<p>人工智能（AI）领域的竞争正在加剧，常见的竞争者们也在其中。今天的两家顶尖 AI 公司也是 <strong>伯克希尔哈撒韦</strong> 投资组合中的两只股票。</p>
<p><strong>苹果</strong>（AAPL -1.09%）是沃伦·巴菲特最喜欢的公司之一，他称其业务比他其他的最爱 <strong>可口可乐</strong> 和 <strong>美国运通</strong> 更好。它是伯克希尔哈撒韦投资组合中最大的持仓，占总投资组合的 21.6%。</p>
<p>另一方面，<strong>亚马逊</strong>（AMZN 1.75%）是由伯克希尔哈撒韦的一位投资经理购买的，而不是巴菲特本人，尽管巴菲特承认他对创始人杰夫·贝索斯的钦佩。亚马逊的股票仅占投资组合的 0.8%。</p>
<p>显然，巴菲特更看好哪家公司，但哪一家公司更适合你的投资组合呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>苹果：粘性生态系统</h2>
<p>许多投资者知道巴菲特喜欢被低估的股票。但在解释他如何选择股票时，他称自己是商业挑选者，而不是股票挑选者。在解释他所喜爱的伟大商业时，他总是谈到护城河和资本部署。</p>
<p>“我并不是因为它是一只科技股而投资苹果，” 他在首次购买时解释道。“我的意思是，我投资苹果是因为我……对资本的使用智慧得出了某些结论，但更重要的是，关于生态系统的价值以及这个生态系统的持久性，以及对它的威胁，还有很多其他因素。”</p>
<p>为了说明他的思维方式，他表示，尽管他没有在 <strong>字母表</strong>（Alphabet）还是谷歌（Google）时购买股票是个错误，但他看到它取代了一个叫做 Alta Vista 的早期搜索引擎，并认为它也可能被取代。换句话说，当时并不清楚它是否会拥有今天的护城河，基本上使任何竞争对手在短期内都无法接近其地位。</p>
<p>然而，巴菲特表示，要拥有值得投资的护城河，“你必须拥有一些非常非常特别的产品，并且有一个……广泛的生态系统，产品的粘性极强，还有其他所有这些因素。” 苹果的 AI 完全是为了增强其生态系统，以保持其忠实客户。这是消费者科技巨头增强其生态系统并变得更加粘性的另一种方式。</p>
<p>巴菲特在 2016 年首次购买苹果股票，并在几年内逐步增加持仓，去年卖出了大约一半，但这并不是因为伯克希尔哈撒韦购买了更多股票而使其膨胀到总投资组合的一半。当他首次购买时，巴菲特表示他拥有大约 5% 的流通股，但预计通过苹果的股票回购计划，这一比例将增加到大约 6% 到 7%。</p>
<p>这也是巴菲特喜欢股票回购作为股票特征的原因之一。他在苹果的持股价值已经增加了数十亿美元，仅仅因为公司回购了自己的股票。</p>
<p>投资论点仍然适用吗？绝对适用。不过，我要指出的是，今天的苹果价格比巴菲特购买时要贵得多，目前的价格并没有呈现出同样的价值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png"/></p>
<p>AAPL 市盈率数据来自 YCharts。</p>
<h2>亚马逊：机会</h2>
<p>亚马逊的 AI 业务和雄心与苹果完全不同。虽然它在自己的业务中也使用 AI，但其最大的 AI 机会在于亚马逊网络服务（AWS）云计算部门，这一部门旨在赋能公司的庞大客户基础。</p>
<p>就 AI 而言，亚马逊创造销售的机会似乎远远超过苹果。如果巴菲特喜欢苹果是因为它是一个消费产品的强大企业，而不是科技巨头，那么亚马逊的投资论点则在于其科技实力，这并不在巴菲特的擅长范围内。</p>
<p>亚马逊已经从投资 AI 中获得了巨大的好处。这是一个数十亿美元的业务，但首席执行官安迪·贾西认为机会更大。它正在以三位数的速度增长，贾西表示：“在这一代 AI 之前，我们认为 AWS 最终有机会成为一个数千亿美元的收入业务。我们现在认为它可能会更大。”</p>
<p>他设想了 AI 如何使人们的日常任务变得更加轻松。亚马逊正在大力投资于开发者创建颠覆性 AI 应用程序的基础设施。</p>
<p>亚马逊的其他业务也很吸引人。就是否是科技公司而言，亚马逊是美国最大的电子商务公司，其领先的消费品业务周围有着强大的护城河。这可能是亚马逊进入伯克希尔哈撒韦投资组合的原因，和苹果一样，这也是其自我强化的粘性生态系统。</p>
<p>至于股价，与苹果相比，亚马逊的估值接近其 10 年来的低点。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png"/></p>
<p>AMZN 市盈率数据来自 YCharts。</p>
<p>今天购买这两只股票都有很好的理由，但目前亚马逊看起来是更好的选择。</p>

苹果

亚马逊

2 倍做多 AAPL ETF - GraniteShares

苹果每日 1 倍做空 ETF - Direxion

苹果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

亚马逊每日 2 倍做多 ETF - Direxion

<p>这篇文章比较了苹果和亚马逊在沃伦·巴菲特的伯克希尔·哈撒韦投资组合中的人工智能投资。苹果是巴菲特所青睐的，占投资组合的 21.6%，以其强大的生态系统和股票回购而闻名。相比之下，亚马逊仅占 0.8%，通过其 AWS 部门专注于人工智能，具有显著的增长潜力。虽然苹果被视为消费产品的强者，但亚马逊的技术实力和多元化商业模式则提供了不同的投资机会。分析质疑了今天对于投资者来说哪只股票更值得购买</p>

<p>The race to the top of the artificial intelligence (AI) mountain is on, and the usual suspects are in the running. Two of the top AI companies today are also two of the stocks in the <strong>Berkshire Hathaway</strong> portfolio.</p>
<div class="lb-trans"><p>人工智能（AI）领域的竞争正在加剧，常见的竞争者们也在其中。今天的两家顶尖 AI 公司也是 <strong>伯克希尔哈撒韦</strong> 投资组合中的两只股票。</p>
</div><p><strong>Apple</strong>(AAPL -1.09%) is one of Warren Buffett's favorite companies, and he's called it a better business than his other favorites, <strong>Coca-Cola</strong> and <strong>American Express</strong>. It's the largest position in the Berkshire Hathaway portfolio, accounting for 21.6% of the total.</p>
<div class="lb-trans"><p><strong>苹果</strong>（AAPL -1.09%）是沃伦·巴菲特最喜欢的公司之一，他称其业务比他其他的最爱 <strong>可口可乐</strong> 和 <strong>美国运通</strong> 更好。它是伯克希尔哈撒韦投资组合中最大的持仓，占总投资组合的 21.6%。</p>
</div><p><strong>Amazon</strong>(AMZN 1.75%), on the other hand, was purchased by one of Berkshire Hathaway's investment managers, not Buffett himself, although Buffett has admitted his admiration for founder Jeff Bezos. Amazon stock accounts for only 0.8% of the portfolio.</p>
<div class="lb-trans"><p>另一方面，<strong>亚马逊</strong>（AMZN 1.75%）是由伯克希尔哈撒韦的一位投资经理购买的，而不是巴菲特本人，尽管巴菲特承认他对创始人杰夫·贝索斯的钦佩。亚马逊的股票仅占投资组合的 0.8%。</p>
</div><p>It's clear which company works better for Buffett, but which one is better for your portfolio?</p>
<div class="lb-trans"><p>显然，巴菲特更看好哪家公司，但哪一家公司更适合你的投资组合呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820671%2Fchild-using-ai-on-a-computer.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>Apple: The sticky ecosystem</h2>
<div class="lb-trans"><h2>苹果：粘性生态系统</h2>
</div><p>Many investors know that Buffett loves an undervalued stock. But when explaining how he chooses stocks, he calls himself a business picker, not a stock picker. When explaining what he loves in a great business, he invariably talks about moats and capital deployment.</p>
<div class="lb-trans"><p>许多投资者知道巴菲特喜欢被低估的股票。但在解释他如何选择股票时，他称自己是商业挑选者，而不是股票挑选者。在解释他所喜爱的伟大商业时，他总是谈到护城河和资本部署。</p>
</div><p>&#34;I didn't go into Apple because it was a tech stock in the least,&#34; he explained when he first bought it. &#34;I mean, I went into Apple because I...came to certain conclusions about both the intelligence with which the capital would be employed, but more important, about the value of an ecosystem and how permanent that ecosystem could be, and what the threats were to it, and a whole bunch of things.&#34;</p>
<div class="lb-trans"><p>“我并不是因为它是一只科技股而投资苹果，” 他在首次购买时解释道。“我的意思是，我投资苹果是因为我……对资本的使用智慧得出了某些结论，但更重要的是，关于生态系统的价值以及这个生态系统的持久性，以及对它的威胁，还有很多其他因素。”</p>
</div><p>To explain how he thinks, he said that even though he made a mistake by not buying <strong>Alphabet</strong> back when it was still Google, he saw that it had displaced an earlier search engine called Alta Vista and figured it could be displaced, as well. In other words, at the time, it wasn't clear that it would have the moat that it has today, essentially making it impossible for any competition to come close to its status in the near term.</p>
<div class="lb-trans"><p>为了说明他的思维方式，他表示，尽管他没有在 <strong>字母表</strong>（Alphabet）还是谷歌（Google）时购买股票是个错误，但他看到它取代了一个叫做 Alta Vista 的早期搜索引擎，并认为它也可能被取代。换句话说，当时并不清楚它是否会拥有今天的护城河，基本上使任何竞争对手在短期内都无法接近其地位。</p>
</div><p>However, Buffett has said that, to have a moat that's investment-worthy, &#34;You have to have some very, very, very special product, and which has a...widespread ecosystem, and the product's extremely sticky, and all of that sort of thing.&#34; Apple's AI is all about reinforcing its ecosystem to keep its loyal customers. It's another way the consumer-tech giant enhances its ecosystem and becomes even more sticky.</p>
<div class="lb-trans"><p>然而，巴菲特表示，要拥有值得投资的护城河，“你必须拥有一些非常非常特别的产品，并且有一个……广泛的生态系统，产品的粘性极强，还有其他所有这些因素。” 苹果的 AI 完全是为了增强其生态系统，以保持其忠实客户。这是消费者科技巨头增强其生态系统并变得更加粘性的另一种方式。</p>
</div><p>Buffett first bought shares of Apple stock in 2016 and built up his position for a few years before selling about half of it last year, but it didn't balloon to about half of the total portfolio strictly because Berkshire Hathaway bought more shares. When he first bought it, Buffett said that he owned about 5% of shares outstanding but expected that to increase to about 6% to 7% through Apple's share-buyback program alone.</p>
<div class="lb-trans"><p>巴菲特在 2016 年首次购买苹果股票，并在几年内逐步增加持仓，去年卖出了大约一半，但这并不是因为伯克希尔哈撒韦购买了更多股票而使其膨胀到总投资组合的一半。当他首次购买时，巴菲特表示他拥有大约 5% 的流通股，但预计通过苹果的股票回购计划，这一比例将增加到大约 6% 到 7%。</p>
</div><p>That's one of the reasons Buffett loves stock repurchases as a stock feature. His stake in Apple has increased by billions of dollars simply because the company bought back its own shares.</p>
<div class="lb-trans"><p>这也是巴菲特喜欢股票回购作为股票特征的原因之一。他在苹果的持股价值已经增加了数十亿美元，仅仅因为公司回购了自己的股票。</p>
</div><p>Does the investing thesis still apply? Absolutely. I will point out, though, that Apple is a lot more expensive today than it was when Buffett bought it, and it doesn't present the same value at its current price.</p>
<div class="lb-trans"><p>投资论点仍然适用吗？绝对适用。不过，我要指出的是，今天的苹果价格比巴菲特购买时要贵得多，目前的价格并没有呈现出同样的价值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png" alt="" original-src="https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png"/></p>
<p>AAPL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AAPL 市盈率数据来自 YCharts。</p>
</div><h2>Amazon: The opportunity</h2>
<div class="lb-trans"><h2>亚马逊：机会</h2>
</div><p>Amazon's AI business and ambitions are completely different than Apple's. While it also uses AI throughout its own business, its greatest AI opportunities are in the Amazon Web Services (AWS) cloud computing segment, which is all about empowering the company's massive client base.</p>
<div class="lb-trans"><p>亚马逊的 AI 业务和雄心与苹果完全不同。虽然它在自己的业务中也使用 AI，但其最大的 AI 机会在于亚马逊网络服务（AWS）云计算部门，这一部门旨在赋能公司的庞大客户基础。</p>
</div><p>As far as AI goes, Amazon's opportunity to generate sales seems to vastly outdo Apple's. If Buffett loves Apple because it's a consumer-product powerhouse as opposed to a tech giant, Amazon's investing thesis is in its tech prowess, which isn't in Buffett's wheelhouse.</p>
<div class="lb-trans"><p>就 AI 而言，亚马逊创造销售的机会似乎远远超过苹果。如果巴菲特喜欢苹果是因为它是一个消费产品的强大企业，而不是科技巨头，那么亚马逊的投资论点则在于其科技实力，这并不在巴菲特的擅长范围内。</p>
</div><p>Amazon is already seeing massive benefits from investing in AI. It's a multibillion-dollar business, but CEO Andy Jassy sees the opportunity as much bigger. It's growing in the triple digits, and Jassy said: &#34;Before this generation of AI, we thought AWS had the chance to ultimately be a multi-hundred billion dollar revenue run rate business. We now think it could be even larger.&#34;</p>
<div class="lb-trans"><p>亚马逊已经从投资 AI 中获得了巨大的好处。这是一个数十亿美元的业务，但首席执行官安迪·贾西认为机会更大。它正在以三位数的速度增长，贾西表示：“在这一代 AI 之前，我们认为 AWS 最终有机会成为一个数千亿美元的收入业务。我们现在认为它可能会更大。”</p>
</div><p>He envisions how AI can make people's everyday tasks much easier. Amazon is heavily investing in the building blocks for developers to create game-changing AI-enabled apps.</p>
<div class="lb-trans"><p>他设想了 AI 如何使人们的日常任务变得更加轻松。亚马逊正在大力投资于开发者创建颠覆性 AI 应用程序的基础设施。</p>
</div><p>What's also enticing about Amazon is its other businesses. As far as being a tech company or not, Amazon is the largest e-commerce company in the country, with a strong moat around its leading consumer-goods business. That's likely what got Amazon into the Berkshire Hathaway portfolio, and like Apple, that's its own self-reinforcing, sticky ecosystem.</p>
<div class="lb-trans"><p>亚马逊的其他业务也很吸引人。就是否是科技公司而言，亚马逊是美国最大的电子商务公司，其领先的消费品业务周围有着强大的护城河。这可能是亚马逊进入伯克希尔哈撒韦投资组合的原因，和苹果一样，这也是其自我强化的粘性生态系统。</p>
</div><p>As for the stock price, in contrast with Apple, Amazon's valuation is near its 10-year low.</p>
<div class="lb-trans"><p>至于股价，与苹果相比，亚马逊的估值接近其 10 年来的低点。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png" alt="" original-src="https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png"/></p>
<p>AMZN PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率数据来自 YCharts。</p>
</div><p>There are good reasons to buy either of these stocks today, but Amazon looks like the better buy right now.</p>
<div class="lb-trans"><p>今天购买这两只股票都有很好的理由，但目前亚马逊看起来是更好的选择。</p>
</div>

Apple vs. Amazon: Which Warren Buffet AI Stock Is the Better Buy Today?

- 苹果和亚马逊是伯克希尔哈撒韦投资组合中的两大 AI 公司。  
- 苹果在投资组合中占比 21.6%，而亚马逊仅占 0.8%。  
- 目前，亚马逊的估值接近 10 年低点，投资前景更具吸引力。

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苹果与亚马逊：哪只沃伦·巴菲特持有的 AI 股票今天更值得购买？