<p>如果从五年的历史来看，投资于 <strong>Palantir Technologies</strong>(PLTR -0.59%) 或 <strong>Alibaba Group Holding</strong>(BABA 1.81%) 的选择没有任何争议。自 2020 年首次公开募股以来，Palantir 的股价飙升了惊人的 1560%。而在同一时期，阿里巴巴的股价几乎下跌了 60%。</p>
<p>但过去并不总是未来的良好预测，投资者必须问：未来哪个是更好的人工智能（AI）股票？以下是 Palantir 和阿里巴巴的对比。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4ODgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4ODgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>财务状况</h2>
<p>这两只 AI 股票在至少一个关键财务指标上非常接近。Palantir 的股本回报率为 12.36%，而阿里巴巴为 11.44%。然而，这可能是两家公司在财务方面唯一的相似之处。</p>
<p>阿里巴巴的收入远远超过 Palantir。在过去的 12 个月中，这家中国科技巨头的收入超过 9960 亿美元，盈利约 1295 亿美元。与此同时，Palantir 的收入为 31.2 亿美元，盈利近 5.71 亿美元。然而，Palantir 的利润率更高——18.3% 对比阿里巴巴的 13.1%。</p>
<p>在资产负债表方面，阿里巴巴的现金储备为 4280 亿美元，远大于 Palantir 的 54 亿美元。另一方面，阿里巴巴的债务也更多——2480 亿美元，而 Palantir 仅为 244.6 百万美元。因此，Palantir 的债务与股本比率为 4.4%，比阿里巴巴的约 22.8% 更具吸引力。</p>
<h2>增长</h2>
<p>阿里巴巴在截至 3 月 31 日的最新报告季度中实现了稳健的增长。收入同比增长 7%，接近 326 亿美元。调整后的盈利同比增长 22%，达到 41 亿美元。然而，这些数字与 Palantir 的增长相比显得微不足道。</p>
<p>Palantir 的收入在 2025 年第一季度同比飙升 39%，达到 8.839 亿美元。该 AI 软件公司的基于公认会计原则（GAAP）的盈利超过翻倍，达到 2.177 亿美元。其非 GAAP 盈利几乎增长了 70%，达到 3.344 亿美元。</p>
<p>这种增长差异会持续吗？可能会，尽管可能会有所缩小。阿里巴巴的 AI 相关产品收入已经连续七个季度实现了三位数的增长。该公司的 AI 和云业务具有良好的长期增长前景。</p>
<p>然而，Palantir 继续在政府和私营部门赢得新合同。首席执行官 Alex Karp 在今年早些时候给股东的信中写道：“对大型语言模型的热潮，以及能够使其对大型组织有价值的基础软件架构，已经变成了一场狂潮。”</p>
<h2>估值</h2>
<p>这两只 AI 股票的估值差异如同昼夜。Palantir 的股票以令人瞩目的溢价交易，前瞻市盈率接近 278。而阿里巴巴的前瞻市盈率仅为 14，相比之下显得非常便宜。</p>
<p>当然，投资者应该能从 Palantir 获得比阿里巴巴更多的增长。这种额外的增长是否足以证明估值的巨大差异？根据金融数据和基础设施提供商 <strong>LSEG</strong> 的分析师调查结果来看，并不是。Palantir 的市盈率与增长比率（PEG）为 4.9，而阿里巴巴的 PEG 比率仅为 1.09。</p>
<p>现实是，无论我们使用哪种估值指标，阿里巴巴看起来都更具吸引力。其市销率为 2.08，而 Palantir 为 126.9。阿里巴巴的企业价值与息税折旧摊销前利润（EBITDA）比率为 9.02，而 Palantir 为 848.9。</p>
<h2>更好的 AI 股票？</h2>
<p>Wedbush 分析师 Dan Ives 认为，Palantir 的市值将在未来两到三年内达到 1 万亿美元。该公司的市值目前约为 3700 亿美元。如果 Ives 是对的，那么 Palantir 无疑是比阿里巴巴更好的 AI 股票。</p>
<p>不过，我的担忧是，尽管 Palantir 当前的增长令人印象深刻，但仍不足以证明其股票的溢价估值。也许公司的增长会迅速加速，消除我的疑虑，但目前还没有发生。</p>
<p>与此同时，阿里巴巴在中国云服务市场占据主导地位。它是该国电子商务市场的重要参与者。该公司计划推出 AI 眼镜，以与 <strong>Meta</strong> 和其他竞争对手竞争。而且它的股票非常划算。根据目前的事实，我认为阿里巴巴是比 Palantir 更好的 AI 股票。</p>

PLTR

阿里巴巴

阿里巴巴-W

<p>对 Palantir Technologies（PLTR）和阿里巴巴集团（BABA）的比较显示，它们在股票表现和财务指标上存在显著差异。自 2020 年上市以来，Palantir 的股票上涨了 1560%，而阿里巴巴的股票则下跌了近 60%。Palantir 显示出更高的增长率和利润率，但阿里巴巴在收入和现金储备方面领先。分析师建议，尽管 Palantir 具有未来增长的潜力，但根据各种估值指标，阿里巴巴提供了更好的价值。总体而言，分析结果倾向于将阿里巴巴视为更具吸引力的人工智能股票投资</p>

<p>If a five-year look at history is any guide, there's no contest in deciding between investing in <strong>Palantir Technologies</strong>(PLTR -0.59%) or <strong>Alibaba Group Holding</strong>(BABA 1.81%). Palantir's share price has skyrocketed a staggering 1,560% since its initial public offering in 2020. Alibaba's shares have plunged almost 60% during the same period.</p>
<div class="lb-trans"><p>如果从五年的历史来看，投资于 <strong>Palantir Technologies</strong>(PLTR -0.59%) 或 <strong>Alibaba Group Holding</strong>(BABA 1.81%) 的选择没有任何争议。自 2020 年首次公开募股以来，Palantir 的股价飙升了惊人的 1560%。而在同一时期，阿里巴巴的股价几乎下跌了 60%。</p>
</div><p>But the past isn't always a great predictor of the future, and investor have to ask: Which is the better artificial intelligence (AI) stock going forward? Here's how Palantir and Alibaba stack up against each other.</p>
<div class="lb-trans"><p>但过去并不总是未来的良好预测，投资者必须问：未来哪个是更好的人工智能（AI）股票？以下是 Palantir 和阿里巴巴的对比。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjY4ODgvYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW52ZXN0aW5nLWFsZ29yaXRobXMuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F826888%2Fartificial-intelligence-investing-algorithms.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>Financials</h2>
<div class="lb-trans"><h2>财务状况</h2>
</div><p>These two AI stocks match up quite closely on at least one key financial metric. Palantir's return on equity is 12.36% compared to 11.44% for Alibaba. However, that's perhaps the only similarity between the two companies when it comes to financials.</p>
<div class="lb-trans"><p>这两只 AI 股票在至少一个关键财务指标上非常接近。Palantir 的股本回报率为 12.36%，而阿里巴巴为 11.44%。然而，这可能是两家公司在财务方面唯一的相似之处。</p>
</div><p>Alibaba rakes in a lot more money than Palantir does. Over the last 12 months, the Chinese technology giant generated revenue of more than $996 billion with earnings of roughly $129.5 billion. Meanwhile, Palantir's revenue was $3.12 billion with earnings of nearly $571 million. However, Palantir has a higher profit margin -- 18.3% versus Alibaba's 13.1%.</p>
<div class="lb-trans"><p>阿里巴巴的收入远远超过 Palantir。在过去的 12 个月中，这家中国科技巨头的收入超过 9960 亿美元，盈利约 1295 亿美元。与此同时，Palantir 的收入为 31.2 亿美元，盈利近 5.71 亿美元。然而，Palantir 的利润率更高——18.3% 对比阿里巴巴的 13.1%。</p>
</div><p>Turning to the balance sheets, Alibaba's cash position of $428 billion is much larger than Palantir's $5.4 billion. On the other hand, Alibaba also has a lot more debt -- $248 billion compared to only $244.6 million for Palantir. As a result, Palantir's debt-to-equity ratio of 4.4% is more attractive than Alibaba's ratio of around 22.8%.</p>
<div class="lb-trans"><p>在资产负债表方面，阿里巴巴的现金储备为 4280 亿美元，远大于 Palantir 的 54 亿美元。另一方面，阿里巴巴的债务也更多——2480 亿美元，而 Palantir 仅为 244.6 百万美元。因此，Palantir 的债务与股本比率为 4.4%，比阿里巴巴的约 22.8% 更具吸引力。</p>
</div><h2>Growth</h2>
<div class="lb-trans"><h2>增长</h2>
</div><p>Alibaba delivered solid growth in its latest reported quarter ending on March 31. Revenue increased by 7% year over year to nearly $32.6 billion. Adjusted earnings jumped 22% year over year to $4.1 billion. However, those numbers pale in comparison to Palantir's growth.</p>
<div class="lb-trans"><p>阿里巴巴在截至 3 月 31 日的最新报告季度中实现了稳健的增长。收入同比增长 7%，接近 326 亿美元。调整后的盈利同比增长 22%，达到 41 亿美元。然而，这些数字与 Palantir 的增长相比显得微不足道。</p>
</div><p>Palantir's revenue soared 39% higher year over year in the first quarter of 2025 to $883.9 million. The AI software company's earnings based on generally accepted accounting principles (GAAP) more than doubled to $217.7 million. Its non-GAAP earnings vaulted nearly 70% higher to $334.4 million.</p>
<div class="lb-trans"><p>Palantir 的收入在 2025 年第一季度同比飙升 39%，达到 8.839 亿美元。该 AI 软件公司的基于公认会计原则（GAAP）的盈利超过翻倍，达到 2.177 亿美元。其非 GAAP 盈利几乎增长了 70%，达到 3.344 亿美元。</p>
</div><p>Will this disparity in growth continue? Probably, although it could narrow somewhat. Alibaba's AI-related product revenue has achieved triple-digit growth for seven consecutive quarters. The company's AI and cloud businesses have great long-term growth prospects.</p>
<div class="lb-trans"><p>这种增长差异会持续吗？可能会，尽管可能会有所缩小。阿里巴巴的 AI 相关产品收入已经连续七个季度实现了三位数的增长。该公司的 AI 和云业务具有良好的长期增长前景。</p>
</div><p>However, Palantir continues to win new contracts in the government and private sectors. CEO Alex Karp wrote to shareholders earlier this year, &#34;The rush toward large language models, as well as the foundational software architecture that is capable of making them valuable to large organizations, has turned into a stampede.&#34;</p>
<div class="lb-trans"><p>然而，Palantir 继续在政府和私营部门赢得新合同。首席执行官 Alex Karp 在今年早些时候给股东的信中写道：“对大型语言模型的热潮，以及能够使其对大型组织有价值的基础软件架构，已经变成了一场狂潮。”</p>
</div><h2>Valuation</h2>
<div class="lb-trans"><h2>估值</h2>
</div><p>These two AI stocks' valuations are as different as night and day. Palantir's shares trade at a jaw-dropping premium, with a forward price-to-earnings ratio of nearly 278. Alibaba's forward earnings multiple of 14 seems dirt cheap by comparison.</p>
<div class="lb-trans"><p>这两只 AI 股票的估值差异如同昼夜。Palantir 的股票以令人瞩目的溢价交易，前瞻市盈率接近 278。而阿里巴巴的前瞻市盈率仅为 14，相比之下显得非常便宜。</p>
</div><p>Of course, investors should receive a lot more growth with Palantir than with Alibaba. Does this additional growth justify the stark differences in valuations? Not according to analysts surveyed by financial data and infrastructure provider <strong>LSEG</strong>. Palantir's price-to-earnings-to-growth (PEG) ratio, based on analysts' five-year earnings growth projections, is 4.9. Alibaba's PEG ratio is only 1.09.</p>
<div class="lb-trans"><p>当然，投资者应该能从 Palantir 获得比阿里巴巴更多的增长。这种额外的增长是否足以证明估值的巨大差异？根据金融数据和基础设施提供商 <strong>LSEG</strong> 的分析师调查结果来看，并不是。Palantir 的市盈率与增长比率（PEG）为 4.9，而阿里巴巴的 PEG 比率仅为 1.09。</p>
</div><p>The reality is that Alibaba looks more attractive regardless of which valuation metric we use. Its price-to-sales ratio is 2.08 versus 126.9 for Palantir. Alibaba's enterprise-value-to-EBITDA is 9.02, compared to 848.9 for Palantir.</p>
<div class="lb-trans"><p>现实是，无论我们使用哪种估值指标，阿里巴巴看起来都更具吸引力。其市销率为 2.08，而 Palantir 为 126.9。阿里巴巴的企业价值与息税折旧摊销前利润（EBITDA）比率为 9.02，而 Palantir 为 848.9。</p>
</div><h2>Better AI stock?</h2>
<div class="lb-trans"><h2>更好的 AI 股票？</h2>
</div><p>Wedbush analyst Dan Ives believes that Palantir's market cap will hit $1 trillion within the next two to three years. The company's market cap hovers around $370 billion today. If Ives is right, Palantir is easily a better AI stock to buy than Alibaba.</p>
<div class="lb-trans"><p>Wedbush 分析师 Dan Ives 认为，Palantir 的市值将在未来两到三年内达到 1 万亿美元。该公司的市值目前约为 3700 亿美元。如果 Ives 是对的，那么 Palantir 无疑是比阿里巴巴更好的 AI 股票。</p>
</div><p>My concern, though, is that Palantir's current growth -- as impressive as it might be -- simply isn't enough to justify the stock's premium valuation. Perhaps the company's growth will accelerate rapidly and dispel my doubts, but that hasn't happened yet.</p>
<div class="lb-trans"><p>不过，我的担忧是，尽管 Palantir 当前的增长令人印象深刻，但仍不足以证明其股票的溢价估值。也许公司的增长会迅速加速，消除我的疑虑，但目前还没有发生。</p>
</div><p>Meanwhile, Alibaba dominates the Chinese cloud services market. It's a major player in the country's e-commerce market. The company plans to launch AI glasses to compete against <strong>Meta</strong> and other rivals. And its stock is a bargain. Based on the facts as they stand right now, I think Alibaba is a better AI stock to buy than Palantir.</p>
<div class="lb-trans"><p>与此同时，阿里巴巴在中国云服务市场占据主导地位。它是该国电子商务市场的重要参与者。该公司计划推出 AI 眼镜，以与 <strong>Meta</strong> 和其他竞争对手竞争。而且它的股票非常划算。根据目前的事实，我认为阿里巴巴是比 Palantir 更好的 AI 股票。</p>
</div>

Better Artificial Intelligence Stock: Palantir (PLTR) vs. Alibaba (BABA)

- Palantir 股价自 2020 年 IPO 以来上涨 1,560%，而阿里巴巴下跌近 60%。  
- Palantir 收入为 3.12 亿美元，阿里巴巴超过 996 亿美元，利润率 Palantir 较高。  
- 分析师认为阿里巴巴在估值上更具吸引力，且在中国市场占据主导地位。  

哪只人工智能股票更好：Palantir (PLTR) 与 阿里巴巴 (BABA)

哪只人工智能股票更好：Palantir (PLTR) 与阿里巴巴 (BABA)