<p><strong>英偉達</strong>(NVDA 1.92%) 和 <strong>Palantir Technologies</strong>(PLTR 5.53%) 去年表現出色，兩家公司的股票因對其人工智能（AI）硬件和軟件解決方案的快速增長需求而顯著上漲。但 2025 年對這些炙手可熱的成長股來説卻有所不同。</p>
<p>儘管英偉達的股票在 2025 年回落近 14%，但 Palantir 在年初表現良好後，最近幾天也失去了很多地盤。然而，毫無疑問，兩家公司都在朝着有利可圖的終端市場發展。英偉達最近的業績表明，對 AI 硬件的快速增長需求仍然是公司主要的增長動力，而 Palantir 則因生成式 AI 軟件需求的擴大而持續改善其增長前景。</p>
<p>然而，如果你現在必須在這兩隻 AI 股票中選擇一隻，你應該把錢投向哪一隻呢？讓我們來看看。</p>
<h2>支持英偉達的理由</h2>
<p>市場對英偉達維持健康增長的能力表示懷疑，原因多種多樣，從對其 AI 圖形處理單元（GPU）的出口管制，到 AI 基礎設施支出的潛在放緩，再到其他類型芯片（如定製處理器）對其構成的威脅，這些定製處理器正被科技巨頭採用，以降低其 AI 開支。</p>
<p>然而，該公司最新的季度業績清楚表明，對其 AI 芯片的需求依然強勁。英偉達在 2025 財年第四季度（截至 1 月 26 日）的收入同比增長了驚人的 78%，達到了創紀錄的 393 億美元。調整後的每股收益也增長了令人印象深刻的 71%，達到了 0.89 美元。這兩個數字均超出了華爾街的預期。</p>
<p>指導意見表明，英偉達有望維持其健康的增長勢頭。它預計當前季度的收入將達到 430 億美元，這將比去年同期增長 65%。然而，隨着其最新一代 Blackwell 處理器的供應增加，以支持快速增長的客户需求，英偉達可能會超出自身的預期。</p>
<p>更重要的是，Blackwell 可以幫助英偉達維持其在 AI 芯片市場的主導地位，得益於其多功能性。管理層在最新的財報電話會議上指出：“Blackwell 覆蓋了整個 AI 市場，從預訓練、後訓練到推理，涵蓋雲端、本地和企業。”</p>
<p>英偉達進一步指出，像 DeepSeek 的 R1 這樣的低成本推理模型的出現可能會大幅增加計算需求。這對公司的 Blackwell 架構是個好消息，英偉達聲稱與上一代 H100 處理器相比，Blackwell 能夠以 20 倍更低的成本處理請求，速度快 25 倍。因此，看到英偉達在未來維持約 85% 的 AI 芯片市場份額並不令人驚訝。</p>
<p>這也可能是分析師提高對該公司當前及未來兩個財年的收入增長預期的原因。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png?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://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png"/></p>
<p>NVDA 當前財年收入預估數據來自 YCharts</p>
<p>與此同時，儘管在提高 Blackwell 處理器產量的過程中將面臨短期利潤壓力，但該公司的收益預計在當前財年將增長 50%。英偉達指出，隨着 Blackwell 生產的全面提升，其調整後的毛利率將在財年後期回升至中 70% 的範圍，而目前則在低 70% 的範圍。</p>
<p>因此，隨着年份的推移，看到英偉達的收益以更快的速度增長並超出分析師的預期也就不足為奇了。</p>
<h2>支持 Palantir Technologies 的理由</h2>
<p>Palantir Technologies 是 AI 軟件平台的領先供應商之一，這一市場預計在長期內將變得龐大。市場研究公司 IDC 估計，全球 AI 軟件平台市場可能從 2023 年的 280 億美元增長到 2028 年的 1530 億美元，年增長率超過 40%。</p>
<p>這個快速增長的市場已經對 Palantir 的表現產生了積極影響。該公司的收入增長在 2024 年加速至 29%，而 2023 年僅增長了 17%。考慮到 Palantir 去年的收入接近 29 億美元，可以看出，考慮到 AI 軟件平台市場的潛在規模，該公司在未來仍有很大的增長空間。</p>
<p>值得注意的是，Palantir 現在簽署新合同的速度與 AI 軟件平台市場預計的增長速度相當，IDC 表示。該公司在 2024 年第四季度報告的剩餘交易價值（RDV）同比增長了 40%，達到了 54 億美元。</p>
<p>這比第三季度 22% 的同比增長有了顯著改善。Palantir 的 RDV 指的是公司在一個季度末未履行合同的總價值。因此，這一指標的更快增長證明該公司現在簽署合同的速度超過了履行的速度，為未來更強的收入和收益增長鋪平了道路。</p>
<p>Palantir 的收入管道在未來繼續改善的可能性很大，因為該公司新引入的客户往往最終會簽署更大的合同，這得益於其人工智能平台（AIP）帶來的效率提升。Palantir 的整體客户數量在上一季度同比增長了 43%。隨着這些客户開始在更多領域部署 Palantir 的 AIP，公司應會看到其 RDV 的改善。</p>
<p>此外，現有客户的更高支出正在推動 Palantir 的利潤率改善。上個季度，其調整後的營業利潤率同比增長了 11 個百分點。毫不奇怪，Palantir 的調整後每股收益在 2024 年激增了 64%，達到了 0.41 美元。分析師預計，Palantir 將持續實現強勁的兩位數收益增長，但由於其快速改善的收入管道和利潤率提升，超出這些預期也不足為奇。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png?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://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png"/></p>
<p>PLTR 當前財政年度每股收益預測數據來自 YCharts</p>
<h2>結論</h2>
<p>雖然英偉達讓投資者受益於利潤豐厚的 AI 硬件市場，但 Palantir 使他們能夠充分利用生成性 AI 軟件的快速普及。因此，這兩家公司都可以在多元化投資組合中佔有一席之地。然而，Palantir 的問題在於，與增長速度更快的英偉達相比，其交易價格溢價巨大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png?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://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png"/></p>
<p>NVDA 市盈率數據來自 YCharts</p>
<p>Palantir 的高估值引發了人們的擔憂，認為該股票可能已經過熱，這也是其近期大幅回調的原因之一。毫不奇怪，分析師預計 Palantir 在未來一年僅能實現 15% 的漲幅，按照其 97 美元的中位數目標價來看。另一方面，分析師預計英偉達在未來 12 個月內將上漲 51%。</p>
<p>這並不令人驚訝，因為英偉達的估值較低，以及預計今年將實現的更快收益增長，可能會導致市場給予其更多的上漲空間，相比之下，Palantir 則顯得更為遜色，這使得投資者更容易決定這兩隻 AI 股票中哪一隻現在更值得購買。</p>

PLTR

英偉達

<p>英偉達和 Palantir Technologies 由於對人工智能解決方案需求的上升而實現了顯著的股票收益。在 2025 年，英偉達的股票下跌了近 14%，而 Palantir 也面臨近期的損失。英偉達第四季度的收入激增 78%，達到 393 億美元，主要受強勁的人工智能芯片需求推動，預計將繼續增長。相反，Palantir 在 2024 年的收入增長了 29%，受益於不斷擴大的人工智能軟件市場，預計到 2028 年將達到 1530 億美元。這兩家公司都處於有利位置，可以利用有利可圖的人工智能市場，但英偉達目前顯示出更強的增長潛力</p>

<p><strong>Nvidia</strong>(NVDA 1.92%) and <strong>Palantir Technologies</strong>(PLTR 5.53%) delivered terrific gains last year as shares of both companies shot up remarkably thanks to the fast-growing demand for their artificial intelligence (AI)-focused hardware and software solutions. But 2025 is turning out to be different for these red-hot growth stocks.</p>
<div class="lb-trans"><p><strong>英偉達</strong>(NVDA 1.92%) 和 <strong>Palantir Technologies</strong>(PLTR 5.53%) 去年表現出色，兩家公司的股票因對其人工智能（AI）硬件和軟件解決方案的快速增長需求而顯著上漲。但 2025 年對這些炙手可熱的成長股來説卻有所不同。</p>
</div><p>While Nvidia stock has retreated nearly 14% in 2025, Palantir has lost a lot of ground in recent days after a solid start to the year. However, it cannot be denied that both companies are on track to benefit from lucrative end markets. While Nvidia's recent results suggest that the fast-growing demand for AI hardware continues to be a key growth driver for the company, Palantir continues to witness an improvement in its growth profile thanks to the expanding need for generative AI software.</p>
<div class="lb-trans"><p>儘管英偉達的股票在 2025 年回落近 14%，但 Palantir 在年初表現良好後，最近幾天也失去了很多地盤。然而，毫無疑問，兩家公司都在朝着有利可圖的終端市場發展。英偉達最近的業績表明，對 AI 硬件的快速增長需求仍然是公司主要的增長動力，而 Palantir 則因生成式 AI 軟件需求的擴大而持續改善其增長前景。</p>
</div><p>However, if you had to buy one of these two AI stocks right now, which one should you be putting your money on? Let's find out.</p>
<div class="lb-trans"><p>然而，如果你現在必須在這兩隻 AI 股票中選擇一隻，你應該把錢投向哪一隻呢？讓我們來看看。</p>
</div><h2>The case for Nvidia</h2>
<div class="lb-trans"><h2>支持英偉達的理由</h2>
</div><p>The market has been doubting Nvidia's ability to sustain its healthy growth thanks to a variety of reasons ranging from export controls on its AI graphics processing units (GPUs) to a potential slowdown in AI infrastructure spending to threats from other types of chips such as custom processors that are being adopted by tech giants in a bid to lower their AI expenses.</p>
<div class="lb-trans"><p>市場對英偉達維持健康增長的能力表示懷疑，原因多種多樣，從對其 AI 圖形處理單元（GPU）的出口管制，到 AI 基礎設施支出的潛在放緩，再到其他類型芯片（如定製處理器）對其構成的威脅，這些定製處理器正被科技巨頭採用，以降低其 AI 開支。</p>
</div><p>However, the company's latest quarterly results make it clear that the demand for its AI chips remains healthy. Nvidia's revenue in the fourth quarter of fiscal 2025 (which ended on Jan. 26) increased a terrific 78% year over year to a record $39.3 billion. Adjusted earnings also increased by an impressive 71% to $0.89 per share. Both numbers were ahead of Wall Street's expectations.</p>
<div class="lb-trans"><p>然而，該公司最新的季度業績清楚表明，對其 AI 芯片的需求依然強勁。英偉達在 2025 財年第四季度（截至 1 月 26 日）的收入同比增長了驚人的 78%，達到了創紀錄的 393 億美元。調整後的每股收益也增長了令人印象深刻的 71%，達到了 0.89 美元。這兩個數字均超出了華爾街的預期。</p>
</div><p>The guidance indicates that Nvidia is on track to sustain its healthy momentum. It is expecting $43 billion in revenue in the current quarter, which would translate to a 65% increase from the prior-year period. However, Nvidia could exceed its own expectations as it ramps up the supply of its latest generation Blackwell processors to support the fast-growing customer demand.</p>
<div class="lb-trans"><p>指導意見表明，英偉達有望維持其健康的增長勢頭。它預計當前季度的收入將達到 430 億美元，這將比去年同期增長 65%。然而，隨着其最新一代 Blackwell 處理器的供應增加，以支持快速增長的客户需求，英偉達可能會超出自身的預期。</p>
</div><p>More importantly, Blackwell can help Nvidia maintain its dominant position in the AI chip market thanks to its versatility. Management pointed out on the latest earnings conference call that &#34;Blackwell addresses the entire AI market from pretraining, post-training to inference across cloud, to on-premise, to enterprise.&#34;</p>
<div class="lb-trans"><p>更重要的是，Blackwell 可以幫助英偉達維持其在 AI 芯片市場的主導地位，得益於其多功能性。管理層在最新的財報電話會議上指出：“Blackwell 覆蓋了整個 AI 市場，從預訓練、後訓練到推理，涵蓋雲端、本地和企業。”</p>
</div><p>Nvidia further points out that the arrival of low-cost reasoning models such as DeepSeek's R1 is likely to increase computing demand substantially. This bodes well for the company's Blackwell architecture, which Nvidia claims is capable of processing requests 25 times faster at a 20 times lower cost when compared to the previous generation H100 processor. As such, it won't be surprising to see Nvidia maintaining its dominant share of around 85% in the AI chip market going forward.</p>
<div class="lb-trans"><p>英偉達進一步指出，像 DeepSeek 的 R1 這樣的低成本推理模型的出現可能會大幅增加計算需求。這對公司的 Blackwell 架構是個好消息，英偉達聲稱與上一代 H100 處理器相比，Blackwell 能夠以 20 倍更低的成本處理請求，速度快 25 倍。因此，看到英偉達在未來維持約 85% 的 AI 芯片市場份額並不令人驚訝。</p>
</div><p>This is also probably the reason why analysts have increased their revenue growth expectations for the company for the current and the next two fiscal years.</p>
<div class="lb-trans"><p>這也可能是分析師提高對該公司當前及未來兩個財年的收入增長預期的原因。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png" alt="" original-src="https://media.ycharts.com/charts/9294dcc3fc113a4aa8fa31f295fd02da.png"/></p>
<p>NVDA Revenue Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>NVDA 當前財年收入預估數據來自 YCharts</p>
</div><p>The company's earnings, meanwhile, are expected to increase by 50% in the current fiscal year despite the near-term margin pressure it is going to face while ramping up the output of its Blackwell processors. Nvidia points out that its adjusted gross margin will head back to the mid-70% range later in the fiscal year from the low-70% range right now once Blackwell production is fully ramped up.</p>
<div class="lb-trans"><p>與此同時，儘管在提高 Blackwell 處理器產量的過程中將面臨短期利潤壓力，但該公司的收益預計在當前財年將增長 50%。英偉達指出，隨着 Blackwell 生產的全面提升，其調整後的毛利率將在財年後期回升至中 70% 的範圍，而目前則在低 70% 的範圍。</p>
</div><p>So, don't be surprised to see Nvidia's earnings growing at a faster pace and exceeding analysts' expectations as the year progresses.</p>
<div class="lb-trans"><p>因此，隨着年份的推移，看到英偉達的收益以更快的速度增長並超出分析師的預期也就不足為奇了。</p>
</div><h2>The case for Palantir Technologies</h2>
<div class="lb-trans"><h2>支持 Palantir Technologies 的理由</h2>
</div><p>Palantir Technologies is one of the leading vendors of AI software platforms, a market that's expected to become massive in the long run. Market research firm IDC estimates that the global AI software platforms market could grow from $28 billion in 2023 to $153 billion in 2028 at an annual rate of more than 40%.</p>
<div class="lb-trans"><p>Palantir Technologies 是 AI 軟件平台的領先供應商之一，這一市場預計在長期內將變得龐大。市場研究公司 IDC 估計，全球 AI 軟件平台市場可能從 2023 年的 280 億美元增長到 2028 年的 1530 億美元，年增長率超過 40%。</p>
</div><p>This fast-growing market is already having a positive impact on Palantir's performance. The company's revenue growth accelerated to 29% in 2024 from a 17% increase witnessed in 2023. Given that Palantir's top line came in at just under $2.9 billion last year, it is easy to see that the company still has a lot of room for growth in the future considering the potential size of the AI software platforms market.</p>
<div class="lb-trans"><p>這個快速增長的市場已經對 Palantir 的表現產生了積極影響。該公司的收入增長在 2024 年加速至 29%，而 2023 年僅增長了 17%。考慮到 Palantir 去年的收入接近 29 億美元，可以看出，考慮到 AI 軟件平台市場的潛在規模，該公司在未來仍有很大的增長空間。</p>
</div><p>What's worth noting here is that the pace at which Palantir is now signing new contracts is equaling the pace at which the AI software platforms market is expected to grow, as per IDC. The company reported a 40% year-over-year increase in its remaining deal value (RDV) in the fourth quarter of 2024 to $5.4 billion.</p>
<div class="lb-trans"><p>值得注意的是，Palantir 現在簽署新合同的速度與 AI 軟件平台市場預計的增長速度相當，IDC 表示。該公司在 2024 年第四季度報告的剩餘交易價值（RDV）同比增長了 40%，達到了 54 億美元。</p>
</div><p>That was a significant improvement over the 22% year-over-year increase in this metric in the third quarter. Palantir's RDV refers to the total value of the company's unfulfilled contracts at the end of a quarter. So, the faster growth in this metric is proof that the company is now signing contracts at a faster pace than it is fulfilling, paving the way for stronger revenue and earnings growth in the future.</p>
<div class="lb-trans"><p>這比第三季度 22% 的同比增長有了顯著改善。Palantir 的 RDV 指的是公司在一個季度末未履行合同的總價值。因此，這一指標的更快增長證明該公司現在簽署合同的速度超過了履行的速度，為未來更強的收入和收益增長鋪平了道路。</p>
</div><p>There is a good chance that Palantir's revenue pipeline will continue to improve in the future as the new customers that the company brings on board tend to sign bigger contracts eventually, thanks to the efficiency gains delivered by its Artificial Intelligence Platform (AIP). Palantir's overall customer count was up by 43% year over year in the previous quarter. As these customers start deploying Palantir's AIP into more areas, the company should witness an improvement in its RDV.</p>
<div class="lb-trans"><p>Palantir 的收入管道在未來繼續改善的可能性很大，因為該公司新引入的客户往往最終會簽署更大的合同，這得益於其人工智能平台（AIP）帶來的效率提升。Palantir 的整體客户數量在上一季度同比增長了 43%。隨着這些客户開始在更多領域部署 Palantir 的 AIP，公司應會看到其 RDV 的改善。</p>
</div><p>Also, the higher spending by existing customers is contributing toward an improvement in Palantir's margins. Its adjusted operating margin increased by 11 percentage points year over year last quarter. Not surprisingly, Palantir's adjusted earnings shot up an impressive 64% in 2024 to $0.41 per share. Analysts are expecting Palantir to sustain strong double-digit earnings growth going forward, though don't be surprised to see it exceed those expectations thanks to its fast-improving revenue pipeline and margin improvements.</p>
<div class="lb-trans"><p>此外，現有客户的更高支出正在推動 Palantir 的利潤率改善。上個季度，其調整後的營業利潤率同比增長了 11 個百分點。毫不奇怪，Palantir 的調整後每股收益在 2024 年激增了 64%，達到了 0.41 美元。分析師預計，Palantir 將持續實現強勁的兩位數收益增長，但由於其快速改善的收入管道和利潤率提升，超出這些預期也不足為奇。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png" alt="" original-src="https://media.ycharts.com/charts/6f29d037b22c3fab703c69c07eafa142.png"/></p>
<p>PLTR EPS Estimates for Current Fiscal Year data by YCharts</p>
<div class="lb-trans"><p>PLTR 當前財政年度每股收益預測數據來自 YCharts</p>
</div><h2>The verdict</h2>
<div class="lb-trans"><h2>結論</h2>
</div><p>While Nvidia allows investors to benefit from the lucrative AI hardware market, Palantir enables them to make the most of the rapidly improving adoption of generative AI software. So, both companies could find a place in a diversified portfolio. However, the problem with Palantir is that it trades at a huge premium when compared to Nvidia, a company that's growing at a faster pace.</p>
<div class="lb-trans"><p>雖然英偉達讓投資者受益於利潤豐厚的 AI 硬件市場，但 Palantir 使他們能夠充分利用生成性 AI 軟件的快速普及。因此，這兩家公司都可以在多元化投資組合中佔有一席之地。然而，Palantir 的問題在於，與增長速度更快的英偉達相比，其交易價格溢價巨大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png" alt="" original-src="https://media.ycharts.com/charts/233e5f9d27c02f00ef6d36a58c001ae6.png"/></p>
<p>NVDA PE Ratio data by YCharts</p>
<div class="lb-trans"><p>NVDA 市盈率數據來自 YCharts</p>
</div><p>Palantir's expensive valuation has created concerns that the stock may have gotten ahead of itself and is one of the reasons why it has pulled back significantly of late. Not surprisingly, analysts are expecting Palantir to deliver just 15% gains in the next year as per its median price target of $97. Nvidia, on the other hand, is expected to jump 51% over the next 12 months, according to analysts.</p>
<div class="lb-trans"><p>Palantir 的高估值引發了人們的擔憂，認為該股票可能已經過熱，這也是其近期大幅回調的原因之一。毫不奇怪，分析師預計 Palantir 在未來一年僅能實現 15% 的漲幅，按照其 97 美元的中位數目標價來看。另一方面，分析師預計英偉達在未來 12 個月內將上漲 51%。</p>
</div><p>That won't be surprising as Nvidia's cheaper valuation and the faster earnings growth that it is expected to deliver this year could lead the market to reward it with more upside as compared to Palantir, making it easier for investors to decide which one of these two AI stocks is a better buy right now.</p>
<div class="lb-trans"><p>這並不令人驚訝，因為英偉達的估值較低，以及預計今年將實現的更快收益增長，可能會導致市場給予其更多的上漲空間，相比之下，Palantir 則顯得更為遜色，這使得投資者更容易決定這兩隻 AI 股票中哪一隻現在更值得購買。</p>
</div>

Better Artificial Intelligence (AI) Stock: Nvidia vs. Palantir

- Nvidia 和 Palantir 去年因 AI 需求大增而股價飆升。  
- 2025 年，Nvidia 股價下跌近 14%，Palantir 也面臨回調。  
- Nvidia 預計本季度收入將達 430 億美元，Palantir 收入增長加速至 29%。

更好的人工智能（AI）股票：英偉達 vs. Palantir Tech