<p>在科技和商业领域，没有哪个话题比人工智能（AI）更难以回避。在过去的几年里，它一直是最热门的话题。随着人们对这一话题的兴趣激增，许多科技股的估值也随之上升，投资者纷纷涌向这一新的增长机会。</p>
<p>在人工智能热潮中，没有哪两家公司比 <strong>英伟达</strong>（Nvidia）（NVDA -3.38%）和 <strong>Palantir</strong>（PLTR -0.92%）受益更多。它使英伟达成为全球最有价值的上市公司，并推动 Palantir 的股价自 2024 年初以来上涨超过 810%。</p>
<p>这两家公司都创造了世代回报，但如果你必须在这两只成长股中选择一只进行投资，哪一只更好呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTcvZ2V0dHlpbWFnZXMtMTQyNzQ0NDQzMy5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTcvZ2V0dHlpbWFnZXMtMTQyNzQ0NDQzMy5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>英伟达的优势</h2>
<p>英伟达无疑是人工智能领域最重要的公司之一。它生产的图形处理单元（GPU）为数据中心提供动力，使得训练、部署和扩展我们今天所知的人工智能成为可能。在最新的一个季度中，英伟达的数据中心收入同比增长 56%，达到 411 亿美元（占其总收入的 88%）。</p>
<p>英伟达为游戏主机、汽车应用和网络设备制造 GPU，但数据中心是其主要业务。该公司计划全力以赴成为一家人工智能基础设施公司。</p>
<p>这一转型对英伟达来说是成功的，并预计将继续如此，因为该公司预计未来五年内，人工智能基础设施支出将从一些最大的人工智能支出者（包括 “七大巨头” 股票）中增加 3000 亿到 4000 亿美元。英伟达预计可以捕获高达 70% 的这一支出。</p>
<h2>Palantir 的优势</h2>
<p>Palantir 是一家软件公司，利用人工智能将大量数据转化为可操作的洞察。虽然它在人工智能生态系统中的重要性不及英伟达，但其应用案例不断增长，这推动了其在过去几年的增长。Palantir 最初的重点是政府实体，如国防部、中央情报局和联邦调查局，但它已经扩展并证明在商业领域也能取得成功。</p>
<p>其美国政府部门仍然是其收入的主要来源（占总收入的 42%），但其美国商业部门是增长最快的部分。在第二季度，美国商业收入同比增长 93%，达到 3.06 亿美元。两个部门的增长帮助 Palantir 实现了其首个十亿美元的季度收入，比三年前的收入翻了一番。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d442306a2581691c1d53be4c465ca86.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/7d442306a2581691c1d53be4c465ca86.png"/></p>
<p>PLTR 收入（季度）数据来源于 YCharts</p>
<p>Palantir 的人工智能平台（AIP）是其近期商业成功的关键。随着其在各个行业的持续采用，Palantir 的收入基础应该会多样化，从而增强其长期吸引力。</p>
<h2>每家公司有哪些缺点？</h2>
<p>英伟大的最大 “障碍” 是它处于美国与中国之间的动荡关系中。特朗普政府在四月对向中国销售 H20 芯片（英伟达符合中国标准的人工智能芯片）实施了禁令，但在七月撤回了这一决定，原因是英伟达同意向政府支付 15% 的人工智能芯片在中国产生的收入税（该协议已达成，但尚未最终确定）。值得关注的是这一局势的发展。</p>
<p>Palantir 的缺点在于其对美国政府合同的依赖。这些合同可以提供丰厚的机会，但也可能受到政府预算和政治优先事项变化的影响。在当前政治环境如此动荡的情况下，这些合同被重组或完全取消并非不可能。Palantir 的商业业务正在增长，但它仍然依赖美国政府合同来维持运营。</p>
<h2>你不能忽视每家公司的估值</h2>
<p>尽管这两家公司都有良好的增长前景，但在决定哪一家公司更值得拥有之前，你必须查看它们的估值。截至 8 月 28 日，英伟达的前瞻市盈率为 41 倍，而 Palantir 的前瞻市盈率为 242 倍。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7911c4952de66964711c15c698799b22.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="456" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7911c4952de66964711c15c698799b22.png"/></p>
<p>NVDA 前瞻市盈率数据来源于 YCharts</p>
<p>英伟达的 41 倍前瞻市盈率在大多数标准下都算昂贵，但 Palantir 的估值是历史上最高的之一。甚至有《经济学人》文章提到，Palantir“可能是有史以来最被高估的公司”。</p>
<p>当我考虑哪一只股票更值得拥有时，我会想到哪一只股票的错误容忍度更高，因为成长股以波动性著称，尤其是那些受到人工智能热潮支撑的股票。英伟达在其估值上几乎没有错误容忍度，而 Palantir 在当前估值下几乎没有错误容忍度。</p>
<p>在我看来，这使得英伟达在两者之间成为更好的选择。</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 是两家在人工智能热潮中受益的领先公司，英伟达成为全球最有价值的上市公司，而 Palantir 的股票在 2024 年上涨超过 810%。英伟达的数据中心收入激增 56%，达到 411 亿美元，而 Palantir 则凭借其人工智能平台实现了首个十亿美元的季度业绩。然而，英伟达面临着美中关系的挑战，而 Palantir 则在很大程度上依赖政府合同。在估值方面，英伟达的市盈率为 41 倍，而 Palantir 的市盈率为 242 倍，这使得英伟达成为更具吸引力的投资选择，因为其风险水平较低</p>

<p>In the tech and business world, no topic has been harder to avoid than artificial intelligence (AI). Over the past couple of years, it has been <em>the</em> topic. With this surge in interest has come a rise in the valuations of many tech stocks as investors rush to capitalize on new growth opportunities.</p>
<div class="lb-trans"><p>在科技和商业领域，没有哪个话题比人工智能（AI）更难以回避。在过去的几年里，它一直是最热门的话题。随着人们对这一话题的兴趣激增，许多科技股的估值也随之上升，投资者纷纷涌向这一新的增长机会。</p>
</div><p>No two companies have benefited more from the AI hype than <strong>Nvidia</strong>(NVDA -3.38%) and <strong>Palantir</strong>(PLTR -0.92%). It has propelled Nvidia to the world's most valuable public company and pushed Palantir's stock price up over 810% since the beginning of 2024.</p>
<div class="lb-trans"><p>在人工智能热潮中，没有哪两家公司比 <strong>英伟达</strong>（Nvidia）（NVDA -3.38%）和 <strong>Palantir</strong>（PLTR -0.92%）受益更多。它使英伟达成为全球最有价值的上市公司，并推动 Palantir 的股价自 2024 年初以来上涨超过 810%。</p>
</div><p>Both companies have produced generational returns, but if you had to choose one of the growth stocks to invest in, which is the better choice?</p>
<div class="lb-trans"><p>这两家公司都创造了世代回报，但如果你必须在这两只成长股中选择一只进行投资，哪一只更好呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzAzNTcvZ2V0dHlpbWFnZXMtMTQyNzQ0NDQzMy5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830357%2Fgettyimages-1427444433.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>What Nvidia has going for it</h2>
<div class="lb-trans"><h2>英伟达的优势</h2>
</div><p>Nvidia is undoubtedly one of the most important companies in the AI world. It produces graphics processing units (GPUs) that power data centers, making it possible to train, deploy, and scale AI as we know it today. In its latest quarter, Nvidia's data center revenue increased 56% from a year ago to $41.1 billion (88% of its total revenue).</p>
<div class="lb-trans"><p>英伟达无疑是人工智能领域最重要的公司之一。它生产的图形处理单元（GPU）为数据中心提供动力，使得训练、部署和扩展我们今天所知的人工智能成为可能。在最新的一个季度中，英伟达的数据中心收入同比增长 56%，达到 411 亿美元（占其总收入的 88%）。</p>
</div><p>Nvidia makes GPUs for gaming consoles, automotive applications, and networking, but data centers are its bread and butter. The company plans to go all in on becoming an AI infrastructure company.</p>
<div class="lb-trans"><p>英伟达为游戏主机、汽车应用和网络设备制造 GPU，但数据中心是其主要业务。该公司计划全力以赴成为一家人工智能基础设施公司。</p>
</div><p>This pivot has worked out in Nvidia's favor and is expected to continue doing so, as the company anticipates AI infrastructure spending to increase between $3 trillion and $4 trillion over the next five years from some of AI's largest spenders, including the &#34;Magnificent Seven&#34; stocks. Nvidia expects it can capture up to 70% of this spending.</p>
<div class="lb-trans"><p>这一转型对英伟达来说是成功的，并预计将继续如此，因为该公司预计未来五年内，人工智能基础设施支出将从一些最大的人工智能支出者（包括 “七大巨头” 股票）中增加 3000 亿到 4000 亿美元。英伟达预计可以捕获高达 70% 的这一支出。</p>
</div><h2>What Palantir has going for it</h2>
<div class="lb-trans"><h2>Palantir 的优势</h2>
</div><p>Palantir is a software company that uses AI to turn vast amounts of data into actionable insights. It's not as important to the AI ecosystem as Nvidia, but its use cases are continuously growing, which has fueled its growth over the past couple of years. Palantir's initial focus was on government entities, such as the Department of Defense, CIA, and FBI, but it has expanded and shown it can be successful in the commercial sector, too.</p>
<div class="lb-trans"><p>Palantir 是一家软件公司，利用人工智能将大量数据转化为可操作的洞察。虽然它在人工智能生态系统中的重要性不及英伟达，但其应用案例不断增长，这推动了其在过去几年的增长。Palantir 最初的重点是政府实体，如国防部、中央情报局和联邦调查局，但它已经扩展并证明在商业领域也能取得成功。</p>
</div><p>Its U.S. government segment is still the bulk of its revenue (42% of total revenue), but its U.S. commercial segment is its fastest-growing segment. In the second quarter, U.S. commercial revenue grew 93% year over year to $306 million. The growth of both segments helped Palantir achieve its first billion-dollar quarter, more than doubling its revenue from just three years ago.</p>
<div class="lb-trans"><p>其美国政府部门仍然是其收入的主要来源（占总收入的 42%），但其美国商业部门是增长最快的部分。在第二季度，美国商业收入同比增长 93%，达到 3.06 亿美元。两个部门的增长帮助 Palantir 实现了其首个十亿美元的季度收入，比三年前的收入翻了一番。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7d442306a2581691c1d53be4c465ca86.png" alt="" original-src="https://media.ycharts.com/charts/7d442306a2581691c1d53be4c465ca86.png"/></p>
<p>PLTR Revenue (Quarterly) data by YCharts</p>
<div class="lb-trans"><p>PLTR 收入（季度）数据来源于 YCharts</p>
</div><p>Palantir's AI Platform (AIP) is responsible for its recent commercial success. As it continues to gain adoption across various industries, Palantir should see its revenue base diversify, enhancing its long-term appeal.</p>
<div class="lb-trans"><p>Palantir 的人工智能平台（AIP）是其近期商业成功的关键。随着其在各个行业的持续采用，Palantir 的收入基础应该会多样化，从而增强其长期吸引力。</p>
</div><h2>What downsides does each company have?</h2>
<div class="lb-trans"><h2>每家公司有哪些缺点？</h2>
</div><p>Nvidia's largest &#34;roadblock&#34; is that it's in the middle of a volatile relationship between the U.S. and China. The Trump administration imposed a ban on sales of the H20 chip (Nvidia's China-compliant AI chip) to China in April, but reversed the decision in July after Nvidia agreed to pay the government a 15% tax on AI chip revenue generated in China (the deal is in place, but has not yet been finalized). It's worth keeping an eye on how this plays out.</p>
<div class="lb-trans"><p>英伟大的最大 “障碍” 是它处于美国与中国之间的动荡关系中。特朗普政府在四月对向中国销售 H20 芯片（英伟达符合中国标准的人工智能芯片）实施了禁令，但在七月撤回了这一决定，原因是英伟达同意向政府支付 15% 的人工智能芯片在中国产生的收入税（该协议已达成，但尚未最终确定）。值得关注的是这一局势的发展。</p>
</div><p>Palantir's downside is its reliance on U.S. government contracts. These contracts can provide lucrative opportunities, but they can also be subject to changing government budgets and political priorities. As volatile as the current political environment is, it wouldn't be far-fetched for some of these contracts to be restructured or canceled completely. Palantir's commercial business is growing, but it still relies on U.S. government contracts to keep the lights on.</p>
<div class="lb-trans"><p>Palantir 的缺点在于其对美国政府合同的依赖。这些合同可以提供丰厚的机会，但也可能受到政府预算和政治优先事项变化的影响。在当前政治环境如此动荡的情况下，这些合同被重组或完全取消并非不可能。Palantir 的商业业务正在增长，但它仍然依赖美国政府合同来维持运营。</p>
</div><h2>You can't ignore how each company is valued</h2>
<div class="lb-trans"><h2>你不能忽视每家公司的估值</h2>
</div><p>Although both companies have great growth prospects, you can't decide on which is the better one to own without looking at their valuations. As of Aug. 28, Nvidia is trading at 41 times its forward earnings, while Palantir is trading at 242 times its forward earnings.</p>
<div class="lb-trans"><p>尽管这两家公司都有良好的增长前景，但在决定哪一家公司更值得拥有之前，你必须查看它们的估值。截至 8 月 28 日，英伟达的前瞻市盈率为 41 倍，而 Palantir 的前瞻市盈率为 242 倍。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7911c4952de66964711c15c698799b22.png" alt="" original-src="https://media.ycharts.com/charts/7911c4952de66964711c15c698799b22.png"/></p>
<p>NVDA PE Ratio (Forward) data by YCharts</p>
<div class="lb-trans"><p>NVDA 前瞻市盈率数据来源于 YCharts</p>
</div><p>Nvidia's 41 forward P/E ratio is expensive by most standards, but Palantir's valuation is one of the highest in history. It has gotten to the point where an <em>Economist</em> article mentioned that Palantir &#34;might be the most overvalued firm of all time.&#34;</p>
<div class="lb-trans"><p>英伟达的 41 倍前瞻市盈率在大多数标准下都算昂贵，但 Palantir 的估值是历史上最高的之一。甚至有《经济学人》文章提到，Palantir“可能是有史以来最被高估的公司”。</p>
</div><p>When I think of which is the better stock to own, I think about which one has more margin for error because growth stocks are known for being volatile -- especially ones propped up by AI hype. Nvidia has little room for error with its valuation, but Palantir has virtually <em>no</em> room for error at its current valuation.</p>
<div class="lb-trans"><p>当我考虑哪一只股票更值得拥有时，我会想到哪一只股票的错误容忍度更高，因为成长股以波动性著称，尤其是那些受到人工智能热潮支撑的股票。英伟达在其估值上几乎没有错误容忍度，而 Palantir 在当前估值下几乎没有错误容忍度。</p>
</div><p>In my opinion, that makes Nvidia the better choice between the two.</p>
<div class="lb-trans"><p>在我看来，这使得英伟达在两者之间成为更好的选择。</p>
</div>

Nvidia vs. Palantir: The Better Growth Stock to Own Today

- Nvidia 和 Palantir 在 AI 热潮中受益显著，市值大幅提升。  
- Nvidia 数据中心收入增长 56%，预计 AI 基础设施支出将达 3-4 万亿美元。  
- Palantir 依赖美国政府合同，商业收入增长 93%，但面临政治风险。

英伟达与 Palantir：哪一个是今天更值得拥有的成长股