<p><strong>苹果</strong>(AAPL -3.17%) 和 <strong>微软</strong>(MSFT 0.35%) 分别是按市值计算的第二大和第三大股票。</p>
<p>多年来，这两家公司竞争以争夺全球最大的市值。然而，两家公司在人工智能（AI）领域都面临挑战，使得 <strong>英伟达</strong> 最近夺得了第一的位置。苹果的 iPhone 在推动 AI 驱动的升级周期方面基本失败，而微软最显著的 AI 成功似乎来自与 OpenAI 的紧张合作关系。</p>
<p>尽管面临挑战，苹果和微软在 AI 行业仍然具有影响力。投资者面临的问题是，哪家公司在未来更有能力推动 AI 驱动的回报。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>苹果的现状</h2>
<p>苹果业务最显著的特点是其成熟。包括 iPhone 在内的设备销售已经达到顶峰，iPhone 贡献了超过 50% 的收入。此外，尽管苹果服务是其增长最快的细分市场之一，但它更像是现有生态系统的延伸，而不是颠覆性的全新产品来源。</p>
<p>这种放缓发生在苹果广泛采用 AI 的情况下。这包括增强的 Siri 功能、AI 驱动的照片和图像搜索，以及用于创建自定义表情符号的工具 Genmoji。</p>
<p>此外，iPhone 17 即将发布。根据报道，它将具有更纤薄的设计、更多的 RAM 和更长的电池寿命。然而，这些改进和其 AI 功能并没有加速升级周期，导致增长显著放缓。</p>
<p>截至 6 月 28 日的过去 12 个月，净销售额为 4090 亿美元，同比增长 6%。由于成本和费用大致与收入持平，苹果在此期间赚取的 990 亿美元利润较去年同期的 1020 亿美元有所下降。</p>
<p>因此，过去一年该股上涨了约 9%。此外，其市盈率为 36，远高于 <strong>标准普尔 500</strong> 的平均水平 30。考虑到单数字的增长，这一收益倍数可能看起来也很昂贵，可能使投资者对其 AI 感到冷淡。</p>
<h2>微软在当前环境中的表现</h2>
<p>由于微软比苹果更偏向软件，因此它可能更依赖 AI 来取得成功。此外，其最显著的当前产品，云服务提供商 Azure，对于运行 AI 模型至关重要。</p>
<p>该公司已将 AI 更深入地整合到其传统产品中，如 Windows 操作系统和 Microsoft Office。此外，与 OpenAI 的合作增强了其功能。</p>
<p>不幸的是，该合作关系的局限性可能也限制了其 AI 领导地位。因此，关于其 Bing 搜索引擎能否更有效地与 <strong>谷歌</strong> 的搜索竞争的猜测并未实现。</p>
<p>为此，微软已开始称 OpenAI 为 “竞争对手”，并在内部开发更多 AI。微软还开始从 <strong>谷歌</strong> 等公司挖掘 AI 人才。</p>
<p>对投资者来说，目前尚不清楚这是否会提升微软作为 AI 参与者的地位或提升多少。不过，投资者可以对公司的财务表现感到安心。</p>
<p>在 2025 财年（截至 6 月 30 日），其 2820 亿美元的收入同比增长 15%。尽管运营费用增长速度快于收入，但其他费用和所得税抵消了大部分增幅。这意味着该期间的净收入为 1020 亿美元，同比增长 16%。</p>
<p>微软的股票在过去一年上涨了 22%。尽管如此，其 36 的市盈率与苹果相近，这增加了在这两只 AI 股票之间选择可能与 AI 关系不大的可能性。</p>
<h2>苹果还是微软？</h2>
<p>在当前情况下，微软可能是这两只股票中更合适的选择。</p>
<p>诚然，这两家公司显然未能以其 AI 产品吸引市场，两者的估值大致相同。</p>
<p>然而，尽管在 AI 方面令人失望，微软的收入和利润增长速度远快于苹果，导致市场回报更高。这种改善的表现可能是给予微软优势所需的决胜因素。</p>

<p>苹果和微软在人工智能领域竞争，但两者都面临挑战。苹果的增长已趋于平稳，净销售额增长 6%，达到 4090 亿美元，而其股票上涨了 9%。微软则更专注于软件，报告显示收入增长 15%，达到 2820 亿美元，股票上涨 22%。尽管两家公司市盈率均为 36，但微软在收入和利润方面的更快增长使其成为人工智能领域更好的投资选择</p>

<p><strong>Apple</strong>(AAPL -3.17%) and <strong>Microsoft</strong>(MSFT 0.35%) are the second-largest and third-largest stocks, respectively, as measured by market cap.</p>
<div class="lb-trans"><p><strong>苹果</strong>(AAPL -3.17%) 和 <strong>微软</strong>(MSFT 0.35%) 分别是按市值计算的第二大和第三大股票。</p>
</div><p>For years, both companies competed to claim the world's largest market cap. However, both companies have struggled in the realm of artificial intelligence (AI), allowing <strong>Nvidia</strong> to recently capture the No. 1 spot. Apple's iPhone has largely failed to spawn an AI-driven upgrade cycle, while Microsoft's most notable AI successes seem to have come from a strained partnership with OpenAI.</p>
<div class="lb-trans"><p>多年来，这两家公司竞争以争夺全球最大的市值。然而，两家公司在人工智能（AI）领域都面临挑战，使得 <strong>英伟达</strong> 最近夺得了第一的位置。苹果的 iPhone 在推动 AI 驱动的升级周期方面基本失败，而微软最显著的 AI 成功似乎来自与 OpenAI 的紧张合作关系。</p>
</div><p>Despite their challenges, Apple and Microsoft remain influential in the AI industry. The question for investors is which one is in a stronger position to drive AI-driven returns moving forward.</p>
<div class="lb-trans"><p>尽管面临挑战，苹果和微软在 AI 行业仍然具有影响力。投资者面临的问题是，哪家公司在未来更有能力推动 AI 驱动的回报。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831920%2Fai-artificial-intelligence-in-circle-on-keyboard.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>The state of Apple</h2>
<div class="lb-trans"><h2>苹果的现状</h2>
</div><p>The most notable aspect of Apple's business is its maturation. Sales of its devices, including the iPhone, which generates more than 50% of its revenue, have plateaued. Additionally, while Apple Services is among its fastest-growing segments, it serves more as an extension of its current ecosystem rather than a source of game-changing new offerings.</p>
<div class="lb-trans"><p>苹果业务最显著的特点是其成熟。包括 iPhone 在内的设备销售已经达到顶峰，iPhone 贡献了超过 50% 的收入。此外，尽管苹果服务是其增长最快的细分市场之一，但它更像是现有生态系统的延伸，而不是颠覆性的全新产品来源。</p>
</div><p>The slowing occurred even as Apple has widely adopted AI across its ecosystem. This included enhanced Siri functionality, AI-powered photo and image search, and its tool for creating custom emojis, Genmoji.</p>
<div class="lb-trans"><p>这种放缓发生在苹果广泛采用 AI 的情况下。这包括增强的 Siri 功能、AI 驱动的照片和图像搜索，以及用于创建自定义表情符号的工具 Genmoji。</p>
</div><p>Moreover, the iPhone 17 is about to come out. According to reports, it will feature improvements such as a slimmer design, more RAM, and a longer battery life. Still, neither these improvements nor its AI functionality have accelerated the upgrade cycle, leading to significantly slower growth.</p>
<div class="lb-trans"><p>此外，iPhone 17 即将发布。根据报道，它将具有更纤薄的设计、更多的 RAM 和更长的电池寿命。然而，这些改进和其 AI 功能并没有加速升级周期，导致增长显著放缓。</p>
</div><p>In the trailing 12 months ended June 28, net sales of $409 billion rose 6% yearly. Since costs and expenses mostly kept pace with revenue, the $99 billion Apple earned over that period decreased from the $102 billion profit in the year-ago period.</p>
<div class="lb-trans"><p>截至 6 月 28 日的过去 12 个月，净销售额为 4090 亿美元，同比增长 6%。由于成本和费用大致与收入持平，苹果在此期间赚取的 990 亿美元利润较去年同期的 1020 亿美元有所下降。</p>
</div><p>With that, the stock has risen by around 9% over the last year. Also, its P/E ratio of 36 is well above the <strong>S&amp;P 500</strong> average of 30. That earnings multiple may also appear expensive considering the single-digit growth, likely cooling investors to its AI.</p>
<div class="lb-trans"><p>因此，过去一年该股上涨了约 9%。此外，其市盈率为 36，远高于 <strong>标准普尔 500</strong> 的平均水平 30。考虑到单数字的增长，这一收益倍数可能看起来也很昂贵，可能使投资者对其 AI 感到冷淡。</p>
</div><h2>How Microsoft has fared in the current environment</h2>
<div class="lb-trans"><h2>微软在当前环境中的表现</h2>
</div><p>Since Microsoft is more software-oriented than Apple, it may be more heavily dependent on AI for success. Moreover, its most prominent current offering, cloud provider Azure, is critical for running AI models.</p>
<div class="lb-trans"><p>由于微软比苹果更偏向软件，因此它可能更依赖 AI 来取得成功。此外，其最显著的当前产品，云服务提供商 Azure，对于运行 AI 模型至关重要。</p>
</div><p>The company has integrated AI more heavily into its legacy products, such as Windows OS and Microsoft Office. Additionally, a partnership with OpenAI enhanced its functionality.</p>
<div class="lb-trans"><p>该公司已将 AI 更深入地整合到其传统产品中，如 Windows 操作系统和 Microsoft Office。此外，与 OpenAI 的合作增强了其功能。</p>
</div><p>Unfortunately, the limitations of that partnership may have also limited its AI leadership. With that, speculation that its Bing search engine would compete more effectively with <strong>Alphabet</strong>'s Google Search did not pan out.</p>
<div class="lb-trans"><p>不幸的是，该合作关系的局限性可能也限制了其 AI 领导地位。因此，关于其 Bing 搜索引擎能否更有效地与 <strong>谷歌</strong> 的搜索竞争的猜测并未实现。</p>
</div><p>To this end, Microsoft has begun calling OpenAI a &#34;competitor&#34; and developing more AI internally. Microsoft has also started hiring AI talent away from companies such as Alphabet.</p>
<div class="lb-trans"><p>为此，微软已开始称 OpenAI 为 “竞争对手”，并在内部开发更多 AI。微软还开始从 <strong>谷歌</strong> 等公司挖掘 AI 人才。</p>
</div><p>Unfortunately for investors, it is not yet clear if or how much this will boost Microsoft as an AI player. Still, investors can take comfort in the company's financial performance.</p>
<div class="lb-trans"><p>对投资者来说，目前尚不清楚这是否会提升微软作为 AI 参与者的地位或提升多少。不过，投资者可以对公司的财务表现感到安心。</p>
</div><p>In fiscal 2025 (ended June 30), its $282 billion in revenue increased by 15% annually. While operating expenses rose faster than revenue, its other expenses and income taxes negated most of that gain. That meant its $102 billion in net income for the period climbed by 16%.</p>
<div class="lb-trans"><p>在 2025 财年（截至 6 月 30 日），其 2820 亿美元的收入同比增长 15%。尽管运营费用增长速度快于收入，但其他费用和所得税抵消了大部分增幅。这意味着该期间的净收入为 1020 亿美元，同比增长 16%。</p>
</div><p>Microsoft's stock is up 22% over the last year. Nonetheless, its 36 P/E ratio closely approximates that of Apple, increasing the likelihood that choosing between these AI stocks may have little to do with AI.</p>
<div class="lb-trans"><p>微软的股票在过去一年上涨了 22%。尽管如此，其 36 的市盈率与苹果相近，这增加了在这两只 AI 股票之间选择可能与 AI 关系不大的可能性。</p>
</div><h2>Apple or Microsoft?</h2>
<div class="lb-trans"><h2>苹果还是微软？</h2>
</div><p>Under current conditions, Microsoft is likely the more suitable choice of the two stocks.</p>
<div class="lb-trans"><p>在当前情况下，微软可能是这两只股票中更合适的选择。</p>
</div><p>Admittedly, both of these companies have apparently failed to dazzle the market with their AI offerings, and both trade at around the same valuation.</p>
<div class="lb-trans"><p>诚然，这两家公司显然未能以其 AI 产品吸引市场，两者的估值大致相同。</p>
</div><p>However, for all of the disappointments in AI, Microsoft is growing revenue and profits at a much faster rate, leading to higher market returns. Such an improved performance likely serves as the tiebreaker needed to give Microsoft the edge.</p>
<div class="lb-trans"><p>然而，尽管在 AI 方面令人失望，微软的收入和利润增长速度远快于苹果，导致市场回报更高。这种改善的表现可能是给予微软优势所需的决胜因素。</p>
</div>

Apple vs. Microsoft: Which AI Stock Is the Better Buy Right Now?

- 苹果和微软在人工智能领域面临挑战，市场份额被英伟达超越。  
- 苹果的销售增长放缓，iPhone 17 即将发布但未能刺激升级周期。  
- 微软在云服务和 AI 集成方面表现较好，财报显示收入和净利润均增长。  

苹果与微软：哪只 AI 股票目前更值得购买？