<p>在过去三年中，没有哪个趋势比人工智能（AI）的出现更引起华尔街的关注。AI 驱动的软件和系统能够在没有人类监督的情况下做出瞬间决策，这对全球几乎所有行业来说都是一场游戏规则的改变。</p>
<p>尽管许多科技行业内外的公司都受益于围绕 AI 的炒作，但没有哪两只股票像半导体巨头 <strong>Nvidia</strong>(NVDA 4.08%) 和数据挖掘专家 <strong>Palantir Technologies</strong>(PLTR -0.29%) 一样，成为这场技术革命的代表。自 2022 年底以来，Nvidia 的股票上涨超过 1000%，市值超过 4 万亿美元，而 Palantir 的股票则上涨了 2100%，市值增加了约 3200 亿美元。</p>
<p>虽然持有这些顶尖创新公司的股票赚了不少钱，但这两家公司也向华尔街发出了近 110 亿美元的警告，投资者如果忽视这一点将是愚蠢的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Nvidia 和 Palantir 如何成为 AI 革命的代表</h2>
<p>但在深入探讨 Nvidia 和 Palantir 对华尔街的严峻警告之前，需要奠定一个基础，描述这两家公司是如何成为 AI 革命的明星。</p>
<p>Nvidia 成为最大的上市公司并非偶然。这反映了其 AI 图形处理单元（GPU）在高计算数据中心的绝对主导地位。其 Hopper 和后续的 Blackwell GPU 的订单积压，使得 Nvidia 能够对其 GPU 收取比直接竞争对手高出 100% 到 300% 的溢价。</p>
<p>首席执行官黄仁勋的激进创新周期也让华尔街和投资者感到兴奋。黄仁勋在创新上大手笔投入，每年推出一款新型先进芯片。按照计划，2024 年推出 Blackwell，2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，2027 年推出 Vera Rubin Ultra。没有直接竞争对手在计算潜力上接近 Nvidia 的 AI GPU，这一创新周期可能会在可预见的未来保持这种状态。</p>
<p>甚至 Nvidia 的 CUDA 软件平台在其增长中也发挥了关键作用。尽管大多数投资者正确地认为公司的硬件是其基础，但 CUDA 则是将一切联系在一起的粘合剂。这是开发者用来最大化其 Nvidia 芯片计算潜力和训练大型语言模型的软件平台。它负责保持客户对 Nvidia 生态系统的忠诚。</p>
<p>至于 Palantir，其声名在于其独特的、受 AI 启发的操作平台 Gotham 和 Foundry。前者帮助联邦政府规划和执行军事任务，并收集数据。与此同时，Foundry 是一个以企业为中心的软件即服务平台，帮助企业简化运营。没有大型竞争对手提供与 Palantir 相同的服务。</p>
<p>投资者也开始欣赏 Palantir 的理想定位。统一的共和党政府历史上在国防上支出积极，这与 Palantir 争取 Gotham 的多年政府合同的努力完全契合。至于 Foundry，它仍在起步阶段，随着新企业客户的增加，可以实现持续的两位数销售增长。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Nvidia 和 Palantir 共同发出了近 110 亿美元的严峻警告</h2>
<p>在更好地理解 Nvidia 和 Palantir 如何对 AI 革命和华尔街的健康产生如此重要影响后，让我们深入探讨这两家公司发出的上述警告，这可能完全被投资者忽视。</p>
<p>尽管与人工智能相关的独特问题有很多——例如，自 1990 年代中期互联网出现以来，每一个下一个重大趋势都经历过泡沫破裂事件——但最明显的警告可能体现在 Nvidia 和 Palantir 的内部买卖活动中。</p>
<p>当上市公司的高管和董事会成员购买或出售股票（包括期权合约）时，他们需要向证券交易委员会提交 4 号表格。这一申报使投资者能够跟踪内部买卖活动。</p>
<p>在过去五年中（请记住，Palantir 直到 2020 年 9 月 30 日才成为上市公司）：</p>
<ul>
<li>Nvidia 的内部人士净卖出了价值 44.1 亿美元的股票。</li>
<li>Palantir 的内部人士净卖出了价值 74.2 亿美元的股票。</li>
</ul>
<p>关于内部人士卖出股票的警告是：这并不一定是坏消息。因为高管通常以股票和期权合约的形式获得大部分薪酬，股票销售可能是为了满足联邦和/或州的税务义务，或确保期权合约不会过期。例如，Nvidia 首席执行官黄仁勋的卖出活动可能是基于税务原因。</p>
<p>关键是，高管和董事会成员出售自己公司股票的原因有很多，并不总是表明公司出现问题。</p>
<p><em>然而</em>，内部人士购买自己公司股票的原因只有一个：他们相信股票会增值。</p>
<p>Nvidia 内部人士最后一次购买自己股票是在 2020 年 12 月 3 日，当时首席财务官 Colette Kress 的孩子们各自购买了 100 股。与此同时，Palantir 在其整个上市期间仅有一次内部人士购买。2025 年 5 月 8 日，前首席会计官 Heather Planishek 购买了 10,000 股。</p>
<p>在将近五年的时间里，Nvidia 和 Palantir 之间的内部买入总共只有两次，<em>合计</em>！相比之下，净卖出活动超过了 108 亿美元。</p>
<p>这里的信息非常明确：如果公司高管和董事会成员都不愿意购买自己公司的股票，投资者又为什么要购买呢？</p>
<p>Palantir 上周结束时的市销率（P/S）大约为 114，实际上是其他大型股历史上最高点的三倍，而这些股票通常处于下一个大趋势的前沿。至于 Nvidia，其市销率在过去 12 个月的基础上回升至 27 以上。无论是 Palantir 还是 Nvidia 的估值水平都不是历史上可持续的水平——而他们各自的内部买入 <em>和</em> 卖出活动似乎反映了这一点。</p>
<p>问题是：投资者在关注吗？</p>

英伟达

PLTR

2 倍做多英伟达 ETF - GraniteShares

南方两倍做多英伟达

南方两倍做空英伟达

英伟达期权收益策略 ETF - YieldMax

1 倍做空英伟达 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半导体 3 倍做多 - Direxion

<p>英伟达和 Palantir 作为人工智能领域的领导者，向投资者发出了重要警告，强调在过去五年中，内部人士的卖出总额接近 110 亿美元。英伟达的股票上涨超过 1000%，而 Palantir 的股票则增长了 2110%。尽管它们取得了成功，但内部人士的卖出引发了对其增长可持续性的担忧。英伟达在人工智能 GPU 领域的主导地位以及 Palantir 独特的操作平台使它们成为人工智能革命的关键参与者，但大量的内部销售可能预示着投资者面临潜在风险</p>

<p>For the better part of the last three years, no trend has garnered more attention on Wall Street than the emergence of artificial intelligence (AI). The ability for AI-empowered software and systems to make split-second decisions without human oversight is a game changer for virtually all industries around the globe.</p>
<div class="lb-trans"><p>在过去三年中，没有哪个趋势比人工智能（AI）的出现更引起华尔街的关注。AI 驱动的软件和系统能够在没有人类监督的情况下做出瞬间决策，这对全球几乎所有行业来说都是一场游戏规则的改变。</p>
</div><p>Though a laundry list of companies in and out of the tech sector have benefited from the hype surrounding AI, no two stocks have been the face of this technological revolution quite like semiconductor titan <strong>Nvidia</strong>(NVDA 4.08%) and data-mining specialist <strong>Palantir Technologies</strong>(PLTR -0.29%). Since the end of 2022, Nvidia stock has gained in excess of 1,000% and topped a $4 trillion valuation, while Palantir stock is up a cool 2,110% and has added around $320 billion in market cap.</p>
<div class="lb-trans"><p>尽管许多科技行业内外的公司都受益于围绕 AI 的炒作，但没有哪两只股票像半导体巨头 <strong>Nvidia</strong>(NVDA 4.08%) 和数据挖掘专家 <strong>Palantir Technologies</strong>(PLTR -0.29%) 一样，成为这场技术革命的代表。自 2022 年底以来，Nvidia 的股票上涨超过 1000%，市值超过 4 万亿美元，而 Palantir 的股票则上涨了 2100%，市值增加了约 3200 亿美元。</p>
</div><p>While fortunes have been made holding shares of these top-tier innovators, both companies have also served up a nearly $11 billion warning to Wall Street that investors would be foolish (with a small f) to ignore.</p>
<div class="lb-trans"><p>虽然持有这些顶尖创新公司的股票赚了不少钱，但这两家公司也向华尔街发出了近 110 亿美元的警告，投资者如果忽视这一点将是愚蠢的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824872%2Fred-dice-buy-sell-stock-chart-financial-data-invest-billionaire-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>How Nvidia and Palantir became the faces of the AI revolution</h2>
<div class="lb-trans"><h2>Nvidia 和 Palantir 如何成为 AI 革命的代表</h2>
</div><p>But before we can dig into Nvidia's and Palantir's ominous warning to Wall Street, a foundation needs to be laid that describes how these two companies came to be the stars of the AI revolution.</p>
<div class="lb-trans"><p>但在深入探讨 Nvidia 和 Palantir 对华尔街的严峻警告之前，需要奠定一个基础，描述这两家公司是如何成为 AI 革命的明星。</p>
</div><p>Nvidia becoming the largest publicly traded company didn't happen by accident. It's a reflection of its AI graphics processing units (GPUs) being thoroughly dominant in high-compute data centers. Orders for its Hopper and successor Blackwell GPUs are backlogged, which has allowed Nvidia to charge anywhere from a 100% to 300% premium for its GPUs relative to its direct competitors.</p>
<div class="lb-trans"><p>Nvidia 成为最大的上市公司并非偶然。这反映了其 AI 图形处理单元（GPU）在高计算数据中心的绝对主导地位。其 Hopper 和后续的 Blackwell GPU 的订单积压，使得 Nvidia 能够对其 GPU 收取比直接竞争对手高出 100% 到 300% 的溢价。</p>
</div><p>CEO Jensen Huang's aggressive innovation cycle also has Wall Street and investors excited. Huang is spending liberally on innovation to bring a new advanced chip to market each year. Following Blackwell in 2024 are Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027), if all goes according to plan. No direct competitors have come particularly close to surpassing Nvidia's AI GPUs in compute potential, and this innovation cycle will likely keep it that way for the foreseeable future.</p>
<div class="lb-trans"><p>首席执行官黄仁勋的激进创新周期也让华尔街和投资者感到兴奋。黄仁勋在创新上大手笔投入，每年推出一款新型先进芯片。按照计划，2024 年推出 Blackwell，2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，2027 年推出 Vera Rubin Ultra。没有直接竞争对手在计算潜力上接近 Nvidia 的 AI GPU，这一创新周期可能会在可预见的未来保持这种状态。</p>
</div><p>Even Nvidia's CUDA software platform has played a key role in its growth. Though most investors rightly think of the company's hardware as its foundation, CUDA has acted as the glue that binds everything together. This is the software platform developers use to maximize the compute potential of their Nvidia chips and to train large language models. It's responsible for keeping clients loyal to the Nvidia ecosystem.</p>
<div class="lb-trans"><p>甚至 Nvidia 的 CUDA 软件平台在其增长中也发挥了关键作用。尽管大多数投资者正确地认为公司的硬件是其基础，但 CUDA 则是将一切联系在一起的粘合剂。这是开发者用来最大化其 Nvidia 芯片计算潜力和训练大型语言模型的软件平台。它负责保持客户对 Nvidia 生态系统的忠诚。</p>
</div><p>As for Palantir, its claim to fame has been its unique, AI-inspired operating platforms, Gotham and Foundry. The former helps federal government's plan and execute military missions, as well as collect data. Meanwhile, Foundry is an enterprise-focused software-as-a-service platform that helps businesses streamline their operations. No large-scale competitors exist that offer the same services as Palantir.</p>
<div class="lb-trans"><p>至于 Palantir，其声名在于其独特的、受 AI 启发的操作平台 Gotham 和 Foundry。前者帮助联邦政府规划和执行军事任务，并收集数据。与此同时，Foundry 是一个以企业为中心的软件即服务平台，帮助企业简化运营。没有大型竞争对手提供与 Palantir 相同的服务。</p>
</div><p>Investors have also come to appreciate Palantir's ideal positioning. Unified Republican governments historically spend aggressively on defense, which fits right into Palantir's efforts to land multiyear government contracts for Gotham. As for Foundry, it's still getting its feet wet and can deliver sustained double-digit sales growth as it adds new corporate clients.</p>
<div class="lb-trans"><p>投资者也开始欣赏 Palantir 的理想定位。统一的共和党政府历史上在国防上支出积极，这与 Palantir 争取 Gotham 的多年政府合同的努力完全契合。至于 Foundry，它仍在起步阶段，随着新企业客户的增加，可以实现持续的两位数销售增长。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824872%2Finvestor-pressing-sell-button-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>Collectively, Nvidia and Palantir have issued a nearly $11 billion ominous warning</h2>
<div class="lb-trans"><h2>Nvidia 和 Palantir 共同发出了近 110 亿美元的严峻警告</h2>
</div><p>With a better understanding of how Nvidia and Palantir became so consequential to the AI revolution and the health of Wall Street, let's dig into the aforementioned warning these companies have issued, which may have completely flown under the radar of investors.</p>
<div class="lb-trans"><p>在更好地理解 Nvidia 和 Palantir 如何对 AI 革命和华尔街的健康产生如此重要影响后，让我们深入探讨这两家公司发出的上述警告，这可能完全被投资者忽视。</p>
</div><p>Though there are a number of unique concerns tied to artificial intelligence -- e.g., history demonstrating that every next-big-thing trend since the advent of the internet in the mid-1990s has navigated its way through a bubble-bursting event -- perhaps the most-glaring warning comes in the form of insider buying and selling activity from Nvidia and Palantir.</p>
<div class="lb-trans"><p>尽管与人工智能相关的独特问题有很多——例如，自 1990 年代中期互联网出现以来，每一个下一个重大趋势都经历过泡沫破裂事件——但最明显的警告可能体现在 Nvidia 和 Palantir 的内部买卖活动中。</p>
</div><p>When executives and board members of public companies purchase or sell stock, including options contracts, they're required to file Form 4 with the Securities and Exchange Commission. This filing allows investors to track insider buying and selling activity.</p>
<div class="lb-trans"><p>当上市公司的高管和董事会成员购买或出售股票（包括期权合约）时，他们需要向证券交易委员会提交 4 号表格。这一申报使投资者能够跟踪内部买卖活动。</p>
</div><p>Over the trailing-five-year period (keep in mind that Palantir didn't become a public company until Sept. 30, 2020):</p>
<div class="lb-trans"><p>在过去五年中（请记住，Palantir 直到 2020 年 9 月 30 日才成为上市公司）：</p>
</div><ul>
<li>Nvidia insiders have sold a net of $4.41 billion worth of their stock.</li>
<li>Palantir insiders have sold a net of $7.42 billion worth of their stock.</li>
</ul>
<div class="lb-trans"><ul>
<li>Nvidia 的内部人士净卖出了价值 44.1 亿美元的股票。</li>
<li>Palantir 的内部人士净卖出了价值 74.2 亿美元的股票。</li>
</ul>
</div><p>Here's the caveat about insider selling: It's not necessarily bad news. Because executives often receive the bulk of their compensation in the form of shares and options contracts, stock sales may be made to satisfy federal and/or state tax obligations or to ensure options contracts don't expire. For instance, the selling activity from Nvidia CEO Jensen Huang is likely tax-based.</p>
<div class="lb-trans"><p>关于内部人士卖出股票的警告是：这并不一定是坏消息。因为高管通常以股票和期权合约的形式获得大部分薪酬，股票销售可能是为了满足联邦和/或州的税务义务，或确保期权合约不会过期。例如，Nvidia 首席执行官黄仁勋的卖出活动可能是基于税务原因。</p>
</div><p>The point is, there are quite a few reasons for executives and board members to sell shares in their respective companies, and it isn't always indicative of trouble.</p>
<div class="lb-trans"><p>关键是，高管和董事会成员出售自己公司股票的原因有很多，并不总是表明公司出现问题。</p>
</div><p><em>However</em>, there's only one reason insiders purchase shares of their own company's stock: They believe it'll increase in value.</p>
<div class="lb-trans"><p><em>然而</em>，内部人士购买自己公司股票的原因只有一个：他们相信股票会增值。</p>
</div><p>The last time an Nvidia insider bought shares of their own stock was when CFO Colette Kress's children each purchased 100 shares on Dec. 3, 2020. Meanwhile, Palantir has seen exactly one insider purchase in its entire tenure as a public company. On May 8, 2025, former chief accounting officer Heather Planishek bought 10,000 shares.</p>
<div class="lb-trans"><p>Nvidia 内部人士最后一次购买自己股票是在 2020 年 12 月 3 日，当时首席财务官 Colette Kress 的孩子们各自购买了 100 股。与此同时，Palantir 在其整个上市期间仅有一次内部人士购买。2025 年 5 月 8 日，前首席会计官 Heather Planishek 购买了 10,000 股。</p>
</div><p>In what's coming up on five years, there's been a grand total of two insider buys between Nvidia and Palantir, <em>combined</em>! In comparison, there's been more than $10.8 billion in net-selling activity.</p>
<div class="lb-trans"><p>在将近五年的时间里，Nvidia 和 Palantir 之间的内部买入总共只有两次，<em>合计</em>！相比之下，净卖出活动超过了 108 亿美元。</p>
</div><p>The message here is very clear: If company executives and board members aren't willing to purchase their own company's shares, why should investors?</p>
<div class="lb-trans"><p>这里的信息非常明确：如果公司高管和董事会成员都不愿意购买自己公司的股票，投资者又为什么要购买呢？</p>
</div><p>Palantir ended the previous week at a price-to-sales (P/S) ratio of roughly 114, effectively triple the level where other megacap stocks have historically topped out while on the leading edge of a next-big-thing trend. As for Nvidia, its P/S ratio is back above 27 on a trailing-12-month basis. Neither Palantir nor Nvidia are valued at levels that have been historically sustainable over extended periods -- and their respective insider buying <em>and</em> selling activity appears to reflect this.</p>
<div class="lb-trans"><p>Palantir 上周结束时的市销率（P/S）大约为 114，实际上是其他大型股历史上最高点的三倍，而这些股票通常处于下一个大趋势的前沿。至于 Nvidia，其市销率在过去 12 个月的基础上回升至 27 以上。无论是 Palantir 还是 Nvidia 的估值水平都不是历史上可持续的水平——而他们各自的内部买入 <em>和</em> 卖出活动似乎反映了这一点。</p>
</div><p>The question is: Are investors paying attention?</p>
<div class="lb-trans"><p>问题是：投资者在关注吗？</p>
</div>

Nvidia and Palantir Have Served Up a Nearly $11 Billion Warning to Wall Street -- but Are Investors Paying Attention?

- Nvidia 和 Palantir 在 AI 革命中扮演重要角色，市值大幅增长。  
- 两家公司高管在过去五年内净卖出超过 10.8 亿美元股票，显示出警示信号。  
- 投资者需关注高管的买卖行为，以评估未来投资风险。

英伟达和 Palantir Tech 向华尔街发出了近 110 亿美元的警告——投资者是否在关注这一警告？