<p>每只股票都有起伏。对于 <strong>Palantir Technologies</strong>（PLTR -0.83%）来说，过去的上涨远多于下跌——直到这个春天。</p>
<p>那时，Palantir 因其估值问题而遭遇重创。最近，这种情况再次发生，股票在八月和九月的大部分时间里都在挣扎。</p>
<p>但现在，这辆过山车又开始向上攀升——Palantir 股票距离历史最高点不到 4%，今年上涨了 25%。但估值问题并没有消失。实际上，它们只是在加剧。</p>
<p>那么，Palantir 现在值得买入吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMTAvZ2V0dHlpbWFnZXMtMTcwNjM5MDg4OC5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMTAvZ2V0dHlpbWFnZXMtMTcwNjM5MDg4OC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Palantir 正在成为主导的 AI 股票</h2>
<p>Palantir 的独特之处在于其人工智能平台（AIP）。这是一个强大的工具，帮助政府机构和商业公司优化运营、管理工作流程，并提供实时洞察，其他公司无法比拟。</p>
<p>Palantir 的增长速度有多快？就在一年前，它的市值约为 1000 亿美元。现在已达到 4300 亿美元，目前是全球第 21 家最有价值的公司，超过了 <strong>强生</strong> 和 <strong>美国银行</strong> 等蓝筹股。</p>
<p>该公司以与美国政府的合作而闻名——它的分析曾帮助确定了本·拉登的藏身地点。Palantir 创建了一个庞大的数据库，从数百个来源提取信息，包括无人机和卫星，以反馈给情报机构和军事指挥官，帮助他们做出战场决策。</p>
<p>美国政府合同是 Palantir 收入的最大组成部分，在第二季度为公司带来了 4.26 亿美元的收入，占其 10 亿美元总收入的很大一部分。越来越多的联邦机构开始使用 Palantir 的平台，包括国土安全部、卫生与公共服务部和国务院。美国政府收入同比增长了 53%。</p>
<p>然而，该公司在商业领域的机会同样引人注目。Palantir 一直在举办训练营，让潜在客户了解 AIP 如何专门为他们的业务服务。这一做法取得了成效。Palantir 的 AIP 使新客户能够极快地开始使用该平台，美国商业收入在第二季度激增了 93%，达到了 3.06 亿美元。</p>
<p>此外，Palantir 在本季度签署了 157 笔价值超过 100 万美元的交易。其中，66 笔交易价值超过 500 万美元，42 笔交易价值超过 1000 万美元。</p>
<p>Palantir 还对第三季度的增长进行了指导，预计同比增长超过 50%，并表示这将是公司历史上最高的季度收入增长。</p>
<h2>为什么估值是一个红旗</h2>
<p>Palantir 的怀疑者——而且有很多——指出公司的糟糕估值是股票注定要维持其上涨的原因。</p>
<p>该公司的市销率为 134，未来市销率为 104。这意味着 Palantir 的估值甚至超过了 <strong>Nvidia</strong> 在其惊人增长至 4 万亿美元市值时的水平。</p>
<p>要使 Palantir 在当前股价下达到 Nvidia 目前的市销率 26，它需要在 12 个月内实现超过 170 亿美元的收入——这与其过去 12 个月的 34 亿美元相比是一个巨大的飞跃。而且，随着股价的上涨，市销率实际上还在上升。过去三个月，市销率上涨了近 30%。</p>
<p>这就是为什么怀疑者认为 Palantir 是一个糟糕的投资，因为现在太贵了——你是在以可怕的溢价购买股票。这也是为什么 Citron Research 发布了一份报告，称 Palantir 的股票 “脱离了基本面和分析”，导致其股票在今年夏天早些时候下跌了 18%。</p>
<p>那么，Palantir 现在值得买入吗？这取决于你对数字与动量的舒适程度。就我个人而言，我仍然看好 Palantir，因为我认为它是一家将改变商业运作方式的革命性公司。我认为市场尚未认识到 Palantir 的真实价值，就像它没有意识到 <strong>亚马逊</strong> 等公司的价值一样。</p>
<p>所以，是的，Palantir 对我来说是一个买入，纯粹作为一只动量股。但我也理解为什么它的反对者会选择远离。</p>

PLTR

<p>Palantir Technologies (PLTR) 的股票波动显著，最近回升至其历史高点的 4% 以内，今年上涨了 25%。该公司以其人工智能平台而闻名，市值达到 4300 亿美元，得益于强劲的美国政府合同和 93% 的商业收入增长。然而，关于其高估值的担忧依然存在，市销率为 134。尽管一些分析师认为其价格过高，但另一些分析师则看到增长潜力，对于那些愿意接受其动能而不顾估值风险的投资者来说，这仍然是一个值得购买的选择</p>

<p>Every stock has its ups and downs. For <strong>Palantir Technologies</strong>(PLTR -0.83%) there were lots more ups than downs -- until this spring.</p>
<div class="lb-trans"><p>每只股票都有起伏。对于 <strong>Palantir Technologies</strong>（PLTR -0.83%）来说，过去的上涨远多于下跌——直到这个春天。</p>
</div><p>That's when Palantir took a tumble when concerns about its valuation reared their ugly head. And it happened again just recently, as the stock stumbled its way through August and most of September.</p>
<div class="lb-trans"><p>那时，Palantir 因其估值问题而遭遇重创。最近，这种情况再次发生，股票在八月和九月的大部分时间里都在挣扎。</p>
</div><p>But now that roller coaster is headed back up -- Palantir stock is less than 4% off its all-time highs and up 25% on the year. But the valuation issues haven't gone away. If anything, they're just getting worse.</p>
<div class="lb-trans"><p>但现在，这辆过山车又开始向上攀升——Palantir 股票距离历史最高点不到 4%，今年上涨了 25%。但估值问题并没有消失。实际上，它们只是在加剧。</p>
</div><p>So, is Palantir a buy here?</p>
<div class="lb-trans"><p>那么，Palantir 现在值得买入吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzUxMTAvZ2V0dHlpbWFnZXMtMTcwNjM5MDg4OC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835110%2Fgettyimages-1706390888.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 is becoming a dominant AI stock</h2>
<div class="lb-trans"><h2>Palantir 正在成为主导的 AI 股票</h2>
</div><p>The thing that sets Palantir apart is its Artificial Intelligence Platform (AIP). It's a powerful tool that helps government agencies and commercial companies streamline operations, manage workflows, and provide real-time insights like no other company can.</p>
<div class="lb-trans"><p>Palantir 的独特之处在于其人工智能平台（AIP）。这是一个强大的工具，帮助政府机构和商业公司优化运营、管理工作流程，并提供实时洞察，其他公司无法比拟。</p>
</div><p>How quickly is Palantir growing? Just a year ago, its market capitalization was around $100 billion. Now it's at $430 billion and is currently the 21st-most valuable company in the world, bigger than blue-chip names like <strong>Johnson &amp; Johnson</strong> and <strong>Bank of America</strong>.</p>
<div class="lb-trans"><p>Palantir 的增长速度有多快？就在一年前，它的市值约为 1000 亿美元。现在已达到 4300 亿美元，目前是全球第 21 家最有价值的公司，超过了 <strong>强生</strong> 和 <strong>美国银行</strong> 等蓝筹股。</p>
</div><p>The company is best known for its work with the U.S. government -- it famously came to light when its analysis helped pinpoint the location of Osama bin Laden. Palantir created a massive database that pulls information from hundreds of sources, including drones and satellites, to feed back to intelligence agencies and military commanders to help them make battlefield decisions.</p>
<div class="lb-trans"><p>该公司以与美国政府的合作而闻名——它的分析曾帮助确定了本·拉登的藏身地点。Palantir 创建了一个庞大的数据库，从数百个来源提取信息，包括无人机和卫星，以反馈给情报机构和军事指挥官，帮助他们做出战场决策。</p>
</div><p>U.S. government contracts are the biggest piece of Palantir's revenue pie, bringing in $426 million of the company's $1 billion overall revenue in the second quarter. And more federal agencies are turning to Palantir's platform, including Homeland Security, Health and Human Services, and the State Department. U.S. government revenue was up 53% from a year ago.</p>
<div class="lb-trans"><p>美国政府合同是 Palantir 收入的最大组成部分，在第二季度为公司带来了 4.26 亿美元的收入，占其 10 亿美元总收入的很大一部分。越来越多的联邦机构开始使用 Palantir 的平台，包括国土安全部、卫生与公共服务部和国务院。美国政府收入同比增长了 53%。</p>
</div><p>However, the company's opportunity with commercial businesses is just as compelling. Palantir has been hosting bootcamps to give potential customers an opportunity to learn how AIP can work specifically for their businesses. And it's working. Palantir's AIP allows new customers to start using the platform extremely quickly, and U.S. commercial revenue jumped a whopping 93% in the second quarter to $306 million.</p>
<div class="lb-trans"><p>然而，该公司在商业领域的机会同样引人注目。Palantir 一直在举办训练营，让潜在客户了解 AIP 如何专门为他们的业务服务。这一做法取得了成效。Palantir 的 AIP 使新客户能够极快地开始使用该平台，美国商业收入在第二季度激增了 93%，达到了 3.06 亿美元。</p>
</div><p>In addition, Palantir closed 157 deals in the quarter that were worth more than $1 million. Of those, 66 were worth more than $5 million and 42 were worth more than $10 million.</p>
<div class="lb-trans"><p>此外，Palantir 在本季度签署了 157 笔价值超过 100 万美元的交易。其中，66 笔交易价值超过 500 万美元，42 笔交易价值超过 1000 万美元。</p>
</div><p>Palantir also issued guidance for the third quarter of more than 50% growth from a year ago, and said it would be the highest sequential quarterly revenue growth in the company's history.</p>
<div class="lb-trans"><p>Palantir 还对第三季度的增长进行了指导，预计同比增长超过 50%，并表示这将是公司历史上最高的季度收入增长。</p>
</div><h2>Why valuation is a red flag</h2>
<div class="lb-trans"><h2>为什么估值是一个红旗</h2>
</div><p>Palantir skeptics -- and there are a lot of them -- point to the company's ugly valuation as a reason why the stock is doomed to sustain its run.</p>
<div class="lb-trans"><p>Palantir 的怀疑者——而且有很多——指出公司的糟糕估值是股票注定要维持其上涨的原因。</p>
</div><p>The company has a price-to-sales ratio of 134, and a forward P/S ratio of 104. That means that Palantir has a valuation that not even <strong>Nvidia</strong> experienced during its amazing run to a $4 trillion market cap.</p>
<div class="lb-trans"><p>该公司的市销率为 134，未来市销率为 104。这意味着 Palantir 的估值甚至超过了 <strong>Nvidia</strong> 在其惊人增长至 4 万亿美元市值时的水平。</p>
</div><p>For Palantir to achieve Nvidia's current P/S ratio of 26 at its <em>current</em> share price, it would have to bring in more than $17 billion in revenue over a 12-month period -- a huge leap from the $3.4 billion it currently has over the last 12 months. And it doesn't help that the P/S ratio is actually going up as the stock price increases. The P/S ratio is up nearly 30% in just the last three months.</p>
<div class="lb-trans"><p>要使 Palantir 在当前股价下达到 Nvidia 目前的市销率 26，它需要在 12 个月内实现超过 170 亿美元的收入——这与其过去 12 个月的 34 亿美元相比是一个巨大的飞跃。而且，随着股价的上涨，市销率实际上还在上升。过去三个月，市销率上涨了近 30%。</p>
</div><p>That's why skeptics say Palantir is a bad investment because it's too expensive right now -- you're buying the stock at horrendous premium. And that's why Citron Research published a report that called Palantir's stock &#34;detached from fundamentals and analysis,&#34; sending shares down 18% earlier this summer.</p>
<div class="lb-trans"><p>这就是为什么怀疑者认为 Palantir 是一个糟糕的投资，因为现在太贵了——你是在以可怕的溢价购买股票。这也是为什么 Citron Research 发布了一份报告，称 Palantir 的股票 “脱离了基本面和分析”，导致其股票在今年夏天早些时候下跌了 18%。</p>
</div><p>So, is Palantir a buy here? That depends on your comfort level with numbers over momentum. Personally, I'm still liking Palantir here because I think it's a revolutionary company that is going to change how businesses operate. I think that the market doesn't recognize Palantir's true value yet, just as it didn't recognize what companies like <strong>Amazon</strong> would be.</p>
<div class="lb-trans"><p>那么，Palantir 现在值得买入吗？这取决于你对数字与动量的舒适程度。就我个人而言，我仍然看好 Palantir，因为我认为它是一家将改变商业运作方式的革命性公司。我认为市场尚未认识到 Palantir 的真实价值，就像它没有意识到 <strong>亚马逊</strong> 等公司的价值一样。</p>
</div><p>So yes, Palantir is a buy for me, purely as a momentum stock. But I also understand why its detractors are staying away.</p>
<div class="lb-trans"><p>所以，是的，Palantir 对我来说是一个买入，纯粹作为一只动量股。但我也理解为什么它的反对者会选择远离。</p>
</div>

Is Palantir Technologies Stock a Buy Now?

- Palantir Technologies 股价经历波动，目前市值达 4300 亿美元。  
- 政府合同占其收入的主要部分，第二季度 U.S. 政府收入增长 53%。  
- 但高达 134 的市销率引发质疑，分析师认为其估值过高。  

Palantir Technologies 的股票现在是否值得购买？