<p>人工智能（AI）有望成为许多行业的游戏规则改变者。而像 OpenAI 的 ChatGPT 这样的聊天机器人正处于创新的前沿，使公司能够以更少的资源做更多的事情，并轻松自动化重复任务。</p>
<p>然而，问题在于，期望可能会被夸大，这可能会让投资者感到失望。随着生成式 AI 仍处于早期阶段，仍有许多需要证明的地方。它会导致失业并彻底改变日常运营吗？许多人对此既期待又恐惧，这仍然有待讨论。</p>
<p>即使是 OpenAI 的首席执行官山姆·阿尔特曼（Sam Altman）也认为期望可能过高。他过去曾警告投资者不要抱有过高的期望，最近他重申了他的担忧。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>AI 泡沫已经出现了吗？</h2>
<p>对 AI 泡沫的担忧并不新鲜，因为许多股票的估值并没有飙升。即使阿尔特曼也认为市场可能确实处于泡沫之中。虽然他相信 AI 将具有变革性并对创新至关重要，但他担心期望有些过于雄心勃勃。</p>
<p>“我们是否处于一个投资者整体对 AI 过于兴奋的阶段？” 他说。“我的观点是肯定的。AI 是很长一段时间以来最重要的事情吗？我的观点也是肯定的。”</p>
<p>几年前，当 OpenAI 正在开发 GPT-4 时，阿尔特曼曾表示 “人们渴望失望”。虽然自那时以来聊天机器人得到了改进，但它可能还没有达到许多人现在所期待的水平。但这并没有阻止估值变得极其膨胀。</p>
<h2>许多 AI 股票的估值过高</h2>
<p>现在找到被高估的 AI 股票并不困难。或许最好的例子是 <strong>Palantir Technologies</strong>（PLTR -1.42%）。虽然这家数据分析公司通过增强其平台以使用 AI 而受益，但其估值已经变得过高。以约 3700 亿美元的市值，它现在是世界上最有价值的公司之一，价值超过了 <strong>可口可乐</strong>、<strong>富国银行</strong> 和 <strong>T-Mobile US</strong> 等蓝筹股。</p>
<p>虽然 Palantir 的业务以每年约 50% 的快速增长率增长，但在过去 12 个月中，它的收入仍然相对温和，达到了 34 亿美元，使其市销率约为 110。而其市盈率（P/E）高达 520，令人震惊。</p>
<p>Palantir 或许是由于 AI 而使估值飙升至不合理水平的公司中最具代表性的例子，但还有其他案例。</p>
<p>例如，<strong>微软</strong> 的市盈率接近其过去收益的 40 倍，这对于科技股来说是一个高于典型水平的估值。但由于其 Copilot 助手和 AI 驱动的个人电脑，市场对微软未来因 AI 而实现快速增长的期望也在提升。在其最近一个季度中，微软的增长率为 18%，虽然表现不错，但可以说并不值得如此高的市盈率，这表明市场对微软的期望也非常高。</p>
<h2>投资者在投资 AI 股票时应谨慎行事</h2>
<p>AI 有潜力在重要方面真正改变商业，许多科技公司正在加大支出和投资以期待这一点。但这并不意味着回报会与投资者的期望相符。如果没有实现，这可能会使股票在未来面临大规模抛售的风险。</p>
<p>无论是 Palantir、微软还是其他 AI 股票，在购买时始终考虑股票的估值是很重要的。即使业务表现良好，也并不意味着在_任何价格_下都是一个好的投资。估值很重要，这就是为什么在涉及 AI 时，投资者应认真考虑阿尔特曼的警告。</p>

PLTR

微软

OpenAI

<p>OpenAI 的首席执行官 Sam Altman 警告投资者关于围绕人工智能（AI）的过度炒作。尽管 AI 具有变革潜力，但他认为期望可能过高，可能导致潜在的失望。像 Palantir 和微软这样的公司正在以高估值交易，这引发了对 AI 泡沫的担忧。Altman 强调考虑股票估值的重要性，因为高期望可能与实际业务表现不符，使得投资 AI 股票风险加大</p>

<p>Artificial intelligence (AI) promises to be a game changer for many industries. And chatbots such as OpenAI's ChatGPT are at the forefront of the innovation, making it easy for companies to do more with less and automate repetitive tasks with ease.</p>
<div class="lb-trans"><p>人工智能（AI）有望成为许多行业的游戏规则改变者。而像 OpenAI 的 ChatGPT 这样的聊天机器人正处于创新的前沿，使公司能够以更少的资源做更多的事情，并轻松自动化重复任务。</p>
</div><p>The problem, however, is that expectations can become overblown, potentially setting investors up for disappointment. With generative AI in its early innings, there's still a lot to be proven. Will it lead to job losses and radically change day-to-day operations, as many people are both anticipating and fearing? That's still up for debate.</p>
<div class="lb-trans"><p>然而，问题在于，期望可能会被夸大，这可能会让投资者感到失望。随着生成式 AI 仍处于早期阶段，仍有许多需要证明的地方。它会导致失业并彻底改变日常运营吗？许多人对此既期待又恐惧，这仍然有待讨论。</p>
</div><p>Even OpenAI CEO Sam Altman thinks that expectations may be getting too high. He has warned investors in the past about getting their hopes up, and he recently reiterated his concerns.</p>
<div class="lb-trans"><p>即使是 OpenAI 的首席执行官山姆·阿尔特曼（Sam Altman）也认为期望可能过高。他过去曾警告投资者不要抱有过高的期望，最近他重申了他的担忧。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830687%2Fa-person-using-artificial-intelligence-on-their-computer.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>Is an AI bubble already here?</h2>
<div class="lb-trans"><h2>AI 泡沫已经出现了吗？</h2>
</div><p>Worries of an AI bubble aren't new, as valuations haven't been skyrocketing for many stocks. And even Altman believes the market may indeed be in one. While he does believe AI will be transformative and incredibly important for innovation, he does worry that expectations are getting a bit too ambitious.</p>
<div class="lb-trans"><p>对 AI 泡沫的担忧并不新鲜，因为许多股票的估值并没有飙升。即使阿尔特曼也认为市场可能确实处于泡沫之中。虽然他相信 AI 将具有变革性并对创新至关重要，但他担心期望有些过于雄心勃勃。</p>
</div><p>&#34;Are we in a phase where investors as a whole are overexcited about AI?,&#34; he said. &#34;My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes.&#34;</p>
<div class="lb-trans"><p>“我们是否处于一个投资者整体对 AI 过于兴奋的阶段？” 他说。“我的观点是肯定的。AI 是很长一段时间以来最重要的事情吗？我的观点也是肯定的。”</p>
</div><p>A few years ago, when OpenAI was in the midst of developing GPT-4, Altman said that &#34;people are begging to be disappointed.&#34; And while the chatbot has been improved since then, it may not be up to the level that many people were expecting by now. But that hasn't stopped valuations from becoming incredibly inflated.</p>
<div class="lb-trans"><p>几年前，当 OpenAI 正在开发 GPT-4 时，阿尔特曼曾表示 “人们渴望失望”。虽然自那时以来聊天机器人得到了改进，但它可能还没有达到许多人现在所期待的水平。但这并没有阻止估值变得极其膨胀。</p>
</div><h2>Many AI stocks are trading at excessive valuations</h2>
<div class="lb-trans"><h2>许多 AI 股票的估值过高</h2>
</div><p>Finding overvalued AI stocks isn't hard right now. Perhaps the best example is <strong>Palantir Technologies</strong>(PLTR -1.42%). While the data analytics company has benefited from enhancing its platform to use AI, its valuation has gotten excessive. At a market cap of around $370 billion, it's now one of the most valuable companies in the world, worth more than blue chip stocks such as <strong>Coca-Cola</strong>, <strong>Wells Fargo</strong>, and <strong>T-Mobile US</strong>.</p>
<div class="lb-trans"><p>现在找到被高估的 AI 股票并不困难。或许最好的例子是 <strong>Palantir Technologies</strong>（PLTR -1.42%）。虽然这家数据分析公司通过增强其平台以使用 AI 而受益，但其估值已经变得过高。以约 3700 亿美元的市值，它现在是世界上最有价值的公司之一，价值超过了 <strong>可口可乐</strong>、<strong>富国银行</strong> 和 <strong>T-Mobile US</strong> 等蓝筹股。</p>
</div><p>While Palantir's business has been growing at a fast rate of around 50% year over year, it still has generated a fairly modest $3.4 billion in revenue over the trailing 12 months, putting it at a price-to-sales multiple of around 110. And its price-to-earnings (P/E) multiple of 520 is gargantuan.</p>
<div class="lb-trans"><p>虽然 Palantir 的业务以每年约 50% 的快速增长率增长，但在过去 12 个月中，它的收入仍然相对温和，达到了 34 亿美元，使其市销率约为 110。而其市盈率（P/E）高达 520，令人震惊。</p>
</div><p>Palantir is perhaps the most recognizable example of a company whose valuation has taken off to obscene levels due to AI, but there are other cases as well.</p>
<div class="lb-trans"><p>Palantir 或许是由于 AI 而使估值飙升至不合理水平的公司中最具代表性的例子，但还有其他案例。</p>
</div><p><strong>Microsoft</strong>, for instance, is trading close to 40 times its trailing earnings, which is a higher-than-typical valuation for the tech stock. But with its Copilot assistant and AI-powered personal computers, expectations are also elevated that Microsoft's growth may soar due to AI in the future. In its most recent quarter, it grew at a rate of 18%, which is solid but arguably not worth such a high P/E multiple, suggesting that expectations are sky high for Microsoft as well.</p>
<div class="lb-trans"><p>例如，<strong>微软</strong> 的市盈率接近其过去收益的 40 倍，这对于科技股来说是一个高于典型水平的估值。但由于其 Copilot 助手和 AI 驱动的个人电脑，市场对微软未来因 AI 而实现快速增长的期望也在提升。在其最近一个季度中，微软的增长率为 18%，虽然表现不错，但可以说并不值得如此高的市盈率，这表明市场对微软的期望也非常高。</p>
</div><h2>Investors should tread carefully with AI stocks</h2>
<div class="lb-trans"><h2>投资者在投资 AI 股票时应谨慎行事</h2>
</div><p>AI has the potential to truly change businesses in meaningful ways, and many tech companies are ramping up spending and investments in anticipation of that. But that doesn't mean that the payoff will line up with investor expectations. And if that doesn't happen, it can make a stock vulnerable to a sizable sell-off in the future.</p>
<div class="lb-trans"><p>AI 有潜力在重要方面真正改变商业，许多科技公司正在加大支出和投资以期待这一点。但这并不意味着回报会与投资者的期望相符。如果没有实现，这可能会使股票在未来面临大规模抛售的风险。</p>
</div><p>Whether it's Palantir, Microsoft, or another AI stock, it's always important to consider a stock's valuation when buying it. Even if the business may be performing well, that doesn't mean it's a good investment at <em>any price</em>. Valuation matters, which is why when it comes to AI, investors should consider Altman's warnings carefully.</p>
<div class="lb-trans"><p>无论是 Palantir、微软还是其他 AI 股票，在购买时始终考虑股票的估值是很重要的。即使业务表现良好，也并不意味着在_任何价格_下都是一个好的投资。估值很重要，这就是为什么在涉及 AI 时，投资者应认真考虑阿尔特曼的警告。</p>
</div>

Sam Altman Is Warning Investors About Too Much Artificial Intelligence (AI) Hype, Again.

- 人工智能（AI）被视为许多行业的变革者，聊天机器人如 ChatGPT 处于创新前沿。  
- OpenAI CEO Sam Altman 警告投资者对 AI 期望过高，可能导致失望。  
- AI 股票如 Palantir 和 Microsoft 的估值过高，投资者需谨慎。  

萨姆·奥特曼再次警告投资者，人工智能（AI）的炒作过于夸张