<p>人工智能（AI）有望成為許多行業的遊戲規則改變者。而像 OpenAI 的 ChatGPT 這樣的聊天機器人正處於創新的前沿，使公司能夠以更少的資源做更多的事情，並輕鬆自動化重複任務。</p>
<p>然而，問題在於，期望可能會被誇大，這可能會讓投資者感到失望。隨着生成式 AI 仍處於早期階段，仍有許多需要證明的地方。它會導致失業並徹底改變日常運營嗎？許多人對此既期待又恐懼，這仍然有待討論。</p>
<p>即使是 OpenAI 的首席執行官山姆·阿爾特曼（Sam Altman）也認為期望可能過高。他過去曾警告投資者不要抱有過高的期望，最近他重申了他的擔憂。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>AI 泡沫已經出現了嗎？</h2>
<p>對 AI 泡沫的擔憂並不新鮮，因為許多股票的估值並沒有飆升。即使阿爾特曼也認為市場可能確實處於泡沫之中。雖然他相信 AI 將具有變革性並對創新至關重要，但他擔心期望有些過於雄心勃勃。</p>
<p>“我們是否處於一個投資者整體對 AI 過於興奮的階段？” 他説。“我的觀點是肯定的。AI 是很長一段時間以來最重要的事情嗎？我的觀點也是肯定的。”</p>
<p>幾年前，當 OpenAI 正在開發 GPT-4 時，阿爾特曼曾表示 “人們渴望失望”。雖然自那時以來聊天機器人得到了改進，但它可能還沒有達到許多人現在所期待的水平。但這並沒有阻止估值變得極其膨脹。</p>
<h2>許多 AI 股票的估值過高</h2>
<p>現在找到被高估的 AI 股票並不困難。或許最好的例子是 <strong>Palantir Technologies</strong>（PLTR -1.42%）。雖然這家數據分析公司通過增強其平台以使用 AI 而受益，但其估值已經變得過高。以約 3700 億美元的市值，它現在是世界上最有價值的公司之一，價值超過了 <strong>可口可樂</strong>、<strong>富國銀行</strong> 和 <strong>T-Mobile US</strong> 等藍籌股。</p>
<p>雖然 Palantir 的業務以每年約 50% 的快速增長率增長，但在過去 12 個月中，它的收入仍然相對温和，達到了 34 億美元，使其市銷率約為 110。而其市盈率（P/E）高達 520，令人震驚。</p>
<p>Palantir 或許是由於 AI 而使估值飆升至不合理水平的公司中最具代表性的例子，但還有其他案例。</p>
<p>例如，<strong>微軟</strong> 的市盈率接近其過去收益的 40 倍，這對於科技股來説是一個高於典型水平的估值。但由於其 Copilot 助手和 AI 驅動的個人電腦，市場對微軟未來因 AI 而實現快速增長的期望也在提升。在其最近一個季度中，微軟的增長率為 18%，雖然表現不錯，但可以説並不值得如此高的市盈率，這表明市場對微軟的期望也非常高。</p>
<h2>投資者在投資 AI 股票時應謹慎行事</h2>
<p>AI 有潛力在重要方面真正改變商業，許多科技公司正在加大支出和投資以期待這一點。但這並不意味着回報會與投資者的期望相符。如果沒有實現，這可能會使股票在未來面臨大規模拋售的風險。</p>
<p>無論是 Palantir、微軟還是其他 AI 股票，在購買時始終考慮股票的估值是很重要的。即使業務表現良好，也並不意味着在_任何價格_下都是一個好的投資。估值很重要，這就是為什麼在涉及 AI 時，投資者應認真考慮阿爾特曼的警告。</p>

PLTR

微軟

OpenAI

<p>OpenAI 的首席執行官 Sam Altman 警告投資者關於圍繞人工智能（AI）的過度炒作。儘管 AI 具有變革潛力，但他認為期望可能過高，可能導致潛在的失望。像 Palantir 和微軟這樣的公司正在以高估值交易，這引發了對 AI 泡沫的擔憂。Altman 強調考慮股票估值的重要性，因為高期望可能與實際業務表現不符，使得投資 AI 股票風險加大</p>

<p>Artificial intelligence (AI) promises to be a game changer for many industries. And chatbots such as OpenAI's ChatGPT are at the forefront of the innovation, making it easy for companies to do more with less and automate repetitive tasks with ease.</p>
<div class="lb-trans"><p>人工智能（AI）有望成為許多行業的遊戲規則改變者。而像 OpenAI 的 ChatGPT 這樣的聊天機器人正處於創新的前沿，使公司能夠以更少的資源做更多的事情，並輕鬆自動化重複任務。</p>
</div><p>The problem, however, is that expectations can become overblown, potentially setting investors up for disappointment. With generative AI in its early innings, there's still a lot to be proven. Will it lead to job losses and radically change day-to-day operations, as many people are both anticipating and fearing? That's still up for debate.</p>
<div class="lb-trans"><p>然而，問題在於，期望可能會被誇大，這可能會讓投資者感到失望。隨着生成式 AI 仍處於早期階段，仍有許多需要證明的地方。它會導致失業並徹底改變日常運營嗎？許多人對此既期待又恐懼，這仍然有待討論。</p>
</div><p>Even OpenAI CEO Sam Altman thinks that expectations may be getting too high. He has warned investors in the past about getting their hopes up, and he recently reiterated his concerns.</p>
<div class="lb-trans"><p>即使是 OpenAI 的首席執行官山姆·阿爾特曼（Sam Altman）也認為期望可能過高。他過去曾警告投資者不要抱有過高的期望，最近他重申了他的擔憂。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzA2ODcvYS1wZXJzb24tdXNpbmctYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2Utb24tdGhlaXItY29tcHV0ZXIuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F830687%2Fa-person-using-artificial-intelligence-on-their-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>Is an AI bubble already here?</h2>
<div class="lb-trans"><h2>AI 泡沫已經出現了嗎？</h2>
</div><p>Worries of an AI bubble aren't new, as valuations haven't been skyrocketing for many stocks. And even Altman believes the market may indeed be in one. While he does believe AI will be transformative and incredibly important for innovation, he does worry that expectations are getting a bit too ambitious.</p>
<div class="lb-trans"><p>對 AI 泡沫的擔憂並不新鮮，因為許多股票的估值並沒有飆升。即使阿爾特曼也認為市場可能確實處於泡沫之中。雖然他相信 AI 將具有變革性並對創新至關重要，但他擔心期望有些過於雄心勃勃。</p>
</div><p>&#34;Are we in a phase where investors as a whole are overexcited about AI?,&#34; he said. &#34;My opinion is yes. Is AI the most important thing to happen in a very long time? My opinion is also yes.&#34;</p>
<div class="lb-trans"><p>“我們是否處於一個投資者整體對 AI 過於興奮的階段？” 他説。“我的觀點是肯定的。AI 是很長一段時間以來最重要的事情嗎？我的觀點也是肯定的。”</p>
</div><p>A few years ago, when OpenAI was in the midst of developing GPT-4, Altman said that &#34;people are begging to be disappointed.&#34; And while the chatbot has been improved since then, it may not be up to the level that many people were expecting by now. But that hasn't stopped valuations from becoming incredibly inflated.</p>
<div class="lb-trans"><p>幾年前，當 OpenAI 正在開發 GPT-4 時，阿爾特曼曾表示 “人們渴望失望”。雖然自那時以來聊天機器人得到了改進，但它可能還沒有達到許多人現在所期待的水平。但這並沒有阻止估值變得極其膨脹。</p>
</div><h2>Many AI stocks are trading at excessive valuations</h2>
<div class="lb-trans"><h2>許多 AI 股票的估值過高</h2>
</div><p>Finding overvalued AI stocks isn't hard right now. Perhaps the best example is <strong>Palantir Technologies</strong>(PLTR -1.42%). While the data analytics company has benefited from enhancing its platform to use AI, its valuation has gotten excessive. At a market cap of around $370 billion, it's now one of the most valuable companies in the world, worth more than blue chip stocks such as <strong>Coca-Cola</strong>, <strong>Wells Fargo</strong>, and <strong>T-Mobile US</strong>.</p>
<div class="lb-trans"><p>現在找到被高估的 AI 股票並不困難。或許最好的例子是 <strong>Palantir Technologies</strong>（PLTR -1.42%）。雖然這家數據分析公司通過增強其平台以使用 AI 而受益，但其估值已經變得過高。以約 3700 億美元的市值，它現在是世界上最有價值的公司之一，價值超過了 <strong>可口可樂</strong>、<strong>富國銀行</strong> 和 <strong>T-Mobile US</strong> 等藍籌股。</p>
</div><p>While Palantir's business has been growing at a fast rate of around 50% year over year, it still has generated a fairly modest $3.4 billion in revenue over the trailing 12 months, putting it at a price-to-sales multiple of around 110. And its price-to-earnings (P/E) multiple of 520 is gargantuan.</p>
<div class="lb-trans"><p>雖然 Palantir 的業務以每年約 50% 的快速增長率增長，但在過去 12 個月中，它的收入仍然相對温和，達到了 34 億美元，使其市銷率約為 110。而其市盈率（P/E）高達 520，令人震驚。</p>
</div><p>Palantir is perhaps the most recognizable example of a company whose valuation has taken off to obscene levels due to AI, but there are other cases as well.</p>
<div class="lb-trans"><p>Palantir 或許是由於 AI 而使估值飆升至不合理水平的公司中最具代表性的例子，但還有其他案例。</p>
</div><p><strong>Microsoft</strong>, for instance, is trading close to 40 times its trailing earnings, which is a higher-than-typical valuation for the tech stock. But with its Copilot assistant and AI-powered personal computers, expectations are also elevated that Microsoft's growth may soar due to AI in the future. In its most recent quarter, it grew at a rate of 18%, which is solid but arguably not worth such a high P/E multiple, suggesting that expectations are sky high for Microsoft as well.</p>
<div class="lb-trans"><p>例如，<strong>微軟</strong> 的市盈率接近其過去收益的 40 倍，這對於科技股來説是一個高於典型水平的估值。但由於其 Copilot 助手和 AI 驅動的個人電腦，市場對微軟未來因 AI 而實現快速增長的期望也在提升。在其最近一個季度中，微軟的增長率為 18%，雖然表現不錯，但可以説並不值得如此高的市盈率，這表明市場對微軟的期望也非常高。</p>
</div><h2>Investors should tread carefully with AI stocks</h2>
<div class="lb-trans"><h2>投資者在投資 AI 股票時應謹慎行事</h2>
</div><p>AI has the potential to truly change businesses in meaningful ways, and many tech companies are ramping up spending and investments in anticipation of that. But that doesn't mean that the payoff will line up with investor expectations. And if that doesn't happen, it can make a stock vulnerable to a sizable sell-off in the future.</p>
<div class="lb-trans"><p>AI 有潛力在重要方面真正改變商業，許多科技公司正在加大支出和投資以期待這一點。但這並不意味着回報會與投資者的期望相符。如果沒有實現，這可能會使股票在未來面臨大規模拋售的風險。</p>
</div><p>Whether it's Palantir, Microsoft, or another AI stock, it's always important to consider a stock's valuation when buying it. Even if the business may be performing well, that doesn't mean it's a good investment at <em>any price</em>. Valuation matters, which is why when it comes to AI, investors should consider Altman's warnings carefully.</p>
<div class="lb-trans"><p>無論是 Palantir、微軟還是其他 AI 股票，在購買時始終考慮股票的估值是很重要的。即使業務表現良好，也並不意味着在_任何價格_下都是一個好的投資。估值很重要，這就是為什麼在涉及 AI 時，投資者應認真考慮阿爾特曼的警告。</p>
</div>

Sam Altman Is Warning Investors About Too Much Artificial Intelligence (AI) Hype, Again.

- 人工智能（AI）被視為許多行業的變革者，聊天機器人如 ChatGPT 處於創新前沿。  
- OpenAI CEO Sam Altman 警告投資者對 AI 期望過高，可能導致失望。  
- AI 股票如 Palantir 和 Microsoft 的估值過高，投資者需謹慎。  

薩姆·奧特曼再次警告投資者，人工智能（AI）的炒作過於誇張