<p>人工智能（AI）領域的競爭正在加劇，常見的競爭者們也在其中。今天的兩家頂尖 AI 公司也是 <strong>伯克希爾哈撒韋</strong> 投資組合中的兩隻股票。</p>
<p><strong>蘋果</strong>（AAPL -1.09%）是沃倫·巴菲特最喜歡的公司之一，他稱其業務比他其他的最愛 <strong>可口可樂</strong> 和 <strong>美國運通</strong> 更好。它是伯克希爾哈撒韋投資組合中最大的持倉，佔總投資組合的 21.6%。</p>
<p>另一方面，<strong>亞馬遜</strong>（AMZN 1.75%）是由伯克希爾哈撒韋的一位投資經理購買的，而不是巴菲特本人，儘管巴菲特承認他對創始人傑夫·貝索斯的欽佩。亞馬遜的股票僅佔投資組合的 0.8%。</p>
<p>顯然，巴菲特更看好哪家公司，但哪一家公司更適合你的投資組合呢？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="466" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>蘋果：粘性生態系統</h2>
<p>許多投資者知道巴菲特喜歡被低估的股票。但在解釋他如何選擇股票時，他稱自己是商業挑選者，而不是股票挑選者。在解釋他所喜愛的偉大商業時，他總是談到護城河和資本部署。</p>
<p>“我並不是因為它是一隻科技股而投資蘋果，” 他在首次購買時解釋道。“我的意思是，我投資蘋果是因為我……對資本的使用智慧得出了某些結論，但更重要的是，關於生態系統的價值以及這個生態系統的持久性，以及對它的威脅，還有很多其他因素。”</p>
<p>為了説明他的思維方式，他表示，儘管他沒有在 <strong>字母表</strong>（Alphabet）還是谷歌（Google）時購買股票是個錯誤，但他看到它取代了一個叫做 Alta Vista 的早期搜索引擎，並認為它也可能被取代。換句話説，當時並不清楚它是否會擁有今天的護城河，基本上使任何競爭對手在短期內都無法接近其地位。</p>
<p>然而，巴菲特表示，要擁有值得投資的護城河，“你必須擁有一些非常非常特別的產品，並且有一個……廣泛的生態系統，產品的粘性極強，還有其他所有這些因素。” 蘋果的 AI 完全是為了增強其生態系統，以保持其忠實客户。這是消費者科技巨頭增強其生態系統並變得更加粘性的另一種方式。</p>
<p>巴菲特在 2016 年首次購買蘋果股票，並在幾年內逐步增加持倉，去年賣出了大約一半，但這並不是因為伯克希爾哈撒韋購買了更多股票而使其膨脹到總投資組合的一半。當他首次購買時，巴菲特表示他擁有大約 5% 的流通股，但預計通過蘋果的股票回購計劃，這一比例將增加到大約 6% 到 7%。</p>
<p>這也是巴菲特喜歡股票回購作為股票特徵的原因之一。他在蘋果的持股價值已經增加了數十億美元，僅僅因為公司回購了自己的股票。</p>
<p>投資論點仍然適用嗎？絕對適用。不過，我要指出的是，今天的蘋果價格比巴菲特購買時要貴得多，目前的價格並沒有呈現出同樣的價值。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png"/></p>
<p>AAPL 市盈率數據來自 YCharts。</p>
<h2>亞馬遜：機會</h2>
<p>亞馬遜的 AI 業務和雄心與蘋果完全不同。雖然它在自己的業務中也使用 AI，但其最大的 AI 機會在於亞馬遜網絡服務（AWS）雲計算部門，這一部門旨在賦能公司的龐大客户基礎。</p>
<p>就 AI 而言，亞馬遜創造銷售的機會似乎遠遠超過蘋果。如果巴菲特喜歡蘋果是因為它是一個消費產品的強大企業，而不是科技巨頭，那麼亞馬遜的投資論點則在於其科技實力，這並不在巴菲特的擅長範圍內。</p>
<p>亞馬遜已經從投資 AI 中獲得了巨大的好處。這是一個數十億美元的業務，但首席執行官安迪·賈西認為機會更大。它正在以三位數的速度增長，賈西表示：“在這一代 AI 之前，我們認為 AWS 最終有機會成為一個數千億美元的收入業務。我們現在認為它可能會更大。”</p>
<p>他設想了 AI 如何使人們的日常任務變得更加輕鬆。亞馬遜正在大力投資於開發者創建顛覆性 AI 應用程序的基礎設施。</p>
<p>亞馬遜的其他業務也很吸引人。就是否是科技公司而言，亞馬遜是美國最大的電子商務公司，其領先的消費品業務周圍有着強大的護城河。這可能是亞馬遜進入伯克希爾哈撒韋投資組合的原因，和蘋果一樣，這也是其自我強化的粘性生態系統。</p>
<p>至於股價，與蘋果相比，亞馬遜的估值接近其 10 年來的低點。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png"/></p>
<p>AMZN 市盈率數據來自 YCharts。</p>
<p>今天購買這兩隻股票都有很好的理由，但目前亞馬遜看起來是更好的選擇。</p>

蘋果

亞馬遜

2 倍做多 AAPL ETF - GraniteShares

蘋果每日 1 倍做空 ETF - Direxion

蘋果每日 2 倍做多 ETF - Direxion

AAPX

AAPY

APLY

亞馬遜每日 2 倍做多 ETF - Direxion

<p>這篇文章比較了蘋果和亞馬遜在沃倫·巴菲特的伯克希爾·哈撒韋投資組合中的人工智能投資。蘋果是巴菲特所青睞的，佔投資組合的 21.6%，以其強大的生態系統和股票回購而聞名。相比之下，亞馬遜僅佔 0.8%，通過其 AWS 部門專注於人工智能，具有顯著的增長潛力。雖然蘋果被視為消費產品的強者，但亞馬遜的技術實力和多元化商業模式則提供了不同的投資機會。分析質疑了今天對於投資者來説哪隻股票更值得購買</p>

<p>The race to the top of the artificial intelligence (AI) mountain is on, and the usual suspects are in the running. Two of the top AI companies today are also two of the stocks in the <strong>Berkshire Hathaway</strong> portfolio.</p>
<div class="lb-trans"><p>人工智能（AI）領域的競爭正在加劇，常見的競爭者們也在其中。今天的兩家頂尖 AI 公司也是 <strong>伯克希爾哈撒韋</strong> 投資組合中的兩隻股票。</p>
</div><p><strong>Apple</strong>(AAPL -1.09%) is one of Warren Buffett's favorite companies, and he's called it a better business than his other favorites, <strong>Coca-Cola</strong> and <strong>American Express</strong>. It's the largest position in the Berkshire Hathaway portfolio, accounting for 21.6% of the total.</p>
<div class="lb-trans"><p><strong>蘋果</strong>（AAPL -1.09%）是沃倫·巴菲特最喜歡的公司之一，他稱其業務比他其他的最愛 <strong>可口可樂</strong> 和 <strong>美國運通</strong> 更好。它是伯克希爾哈撒韋投資組合中最大的持倉，佔總投資組合的 21.6%。</p>
</div><p><strong>Amazon</strong>(AMZN 1.75%), on the other hand, was purchased by one of Berkshire Hathaway's investment managers, not Buffett himself, although Buffett has admitted his admiration for founder Jeff Bezos. Amazon stock accounts for only 0.8% of the portfolio.</p>
<div class="lb-trans"><p>另一方面，<strong>亞馬遜</strong>（AMZN 1.75%）是由伯克希爾哈撒韋的一位投資經理購買的，而不是巴菲特本人，儘管巴菲特承認他對創始人傑夫·貝索斯的欽佩。亞馬遜的股票僅佔投資組合的 0.8%。</p>
</div><p>It's clear which company works better for Buffett, but which one is better for your portfolio?</p>
<div class="lb-trans"><p>顯然，巴菲特更看好哪家公司，但哪一家公司更適合你的投資組合呢？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjA2NzEvY2hpbGQtdXNpbmctYWktb24tYS1jb21wdXRlci5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F820671%2Fchild-using-ai-on-a-computer.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>圖片來源：Getty Images。</p>
</div><h2>Apple: The sticky ecosystem</h2>
<div class="lb-trans"><h2>蘋果：粘性生態系統</h2>
</div><p>Many investors know that Buffett loves an undervalued stock. But when explaining how he chooses stocks, he calls himself a business picker, not a stock picker. When explaining what he loves in a great business, he invariably talks about moats and capital deployment.</p>
<div class="lb-trans"><p>許多投資者知道巴菲特喜歡被低估的股票。但在解釋他如何選擇股票時，他稱自己是商業挑選者，而不是股票挑選者。在解釋他所喜愛的偉大商業時，他總是談到護城河和資本部署。</p>
</div><p>&#34;I didn't go into Apple because it was a tech stock in the least,&#34; he explained when he first bought it. &#34;I mean, I went into Apple because I...came to certain conclusions about both the intelligence with which the capital would be employed, but more important, about the value of an ecosystem and how permanent that ecosystem could be, and what the threats were to it, and a whole bunch of things.&#34;</p>
<div class="lb-trans"><p>“我並不是因為它是一隻科技股而投資蘋果，” 他在首次購買時解釋道。“我的意思是，我投資蘋果是因為我……對資本的使用智慧得出了某些結論，但更重要的是，關於生態系統的價值以及這個生態系統的持久性，以及對它的威脅，還有很多其他因素。”</p>
</div><p>To explain how he thinks, he said that even though he made a mistake by not buying <strong>Alphabet</strong> back when it was still Google, he saw that it had displaced an earlier search engine called Alta Vista and figured it could be displaced, as well. In other words, at the time, it wasn't clear that it would have the moat that it has today, essentially making it impossible for any competition to come close to its status in the near term.</p>
<div class="lb-trans"><p>為了説明他的思維方式，他表示，儘管他沒有在 <strong>字母表</strong>（Alphabet）還是谷歌（Google）時購買股票是個錯誤，但他看到它取代了一個叫做 Alta Vista 的早期搜索引擎，並認為它也可能被取代。換句話説，當時並不清楚它是否會擁有今天的護城河，基本上使任何競爭對手在短期內都無法接近其地位。</p>
</div><p>However, Buffett has said that, to have a moat that's investment-worthy, &#34;You have to have some very, very, very special product, and which has a...widespread ecosystem, and the product's extremely sticky, and all of that sort of thing.&#34; Apple's AI is all about reinforcing its ecosystem to keep its loyal customers. It's another way the consumer-tech giant enhances its ecosystem and becomes even more sticky.</p>
<div class="lb-trans"><p>然而，巴菲特表示，要擁有值得投資的護城河，“你必須擁有一些非常非常特別的產品，並且有一個……廣泛的生態系統，產品的粘性極強，還有其他所有這些因素。” 蘋果的 AI 完全是為了增強其生態系統，以保持其忠實客户。這是消費者科技巨頭增強其生態系統並變得更加粘性的另一種方式。</p>
</div><p>Buffett first bought shares of Apple stock in 2016 and built up his position for a few years before selling about half of it last year, but it didn't balloon to about half of the total portfolio strictly because Berkshire Hathaway bought more shares. When he first bought it, Buffett said that he owned about 5% of shares outstanding but expected that to increase to about 6% to 7% through Apple's share-buyback program alone.</p>
<div class="lb-trans"><p>巴菲特在 2016 年首次購買蘋果股票，並在幾年內逐步增加持倉，去年賣出了大約一半，但這並不是因為伯克希爾哈撒韋購買了更多股票而使其膨脹到總投資組合的一半。當他首次購買時，巴菲特表示他擁有大約 5% 的流通股，但預計通過蘋果的股票回購計劃，這一比例將增加到大約 6% 到 7%。</p>
</div><p>That's one of the reasons Buffett loves stock repurchases as a stock feature. His stake in Apple has increased by billions of dollars simply because the company bought back its own shares.</p>
<div class="lb-trans"><p>這也是巴菲特喜歡股票回購作為股票特徵的原因之一。他在蘋果的持股價值已經增加了數十億美元，僅僅因為公司回購了自己的股票。</p>
</div><p>Does the investing thesis still apply? Absolutely. I will point out, though, that Apple is a lot more expensive today than it was when Buffett bought it, and it doesn't present the same value at its current price.</p>
<div class="lb-trans"><p>投資論點仍然適用嗎？絕對適用。不過，我要指出的是，今天的蘋果價格比巴菲特購買時要貴得多，目前的價格並沒有呈現出同樣的價值。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png" alt="" original-src="https://media.ycharts.com/charts/0c71c8c10e356ed01871979bef27bf35.png"/></p>
<p>AAPL PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AAPL 市盈率數據來自 YCharts。</p>
</div><h2>Amazon: The opportunity</h2>
<div class="lb-trans"><h2>亞馬遜：機會</h2>
</div><p>Amazon's AI business and ambitions are completely different than Apple's. While it also uses AI throughout its own business, its greatest AI opportunities are in the Amazon Web Services (AWS) cloud computing segment, which is all about empowering the company's massive client base.</p>
<div class="lb-trans"><p>亞馬遜的 AI 業務和雄心與蘋果完全不同。雖然它在自己的業務中也使用 AI，但其最大的 AI 機會在於亞馬遜網絡服務（AWS）雲計算部門，這一部門旨在賦能公司的龐大客户基礎。</p>
</div><p>As far as AI goes, Amazon's opportunity to generate sales seems to vastly outdo Apple's. If Buffett loves Apple because it's a consumer-product powerhouse as opposed to a tech giant, Amazon's investing thesis is in its tech prowess, which isn't in Buffett's wheelhouse.</p>
<div class="lb-trans"><p>就 AI 而言，亞馬遜創造銷售的機會似乎遠遠超過蘋果。如果巴菲特喜歡蘋果是因為它是一個消費產品的強大企業，而不是科技巨頭，那麼亞馬遜的投資論點則在於其科技實力，這並不在巴菲特的擅長範圍內。</p>
</div><p>Amazon is already seeing massive benefits from investing in AI. It's a multibillion-dollar business, but CEO Andy Jassy sees the opportunity as much bigger. It's growing in the triple digits, and Jassy said: &#34;Before this generation of AI, we thought AWS had the chance to ultimately be a multi-hundred billion dollar revenue run rate business. We now think it could be even larger.&#34;</p>
<div class="lb-trans"><p>亞馬遜已經從投資 AI 中獲得了巨大的好處。這是一個數十億美元的業務，但首席執行官安迪·賈西認為機會更大。它正在以三位數的速度增長，賈西表示：“在這一代 AI 之前，我們認為 AWS 最終有機會成為一個數千億美元的收入業務。我們現在認為它可能會更大。”</p>
</div><p>He envisions how AI can make people's everyday tasks much easier. Amazon is heavily investing in the building blocks for developers to create game-changing AI-enabled apps.</p>
<div class="lb-trans"><p>他設想了 AI 如何使人們的日常任務變得更加輕鬆。亞馬遜正在大力投資於開發者創建顛覆性 AI 應用程序的基礎設施。</p>
</div><p>What's also enticing about Amazon is its other businesses. As far as being a tech company or not, Amazon is the largest e-commerce company in the country, with a strong moat around its leading consumer-goods business. That's likely what got Amazon into the Berkshire Hathaway portfolio, and like Apple, that's its own self-reinforcing, sticky ecosystem.</p>
<div class="lb-trans"><p>亞馬遜的其他業務也很吸引人。就是否是科技公司而言，亞馬遜是美國最大的電子商務公司，其領先的消費品業務周圍有着強大的護城河。這可能是亞馬遜進入伯克希爾哈撒韋投資組合的原因，和蘋果一樣，這也是其自我強化的粘性生態系統。</p>
</div><p>As for the stock price, in contrast with Apple, Amazon's valuation is near its 10-year low.</p>
<div class="lb-trans"><p>至於股價，與蘋果相比，亞馬遜的估值接近其 10 年來的低點。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png" alt="" original-src="https://media.ycharts.com/charts/049877f74b2a9c2075da7dc4acdf9327.png"/></p>
<p>AMZN PE Ratio data by YCharts.</p>
<div class="lb-trans"><p>AMZN 市盈率數據來自 YCharts。</p>
</div><p>There are good reasons to buy either of these stocks today, but Amazon looks like the better buy right now.</p>
<div class="lb-trans"><p>今天購買這兩隻股票都有很好的理由，但目前亞馬遜看起來是更好的選擇。</p>
</div>

Apple vs. Amazon: Which Warren Buffet AI Stock Is the Better Buy Today?

- 蘋果和亞馬遜是伯克希爾哈撒韋投資組合中的兩大 AI 公司。  
- 蘋果在投資組合中佔比 21.6%，而亞馬遜僅佔 0.8%。  
- 目前，亞馬遜的估值接近 10 年低點，投資前景更具吸引力。

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蘋果與亞馬遜：哪隻沃倫·巴菲特持有的 AI 股票今天更值得購買？