<p>在过去三年中，没有哪个趋势对华尔街的影响比人工智能（AI）的崛起更为深远。赋予软件和系统在没有人类监督的情况下做出瞬间决策的能力，以及随着时间的推移可能学习并在其分配的任务（或新任务）上变得更加高效，使得人工智能的可寻址市场极为庞大。</p>
<p>截至 9 月 16 日，在过去三年中，领先的人工智能应用公司股价飙升。<strong>Palantir Technologies</strong>（PLTR 3.08%）的股价上涨超过 2000%，而 <strong>Meta Platforms</strong>（META -0.26%）则从 2022 年的熊市中强劲反弹，涨幅达到 416%。</p>
<p>虽然这两家公司都是人工智能如何增强现有运营和推动销售的理想示例，但它们也向华尔街发出了一个不可否认的警告，投资者明智地不应忽视。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>图片来源：Getty Images。</p>
<h2>Palantir 和 Meta 的快速上涨并非偶然</h2>
<p>在深入探讨这一对股市的阴霾警告之前，了解 Palantir 和 Meta Platforms 如何拥抱人工智能至关重要。这样你将更好地理解它们各自的股价为何飙升超过 2000% 和 400%。</p>
<p>Palantir 的股价上涨得益于其两个基于人工智能和机器学习的平台，Gotham 和 Foundry 的成功。Gotham 是这里的真正明星，这一软件即服务平台被联邦政府用于收集和分析数据，以及规划和监督军事任务。与此同时，Foundry 是企业用来更好地理解其数据以提高运营效率的服务。</p>
<p>对于 Palantir 来说，Gotham 和 Foundry 的美妙之处在于它们是不可替代的。没有其他同类服务能够在规模上提供 Palantir 为联邦政府和企业所提供的服务。这意味着几乎不必担心客户会被其他公司挖走。</p>
<p>此外，由于其运营模式，Palantir 的运营现金流通常非常安全且相对可预测。Gotham 与美国政府签订多年合同（通常为四到五年），而其 Foundry 平台则是基于订阅的服务，具有较高的客户留存率。</p>
<p>至于社交媒体巨头 Meta Platforms，它在已经证明的运营模式上进一步提升了，通过整合人工智能解决方案。</p>
<p>Meta 是全球访问量最大的社交网站的母公司，包括 Facebook（访问量最大的网站）、Instagram、WhatsApp、Threads 和 Facebook Messenger。在 6 月份，Facebook 的应用家庭平均每天有 34.8 亿人次访问。由于没有其他社交媒体提供商能够为广告商提供如此广泛的受众，Meta 通常拥有卓越的广告定价能力。</p>
<p>但借助人工智能，Meta 将其广告驱动的业务更进一步。它为企业提供了在其广告平台上访问生成性人工智能解决方案的机会，这些解决方案可以根据用户的需求定制静态和视频信息，以提高点击率。这有潜力加速广告增长并增强 Meta 的定价能力。</p>
<p>Meta 首席执行官马克·扎克伯格还在进行其他依赖于人工智能影响的项目。例如，Meta 正计划成为通往元宇宙的关键入口之一——一个用户可以相互互动和与周围环境互动的 3D 虚拟世界。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>这是一个投资者明智地不应忽视的警告</h2>
<p>尽管这些竞争优势非常明确，但对 Palantir 和 Meta 最了解的人们已经向华尔街发出了一个明确的警告，时间已经不短。</p>
<p>这些股票的担忧与其各自的内部交易活动有关。内部人士通常是高管、董事会成员或持有公司至少 10% 流通股的受益所有者。换句话说，这些人可能掌握非公开信息，并比华尔街的任何分析师更了解他们的公司。</p>
<p>内部人士的任何买卖都必须在交易日期后的两个工作日内向美国监管机构备案。这是出于透明度的考虑，同时也允许投资者跟踪内部人士对其公司及其前景的情绪。</p>
<p>就 Palantir Technologies 和 Meta Platforms 而言，内部人士似乎只有一件事在心头萦绕：卖，卖，卖！</p>
<p>在过去五年（或在 Palantir 的情况下，自 2020 年 9 月 30 日上市以来的五年少 14 天）期间，两个公司的净卖出活动都令人瞩目：</p>
<ul>
<li><strong>Palantir Technologies</strong>：67.67 亿美元的净内部销售</li>
<li><strong>Meta Platforms</strong>：95.6 亿美元的净内部销售</li>
</ul>
<p>两家公司内部人士的净股票销售总额超过 172 亿美元。</p>
<p>现在，这些数据的警告是：并非所有的内部销售都是恶意的。美国最大公司的大多数高管的薪酬主要以股票和期权的形式支付。为了支付联邦和/或州的税款，高管和董事可能需要出售股票（或行使期权后出售股票）来支付账单。这种类型的销售活动并不令人担忧。</p>
<p>然而，另一种情况似乎验证了这 172 亿美元的警告，投资者不应将其视为无害的销售活动。</p>
<p>尽管有许多理由出售股票，但购买股票的唯一理由是你相信它们会升值。内部人士的购买情况非常明确。在过去五年中，没有一位高管或董事花费一分钱购买 Meta Platforms 的股票。至于 Palantir，自上市近五年来，只有一位高管或董事会成员进行了购买：前首席会计官 Heather Planishek 以 116 万美元的价格进行了收购。</p>
<p>随着股市推升至 154 年来第三高的估值，投资者正在寻找明确的迹象，以表明华尔街的领先企业仍然具有上涨空间。自 2020 年 9 月中旬以来，Palantir 和 Meta 之间仅有一笔内部人士购买，发出了错误的信号。</p>
<p>如果华尔街最具影响力的企业的内部人士都不愿意购买自己公司的股票，投资者又为什么要购买呢？</p>

PLTR

<p>Palantir Technologies 和 Meta Platforms 由于在人工智能方面的进展，股价均出现显著上涨，其中 Palantir 的股价上涨超过 2000%，Meta 的股价上涨 416%。然而，内部交易活动引发了担忧，因为内部人士在过去五年中共售出了价值 172 亿美元的股票，这可能暗示对公司未来表现的潜在担忧。尽管这些公司在市场上地位强劲且拥有创新的人工智能解决方案，投资者仍被建议对此保持警惕</p>

<p>No trend has been more impactful on Wall Street over the last three years than the rise of artificial intelligence (AI). Empowering software and systems with the tools to make split-second decisions without human oversight, as well as to potentially learn over time and become more efficient at their assigned tasks (or new tasks), makes the addressable market for AI sky-high.</p>
<div class="lb-trans"><p>在过去三年中，没有哪个趋势对华尔街的影响比人工智能（AI）的崛起更为深远。赋予软件和系统在没有人类监督的情况下做出瞬间决策的能力，以及随着时间的推移可能学习并在其分配的任务（或新任务）上变得更加高效，使得人工智能的可寻址市场极为庞大。</p>
</div><p>Over the trailing-three-year period, as of Sept. 16, leading AI applications companies have soared. Shares of <strong>Palantir Technologies</strong>(PLTR 3.08%) have rallied north of 2,000%, while <strong>Meta Platforms</strong>(META -0.26%) bounced back strongly from the 2022 bear market to gain 416%.</p>
<div class="lb-trans"><p>截至 9 月 16 日，在过去三年中，领先的人工智能应用公司股价飙升。<strong>Palantir Technologies</strong>（PLTR 3.08%）的股价上涨超过 2000%，而 <strong>Meta Platforms</strong>（META -0.26%）则从 2022 年的熊市中强劲反弹，涨幅达到 416%。</p>
</div><p>While both companies have been ideal examples of how AI can enhance existing operations and boost sales, they've also presented Wall Street with an undeniable warning that investors would be wise not to ignore.</p>
<div class="lb-trans"><p>虽然这两家公司都是人工智能如何增强现有运营和推动销售的理想示例，但它们也向华尔街发出了一个不可否认的警告，投资者明智地不应忽视。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833858%2Fnyse-floor-trader-stock-market-invest-buy-sell-fed-wall-street-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>Palantir's and Meta's breakneck rallies didn't occur by accident</h2>
<div class="lb-trans"><h2>Palantir 和 Meta 的快速上涨并非偶然</h2>
</div><p>Before digging into the details of this ominous warning for the stock market, it's imperative to understand how Palantir and Meta Platforms embraced artificial intelligence. You'll get a better understanding for why their respective shares have skyrocketed by more than 2,000% and 400%.</p>
<div class="lb-trans"><p>在深入探讨这一对股市的阴霾警告之前，了解 Palantir 和 Meta Platforms 如何拥抱人工智能至关重要。这样你将更好地理解它们各自的股价为何飙升超过 2000% 和 400%。</p>
</div><p>Palantir's rally has been powered by the success of its two AI- and machine learning-driven platforms, Gotham and Foundry. Gotham is the real superstar here, with this software-as-a-service platform used by federal governments to collect and analyze data, as well as plan and oversee military missions. Meanwhile, Foundry is a service used by businesses to better understand their data in order to improve their operating efficiency.</p>
<div class="lb-trans"><p>Palantir 的股价上涨得益于其两个基于人工智能和机器学习的平台，Gotham 和 Foundry 的成功。Gotham 是这里的真正明星，这一软件即服务平台被联邦政府用于收集和分析数据，以及规划和监督军事任务。与此同时，Foundry 是企业用来更好地理解其数据以提高运营效率的服务。</p>
</div><p>The beauty of Gotham and Foundry for Palantir is that they're irreplaceable. No one-for-one service exists at scale that can offer what Palantir delivers for federal governments and businesses. This means little worry about having its customers poached by other companies.</p>
<div class="lb-trans"><p>对于 Palantir 来说，Gotham 和 Foundry 的美妙之处在于它们是不可替代的。没有其他同类服务能够在规模上提供 Palantir 为联邦政府和企业所提供的服务。这意味着几乎不必担心客户会被其他公司挖走。</p>
</div><p>Additionally, Palantir's operating cash flow tends to be exceptionally safe and somewhat predictable thanks to its operating model. Gotham locks in multiyear contracts (typically four or five years) with the U.S. government, and its Foundry platform is a subscription-based service that lends to a high retention rate.</p>
<div class="lb-trans"><p>此外，由于其运营模式，Palantir 的运营现金流通常非常安全且相对可预测。Gotham 与美国政府签订多年合同（通常为四到五年），而其 Foundry 平台则是基于订阅的服务，具有较高的客户留存率。</p>
</div><p>As for social media titan Meta Platforms, it's taken an already proven operating model and made it that much better with the incorporation of AI solutions.</p>
<div class="lb-trans"><p>至于社交媒体巨头 Meta Platforms，它在已经证明的运营模式上进一步提升了，通过整合人工智能解决方案。</p>
</div><p>Meta is the parent of some of the most-visited social sites on the planet, including Facebook (the most-visited site), Instagram, WhatsApp, Threads, and Facebook Messenger. During the month of June, Facebook averaged 3.48 billion people visiting its family of apps daily. Since no other social media provider can offer this broad of an audience to advertisers, Meta typically possesses exceptional ad-pricing power.</p>
<div class="lb-trans"><p>Meta 是全球访问量最大的社交网站的母公司，包括 Facebook（访问量最大的网站）、Instagram、WhatsApp、Threads 和 Facebook Messenger。在 6 月份，Facebook 的应用家庭平均每天有 34.8 亿人次访问。由于没有其他社交媒体提供商能够为广告商提供如此广泛的受众，Meta 通常拥有卓越的广告定价能力。</p>
</div><p>But with AI, Meta has taken its ad-driven business one step further. It's given businesses access to generative AI solutions on its advertising platform, which can tailor static and video messages to users in order to improve click-through rates. This has the potential to accelerate ad growth and beef up Meta's pricing power.</p>
<div class="lb-trans"><p>但借助人工智能，Meta 将其广告驱动的业务更进一步。它为企业提供了在其广告平台上访问生成性人工智能解决方案的机会，这些解决方案可以根据用户的需求定制静态和视频信息，以提高点击率。这有潜力加速广告增长并增强 Meta 的定价能力。</p>
</div><p>Meta CEO Mark Zuckerberg also has other projects in the works that rely heavily on the influence of AI. For instance, Meta is angling to be one of the key onramps to the metaverse -- the 3D virtual world where users can interact with each other and their surroundings.</p>
<div class="lb-trans"><p>Meta 首席执行官马克·扎克伯格还在进行其他依赖于人工智能影响的项目。例如，Meta 正计划成为通往元宇宙的关键入口之一——一个用户可以相互互动和与周围环境互动的 3D 虚拟世界。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833858%2Fred-dice-buy-sell-stock-chart-financial-data-invest-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><h2>This is a warning that investors would be wise not to ignore</h2>
<div class="lb-trans"><h2>这是一个投资者明智地不应忽视的警告</h2>
</div><p>In spite of these well-defined competitive advantages, the people who know Palantir and Meta best have been sending an unmistakable warning to Wall Street for quite some time.</p>
<div class="lb-trans"><p>尽管这些竞争优势非常明确，但对 Palantir 和 Meta 最了解的人们已经向华尔街发出了一个明确的警告，时间已经不短。</p>
</div><p>The worry for these stocks has to do with their respective insider trading activity. An insider is typically a high-ranking executive, someone on the board of directors, or a beneficial owner who holds at least 10% of a company's outstanding shares. In other words, these are folks who potentially possess non-public information and know their company better than any analyst on Wall Street.</p>
<div class="lb-trans"><p>这些股票的担忧与其各自的内部交易活动有关。内部人士通常是高管、董事会成员或持有公司至少 10% 流通股的受益所有者。换句话说，这些人可能掌握非公开信息，并比华尔街的任何分析师更了解他们的公司。</p>
</div><p>Any purchases and sales made by insiders are required to be filed with U.S. regulators within two business days following the transaction date. This is done for the sake of transparency, as well as to allow investors to potentially track the sentiment of insiders toward their company and its prospects.</p>
<div class="lb-trans"><p>内部人士的任何买卖都必须在交易日期后的两个工作日内向美国监管机构备案。这是出于透明度的考虑，同时也允许投资者跟踪内部人士对其公司及其前景的情绪。</p>
</div><p>When it comes to Palantir Technologies and Meta Platforms, there seems to be only one thing continually on the mind of its insiders: sell, sell, sell!</p>
<div class="lb-trans"><p>就 Palantir Technologies 和 Meta Platforms 而言，内部人士似乎只有一件事在心头萦绕：卖，卖，卖！</p>
</div><p>Over the trailing-five-year period (or in the case of Palantir, 14 days shy of five years since it made its public debut on Sept. 30, 2020), net-selling activity has been eye-popping for both companies:</p>
<div class="lb-trans"><p>在过去五年（或在 Palantir 的情况下，自 2020 年 9 月 30 日上市以来的五年少 14 天）期间，两个公司的净卖出活动都令人瞩目：</p>
</div><ul>
<li><strong>Palantir Technologies</strong>: $7.67 billion in net insider sales</li>
<li><strong>Meta Platforms</strong>: $9.56 billion in net insider sales</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Palantir Technologies</strong>：67.67 亿美元的净内部销售</li>
<li><strong>Meta Platforms</strong>：95.6 亿美元的净内部销售</li>
</ul>
</div><p>Collectively, more than $17.2 billion in net stock sales have been made by insiders at both companies.</p>
<div class="lb-trans"><p>两家公司内部人士的净股票销售总额超过 172 亿美元。</p>
</div><p>Now here's the caveat to this data: not all insider selling is necessarily nefarious. Most executives at America's largest companies receive the lion's share of their compensation in the form of stock and options. To cover their federal and/or state tax liability, executives and directors may need to sell stock (or exercise options and subsequently sell stock) to pay their bill. This type of selling activity isn't worrisome.</p>
<div class="lb-trans"><p>现在，这些数据的警告是：并非所有的内部销售都是恶意的。美国最大公司的大多数高管的薪酬主要以股票和期权的形式支付。为了支付联邦和/或州的税款，高管和董事可能需要出售股票（或行使期权后出售股票）来支付账单。这种类型的销售活动并不令人担忧。</p>
</div><p>However, the other swing of the pendulum appears to validate this $17.2 billion warning as something investors shouldn't brush off as benign selling activity.</p>
<div class="lb-trans"><p>然而，另一种情况似乎验证了这 172 亿美元的警告，投资者不应将其视为无害的销售活动。</p>
</div><p>Though there are a number of reasons to sell stock, the lone reason to buy shares is if you believe they'll head higher. Insider buying is as cut-and-dried as it gets. Over the last five years, not one executive or director has spent a penny purchasing Meta Platforms' stock. As for Palantir, it has one purchase from an executive or board member in its nearly five years as a public company: a $1.16 million acquisition by former Chief Accounting Officer Heather Planishek.</p>
<div class="lb-trans"><p>尽管有许多理由出售股票，但购买股票的唯一理由是你相信它们会升值。内部人士的购买情况非常明确。在过去五年中，没有一位高管或董事花费一分钱购买 Meta Platforms 的股票。至于 Palantir，自上市近五年来，只有一位高管或董事会成员进行了购买：前首席会计官 Heather Planishek 以 116 万美元的价格进行了收购。</p>
</div><p>With the stock market pushing to its third-priciest valuation when back-tested 154 years, investors are looking for clear signs that Wall Street's leading businesses still offer upside. Palantir and Meta, which have just one insider purchase between them since mid-September 2020, are sending all the wrong signals.</p>
<div class="lb-trans"><p>随着股市推升至 154 年来第三高的估值，投资者正在寻找明确的迹象，以表明华尔街的领先企业仍然具有上涨空间。自 2020 年 9 月中旬以来，Palantir 和 Meta 之间仅有一笔内部人士购买，发出了错误的信号。</p>
</div><p>If insiders at Wall Street's most-influential businesses won't purchase their own company's stock, why should investors?</p>
<div class="lb-trans"><p>如果华尔街最具影响力的企业的内部人士都不愿意购买自己公司的股票，投资者又为什么要购买呢？</p>
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Palantir and Meta Platforms Just Signaled a $17 Billion Warning for Wall Street -- Is It Time to Worry?

- 人工智能的崛起对华尔街产生了深远影响，相关公司股价大幅上涨。  
- Palantir 和 Meta 的内部人士持续大量抛售股票，累计超过 172 亿美元。  
- 这种抛售行为引发投资者对未来前景的担忧，暗示市场可能存在风险。

Palantir 和 Meta Platforms 刚刚向华尔街发出了 170 亿美元的警告——现在是否应该担心了？