<p>在過去三年中，沒有任何顛覆性創新能像人工智能（AI）的發展那樣引起華爾街的關注。為軟件和系統賦予 AI 能力，承諾在全球大多數行業中實現更高的增長率或改善運營效率。</p>
<p>普華永道的分析師預計到 2030 年這一技術的可尋址市場將達到 15.7 萬億美元，因此億萬富翁投資經理和普通投資者紛紛湧向 AI 股票也就不足為奇了。</p>
<p>然而，歷史一再表明，並非每家公司在熱門趨勢出現時都能成為贏家。隨着我們進入九月，華爾街一隻炙手可熱的萬億級 AI 股票顯得格外引人注目，似乎是一個必勝的選擇，而另一隻高飛的股票則發出了錯誤的信號。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這隻萬億級人工智能股票真是 “非凡”</h2>
<p>只有 11 家上市公司（其中 10 家在美國交易）曾經達到心理上的萬億市值高峰。這七家公司都是 “非凡七巨頭” 的成員，預計都將利用 AI 硬件或應用來加速各自的增長率。</p>
<p>但在這七家市場領先的公司中，社交媒體巨頭 <strong>Meta Platforms</strong>（META 1.52%）顯得尤為非凡。</p>
<p>自 2022 年 11 月初觸及 2022 年熊市低點以來，Meta 的股價已飆升超過 700%。雖然如此巨大的漲幅可能讓一些人選擇觀望，但 Meta 正處於一個完美的位置，可以從全球經濟的增長和 AI 的發展中受益。</p>
<p>首先，Meta 是一家社交媒體公司。儘管首席執行官馬克·扎克伯格在 AI 數據中心基礎設施上進行了大量投資，但公司近 98% 的淨銷售額來自其應用程序家族的廣告。這些受歡迎的平台，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 6 月吸引了平均 34.8 億的日活躍用户。沒有其他社交平台的日訪問量能與之相提並論，Meta 在其應用上的廣告投放享有強勁的需求和定價權。</p>
<p>這也將 Meta 與美國和全球經濟的健康狀況緊密相連。儘管衰退是經濟週期中正常、健康和不可避免的方面，但它們通常會迅速解決。在二戰結束後的八十年中，美國平均衰退持續僅 10 個月。相比之下，典型的經濟擴張則持續約五年。這些較長的經濟增長期有利於以廣告驅動的運營模式。</p>
<p>同時，Meta Platforms 作為一隻令人興奮的 AI 股票，正在收穫將 AI 解決方案應用於其廣告平台的回報。該公司為廣告客户提供生成式 AI 解決方案，使他們能夠根據特定用户定製靜態和視頻信息。假設這能提高廣告客户的點擊率，那麼這隻會提升 Meta 的廣告定價能力。</p>
<p>此外，Meta 在其資產負債表上擁有相當可觀的現金儲備。截止到 6 月底的季度末，公司擁有超過 470 億美元的現金、現金等價物和可交易證券，並預計到 2025 年將產生超過 990 億美元的淨現金流。扎克伯格的公司有能力投資於更高增長的項目，並等待合適的時機進行變現。這包括扎克伯格在元宇宙解決方案上的雄心勃勃的支出。</p>
<p>最後，考慮到公司面前的機會，Meta 的估值仍然合理。現在，機會主義投資者可以以不到 25 倍的未來年收益率購買其股票，這在考慮到 Meta 歷史上保守的利潤指引和持續的中高個位數銷售增長率時，顯得相當划算。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbWlsaXRhcnktYXJteS1zb2xkaWVycy1zYWFzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWNvbXB1dGVyLW1pc3Npb24tcGxhbi1nZXR0eS5qcGcmdz03MDA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbWlsaXRhcnktYXJteS1zb2xkaWVycy1zYWFzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWNvbXB1dGVyLW1pc3Npb24tcGxhbi1nZXR0eS5qcGcmdz03MDA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這隻開創性的 AI 股票在錯誤的方向上推動着邊界</h2>
<p>在另一端，有一隻人工智能股票自 2023 年開始以來的回報實際上超過了 Meta。我説的是 AI 數據挖掘專家 <strong>Palantir Technologies</strong>（PLTR 0.79%）。</p>
<p>在進一步討論之前，讓我們明確一點：Palantir 是一家穩健且盈利的公司。它的吸引力在於其兩個核心平台，Gotham 和 Foundry，無法大規模複製。Gotham 是聯邦政府規劃和監督軍事任務的可信平台。至於 Foundry，它是一個快速增長的基於訂閲的平台，幫助企業理解其數據並優化運營。</p>
<p>Palantir 在很大程度上輕鬆超越了華爾街的最高增長預期。最新季度的淨銷售額增長了 48%，全球商業客户數量也增長了 48%。換句話説，Palantir 在可預見的未來將沒有問題維持兩位數的增長率。</p>
<p>但這隻開創性的 AI 股票也有需要考慮的問題。</p>
<p>首先，自 1990 年代中期互聯網出現以來，每一項顛覆性創新都經歷了一個最終破裂的早期泡沫。如果形成並破裂了 AI 泡沫，Palantir 的多年政府合同和 Foundry 的訂閲模式最初將保護其免受銷售下滑的影響。然而，公司的股票將成為目標，因為它是 AI 革命的代表之一。</p>
<p>對 Palantir 股票的更大擔憂在於其估值。</p>
<p>在之前的泡沫中處於領先地位的公司，包括互聯網泡沫，其股票的市銷率（P/S）最高曾達到 30 到 40 倍，頂部有一點點的浮動空間。而 Palantir 的股票在八月底的市銷率達到了 115 倍！沒有任何一家大型公司能夠在任何較長時間內維持 30 到 40 倍的市銷率，更不用説三位數的市銷率了。</p>
<p>雖然 Palantir 是一家穩健的公司，但其估值實在無法令人信服。考慮到風險因素遠遠超過潛在收益，投資者在九月份最好遠離這隻高飛的股票。</p>

PLTR

META

<p>這篇文章討論了對人工智能（AI）股票日益增長的興趣，強調 Meta Platforms 因其強大的廣告收入和 AI 整合而成為最佳買入選擇，自 2022 年底以來股價上漲超過 700%。相反，文章提到 Palantir Technologies，儘管其盈利和增長表現良好，但仍面臨挑戰。文章強調了 AI 在各個行業的潛力以及在這個被炒作的市場中謹慎投資選擇的重要性</p>

<p>For the better part of the last three years, no game-changing innovation has garnered Wall Street's attention quite like the evolution of artificial intelligence (AI). Empowering software and systems with AI capabilities offers the promise of a higher growth rate or improved operating efficiency in most industries around the globe.</p>
<div class="lb-trans"><p>在過去三年中，沒有任何顛覆性創新能像人工智能（AI）的發展那樣引起華爾街的關注。為軟件和系統賦予 AI 能力，承諾在全球大多數行業中實現更高的增長率或改善運營效率。</p>
</div><p>With the analysts at PwC placing a $15.7 trillion addressable market on this technology by 2030, it's no surprise to see billionaire money managers and everyday investors flocking to AI stocks.</p>
<div class="lb-trans"><p>普華永道的分析師預計到 2030 年這一技術的可尋址市場將達到 15.7 萬億美元，因此億萬富翁投資經理和普通投資者紛紛湧向 AI 股票也就不足為奇了。</p>
</div><p>However, history has repeatedly shown that not every company can be a winner when a hyped trend emerges. As we steam ahead into September, one of Wall Street's scorching-hot trillion-dollar AI stocks stands out as a seemingly surefire buy, while another highflier is sending all the wrong signals.</p>
<div class="lb-trans"><p>然而，歷史一再表明，並非每家公司在熱門趨勢出現時都能成為贏家。隨着我們進入九月，華爾街一隻炙手可熱的萬億級 AI 股票顯得格外引人注目，似乎是一個必勝的選擇，而另一隻高飛的股票則發出了錯誤的信號。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbW9uZXktbWFuYWdlci1zdG9jay1jaGFydC1tYXJrZXQtbGV2ZWwtMi1kYXRhLWludmVzdC1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831599%2Fmoney-manager-stock-chart-market-level-2-data-invest-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>This trillion-dollar artificial intelligence stock is truly &#34;magnificent&#34;</h2>
<div class="lb-trans"><h2>這隻萬億級人工智能股票真是 “非凡”</h2>
</div><p>Only 11 public companies (10 of which trade in the U.S.) have ever hit the psychological trillion-dollar market cap plateau. Seven of these businesses are members of the &#34;Magnificent Seven,&#34; all of which are expected to lean into AI hardware or applications to accelerate their respective growth rates.</p>
<div class="lb-trans"><p>只有 11 家上市公司（其中 10 家在美國交易）曾經達到心理上的萬億市值高峰。這七家公司都是 “非凡七巨頭” 的成員，預計都將利用 AI 硬件或應用來加速各自的增長率。</p>
</div><p>But among these seven market-leading businesses, social media giant <strong>Meta Platforms</strong>(META 1.52%) stands out as truly magnificent.</p>
<div class="lb-trans"><p>但在這七家市場領先的公司中，社交媒體巨頭 <strong>Meta Platforms</strong>（META 1.52%）顯得尤為非凡。</p>
</div><p>Shares of Meta have soared more than 700% since hitting their 2022 bear market low in early November 2022. While such a monstrous gain might keep some folks planted firmly on the sideline, Meta finds itself perfectly positioned to benefit from a growing global economy and the evolution of AI.</p>
<div class="lb-trans"><p>自 2022 年 11 月初觸及 2022 年熊市低點以來，Meta 的股價已飆升超過 700%。雖然如此巨大的漲幅可能讓一些人選擇觀望，但 Meta 正處於一個完美的位置，可以從全球經濟的增長和 AI 的發展中受益。</p>
</div><p>First and foremost, Meta is a social media company. Despite CEO Mark Zuckerberg's hefty investments in AI-data center infrastructure, almost 98% of the company's net sales derive from advertising on its family of apps. These popular destinations, which include Facebook, WhatsApp, Instagram, Threads, and Facebook Messenger, lured an average of 3.48 billion daily users in June. With no other social platform remotely close to this number of daily visitors, Meta enjoys strong demand and pricing power for ad placement on its apps.</p>
<div class="lb-trans"><p>首先，Meta 是一家社交媒體公司。儘管首席執行官馬克·扎克伯格在 AI 數據中心基礎設施上進行了大量投資，但公司近 98% 的淨銷售額來自其應用程序家族的廣告。這些受歡迎的平台，包括 Facebook、WhatsApp、Instagram、Threads 和 Facebook Messenger，在 6 月吸引了平均 34.8 億的日活躍用户。沒有其他社交平台的日訪問量能與之相提並論，Meta 在其應用上的廣告投放享有強勁的需求和定價權。</p>
</div><p>This also ties Meta to the health of the U.S. and global economy. Even though recessions are normal, healthy, and inevitable aspects of the economic cycle, they resolve rather quickly. In the eight decades since World War II ended, the average U.S. recession has resolved in just 10 months. In comparison, the typical economic expansion has stuck around for five years. These extended periods of economic growth favor ad-driven operating models.</p>
<div class="lb-trans"><p>這也將 Meta 與美國和全球經濟的健康狀況緊密相連。儘管衰退是經濟週期中正常、健康和不可避免的方面，但它們通常會迅速解決。在二戰結束後的八十年中，美國平均衰退持續僅 10 個月。相比之下，典型的經濟擴張則持續約五年。這些較長的經濟增長期有利於以廣告驅動的運營模式。</p>
</div><p>What concurrently makes Meta Platforms such an exciting AI stock is that it's already reaping the rewards of applying AI solutions to its advertising platform. The company is giving its ad clients access to generative AI solutions so they can tailor static and video messages to specific users. With the assumption that this improves click-through rates for advertisers, it's only going to lift Meta's ad-pricing power.</p>
<div class="lb-trans"><p>同時，Meta Platforms 作為一隻令人興奮的 AI 股票，正在收穫將 AI 解決方案應用於其廣告平台的回報。該公司為廣告客户提供生成式 AI 解決方案，使他們能夠根據特定用户定製靜態和視頻信息。假設這能提高廣告客户的點擊率，那麼這隻會提升 Meta 的廣告定價能力。</p>
</div><p>Furthermore, Meta has quite the cash cushion on its balance sheet. It closed out the June-ending quarter with a little over $47 billion in cash, cash equivalents, and marketable securities, and is pacing more than $99 billion in net cash generated from its operating activities in 2025. Zuckerberg's company has the luxury of investing in higher-growth initiatives and waiting until the time is right to monetize them. This includes Zuckerberg's ambitious spending on metaverse solutions.</p>
<div class="lb-trans"><p>此外，Meta 在其資產負債表上擁有相當可觀的現金儲備。截止到 6 月底的季度末，公司擁有超過 470 億美元的現金、現金等價物和可交易證券，並預計到 2025 年將產生超過 990 億美元的淨現金流。扎克伯格的公司有能力投資於更高增長的項目，並等待合適的時機進行變現。這包括扎克伯格在元宇宙解決方案上的雄心勃勃的支出。</p>
</div><p>Lastly, Meta's valuation remains reasonable given the opportunity in front of the company. Shares can be picked up by opportunistic investors right now for less than 25 times forward-year earnings, which is a bargain considering Meta's historically conservative profit guidance and its sustained mid- to high-teens sales growth rate.</p>
<div class="lb-trans"><p>最後，考慮到公司面前的機會，Meta 的估值仍然合理。現在，機會主義投資者可以以不到 25 倍的未來年收益率購買其股票，這在考慮到 Meta 歷史上保守的利潤指引和持續的中高個位數銷售增長率時，顯得相當划算。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE1OTkvbWlsaXRhcnktYXJteS1zb2xkaWVycy1zYWFzLWFydGlmaWNpYWwtaW50ZWxsaWdlbmNlLWNvbXB1dGVyLW1pc3Npb24tcGxhbi1nZXR0eS5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831599%2Fmilitary-army-soldiers-saas-artificial-intelligence-computer-mission-plan-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>This groundbreaking AI stock is pushing boundaries in all the wrong ways</h2>
<div class="lb-trans"><h2>這隻開創性的 AI 股票在錯誤的方向上推動着邊界</h2>
</div><p>At the other end of the spectrum is an artificial intelligence stock that's actually outperformed Meta in the return column since 2023 began. I'm talking about AI-data mining specialist <strong>Palantir Technologies</strong>(PLTR 0.79%).</p>
<div class="lb-trans"><p>在另一端，有一隻人工智能股票自 2023 年開始以來的回報實際上超過了 Meta。我説的是 AI 數據挖掘專家 <strong>Palantir Technologies</strong>（PLTR 0.79%）。</p>
</div><p>Before going any further, let's make one thing clear: Palantir is a rock-solid and profitable company. Its allure is that both of its core platforms, Gotham and Foundry, aren't replicable at scale. Gotham is the trusted platform of federal governments planning and overseeing military missions. As for Foundry, it's a rapidly growing subscription-based platform that helps businesses make sense of their data and streamline their operations.</p>
<div class="lb-trans"><p>在進一步討論之前，讓我們明確一點：Palantir 是一家穩健且盈利的公司。它的吸引力在於其兩個核心平台，Gotham 和 Foundry，無法大規模複製。Gotham 是聯邦政府規劃和監督軍事任務的可信平台。至於 Foundry，它是一個快速增長的基於訂閲的平台，幫助企業理解其數據並優化運營。</p>
</div><p>Palantir has pretty consistently crushed the loftiest Wall Street growth forecasts with ease. Net sales jumped 48% during the latest quarter, with its global commercial customer count up a matching 48%. In other words, Palantir should have no trouble sustaining a double-digit growth rate for the foreseeable future.</p>
<div class="lb-trans"><p>Palantir 在很大程度上輕鬆超越了華爾街的最高增長預期。最新季度的淨銷售額增長了 48%，全球商業客户數量也增長了 48%。換句話説，Palantir 在可預見的未來將沒有問題維持兩位數的增長率。</p>
</div><p>But there are issues to consider with this groundbreaking AI stock.</p>
<div class="lb-trans"><p>但這隻開創性的 AI 股票也有需要考慮的問題。</p>
</div><p>For starters, every game-changing innovation since the advent of the internet in the mid-1990s has navigated its way through an early stage bubble that eventually burst. If an AI bubble were to form and burst, Palantir's multiyear government contracts and subscription model for Foundry would initially protect it from a sales dropoff. Nevertheless, shares would have a clear target on their back since the company is one of the faces of the AI revolution.</p>
<div class="lb-trans"><p>首先，自 1990 年代中期互聯網出現以來，每一項顛覆性創新都經歷了一個最終破裂的早期泡沫。如果形成並破裂了 AI 泡沫，Palantir 的多年政府合同和 Foundry 的訂閲模式最初將保護其免受銷售下滑的影響。然而，公司的股票將成為目標，因為它是 AI 革命的代表之一。</p>
</div><p>The bigger concern with Palantir stock is its valuation.</p>
<div class="lb-trans"><p>對 Palantir 股票的更大擔憂在於其估值。</p>
</div><p>Companies that were on the leading edge of previous bubbles, including the dot-com bubble, saw their shares peak at price-to-sales (P/S) multiples ranging from 30 to 40, with a tiny bit of wiggle room at the top. Palantir shares closed out August at a P/S ratio of 115! No megacap company has ever been able to sustain a P/S multiple of 30 to 40 for any extended period of time, let alone a triple-digit P/S ratio.</p>
<div class="lb-trans"><p>在之前的泡沫中處於領先地位的公司，包括互聯網泡沫，其股票的市銷率（P/S）最高曾達到 30 到 40 倍，頂部有一點點的浮動空間。而 Palantir 的股票在八月底的市銷率達到了 115 倍！沒有任何一家大型公司能夠在任何較長時間內維持 30 到 40 倍的市銷率，更不用説三位數的市銷率了。</p>
</div><p>While Palantir is a solid company, there's simply no justifying its valuation. With risk factors far outweighing the reward, investors would be wise to steer clear of this highflier in September.</p>
<div class="lb-trans"><p>雖然 Palantir 是一家穩健的公司，但其估值實在無法令人信服。考慮到風險因素遠遠超過潛在收益，投資者在九月份最好遠離這隻高飛的股票。</p>
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1 Scorching-Hot Trillion-Dollar Artificial Intelligence (AI) Stock to Buy in September, and 1 Highflier That's Worth Avoiding

- 人工智能的演變吸引了華爾街的關注，預計 2030 年市場規模達 15.7 萬億美元。  
- Meta Platforms 在 AI 領域表現突出，股價自 2022 年低點上漲超過 700%。  
- Palantir 的估值過高，市銷率達到 115，風險大於收益，投資者應謹慎。

九月份值得購買的一隻炙手可熱的萬億美元人工智能（AI）股票，以及一隻值得避免的高估股票