<p><strong>Palantir</strong>（PLTR 1.60%）在 2025 年取得了辉煌的成绩，至今股价翻了一番。然而，最近几天它经历了一些波动，股价从高峰下跌了近 15%。尽管如此，今年上半年的表现依然强劲，即使下跌近 15%，年初至今的涨幅仍超过一倍。这相当令人印象深刻。一些投资者可能会认为，本月的下滑为他们提供了以更合理的价格投资 2025 年最成功的股票之一的机会。</p>
<p>那么，你应该在下跌时购买 Palantir 的股票吗？还是这里有其他情况？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNTMvcGljdHVyZS1vZi1hLXN0b2NrLXByaWNlLWNoYXJ0LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNTMvcGljdHVyZS1vZi1hLXN0b2NrLXByaWNlLWNoYXJ0LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Palantir 的客户基础正在快速扩展</h2>
<p>Palantir 提供基于人工智能（AI）的数据分析解决方案——复杂的软件工具，正在被全球的政府和企业使用。基本上，它们会接收客户的所有数据流，利用 AI 进行处理，并为用户提供最佳行动方案的洞察。Palantir 还通过其人工智能平台（AIP）产品提供 AI 代理的自动化服务。</p>
<p>最初，Palantir 将其软件营销给政府实体，并取得了巨大的成功。最终，它扩展到了商业领域，在那里也看到了强劲的采用率。特别是在美国，Palantir 在商业用例方面正经历巨大的增长。在第二季度，其美国商业客户数量同比增长 64%，达到 485 家，美国商业收入增长 93%，达到 3.06 亿美元。相比之下，其国际商业收入并没有那么强劲。</p>
<p>这表明了几件事。首先，Palantir 有很大的扩展空间。仅有的 485 个客户在其潜在目标市场中并不算大。还有很多增长的可能性。其次，Palantir 的服务相对昂贵。当第二季度的收入年化时，表明这 485 个客户每年平均花费 250 万美元。这限制了该平台的受众群体为大型企业。因此，尽管 Palantir 可能有很大的增长空间，但现实是并不是每个企业都是 Palantir 的潜在目标。不过，仍然有大量企业可能最终成为其客户。</p>
<p>尽管 Palantir 的政府业务已经成熟，但表现非常出色。在第二季度，政府收入同比增长 49%，达到 5.53 亿美元。这超过了 Palantir 的全球商业业务，后者增长了 47%，达到 4.51 亿美元。因此，尽管大多数观察者可能认为 AI 的建设以商业为中心，但现实是全球各国政府也在扩展其 AI 能力。</p>
<p>Palantir 有很多优势，最近也是市场上增长最快的股票之一。如果这就是你所掌握的全部信息，你可能会认为在下跌时购买 Palantir 的股票是明智的。然而，还有一个重要因素投资者需要考虑：其估值。</p>
<h2>Palantir 的股票定价较高</h2>
<p>即使是最好的公司在错误的价格下购买也可能变成糟糕的投资。对我来说，Palantir 就属于这一类，因为它的前瞻性市盈率高达 241 倍，市销率为 115 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/92f7cb4aec2ecde713a881913c58b432.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/92f7cb4aec2ecde713a881913c58b432.png"/></p>
<p>PLTR 前瞻性市盈率数据来源于 YCharts。</p>
<p>很少有公司交易超过 50 倍的预期前瞻性市盈率，而软件公司交易超过 30 倍的市销率更是罕见。然而，Palantir 远未达到这些合理的基准。</p>
<p>这告诉我，Palantir 的当前股价中已经包含了多年的预期增长。即使 Palantir 在未来三年以 50% 的复合年增长率增长，其市销率在今天的股价下也将达到 32 倍。对于 Palantir 来说，持续提供如此高水平的增长将是一个艰巨的任务，即使它做到了，股票仍然会显得昂贵。</p>
<p>因此，我不建议在这次下跌中购买 Palantir 的股票。在它开始看起来有吸引力之前，还有很长的路要走，而与此同时，还有更好的 AI 投资机会可供选择。</p>

PLTR

<p>Palantir 的股票在 2025 年翻了一番，但最近从高点下跌了近 15%。该公司在美国商业部门经历了显著增长，客户数量增加了 64%，收入增长了 93%。然而，其股票的估值非常高，前瞻市盈率为 241 倍，市销率为 115 倍，这表明尽管有增长潜力，但可能被高估。投资者被警告不要在下跌时买入，因为可能存在更好的人工智能投资机会</p>

<p><strong>Palantir</strong>(PLTR 1.60%) has had a banner year, with its shares doubling so far in 2025. However, it has had a rough few days recently, and its stock is now down by nearly 15% from its peak. Still, the first part of the year was so strong that it can fall by nearly 15% and still have more than doubled year to date. That's quite impressive. And some investors may be thinking this month's slide offers them a chance to get in on one of 2025's most successful stocks at a more reasonable price.</p>
<div class="lb-trans"><p><strong>Palantir</strong>（PLTR 1.60%）在 2025 年取得了辉煌的成绩，至今股价翻了一番。然而，最近几天它经历了一些波动，股价从高峰下跌了近 15%。尽管如此，今年上半年的表现依然强劲，即使下跌近 15%，年初至今的涨幅仍超过一倍。这相当令人印象深刻。一些投资者可能会认为，本月的下滑为他们提供了以更合理的价格投资 2025 年最成功的股票之一的机会。</p>
</div><p>So, should you buy Palantir's stock on the dip? Or is there something else going on here?</p>
<div class="lb-trans"><p>那么，你应该在下跌时购买 Palantir 的股票吗？还是这里有其他情况？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgzNTMvcGljdHVyZS1vZi1hLXN0b2NrLXByaWNlLWNoYXJ0LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828353%2Fpicture-of-a-stock-price-chart.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>Palantir's customer base is rapidly expanding</h2>
<div class="lb-trans"><h2>Palantir 的客户基础正在快速扩展</h2>
</div><p>Palantir provides artificial intelligence (AI)-driven data analytics solutions -- complex software tools that are being employed by governments and businesses worldwide. Essentially, they take in all of a client's data streams, process them using AI, and provide users with insights about their best possible courses of action. Palantir also provides AI automation with AI agents through its Artificial Intelligence Platform (AIP) product.</p>
<div class="lb-trans"><p>Palantir 提供基于人工智能（AI）的数据分析解决方案——复杂的软件工具，正在被全球的政府和企业使用。基本上，它们会接收客户的所有数据流，利用 AI 进行处理，并为用户提供最佳行动方案的洞察。Palantir 还通过其人工智能平台（AIP）产品提供 AI 代理的自动化服务。</p>
</div><p>Initially, Palantir marketed its software to government entities, where it found great success. Eventually, it expanded into the commercial sphere, where it's also seeing strong adoption. Particularly in the U.S., Palantir is seeing massive growth in commercial use cases. In Q2, its U.S. commercial customer count rose 64% year over year to 485, and U.S. commercial revenue rose 93% to $306 million. Comparatively, its international commercial revenue hasn't been all that strong.</p>
<div class="lb-trans"><p>最初，Palantir 将其软件营销给政府实体，并取得了巨大的成功。最终，它扩展到了商业领域，在那里也看到了强劲的采用率。特别是在美国，Palantir 在商业用例方面正经历巨大的增长。在第二季度，其美国商业客户数量同比增长 64%，达到 485 家，美国商业收入增长 93%，达到 3.06 亿美元。相比之下，其国际商业收入并没有那么强劲。</p>
</div><p>This indicates a few things. First, Palantir has a ton of room to expand. Its base of just 485 clients isn't that large compared to its potential target market. Plenty more growth is possible. Second, Palantir's services are fairly expensive. When Q2's revenue is annualized, it indicates that those 485 customers spend an average of $2.5 million apiece annually. That limits the platform's audience to larger businesses. So, while Palantir may have a ton of room to grow, the reality is that not every business is a likely target for Palantir. Still, there are a massive number of businesses that could eventually become its clients.</p>
<div class="lb-trans"><p>这表明了几件事。首先，Palantir 有很大的扩展空间。仅有的 485 个客户在其潜在目标市场中并不算大。还有很多增长的可能性。其次，Palantir 的服务相对昂贵。当第二季度的收入年化时，表明这 485 个客户每年平均花费 250 万美元。这限制了该平台的受众群体为大型企业。因此，尽管 Palantir 可能有很大的增长空间，但现实是并不是每个企业都是 Palantir 的潜在目标。不过，仍然有大量企业可能最终成为其客户。</p>
</div><p>Even though Palantir's government business is mature, it's doing phenomenally well. In Q2, government revenue rose 49% year over year to $553 million. That outpaced Palantir's global commercial business, which increased at a 47% clip to $451 million. So even though most onlookers may think the AI buildout is commercial-centric, the reality is that governments worldwide are also expanding their AI capabilities.</p>
<div class="lb-trans"><p>尽管 Palantir 的政府业务已经成熟，但表现非常出色。在第二季度，政府收入同比增长 49%，达到 5.53 亿美元。这超过了 Palantir 的全球商业业务，后者增长了 47%，达到 4.51 亿美元。因此，尽管大多数观察者可能认为 AI 的建设以商业为中心，但现实是全球各国政府也在扩展其 AI 能力。</p>
</div><p>Palantir has a lot going for it, and it has lately been one of the fastest-growing stocks on the market. If that was all the information you had to go by, you might think it would be smart to buy Palantir's stock on the dip. However, there is one more important factor investors need to consider: its valuation.</p>
<div class="lb-trans"><p>Palantir 有很多优势，最近也是市场上增长最快的股票之一。如果这就是你所掌握的全部信息，你可能会认为在下跌时购买 Palantir 的股票是明智的。然而，还有一个重要因素投资者需要考虑：其估值。</p>
</div><h2>Palantir's stock is priced at a premium</h2>
<div class="lb-trans"><h2>Palantir 的股票定价较高</h2>
</div><p>Even the best companies bought at the wrong prices can turn out to be lousy investments. Palantir falls into this category for me, as it trades at a lofty 241 times forward earnings and 115 times sales.</p>
<div class="lb-trans"><p>即使是最好的公司在错误的价格下购买也可能变成糟糕的投资。对我来说，Palantir 就属于这一类，因为它的前瞻性市盈率高达 241 倍，市销率为 115 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/92f7cb4aec2ecde713a881913c58b432.png" alt="" original-src="https://media.ycharts.com/charts/92f7cb4aec2ecde713a881913c58b432.png"/></p>
<p>PLTR PE Ratio (Forward) data by YCharts.</p>
<div class="lb-trans"><p>PLTR 前瞻性市盈率数据来源于 YCharts。</p>
</div><p>It's rare to see any company trade for more than 50 times expected forward earnings, and even rarer for a software company to trade above 30 times sales. Yet Palantir is nowhere near these reasonable benchmarks.</p>
<div class="lb-trans"><p>很少有公司交易超过 50 倍的预期前瞻性市盈率，而软件公司交易超过 30 倍的市销率更是罕见。然而，Palantir 远未达到这些合理的基准。</p>
</div><p>This tells me that Palantir has years of anticipated growth baked into its current stock price. Even if Palantir grew its revenue over the next three years at a 50% compound annual rate, its P/S ratio would be 32 at today's stock price. It would be a tall order for Palantir to deliver that level of growth for that long, and even if it did, the stock would still be expensive.</p>
<div class="lb-trans"><p>这告诉我，Palantir 的当前股价中已经包含了多年的预期增长。即使 Palantir 在未来三年以 50% 的复合年增长率增长，其市销率在今天的股价下也将达到 32 倍。对于 Palantir 来说，持续提供如此高水平的增长将是一个艰巨的任务，即使它做到了，股票仍然会显得昂贵。</p>
</div><p>As a result, I don't recommend buying Palantir stock on this dip. It still has a long way down to go before it would start to look attractively priced, and in the meantime, there are far better AI investing opportunities available.</p>
<div class="lb-trans"><p>因此，我不建议在这次下跌中购买 Palantir 的股票。在它开始看起来有吸引力之前，还有很长的路要走，而与此同时，还有更好的 AI 投资机会可供选择。</p>
</div>

This Artificial Intelligence (AI) Stock Has Doubled in 2025 -- Can It Keep Climbing?

- Palantir 股价在 2025 年翻倍，但近期下跌近 15%。
- Q2 美国商业客户增长 64%，政府收入增长 49%。
- 但其估值过高，前瞻市盈率达 241 倍，不建议在下跌时买入。

这只人工智能（AI）股票在 2025 年已经翻倍——它能否继续上涨？