<p>在過去三年中，沒有哪個趨勢比人工智能（AI）的出現更引起華爾街的關注。AI 驅動的軟件和系統能夠在沒有人類監督的情況下做出瞬間決策，這對全球幾乎所有行業來説都是一場遊戲規則的改變。</p>
<p>儘管許多科技行業內外的公司都受益於圍繞 AI 的炒作，但沒有哪兩隻股票像半導體巨頭 <strong>Nvidia</strong>(NVDA 4.08%) 和數據挖掘專家 <strong>Palantir Technologies</strong>(PLTR -0.29%) 一樣，成為這場技術革命的代表。自 2022 年底以來，Nvidia 的股票上漲超過 1000%，市值超過 4 萬億美元，而 Palantir 的股票則上漲了 2100%，市值增加了約 3200 億美元。</p>
<p>雖然持有這些頂尖創新公司的股票賺了不少錢，但這兩家公司也向華爾街發出了近 110 億美元的警告，投資者如果忽視這一點將是愚蠢的。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="525" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Nvidia 和 Palantir 如何成為 AI 革命的代表</h2>
<p>但在深入探討 Nvidia 和 Palantir 對華爾街的嚴峻警告之前，需要奠定一個基礎，描述這兩家公司是如何成為 AI 革命的明星。</p>
<p>Nvidia 成為最大的上市公司並非偶然。這反映了其 AI 圖形處理單元（GPU）在高計算數據中心的絕對主導地位。其 Hopper 和後續的 Blackwell GPU 的訂單積壓，使得 Nvidia 能夠對其 GPU 收取比直接競爭對手高出 100% 到 300% 的溢價。</p>
<p>首席執行官黃仁勳的激進創新週期也讓華爾街和投資者感到興奮。黃仁勳在創新上大手筆投入，每年推出一款新型先進芯片。按照計劃，2024 年推出 Blackwell，2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，2027 年推出 Vera Rubin Ultra。沒有直接競爭對手在計算潛力上接近 Nvidia 的 AI GPU，這一創新週期可能會在可預見的未來保持這種狀態。</p>
<p>甚至 Nvidia 的 CUDA 軟件平台在其增長中也發揮了關鍵作用。儘管大多數投資者正確地認為公司的硬件是其基礎，但 CUDA 則是將一切聯繫在一起的粘合劑。這是開發者用來最大化其 Nvidia 芯片計算潛力和訓練大型語言模型的軟件平台。它負責保持客户對 Nvidia 生態系統的忠誠。</p>
<p>至於 Palantir，其聲名在於其獨特的、受 AI 啓發的操作平台 Gotham 和 Foundry。前者幫助聯邦政府規劃和執行軍事任務，並收集數據。與此同時，Foundry 是一個以企業為中心的軟件即服務平台，幫助企業簡化運營。沒有大型競爭對手提供與 Palantir 相同的服務。</p>
<p>投資者也開始欣賞 Palantir 的理想定位。統一的共和黨政府歷史上在國防上支出積極，這與 Palantir 爭取 Gotham 的多年政府合同的努力完全契合。至於 Foundry，它仍在起步階段，隨着新企業客户的增加，可以實現持續的兩位數銷售增長。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Nvidia 和 Palantir 共同發出了近 110 億美元的嚴峻警告</h2>
<p>在更好地理解 Nvidia 和 Palantir 如何對 AI 革命和華爾街的健康產生如此重要影響後，讓我們深入探討這兩家公司發出的上述警告，這可能完全被投資者忽視。</p>
<p>儘管與人工智能相關的獨特問題有很多——例如，自 1990 年代中期互聯網出現以來，每一個下一個重大趨勢都經歷過泡沫破裂事件——但最明顯的警告可能體現在 Nvidia 和 Palantir 的內部買賣活動中。</p>
<p>當上市公司的高管和董事會成員購買或出售股票（包括期權合約）時，他們需要向證券交易委員會提交 4 號表格。這一申報使投資者能夠跟蹤內部買賣活動。</p>
<p>在過去五年中（請記住，Palantir 直到 2020 年 9 月 30 日才成為上市公司）：</p>
<ul>
<li>Nvidia 的內部人士淨賣出了價值 44.1 億美元的股票。</li>
<li>Palantir 的內部人士淨賣出了價值 74.2 億美元的股票。</li>
</ul>
<p>關於內部人士賣出股票的警告是：這並不一定是壞消息。因為高管通常以股票和期權合約的形式獲得大部分薪酬，股票銷售可能是為了滿足聯邦和/或州的税務義務，或確保期權合約不會過期。例如，Nvidia 首席執行官黃仁勳的賣出活動可能是基於税務原因。</p>
<p>關鍵是，高管和董事會成員出售自己公司股票的原因有很多，並不總是表明公司出現問題。</p>
<p><em>然而</em>，內部人士購買自己公司股票的原因只有一個：他們相信股票會增值。</p>
<p>Nvidia 內部人士最後一次購買自己股票是在 2020 年 12 月 3 日，當時首席財務官 Colette Kress 的孩子們各自購買了 100 股。與此同時，Palantir 在其整個上市期間僅有一次內部人士購買。2025 年 5 月 8 日，前首席會計官 Heather Planishek 購買了 10,000 股。</p>
<p>在將近五年的時間裏，Nvidia 和 Palantir 之間的內部買入總共只有兩次，<em>合計</em>！相比之下，淨賣出活動超過了 108 億美元。</p>
<p>這裏的信息非常明確：如果公司高管和董事會成員都不願意購買自己公司的股票，投資者又為什麼要購買呢？</p>
<p>Palantir 上週結束時的市銷率（P/S）大約為 114，實際上是其他大型股歷史上最高點的三倍，而這些股票通常處於下一個大趨勢的前沿。至於 Nvidia，其市銷率在過去 12 個月的基礎上回升至 27 以上。無論是 Palantir 還是 Nvidia 的估值水平都不是歷史上可持續的水平——而他們各自的內部買入 <em>和</em> 賣出活動似乎反映了這一點。</p>
<p>問題是：投資者在關注嗎？</p>

英偉達

PLTR

2 倍做多英偉達 ETF - GraniteShares

南方兩倍做多英偉達

南方兩倍做空英偉達

英偉達期權收益策略 ETF - YieldMax

1 倍做空英偉達 ETF - Direxion

2 倍做多 NVDA ETF - T-Rex

2 倍做空 NVDA ETF - T-Rex

半導體 3 倍做多 - Direxion

<p>英偉達和 Palantir 作為人工智能領域的領導者，向投資者發出了重要警告，強調在過去五年中，內部人士的賣出總額接近 110 億美元。英偉達的股票上漲超過 1000%，而 Palantir 的股票則增長了 2110%。儘管它們取得了成功，但內部人士的賣出引發了對其增長可持續性的擔憂。英偉達在人工智能 GPU 領域的主導地位以及 Palantir 獨特的操作平台使它們成為人工智能革命的關鍵參與者，但大量的內部銷售可能預示着投資者面臨潛在風險</p>

<p>For the better part of the last three years, no trend has garnered more attention on Wall Street than the emergence of artificial intelligence (AI). The ability for AI-empowered software and systems to make split-second decisions without human oversight is a game changer for virtually all industries around the globe.</p>
<div class="lb-trans"><p>在過去三年中，沒有哪個趨勢比人工智能（AI）的出現更引起華爾街的關注。AI 驅動的軟件和系統能夠在沒有人類監督的情況下做出瞬間決策，這對全球幾乎所有行業來説都是一場遊戲規則的改變。</p>
</div><p>Though a laundry list of companies in and out of the tech sector have benefited from the hype surrounding AI, no two stocks have been the face of this technological revolution quite like semiconductor titan <strong>Nvidia</strong>(NVDA 4.08%) and data-mining specialist <strong>Palantir Technologies</strong>(PLTR -0.29%). Since the end of 2022, Nvidia stock has gained in excess of 1,000% and topped a $4 trillion valuation, while Palantir stock is up a cool 2,110% and has added around $320 billion in market cap.</p>
<div class="lb-trans"><p>儘管許多科技行業內外的公司都受益於圍繞 AI 的炒作，但沒有哪兩隻股票像半導體巨頭 <strong>Nvidia</strong>(NVDA 4.08%) 和數據挖掘專家 <strong>Palantir Technologies</strong>(PLTR -0.29%) 一樣，成為這場技術革命的代表。自 2022 年底以來，Nvidia 的股票上漲超過 1000%，市值超過 4 萬億美元，而 Palantir 的股票則上漲了 2100%，市值增加了約 3200 億美元。</p>
</div><p>While fortunes have been made holding shares of these top-tier innovators, both companies have also served up a nearly $11 billion warning to Wall Street that investors would be foolish (with a small f) to ignore.</p>
<div class="lb-trans"><p>雖然持有這些頂尖創新公司的股票賺了不少錢，但這兩家公司也向華爾街發出了近 110 億美元的警告，投資者如果忽視這一點將是愚蠢的。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824872%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>圖片來源：Getty Images。</p>
</div><h2>How Nvidia and Palantir became the faces of the AI revolution</h2>
<div class="lb-trans"><h2>Nvidia 和 Palantir 如何成為 AI 革命的代表</h2>
</div><p>But before we can dig into Nvidia's and Palantir's ominous warning to Wall Street, a foundation needs to be laid that describes how these two companies came to be the stars of the AI revolution.</p>
<div class="lb-trans"><p>但在深入探討 Nvidia 和 Palantir 對華爾街的嚴峻警告之前，需要奠定一個基礎，描述這兩家公司是如何成為 AI 革命的明星。</p>
</div><p>Nvidia becoming the largest publicly traded company didn't happen by accident. It's a reflection of its AI graphics processing units (GPUs) being thoroughly dominant in high-compute data centers. Orders for its Hopper and successor Blackwell GPUs are backlogged, which has allowed Nvidia to charge anywhere from a 100% to 300% premium for its GPUs relative to its direct competitors.</p>
<div class="lb-trans"><p>Nvidia 成為最大的上市公司並非偶然。這反映了其 AI 圖形處理單元（GPU）在高計算數據中心的絕對主導地位。其 Hopper 和後續的 Blackwell GPU 的訂單積壓，使得 Nvidia 能夠對其 GPU 收取比直接競爭對手高出 100% 到 300% 的溢價。</p>
</div><p>CEO Jensen Huang's aggressive innovation cycle also has Wall Street and investors excited. Huang is spending liberally on innovation to bring a new advanced chip to market each year. Following Blackwell in 2024 are Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027), if all goes according to plan. No direct competitors have come particularly close to surpassing Nvidia's AI GPUs in compute potential, and this innovation cycle will likely keep it that way for the foreseeable future.</p>
<div class="lb-trans"><p>首席執行官黃仁勳的激進創新週期也讓華爾街和投資者感到興奮。黃仁勳在創新上大手筆投入，每年推出一款新型先進芯片。按照計劃，2024 年推出 Blackwell，2025 年推出 Blackwell Ultra，2026 年推出 Vera Rubin，2027 年推出 Vera Rubin Ultra。沒有直接競爭對手在計算潛力上接近 Nvidia 的 AI GPU，這一創新週期可能會在可預見的未來保持這種狀態。</p>
</div><p>Even Nvidia's CUDA software platform has played a key role in its growth. Though most investors rightly think of the company's hardware as its foundation, CUDA has acted as the glue that binds everything together. This is the software platform developers use to maximize the compute potential of their Nvidia chips and to train large language models. It's responsible for keeping clients loyal to the Nvidia ecosystem.</p>
<div class="lb-trans"><p>甚至 Nvidia 的 CUDA 軟件平台在其增長中也發揮了關鍵作用。儘管大多數投資者正確地認為公司的硬件是其基礎，但 CUDA 則是將一切聯繫在一起的粘合劑。這是開發者用來最大化其 Nvidia 芯片計算潛力和訓練大型語言模型的軟件平台。它負責保持客户對 Nvidia 生態系統的忠誠。</p>
</div><p>As for Palantir, its claim to fame has been its unique, AI-inspired operating platforms, Gotham and Foundry. The former helps federal government's plan and execute military missions, as well as collect data. Meanwhile, Foundry is an enterprise-focused software-as-a-service platform that helps businesses streamline their operations. No large-scale competitors exist that offer the same services as Palantir.</p>
<div class="lb-trans"><p>至於 Palantir，其聲名在於其獨特的、受 AI 啓發的操作平台 Gotham 和 Foundry。前者幫助聯邦政府規劃和執行軍事任務，並收集數據。與此同時，Foundry 是一個以企業為中心的軟件即服務平台，幫助企業簡化運營。沒有大型競爭對手提供與 Palantir 相同的服務。</p>
</div><p>Investors have also come to appreciate Palantir's ideal positioning. Unified Republican governments historically spend aggressively on defense, which fits right into Palantir's efforts to land multiyear government contracts for Gotham. As for Foundry, it's still getting its feet wet and can deliver sustained double-digit sales growth as it adds new corporate clients.</p>
<div class="lb-trans"><p>投資者也開始欣賞 Palantir 的理想定位。統一的共和黨政府歷史上在國防上支出積極，這與 Palantir 爭取 Gotham 的多年政府合同的努力完全契合。至於 Foundry，它仍在起步階段，隨着新企業客户的增加，可以實現持續的兩位數銷售增長。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjQ4NzIvaW52ZXN0b3ItcHJlc3Npbmctc2VsbC1idXR0b24tZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F824872%2Finvestor-pressing-sell-button-getty.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>Collectively, Nvidia and Palantir have issued a nearly $11 billion ominous warning</h2>
<div class="lb-trans"><h2>Nvidia 和 Palantir 共同發出了近 110 億美元的嚴峻警告</h2>
</div><p>With a better understanding of how Nvidia and Palantir became so consequential to the AI revolution and the health of Wall Street, let's dig into the aforementioned warning these companies have issued, which may have completely flown under the radar of investors.</p>
<div class="lb-trans"><p>在更好地理解 Nvidia 和 Palantir 如何對 AI 革命和華爾街的健康產生如此重要影響後，讓我們深入探討這兩家公司發出的上述警告，這可能完全被投資者忽視。</p>
</div><p>Though there are a number of unique concerns tied to artificial intelligence -- e.g., history demonstrating that every next-big-thing trend since the advent of the internet in the mid-1990s has navigated its way through a bubble-bursting event -- perhaps the most-glaring warning comes in the form of insider buying and selling activity from Nvidia and Palantir.</p>
<div class="lb-trans"><p>儘管與人工智能相關的獨特問題有很多——例如，自 1990 年代中期互聯網出現以來，每一個下一個重大趨勢都經歷過泡沫破裂事件——但最明顯的警告可能體現在 Nvidia 和 Palantir 的內部買賣活動中。</p>
</div><p>When executives and board members of public companies purchase or sell stock, including options contracts, they're required to file Form 4 with the Securities and Exchange Commission. This filing allows investors to track insider buying and selling activity.</p>
<div class="lb-trans"><p>當上市公司的高管和董事會成員購買或出售股票（包括期權合約）時，他們需要向證券交易委員會提交 4 號表格。這一申報使投資者能夠跟蹤內部買賣活動。</p>
</div><p>Over the trailing-five-year period (keep in mind that Palantir didn't become a public company until Sept. 30, 2020):</p>
<div class="lb-trans"><p>在過去五年中（請記住，Palantir 直到 2020 年 9 月 30 日才成為上市公司）：</p>
</div><ul>
<li>Nvidia insiders have sold a net of $4.41 billion worth of their stock.</li>
<li>Palantir insiders have sold a net of $7.42 billion worth of their stock.</li>
</ul>
<div class="lb-trans"><ul>
<li>Nvidia 的內部人士淨賣出了價值 44.1 億美元的股票。</li>
<li>Palantir 的內部人士淨賣出了價值 74.2 億美元的股票。</li>
</ul>
</div><p>Here's the caveat about insider selling: It's not necessarily bad news. Because executives often receive the bulk of their compensation in the form of shares and options contracts, stock sales may be made to satisfy federal and/or state tax obligations or to ensure options contracts don't expire. For instance, the selling activity from Nvidia CEO Jensen Huang is likely tax-based.</p>
<div class="lb-trans"><p>關於內部人士賣出股票的警告是：這並不一定是壞消息。因為高管通常以股票和期權合約的形式獲得大部分薪酬，股票銷售可能是為了滿足聯邦和/或州的税務義務，或確保期權合約不會過期。例如，Nvidia 首席執行官黃仁勳的賣出活動可能是基於税務原因。</p>
</div><p>The point is, there are quite a few reasons for executives and board members to sell shares in their respective companies, and it isn't always indicative of trouble.</p>
<div class="lb-trans"><p>關鍵是，高管和董事會成員出售自己公司股票的原因有很多，並不總是表明公司出現問題。</p>
</div><p><em>However</em>, there's only one reason insiders purchase shares of their own company's stock: They believe it'll increase in value.</p>
<div class="lb-trans"><p><em>然而</em>，內部人士購買自己公司股票的原因只有一個：他們相信股票會增值。</p>
</div><p>The last time an Nvidia insider bought shares of their own stock was when CFO Colette Kress's children each purchased 100 shares on Dec. 3, 2020. Meanwhile, Palantir has seen exactly one insider purchase in its entire tenure as a public company. On May 8, 2025, former chief accounting officer Heather Planishek bought 10,000 shares.</p>
<div class="lb-trans"><p>Nvidia 內部人士最後一次購買自己股票是在 2020 年 12 月 3 日，當時首席財務官 Colette Kress 的孩子們各自購買了 100 股。與此同時，Palantir 在其整個上市期間僅有一次內部人士購買。2025 年 5 月 8 日，前首席會計官 Heather Planishek 購買了 10,000 股。</p>
</div><p>In what's coming up on five years, there's been a grand total of two insider buys between Nvidia and Palantir, <em>combined</em>! In comparison, there's been more than $10.8 billion in net-selling activity.</p>
<div class="lb-trans"><p>在將近五年的時間裏，Nvidia 和 Palantir 之間的內部買入總共只有兩次，<em>合計</em>！相比之下，淨賣出活動超過了 108 億美元。</p>
</div><p>The message here is very clear: If company executives and board members aren't willing to purchase their own company's shares, why should investors?</p>
<div class="lb-trans"><p>這裏的信息非常明確：如果公司高管和董事會成員都不願意購買自己公司的股票，投資者又為什麼要購買呢？</p>
</div><p>Palantir ended the previous week at a price-to-sales (P/S) ratio of roughly 114, effectively triple the level where other megacap stocks have historically topped out while on the leading edge of a next-big-thing trend. As for Nvidia, its P/S ratio is back above 27 on a trailing-12-month basis. Neither Palantir nor Nvidia are valued at levels that have been historically sustainable over extended periods -- and their respective insider buying <em>and</em> selling activity appears to reflect this.</p>
<div class="lb-trans"><p>Palantir 上週結束時的市銷率（P/S）大約為 114，實際上是其他大型股歷史上最高點的三倍，而這些股票通常處於下一個大趨勢的前沿。至於 Nvidia，其市銷率在過去 12 個月的基礎上回升至 27 以上。無論是 Palantir 還是 Nvidia 的估值水平都不是歷史上可持續的水平——而他們各自的內部買入 <em>和</em> 賣出活動似乎反映了這一點。</p>
</div><p>The question is: Are investors paying attention?</p>
<div class="lb-trans"><p>問題是：投資者在關注嗎？</p>
</div>

Nvidia and Palantir Have Served Up a Nearly $11 Billion Warning to Wall Street -- but Are Investors Paying Attention?

- Nvidia 和 Palantir 在 AI 革命中扮演重要角色，市值大幅增長。  
- 兩家公司高管在過去五年內淨賣出超過 10.8 億美元股票，顯示出警示信號。  
- 投資者需關注高管的買賣行為，以評估未來投資風險。

英偉達和 Palantir Tech 向華爾街發出了近 110 億美元的警告——投資者是否在關注這一警告？