。</p>
<p>值得注意的是，Palantir 现在签署新合同的速度与 AI 软件平台市场预计的增长速度相当，IDC 表示。该公司在 2024 年第四季度报告的剩余交易价值（RDV）同比增长了 40%，达到了 54 亿美元。</p>
<p>这比第三季度 22% 的同比增长有了显著改善。Palantir 的 RDV 指的是公司在一个季度末未履行合同的总价值。因此，这一指标的更快增长证明该公司现在签署合同的速度超过了履行的速度，为未来更强的收入和收益增长铺平了道路。</p>
<p>Palantir 的收入管道在未来继续改善的可能性很大，因为该公司新引入的客户往往最终会签署更大的合同，这得益于其人工智能平台（AIP）带来的效率提升。Palantir 的整体客户数量在上一季度同比增长了 43%。随着这些客户开始在更多领域部署 Palantir 的 AIP，公司应会看到其 RDV 的改善。</p>
<p>此外，现有客户的更高支出正在推动 Palantir 的利润率改善。上个季度，其调整后的营业利润率同比增长了 11 个百分点。毫不奇怪，Palantir 的调整后每股收益在 2024 年激增了 64%，达到了 0.41 美元。分析师预计，Palantir 将持续实现强劲的两位数收益增长，但由于其快速改善的收入管道和利润率提升，超出这些预期也不足为奇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.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/6f29d037b22c3fab703c69c07eafa142.png"/></p>
<p>PLTR 当前财政年度每股收益预测数据来自 YCharts</p>
<h2>结论</h2>
<p>虽然英伟达让投资者受益于利润丰厚的 AI 硬件市场，但 Palantir 使他们能够充分利用生成性 AI 软件的快速普及。因此，这两家公司都可以在多元化投资组合中占有一席之地。然而，Palantir 的问题在于，与增长速度更快的英伟达相比，其交易价格溢价巨大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.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/233e5f9d27c02f00ef6d36a58c001ae6.png"/></p>
<p>NVDA 市盈率数据来自 YCharts</p>
<p>Palantir 的高估值引发了人们的担忧，认为该股票可能已经过热，这也是其近期大幅回调的原因之一。毫不奇怪，分析师预计 Palantir 在未来一年仅能实现 15% 的涨幅，按照其 97 美元的中位数目标价来看。另一方面，分析师预计英伟达在未来 12 个月内将上涨 51%。</p>
<p>这并不令人惊讶，因为英伟达的估值较低，以及预计今年将实现的更快收益增长，可能会导致市场给予其更多的上涨空间，相比之下，Palantir 则显得更为逊色，这使得投资者更容易决定这两只 AI 股票中哪一只现在更值得购买。</p>

PLTR

英伟达

<p>英伟达和 Palantir Technologies 由于对人工智能解决方案需求的上升而实现了显著的股票收益。在 2025 年，英伟达的股票下跌了近 14%，而 Palantir 也面临近期的损失。英伟达第四季度的收入激增 78%，达到 393 亿美元，主要受强劲的人工智能芯片需求推动，预计将继续增长。相反，Palantir 在 2024 年的收入增长了 29%，受益于不断扩大的人工智能软件市场，预计到 2028 年将达到 1530 亿美元。这两家公司都处于有利位置，可以利用有利可图的人工智能市场，但英伟达目前显示出更强的增长潜力</p>

<p><strong>Nvidia</strong>(NVDA 1.92%) and <strong>Palantir Technologies</strong>(PLTR 5.53%) delivered terrific gains last year as shares of both companies shot up remarkably thanks to the fast-growing demand for their artificial intelligence (AI)-focused hardware and software solutions. But 2025 is turning out to be different for these red-hot growth stocks.</p>
<div class="lb-trans"><p><strong>英伟达</strong>(NVDA 1.92%) 和 <strong>Palantir Technologies</strong>(PLTR 5.53%) 去年表现出色，两家公司的股票因对其人工智能（AI）硬件和软件解决方案的快速增长需求而显著上涨。但 2025 年对这些炙手可热的成长股来说却有所不同。</p>
</div><p>While Nvidia stock has retreated nearly 14% in 2025, Palantir has lost a lot of ground in recent days after a solid start to the year. However, it cannot be denied that both companies are on track to benefit from lucrative end markets. While Nvidia's recent results suggest that the fast-growing demand for AI hardware continues to be a key growth driver for the company, Palantir continues to witness an improvement in its growth profile thanks to the expanding need for generative AI software.</p>
<div class="lb-trans"><p>尽管英伟达的股票在 2025 年回落近 14%，但 Palantir 在年初表现良好后，最近几天也失去了很多地盘。然而，毫无疑问，两家公司都在朝着有利可图的终端市场发展。英伟达最近的业绩表明，对 AI 硬件的快速增长需求仍然是公司主要的增长动力，而 Palantir 则因生成式 AI 软件需求的扩大而持续改善其增长前景。</p>
</div><p>However, if you had to buy one of these two AI stocks right now, which one should you be putting your money on? Let's find out.</p>
<div class="lb-trans"><p>然而，如果你现在必须在这两只 AI 股票中选择一只，你应该把钱投向哪一只呢？让我们来看看。</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英伟达的理由</h2>
</div><p>The market has been doubting Nvidia's ability to sustain its healthy growth thanks to a variety of reasons ranging from export controls on its AI graphics processing units (GPUs) to a potential slowdown in AI infrastructure spending to threats from other types of chips such as custom processors that are being adopted by tech giants in a bid to lower their AI expenses.</p>
<div class="lb-trans"><p>市场对英伟达维持健康增长的能力表示怀疑，原因多种多样，从对其 AI 图形处理单元（GPU）的出口管制，到 AI 基础设施支出的潜在放缓，再到其他类型芯片（如定制处理器）对其构成的威胁，这些定制处理器正被科技巨头采用，以降低其 AI 开支。</p>
</div><p>However, the company's latest quarterly results make it clear that the demand for its AI chips remains healthy. Nvidia's revenue in the fourth quarter of fiscal 2025 (which ended on Jan. 26) increased a terrific 78% year over year to a record $39.3 billion. Adjusted earnings also increased by an impressive 71% to $0.89 per share. Both numbers were ahead of Wall Street's expectations.</p>
<div class="lb-trans"><p>然而，该公司最新的季度业绩清楚表明，对其 AI 芯片的需求依然强劲。英伟达在 2025 财年第四季度（截至 1 月 26 日）的收入同比增长了惊人的 78%，达到了创纪录的 393 亿美元。调整后的每股收益也增长了令人印象深刻的 71%，达到了 0.89 美元。这两个数字均超出了华尔街的预期。</p>
</div><p>The guidance indicates that Nvidia is on track to sustain its healthy momentum. It is expecting $43 billion in revenue in the current quarter, which would translate to a 65% increase from the prior-year period. However, Nvidia could exceed its own expectations as it ramps up the supply of its latest generation Blackwell processors to support the fast-growing customer demand.</p>
<div class="lb-trans"><p>指导意见表明，英伟达有望维持其健康的增长势头。它预计当前季度的收入将达到 430 亿美元，这将比去年同期增长 65%。然而，随着其最新一代 Blackwell 处理器的供应增加，以支持快速增长的客户需求，英伟达可能会超出自身的预期。</p>
</div><p>More importantly, Blackwell can help Nvidia maintain its dominant position in the AI chip market thanks to its versatility. Management pointed out on the latest earnings conference call that &#34;Blackwell addresses the entire AI market from pretraining, post-training to inference across cloud, to on-premise, to enterprise.&#34;</p>
<div class="lb-trans"><p>更重要的是，Blackwell 可以帮助英伟达维持其在 AI 芯片市场的主导地位，得益于其多功能性。管理层在最新的财报电话会议上指出：“Blackwell 覆盖了整个 AI 市场，从预训练、后训练到推理，涵盖云端、本地和企业。”</p>
</div><p>Nvidia further points out that the arrival of low-cost reasoning models such as DeepSeek's R1 is likely to increase computing demand substantially. This bodes well for the company's Blackwell architecture, which Nvidia claims is capable of processing requests 25 times faster at a 20 times lower cost when compared to the previous generation H100 processor. As such, it won't be surprising to see Nvidia maintaining its dominant share of around 85% in the AI chip market going forward.</p>
<div class="lb-trans"><p>英伟达进一步指出，像 DeepSeek 的 R1 这样的低成本推理模型的出现可能会大幅增加计算需求。这对公司的 Blackwell 架构是个好消息，英伟达声称与上一代 H100 处理器相比，Blackwell 能够以 20 倍更低的成本处理请求，速度快 25 倍。因此，看到英伟达在未来维持约 85% 的 AI 芯片市场份额并不令人惊讶。</p>
</div><p>This is also probably the reason why analysts have increased their revenue growth expectations for the company for the current and the next two fiscal years.</p>
<div class="lb-trans"><p>这也可能是分析师提高对该公司当前及未来两个财年的收入增长预期的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png" alt="" original-src="https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 当前财年收入预估数据来自 YCharts</p>
</div><p>The company's earnings, meanwhile, are expected to increase by 50% in the current fiscal year despite the near-term margin pressure it is going to face while ramping up the output of its Blackwell processors. Nvidia points out that its adjusted gross margin will head back to the mid-70% range later in the fiscal year from the low-70% range right now once Blackwell production is fully ramped up.</p>
<div class="lb-trans"><p>与此同时，尽管在提高 Blackwell 处理器产量的过程中将面临短期利润压力，但该公司的收益预计在当前财年将增长 50%。英伟达指出，随着 Blackwell 生产的全面提升，其调整后的毛利率将在财年后期回升至中 70% 的范围，而目前则在低 70% 的范围。</p>
</div><p>So, don't be surprised to see Nvidia's earnings growing at a faster pace and exceeding analysts' expectations as the year progresses.</p>
<div class="lb-trans"><p>因此，随着年份的推移，看到英伟达的收益以更快的速度增长并超出分析师的预期也就不足为奇了。</p>
</div><h2>The case for Palantir Technologies</h2>
<div class="lb-trans"><h2>支持 Palantir Technologies 的理由</h2>
</div><p>Palantir Technologies is one of the leading vendors of AI software platforms, a market that's expected to become massive in the long run. Market research firm IDC estimates that the global AI software platforms market could grow from $28 billion in 2023 to $153 billion in 2028 at an annual rate of more than 40%.</p>
<div class="lb-trans"><p>Palantir Technologies 是 AI 软件平台的领先供应商之一，这一市场预计在长期内将变得庞大。市场研究公司 IDC 估计，全球 AI 软件平台市场可能从 2023 年的 280 亿美元增长到 2028 年的 1530 亿美元，年增长率超过 40%。</p>
</div><p>This fast-growing market is already having a positive impact on Palantir's performance. The company's revenue growth accelerated to 29% in 2024 from a 17% increase witnessed in 2023. Given that Palantir's top line came in at just under $2.9 billion last year, it is easy to see that the company still has a lot of room for growth in the future considering the potential size of the AI software platforms market.</p>
<div class="lb-trans"><p>这个快速增长的市场已经对 Palantir 的表现产生了积极影响。该公司的收入增长在 2024 年加速至 29%，而 2023 年仅增长了 17%。考虑到 Palantir 去年的收入接近 29 亿美元，可以看出，考虑到 AI 软件平台市场的潜在规模，该公司在未来仍有很大的增长空间。</p>
</div><p>What's worth noting here is that the pace at which Palantir is now signing new contracts is equaling the pace at which the AI software platforms market is expected to grow, as per IDC. The company reported a 40% year-over-year increase in its remaining deal value (RDV) in the fourth quarter of 2024 to $5.4 billion.</p>
<div class="lb-trans"><p>值得注意的是，Palantir 现在签署新合同的速度与 AI 软件平台市场预计的增长速度相当，IDC 表示。该公司在 2024 年第四季度报告的剩余交易价值（RDV）同比增长了 40%，达到了 54 亿美元。</p>
</div><p>That was a significant improvement over the 22% year-over-year increase in this metric in the third quarter. Palantir's RDV refers to the total value of the company's unfulfilled contracts at the end of a quarter. So, the faster growth in this metric is proof that the company is now signing contracts at a faster pace than it is fulfilling, paving the way for stronger revenue and earnings growth in the future.</p>
<div class="lb-trans"><p>这比第三季度 22% 的同比增长有了显著改善。Palantir 的 RDV 指的是公司在一个季度末未履行合同的总价值。因此，这一指标的更快增长证明该公司现在签署合同的速度超过了履行的速度，为未来更强的收入和收益增长铺平了道路。</p>
</div><p>There is a good chance that Palantir's revenue pipeline will continue to improve in the future as the new customers that the company brings on board tend to sign bigger contracts eventually, thanks to the efficiency gains delivered by its Artificial Intelligence Platform (AIP). Palantir's overall customer count was up by 43% year over year in the previous quarter. As these customers start deploying Palantir's AIP into more areas, the company should witness an improvement in its RDV.</p>
<div class="lb-trans"><p>Palantir 的收入管道在未来继续改善的可能性很大，因为该公司新引入的客户往往最终会签署更大的合同，这得益于其人工智能平台（AIP）带来的效率提升。Palantir 的整体客户数量在上一季度同比增长了 43%。随着这些客户开始在更多领域部署 Palantir 的 AIP，公司应会看到其 RDV 的改善。</p>
</div><p>Also, the higher spending by existing customers is contributing toward an improvement in Palantir's margins. Its adjusted operating margin increased by 11 percentage points year over year last quarter. Not surprisingly, Palantir's adjusted earnings shot up an impressive 64% in 2024 to $0.41 per share. Analysts are expecting Palantir to sustain strong double-digit earnings growth going forward, though don't be surprised to see it exceed those expectations thanks to its fast-improving revenue pipeline and margin improvements.</p>
<div class="lb-trans"><p>此外，现有客户的更高支出正在推动 Palantir 的利润率改善。上个季度，其调整后的营业利润率同比增长了 11 个百分点。毫不奇怪，Palantir 的调整后每股收益在 2024 年激增了 64%，达到了 0.41 美元。分析师预计，Palantir 将持续实现强劲的两位数收益增长，但由于其快速改善的收入管道和利润率提升，超出这些预期也不足为奇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png" alt="" original-src="https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png"/></p>
<p>PLTR EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>PLTR 当前财政年度每股收益预测数据来自 YCharts</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>结论</h2>
</div><p>While Nvidia allows investors to benefit from the lucrative AI hardware market, Palantir enables them to make the most of the rapidly improving adoption of generative AI software. So, both companies could find a place in a diversified portfolio. However, the problem with Palantir is that it trades at a huge premium when compared to Nvidia, a company that's growing at a faster pace.</p>
<div class="lb-trans"><p>虽然英伟达让投资者受益于利润丰厚的 AI 硬件市场，但 Palantir 使他们能够充分利用生成性 AI 软件的快速普及。因此，这两家公司都可以在多元化投资组合中占有一席之地。然而，Palantir 的问题在于，与增长速度更快的英伟达相比，其交易价格溢价巨大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png" alt="" original-src="https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率数据来自 YCharts</p>
</div><p>Palantir's expensive valuation has created concerns that the stock may have gotten ahead of itself and is one of the reasons why it has pulled back significantly of late. Not surprisingly, analysts are expecting Palantir to deliver just 15% gains in the next year as per its median price target of $97. Nvidia, on the other hand, is expected to jump 51% over the next 12 months, according to analysts.</p>
<div class="lb-trans"><p>Palantir 的高估值引发了人们的担忧，认为该股票可能已经过热，这也是其近期大幅回调的原因之一。毫不奇怪，分析师预计 Palantir 在未来一年仅能实现 15% 的涨幅，按照其 97 美元的中位数目标价来看。另一方面，分析师预计英伟达在未来 12 个月内将上涨 51%。</p>
</div><p>That won't be surprising as Nvidia's cheaper valuation and the faster earnings growth that it is expected to deliver this year could lead the market to reward it with more upside as compared to Palantir, making it easier for investors to decide which one of these two AI stocks is a better buy right now.</p>
<div class="lb-trans"><p>这并不令人惊讶，因为英伟达的估值较低，以及预计今年将实现的更快收益增长，可能会导致市场给予其更多的上涨空间，相比之下，Palantir 则显得更为逊色，这使得投资者更容易决定这两只 AI 股票中哪一只现在更值得购买。</p>
</div>

Better Artificial Intelligence (AI) Stock: Nvidia vs. Palantir

- Nvidia 和 Palantir 去年因 AI 需求大增而股价飙升。  
- 2025 年，Nvidia 股价下跌近 14%，Palantir 也面临回调。  
- Nvidia 预计本季度收入将达 430 亿美元，Palantir 收入增长加速至 29%。

更好的人工智能（AI）股票：英伟达 vs. Palantir Tech