<p>大约 30 年前，互联网的出现和普及开始积极改变美国企业的增长轨迹。互联网为企业提供了一种新的方式来向消费者营销他们的商品和服务，并将其覆盖范围扩展到传统的实体店之外。</p>
<p>三十年来，投资者一直在等待，有时显得不耐烦，期待下一个重大创新能够将企业增长推向新的高度。人工智能（AI）的演变似乎就是答案。</p>
<p>借助人工智能，软件和系统能够在没有人类监督的情况下做出瞬间决策。这项技术对全球多个行业来说都是潜在的游戏规则改变者，这可能就是为什么普华永道的分析师在《Sizing the Prize》中估计到 2030 年全球可寻址的人工智能机会高达 15.7 万亿美元。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>但尽管华尔街的人工智能巨头们蓬勃发展——我所指的包括 <strong>Nvidia</strong>(NVDA -0.16%)、<strong>Palantir Technologies</strong>(PLTR -1.12%)、<strong>Advanced Micro Devices</strong>(AMD -0.81%)、<strong>Meta Platforms</strong>(META -0.53%) 和 <strong>Microsoft</strong>(MSFT -0.85%)——他们共同向华尔街发出了超过 230 亿美元的警告。</p>
<h2>行业领先的人工智能股票已经成为三位数回报的常态</h2>
<p>在深入分析这个 “警告” 并展望未来之前，首先分析过去并理解这五家人工智能巨头如何奠定巨额收益的基础是很重要的。</p>
<p>在一边，Nvidia 和 AMD（通常称为超微）因其人工智能数据中心硬件而迅速上涨。Nvidia 的 Hopper（H100）和 Blackwell 图形处理单元（GPU）占据了企业在其高计算数据中心部署的人工智能 GPU 的相当大比例。没有外部竞争对手，包括 AMD，能够接近 Nvidia 硬件的计算能力，这推动了 Nvidia 的定价能力和毛利率的提升。</p>
<p>尽管 AMD 的 Instinct 系列人工智能加速芯片明显处于 Nvidia 的第二位，但它并没有在寻找买家方面遇到困难。由于强劲的需求和人工智能硬件的持续稀缺，AMD 最近将其高端 Instinct MI350 人工智能 GPU 的价格提高了 1 万美元，达到 2.5 万美元。</p>
<p>另外三家人工智能巨头则通过人工智能解决方案的实际应用留下了各自的印记。</p>
<p>Palantir 的两个核心软件即服务平台，Gotham 和 Foundry，均大量依赖人工智能和机器学习。Gotham 是联邦政府用于规划和监督军事任务的工具，同时收集大量数据。与此同时，Foundry 是一个面向希望理解数据以优化运营的企业的订阅驱动平台。</p>
<p>Meta Platforms 一直在其市场领先的社交媒体广告平台中整合人工智能解决方案。Meta 是 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger 的母公司，其应用程序家族在 6 月份的日均用户数达到了 34.8 亿。通过为企业提供生成性人工智能解决方案，他们可以更好地为用户量身定制信息，提高广告点击率。反过来，Meta 在其应用程序上的广告投放价格也随之提高。</p>
<p>至于 Microsoft，它为客户提供生成性人工智能解决方案，以及在 Azure 中构建和训练大型语言模型的工具。Azure 是全球第二大云基础设施服务平台，人工智能解决方案的整合使其年同比销售增长率重新加速至近 40%。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvbWFnbmlmaXlpbmctZ2xhc3MtZmluYW5jaWFsLW5ld3NwYXBlci1tYXJrZXQtZGF0YS1zdG9ja3MtZWNvbm9teS1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvbWFnbmlmaXlpbmctZ2xhc3MtZmluYW5jaWFsLW5ld3NwYXBlci1tYXJrZXQtZGF0YS1zdG9ja3MtZWNvbm9teS1nZXR0eS5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这 230 亿美元的警告不应被忽视</h2>
<p>表面上，这五家人工智能巨头似乎没有出现任何问题。但如果投资者深入挖掘，他们会发现至少有一个值得关注的原因。</p>
<p>投资者可以接触到的众多数据中包括内幕交易活动。每当高管、董事会成员或受益所有者（例如，持有公司 10% 或更多流通股的投资者）购买或出售其公司股票时，该人必须在交易后的两个工作日内向证券交易委员会（SEC）提交 4 号表格。</p>
<p>在过去五年（2020 年 8 月 15 日至 2025 年 8 月 15 日）中，这五家人工智能巨头向 SEC 提交的内幕交易活动讲述了一个相当有趣的故事：</p>
<ul>
<li><strong>Nvidia</strong>：内部人士净售出股票 47.3 亿美元。</li>
<li><strong>Palantir Technologies</strong>：净售出股票 74.4 亿美元。</li>
<li><strong>Advanced Micro Devices</strong>：净售出股票 7.58 亿美元。</li>
<li><strong>Meta Platforms</strong>：净售出股票 95.3 亿美元。</li>
<li><strong>Microsoft</strong>：净售出股票 8.94 亿美元。</li>
</ul>
<p>总的来说，这五家人工智能巨头的内部人士在五年内处置了价值 233.5 亿美元的股票（注意：Palantir 于 2020 年 9 月底上市）。</p>
<p>需要记住的是，这五家人工智能巨头（以及华尔街许多最大的上市公司）高管的薪酬往往在很大程度上依赖于普通股、期权和其他归属奖励。换句话说，工资和薪水往往只占这些公司高管薪酬的相对小部分。</p>
<p>当内部人士以期权或普通股的形式获得显著的补偿时，他们有时需要出售部分持股以覆盖联邦和/或州的税务责任。同样，期权的存在期限是有限的，必须在到期之前行使。这也可能导致股票出售。基于税务和期权的出售并不是投资者需要担忧的原因。</p>
<p>但这种出售活动并不全是良性的，缺乏买入活动就是一个证据。</p>
<p>尽管高管和董事出售股票的原因有很多，但他们买入股票的理由只有一个：他们相信自己的股票会增值。看到内部人士将自己的资金投入到各自公司的股票中，几乎没有比这更强烈的信心投票了。</p>
<p>以下是过去五年内高管和董事的总购买数量：</p>
<ul>
<li><strong>Nvidia</strong>：三次——其中两次是由一位董事在 2020 年 9 月进行的，一次是由首席财务官在 2020 年 12 月进行的。</li>
<li><strong>Palantir</strong>：一次，由前首席会计官在 2025 年 5 月进行。</li>
<li><strong>AMD</strong>：两次，由执行副总裁和首席商业官在 2025 年 2 月和 2025 年 5 月进行。</li>
<li><strong>Meta Platforms</strong>：没有内部人士买入。</li>
<li><strong>Microsoft</strong>：两次，由一位董事在 2021 年 3 月和 2022 年 1 月进行。</li>
</ul>
<p>这五家公司的高管和董事在过去五年内仅花费了 550 万美元，_总计_购买了自己公司的股票。</p>
<p>如果对自己公司了如指掌的高管和董事都不愿意购买自己的股票，投资者又为何要对股票上涨感到信心呢？我们在股票市场的人工智能巨头中所见到的压倒性内部人士出售行为，向华尔街发出了非常明确的警告。</p>

PLTR

微软

META

<p>英伟达、Palantir、AMD、Meta Platforms 和微软等领先的人工智能公司，由于内部人士的大规模股票出售，向华尔街发出了 230 亿美元的警告。尽管它们的增长令人瞩目，且人工智能的潜力巨大，但在过去五年中，内部人士净出售了 233.5 亿美元的股票。这一趋势引发了投资者的担忧，因为这可能表明高管们对这些公司未来表现缺乏信心，尽管它们在人工智能领域目前取得了成功</p>

<p>Roughly 30 years ago, the advent and proliferation of the internet began positively altering the growth arc for corporate America. The internet gave businesses a new way to market their goods and services to consumers and expanded their reach beyond traditional brick-and-mortar stores.</p>
<div class="lb-trans"><p>大约 30 年前，互联网的出现和普及开始积极改变美国企业的增长轨迹。互联网为企业提供了一种新的方式来向消费者营销他们的商品和服务，并将其覆盖范围扩展到传统的实体店之外。</p>
</div><p>For three decades, investors have been waiting, sometimes impatiently, for the next-big-thing innovation to propel corporate growth to new heights. The evolution of artificial intelligence (AI) looks to be the answer.</p>
<div class="lb-trans"><p>三十年来，投资者一直在等待，有时显得不耐烦，期待下一个重大创新能够将企业增长推向新的高度。人工智能（AI）的演变似乎就是答案。</p>
</div><p>With AI, software and systems are empowered to make split-second decisions without the oversight of humans. This technology is a potential game-changer for multiple industries around the globe, which is likely why PwC's analysts estimated the global addressable opportunity for AI at a whopping $15.7 trillion come 2030 in <em>Sizing the Prize</em>.</p>
<div class="lb-trans"><p>借助人工智能，软件和系统能够在没有人类监督的情况下做出瞬间决策。这项技术对全球多个行业来说都是潜在的游戏规则改变者，这可能就是为什么普华永道的分析师在《Sizing the Prize》中估计到 2030 年全球可寻址的人工智能机会高达 15.7 万亿美元。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvc2lsdmVyLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtdm9sdW1lLWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829932%2Fsilver-dice-buy-sell-stock-chart-volume-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><p>But while Wall Street's AI titans have thrived -- I'm talking about <strong>Nvidia</strong>(NVDA -0.16%), <strong>Palantir Technologies</strong>(PLTR -1.12%), <strong>Advanced Micro Devices</strong>(AMD -0.81%), <strong>Meta Platforms</strong>(META -0.53%), and <strong>Microsoft</strong>(MSFT -0.85%) -- they're all, collectively, offering up a greater than $23 billion warning to Wall Street.</p>
<div class="lb-trans"><p>但尽管华尔街的人工智能巨头们蓬勃发展——我所指的包括 <strong>Nvidia</strong>(NVDA -0.16%)、<strong>Palantir Technologies</strong>(PLTR -1.12%)、<strong>Advanced Micro Devices</strong>(AMD -0.81%)、<strong>Meta Platforms</strong>(META -0.53%) 和 <strong>Microsoft</strong>(MSFT -0.85%)——他们共同向华尔街发出了超过 230 亿美元的警告。</p>
</div><h2>Triple-digit returns have become the norm with industry-leading AI stocks</h2>
<div class="lb-trans"><h2>行业领先的人工智能股票已经成为三位数回报的常态</h2>
</div><p>Before digging into this &#34;warning&#34; and looking to the future, it's important to first analyze the past and understand how the foundation to mammoth gains was laid for these five artificial intelligence giants.</p>
<div class="lb-trans"><p>在深入分析这个 “警告” 并展望未来之前，首先分析过去并理解这五家人工智能巨头如何奠定巨额收益的基础是很重要的。</p>
</div><p>In one corner, Nvidia and AMD (as Advanced Micro Devices is more commonly known) have rocketed higher thanks to their AI-data center hardware. Nvidia's Hopper (H100) and Blackwell graphics processing units (GPUs) account for a sizable percentage of the AI-GPUs businesses have deployed in their high-compute data centers. No external competitors, including AMD, have come close to matching the compute capabilities of Nvidia's hardware, which has propelled Nvidia's pricing power and gross margin higher.</p>
<div class="lb-trans"><p>在一边，Nvidia 和 AMD（通常称为超微）因其人工智能数据中心硬件而迅速上涨。Nvidia 的 Hopper（H100）和 Blackwell 图形处理单元（GPU）占据了企业在其高计算数据中心部署的人工智能 GPU 的相当大比例。没有外部竞争对手，包括 AMD，能够接近 Nvidia 硬件的计算能力，这推动了 Nvidia 的定价能力和毛利率的提升。</p>
</div><p>Although AMD's Instinct series AI-accelerating chips are playing a very clear second fiddle to Nvidia, it's not struggling to find buyers for its hardware. AMD somewhat recently increased the price for its high-end Instinct MI350 AI-GPUs by a cool $10,000 to $25,000 because of strong demand and ongoing scarcity for AI hardware.</p>
<div class="lb-trans"><p>尽管 AMD 的 Instinct 系列人工智能加速芯片明显处于 Nvidia 的第二位，但它并没有在寻找买家方面遇到困难。由于强劲的需求和人工智能硬件的持续稀缺，AMD 最近将其高端 Instinct MI350 人工智能 GPU 的价格提高了 1 万美元，达到 2.5 万美元。</p>
</div><p>The other three AI titans have made their respective marks via the practical application of AI solutions.</p>
<div class="lb-trans"><p>另外三家人工智能巨头则通过人工智能解决方案的实际应用留下了各自的印记。</p>
</div><p>Both of Palantir's core software-as-a-service platforms, Gotham and Foundry, heavily lean on AI and machine learning. Gotham is the tool federal governments use to plan and oversee military missions, as well as collect copious amounts of data. Meanwhile, Foundry is a subscription-driven platform for businesses looking to make sense of their data in order to streamline their operations.</p>
<div class="lb-trans"><p>Palantir 的两个核心软件即服务平台，Gotham 和 Foundry，均大量依赖人工智能和机器学习。Gotham 是联邦政府用于规划和监督军事任务的工具，同时收集大量数据。与此同时，Foundry 是一个面向希望理解数据以优化运营的企业的订阅驱动平台。</p>
</div><p>Meta Platforms has been incorporating AI solutions into its market-leading social media advertising platforms. Meta is the parent of Facebook, WhatsApp, Instagram, Threads, and Facebook Messenger, and its family of apps collectively averaged 3.48 billion users per day in June. By giving businesses access to generative AI solutions, they can better tailor their messages for users and improve ad click-through rates. In turn, Meta is commanding a higher price for ad placement on its apps.</p>
<div class="lb-trans"><p>Meta Platforms 一直在其市场领先的社交媒体广告平台中整合人工智能解决方案。Meta 是 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger 的母公司，其应用程序家族在 6 月份的日均用户数达到了 34.8 亿。通过为企业提供生成性人工智能解决方案，他们可以更好地为用户量身定制信息，提高广告点击率。反过来，Meta 在其应用程序上的广告投放价格也随之提高。</p>
</div><p>As for Microsoft, it's giving clients access to generative AI solutions, as well as tools within Azure to build and train large language models. Azure is the world's second largest cloud infrastructure service platform, and the incorporation of AI solutions has reaccelerated its already stunning year-over-year sales growth rate to nearly 40%.</p>
<div class="lb-trans"><p>至于 Microsoft，它为客户提供生成性人工智能解决方案，以及在 Azure 中构建和训练大型语言模型的工具。Azure 是全球第二大云基础设施服务平台，人工智能解决方案的整合使其年同比销售增长率重新加速至近 40%。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84Mjk5MzIvbWFnbmlmaXlpbmctZ2xhc3MtZmluYW5jaWFsLW5ld3NwYXBlci1tYXJrZXQtZGF0YS1zdG9ja3MtZWNvbm9teS1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F829932%2Fmagnifiying-glass-financial-newspaper-market-data-stocks-economy-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>This more than $23 billion warning to Wall Street shouldn't be ignored</h2>
<div class="lb-trans"><h2>这 230 亿美元的警告不应被忽视</h2>
</div><p>On the surface, little if anything has gone wrong for these five AI juggernauts. But if investors dig deeper, they'll find at least one reason to be concerned.</p>
<div class="lb-trans"><p>表面上，这五家人工智能巨头似乎没有出现任何问题。但如果投资者深入挖掘，他们会发现至少有一个值得关注的原因。</p>
</div><p>Among the laundry list of data investors are privy to is insider trading activity. Every time a high-ranking executive, board member, or beneficial owner (e.g., an investor who owns 10% or more of a company's outstanding shares) purchases or sells stock in their company, that person is required to file Form 4 with the Securities and Exchange Commission (SEC) within two business days of the transaction.</p>
<div class="lb-trans"><p>投资者可以接触到的众多数据中包括内幕交易活动。每当高管、董事会成员或受益所有者（例如，持有公司 10% 或更多流通股的投资者）购买或出售其公司股票时，该人必须在交易后的两个工作日内向证券交易委员会（SEC）提交 4 号表格。</p>
</div><p>The insider trading activity filed with the SEC for these five AI titans over the trailing-five-year period (Aug. 15, 2020 – Aug. 15, 2025) tells quite the tale:</p>
<div class="lb-trans"><p>在过去五年（2020 年 8 月 15 日至 2025 年 8 月 15 日）中，这五家人工智能巨头向 SEC 提交的内幕交易活动讲述了一个相当有趣的故事：</p>
</div><ul>
<li><strong>Nvidia</strong>: $4.73 billion in net stock sold by insiders.</li>
<li><strong>Palantir Technologies</strong>: $7.44 billion in net stock sales.</li>
<li><strong>Advanced Micro Devices</strong>: $758 million in net stock sales.</li>
<li><strong>Meta Platforms</strong>: $9.53 billion in net stock sales.</li>
<li><strong>Microsoft</strong>: $894 million in net stock sales.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Nvidia</strong>：内部人士净售出股票 47.3 亿美元。</li>
<li><strong>Palantir Technologies</strong>：净售出股票 74.4 亿美元。</li>
<li><strong>Advanced Micro Devices</strong>：净售出股票 7.58 亿美元。</li>
<li><strong>Meta Platforms</strong>：净售出股票 95.3 亿美元。</li>
<li><strong>Microsoft</strong>：净售出股票 8.94 亿美元。</li>
</ul>
</div><p>Cumulatively, insiders of these five AI titans have disposed of a net of $23.35 billion worth of their respective stock over a five-year period (Note: Palantir went public in late September 2020).</p>
<div class="lb-trans"><p>总的来说，这五家人工智能巨头的内部人士在五年内处置了价值 233.5 亿美元的股票（注意：Palantir 于 2020 年 9 月底上市）。</p>
</div><p>Something to keep in mind about these five AI juggernauts (and many of Wall Street's largest public companies, for that matter) is that executive compensation is often heavily weighted toward common stock, options, and other vesting awards. In other words, wages and salaries tend to make up a relatively small percentage of the compensation the executives at these companies receive.</p>
<div class="lb-trans"><p>需要记住的是，这五家人工智能巨头（以及华尔街许多最大的上市公司）高管的薪酬往往在很大程度上依赖于普通股、期权和其他归属奖励。换句话说，工资和薪水往往只占这些公司高管薪酬的相对小部分。</p>
</div><p>When insiders receive significant compensation in the form of options or common stock, they sometimes need to sell a portion of their holding to cover their federal and/or state tax liability. Likewise, options have a finite period of existence, and they need to be exercised before they expire. This can also lead to stock sales. Tax and options-based selling aren't reasons for investors to be concerned.</p>
<div class="lb-trans"><p>当内部人士以期权或普通股的形式获得显著的补偿时，他们有时需要出售部分持股以覆盖联邦和/或州的税务责任。同样，期权的存在期限是有限的，必须在到期之前行使。这也可能导致股票出售。基于税务和期权的出售并不是投资者需要担忧的原因。</p>
</div><p>But this selling activity may not all be benign, as evidenced by the lack of buying activity.</p>
<div class="lb-trans"><p>但这种出售活动并不全是良性的，缺乏买入活动就是一个证据。</p>
</div><p>Though there are numerous reasons for executives and board directors to sell stock, there's just one reason for them to be buyers: they believe their stock will increase in value. There's arguably no greater vote of confidence than seeing insiders put their own money to work in their respective company's stock.</p>
<div class="lb-trans"><p>尽管高管和董事出售股票的原因有很多，但他们买入股票的理由只有一个：他们相信自己的股票会增值。看到内部人士将自己的资金投入到各自公司的股票中，几乎没有比这更强烈的信心投票了。</p>
</div><p>Here are the total number of purchases made by executives and directors over the trailing-five-year period:</p>
<div class="lb-trans"><p>以下是过去五年内高管和董事的总购买数量：</p>
</div><ul>
<li><strong>Nvidia</strong>: three -- two by a director in September 2020, and one by the chief financial officer in December 2020.</li>
<li><strong>Palantir</strong>: one, by the former chief accounting officer in May 2025.</li>
<li><strong>AMD</strong>: two, by the executive vice president and chief commercial officer in February 2025 and May 2025.</li>
<li><strong>Meta Platforms</strong>: no insider buys.</li>
<li><strong>Microsoft</strong>: two, by a director in March 2021 and January 2022.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Nvidia</strong>：三次——其中两次是由一位董事在 2020 年 9 月进行的，一次是由首席财务官在 2020 年 12 月进行的。</li>
<li><strong>Palantir</strong>：一次，由前首席会计官在 2025 年 5 月进行。</li>
<li><strong>AMD</strong>：两次，由执行副总裁和首席商业官在 2025 年 2 月和 2025 年 5 月进行。</li>
<li><strong>Meta Platforms</strong>：没有内部人士买入。</li>
<li><strong>Microsoft</strong>：两次，由一位董事在 2021 年 3 月和 2022 年 1 月进行。</li>
</ul>
</div><p>Executives and directors of these five companies have spent just $5.51 million, <em>combined</em>, purchasing their own company's stock over the trailing-five-year period.</p>
<div class="lb-trans"><p>这五家公司的高管和董事在过去五年内仅花费了 550 万美元，_总计_购买了自己公司的股票。</p>
</div><p>If the executives and directors who know their company inside and out aren't willing to purchase their own stock, why should investors feel confident that shares are going to head higher? The overwhelming insider selling we've witnessed from the stock market's AI titans serves as a very clear warning to Wall Street.</p>
<div class="lb-trans"><p>如果对自己公司了如指掌的高管和董事都不愿意购买自己的股票，投资者又为何要对股票上涨感到信心呢？我们在股票市场的人工智能巨头中所见到的压倒性内部人士出售行为，向华尔街发出了非常明确的警告。</p>
</div>

Nvidia, Palantir, AMD, Meta Platforms, and Microsoft -- the Stock Market's Artificial Intelligence (AI) Titans -- Have a $23 Billion Warning for Wall Street

- 人工智能被视为推动企业增长的新动力，全球市场机会预计达 15.7 万亿美元。  
- 五大 AI 巨头的高管在过去五年内净售出 233.5 亿美元股票，显示出潜在风险。  
- 高管买入活动稀少，反映出对公司未来表现的信心不足。  

英伟达、Palantir Tech、AMD、Meta Platforms 和微软——股市中的人工智能（AI）巨头——向华尔街发出了 230 亿美元的警告