<p>在一月份，我寫了一篇文章，提出了一個簡單的問題：人工智能（AI）軟件供應商 <strong>C3.ai</strong>(AI 0.78%) 能否成為 2025 年的 <strong>Palantir</strong> <strong>Technologies</strong>(PLTR -2.04%)？</p>
<p>快進到 9 月 4 日，市場給出了明確的判決。Palantir 的股票今年迄今已上漲 105%。相比之下，C3.ai 的股票暴跌 54%，徘徊在多年來的低點。因此，我之前的問題的答案似乎是一個明確的 “否”。</p>
<p>但就在 C3.ai 的情緒似乎無法進一步惡化時，該公司又給股東帶來了另一輪令人不安的消息。最終，C3.ai 的疲軟對 Palantir 投資者來説是一個重大勝利。</p>
<h2>C3.ai 是一家處於衰退中的企業</h2>
<p>在 5 月，C3.ai 發佈了其 2025 財年的最後一組業績（該財年於 4 月 30 日結束）。當時，它對 2026 財年第一季度和全年發佈了財務指引。</p>
<p>下表概述了該公司之前發佈的指引與其實際報告業績的對比。</p>
<table>
<thead>
<tr>
<th>指標</th>
<th>2026 財年第一季度指引</th>
<th>2026 財年第一季度實際</th>
</tr>
</thead>
<tbody>
<tr>
<td>總收入</td>
<td>1 億到 1.09 億美元</td>
<td>7030 萬美元</td>
</tr>
<tr>
<td>運營收入（非 GAAP）</td>
<td>（-2350 萬到 -3350 萬美元）</td>
<td>（-5780 萬美元）</td>
</tr>
</tbody>
</table>
<p>數據來源：投資者關係。</p>
<p>在收入方面，C3.ai 的業績比其指引區間的中點低了超過 30%，而其運營虧損幾乎是管理層預測悲觀端的兩倍。更令人失望的是，銷售不僅環比下降，而且也低於上一財年同一時期的水平。</p>
<p>鑑於這種業績不佳，管理層撤回了之前的全年指引，並未提供新的展望，使投資者對 C3.ai 的收入或盈利能力沒有明確的預期。</p>
<p>這不僅意味着公司前景的不確定性加劇，也在信心本已脆弱的時刻削弱了管理層的可信度。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwNTcvZ2V0dHktZ29vZC1uZXdzLWJhZC1uZXdzLmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwNTcvZ2V0dHktZ29vZC1uZXdzLWJhZC1uZXdzLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>其困境對 Palantir 投資者來説是個好消息</h2>
<p>對 Palantir 和 C3.ai 的一個常見批評是它們過於依賴少數客户。值得稱讚的是，這兩家公司都在努力進一步擴大其客户和收入基礎。</p>
<p>C3.ai 的銷售組合在過去幾年中發生了顯著變化。到 2023 年 3 月，近 72% 的預訂來自石油和天然氣領域的公司，另有 16% 與聯邦、航空航天和國防客户相關。</p>
<p>最近，該公司開始多元化：製造業、公用事業、化工和醫療保健現在佔據了不斷增長的部分。同時，C3.ai 在公共部門仍然保持顯著的存在——第一季度的預訂中有 32% 來自州和地方政府，以及航空航天和國防。</p>
<p>Palantir 在客户組合方面經歷了類似的演變，但區別在於其合同的規模和戰略重要性。該公司起初為政府機構提供服務，已建立了獲得高知名度合同的良好記錄，確認其在公共和私人市場中作為不可或缺的合作伙伴的地位。</p>
<ul>
<li><strong>國防和政府：</strong> 在 5 月，Palantir 的 Maven 智能系統合同擴大了 7.95 億美元，使總價值達到 12.8 億美元。最近，美國陸軍將與該公司的 75 個單獨協議整合為一份價值高達 100 億美元的合同，期限為十年。除了國內政府機構，Palantir 還擴大了與國際聯盟的合作，尤其是與北約的協議。</li>
<li><strong>商業擴展：</strong> 在企業方面，Palantir 與航空領域的領先公司如 <strong>Archer Aviation</strong> 和 <strong>American Airlines</strong> 合作。</li>
<li><strong>戰略合作伙伴關係：</strong> Palantir 還與全球技術和諮詢領導者建立了合作生態系統，包括 <strong>Oracle</strong>、<strong>Accenture</strong>、<strong>Amazon</strong> Web Services (AWS)、<strong>Booz Allen Hamilton</strong>、PwC、<strong>Microsoft</strong>、KPMG、Databricks 和 Deloitte。</li>
</ul>
<p>這些合作伙伴關係不僅擴大了 Palantir 的分銷渠道，還鞏固了其在企業 AI 軟件堆棧中的核心地位。</p>
<p>相比之下，雖然 C3.ai 也建立了合作伙伴關係並獲得了合同，但它們的範圍往往較窄，戰略重要性較低。Palantir 繼續捕獲旗艦機會，使 C3.ai 競爭較小、影響力較低的交易。這種動態使 Palantir 成為高風險部署的默認選擇，而 C3.ai 仍然是次要選擇。</p>
<h2>Palantir 股票現在值得買嗎？</h2>
<p>在下面，我將 Palantir 與兩個在 AI 和公私部署交集處與其競爭的同行進行了基準比較。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6ef965455b17fc43dca68e8e72f4570e.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/6ef965455b17fc43dca68e8e72f4570e.png"/></p>
<p>PLTR PS 比率數據來源於 YCharts。</p>
<p>Palantir 的市銷率為 114，毫無疑問是偏高的——即使與之前的市場泡沫相比也是如此。然而，Palantir 與其同行——C3.ai 和 <strong>BigBear.ai</strong> 之間的估值倍數差異不應被誤解。</p>
<p>C3.ai 表面上看似乎是個便宜貨，但這是一種經典的價值陷阱：該業務處於結構性衰退中，並在穩步讓位於其更大的競爭對手。</p>
<p>隨着 C3.ai 股票變成一把下跌的刀，成長型投資者更應該持有像 Palantir 這樣的成熟領導者的股票，該公司繼續鞏固其在政府和商業市場的長期相關性。</p>

PLTR

<p>C3.ai 最近的表現讓投資者失望，今年股價下跌了 54%，而 Palantir 的股價則上漲了 105%。C3.ai 2026 財年第一季度的業績大幅低於預期，導致對其未來的不確定性。相比之下，Palantir 已獲得大量合同，包括與美國陸軍簽署的 100 億美元交易，使其在人工智能部署方面處於領先地位。這一動態突顯了 Palantir 相較於 C3.ai 更強的市場地位，後者在合同數量上較少且戰略重要性較低</p>

<p>Back in January, I wrote an article that posed a straightforward question: Could artificial intelligence (AI) software vendor <strong>C3.ai</strong>(AI 0.78%) emerge as the <strong>Palantir</strong> <strong>Technologies</strong>(PLTR -2.04%) of 2025?</p>
<div class="lb-trans"><p>在一月份，我寫了一篇文章，提出了一個簡單的問題：人工智能（AI）軟件供應商 <strong>C3.ai</strong>(AI 0.78%) 能否成為 2025 年的 <strong>Palantir</strong> <strong>Technologies</strong>(PLTR -2.04%)？</p>
</div><p>Fast-forward to Sept. 4, and the market has delivered a clear verdict. Palantir stock has surged 105% so far this year. By contrast, shares of C3.ai have plummeted by 54% and are hovering around a multiyear low. So the answer to my earlier question appears to be a decisive &#34;no.&#34;</p>
<div class="lb-trans"><p>快進到 9 月 4 日，市場給出了明確的判決。Palantir 的股票今年迄今已上漲 105%。相比之下，C3.ai 的股票暴跌 54%，徘徊在多年來的低點。因此，我之前的問題的答案似乎是一個明確的 “否”。</p>
</div><p>But just when sentiment around C3.ai seemed like it couldn't deteriorate further, the company delivered another round of unsettling news for shareholders. And ultimately, C3.ai's weakness represents a significant win for Palantir investors.</p>
<div class="lb-trans"><p>但就在 C3.ai 的情緒似乎無法進一步惡化時，該公司又給股東帶來了另一輪令人不安的消息。最終，C3.ai 的疲軟對 Palantir 投資者來説是一個重大勝利。</p>
</div><h2>C3.ai is a business in decline</h2>
<div class="lb-trans"><h2>C3.ai 是一家處於衰退中的企業</h2>
</div><p>Back in May, C3.ai released its final set of results for its fiscal 2025 (which ended April 30). At that time, it issued financial guidance for both the first quarter of its fiscal 2026 and the full year.</p>
<div class="lb-trans"><p>在 5 月，C3.ai 發佈了其 2025 財年的最後一組業績（該財年於 4 月 30 日結束）。當時，它對 2026 財年第一季度和全年發佈了財務指引。</p>
</div><p>The table below outlines the company's previously issued guidance compared to its actual reported performance.</p>
<div class="lb-trans"><p>下表概述了該公司之前發佈的指引與其實際報告業績的對比。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Fiscal 2026 Q1 Guidance</th>
<th>Fiscal 2026 Q1 Actual</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total revenue</td>
<td>$100 million to $109 million</td>
<td>$70.3 million</td>
</tr>
<tr>
<td>Income from operations (non-GAAP)</td>
<td>($23.5 million to $33.5 million)</td>
<td>($57.8 million)</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指標</th>
<th>2026 財年第一季度指引</th>
<th>2026 財年第一季度實際</th>
</tr>
</thead>
<tbody>
<tr>
<td>總收入</td>
<td>1 億到 1.09 億美元</td>
<td>7030 萬美元</td>
</tr>
<tr>
<td>運營收入（非 GAAP）</td>
<td>（-2350 萬到 -3350 萬美元）</td>
<td>（-5780 萬美元）</td>
</tr>
</tbody>
</table>
</div><p>Data source: Investor relations.</p>
<div class="lb-trans"><p>數據來源：投資者關係。</p>
</div><p>On revenue, C3.ai fell short of the midpoint of its guidance range by more than 30%, and its operating loss was nearly twice as bad as the pessimistic end of management's forecast. Compounding the disappointment, sales not only declined sequentially (quarter over quarter), but were also lower than in the same period of the prior fiscal year.</p>
<div class="lb-trans"><p>在收入方面，C3.ai 的業績比其指引區間的中點低了超過 30%，而其運營虧損幾乎是管理層預測悲觀端的兩倍。更令人失望的是，銷售不僅環比下降，而且也低於上一財年同一時期的水平。</p>
</div><p>In light of that underperformance, management withdrew its prior full-year guidance and did not provide a new outlook, leaving investors without clear expectations for C3.ai's revenue or profitability.</p>
<div class="lb-trans"><p>鑑於這種業績不佳，管理層撤回了之前的全年指引，並未提供新的展望，使投資者對 C3.ai 的收入或盈利能力沒有明確的預期。</p>
</div><p>This only signals heightened uncertainty around the company's outlook, but also erodes management's credibility at a time when confidence is already fragile.</p>
<div class="lb-trans"><p>這不僅意味着公司前景的不確定性加劇，也在信心本已脆弱的時刻削弱了管理層的可信度。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzIwNTcvZ2V0dHktZ29vZC1uZXdzLWJhZC1uZXdzLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F832057%2Fgetty-good-news-bad-news.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>Its troubles are fantastic news for Palantir investors</h2>
<div class="lb-trans"><h2>其困境對 Palantir 投資者來説是個好消息</h2>
</div><p>One frequent criticism leveled against both Palantir and C3.ai is that they are overly dependent on a small number of clients. To their credit, both companies have worked to expand their customer and revenue bases further.</p>
<div class="lb-trans"><p>對 Palantir 和 C3.ai 的一個常見批評是它們過於依賴少數客户。值得稱讚的是，這兩家公司都在努力進一步擴大其客户和收入基礎。</p>
</div><p>C3.ai's sales mix has shifted meaningfully over the last few years. Back in March 2023, nearly 72% of its bookings came from companies in the oil and natural gas space, with another 16% tied to federal, aerospace, and defense customers.</p>
<div class="lb-trans"><p>C3.ai 的銷售組合在過去幾年中發生了顯著變化。到 2023 年 3 月，近 72% 的預訂來自石油和天然氣領域的公司，另有 16% 與聯邦、航空航天和國防客户相關。</p>
</div><p>More recently, the company has begun to diversify: Manufacturing, utilities, chemicals, and healthcare now represent growing portions of the portfolio. At the same time, C3.ai continues to hold a notable presence in the public sector -- with 32% of first-quarter bookings coming from state and local governments, as well as aerospace and defense.</p>
<div class="lb-trans"><p>最近，該公司開始多元化：製造業、公用事業、化工和醫療保健現在佔據了不斷增長的部分。同時，C3.ai 在公共部門仍然保持顯著的存在——第一季度的預訂中有 32% 來自州和地方政府，以及航空航天和國防。</p>
</div><p>Palantir has undergone a similar evolution in its customer mix, but the difference lies in the sheer scale and strategic importance of its contracts. The company, which got its start serving government agencies, has established a track record of securing high-profile contracts that affirm its standing as an indispensable partner across both public and private markets.</p>
<div class="lb-trans"><p>Palantir 在客户組合方面經歷了類似的演變，但區別在於其合同的規模和戰略重要性。該公司起初為政府機構提供服務，已建立了獲得高知名度合同的良好記錄，確認其在公共和私人市場中作為不可或缺的合作伙伴的地位。</p>
</div><ul>
<li><strong>Defense and government:</strong> In May, Palantir's Maven Smart System contract was expanded by $795 million -- bringing the total value to $1.28 billion. More recently, the U.S. Army consolidated 75 separate agreements with the company into a single contract worth up to $10 billion over the next decade. Beyond domestic government agencies, Palantir has extended its reach to international alliances -- most notably, a deal with NATO.</li>
<li><strong>Commercial expansion:</strong> On the enterprise side, Palantir works with leading names in aviation such as <strong>Archer Aviation</strong> and <strong>American Airlines</strong>.</li>
<li><strong>Strategic partnerships:</strong> Palantir has also cultivated an ecosystem of alliances with global technology and consulting leaders, including <strong>Oracle</strong>, <strong>Accenture</strong>, <strong>Amazon</strong> Web Services (AWS), <strong>Booz Allen Hamilton</strong>, PwC, <strong>Microsoft</strong>, KPMG, Databricks, and Deloitte.</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>國防和政府：</strong> 在 5 月，Palantir 的 Maven 智能系統合同擴大了 7.95 億美元，使總價值達到 12.8 億美元。最近，美國陸軍將與該公司的 75 個單獨協議整合為一份價值高達 100 億美元的合同，期限為十年。除了國內政府機構，Palantir 還擴大了與國際聯盟的合作，尤其是與北約的協議。</li>
<li><strong>商業擴展：</strong> 在企業方面，Palantir 與航空領域的領先公司如 <strong>Archer Aviation</strong> 和 <strong>American Airlines</strong> 合作。</li>
<li><strong>戰略合作伙伴關係：</strong> Palantir 還與全球技術和諮詢領導者建立了合作生態系統，包括 <strong>Oracle</strong>、<strong>Accenture</strong>、<strong>Amazon</strong> Web Services (AWS)、<strong>Booz Allen Hamilton</strong>、PwC、<strong>Microsoft</strong>、KPMG、Databricks 和 Deloitte。</li>
</ul>
</div><p>These partnerships not only expand Palantir's distribution channels, but also reinforce its position as a core layer within the enterprise AI software stack.</p>
<div class="lb-trans"><p>這些合作伙伴關係不僅擴大了 Palantir 的分銷渠道，還鞏固了其在企業 AI 軟件堆棧中的核心地位。</p>
</div><p>By contrast, while C3.ai has established partnerships and secured contracts of its own, they tend to be narrower in scope and carry less strategic weight. Palantir continues to capture the flagship opportunities, leaving C3.ai competing for smaller, less influential deals. This dynamic positions Palantir as the default choice for high-stakes deployments, while C3.ai remains a secondary option.</p>
<div class="lb-trans"><p>相比之下，雖然 C3.ai 也建立了合作伙伴關係並獲得了合同，但它們的範圍往往較窄，戰略重要性較低。Palantir 繼續捕獲旗艦機會，使 C3.ai 競爭較小、影響力較低的交易。這種動態使 Palantir 成為高風險部署的默認選擇，而 C3.ai 仍然是次要選擇。</p>
</div><h2>Is Palantir stock a buy right now?</h2>
<div class="lb-trans"><h2>Palantir 股票現在值得買嗎？</h2>
</div><p>Below, I've benchmarked Palantir against two peers that are competing with it for market share at the intersection of AI and public-private deployments.</p>
<div class="lb-trans"><p>在下面，我將 Palantir 與兩個在 AI 和公私部署交集處與其競爭的同行進行了基準比較。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/6ef965455b17fc43dca68e8e72f4570e.png" alt="" original-src="https://media.ycharts.com/charts/6ef965455b17fc43dca68e8e72f4570e.png"/></p>
<p>PLTR PS Ratio data by YCharts.</p>
<div class="lb-trans"><p>PLTR PS 比率數據來源於 YCharts。</p>
</div><p>Palantir's price-to-sales ratio of 114 is undeniably elevated -- even when viewed against the backdrop of prior market bubbles. However, the disparity in valuation multiples between Palantir and its cohorts -- C3.ai and <strong>BigBear.ai</strong> -- should not be misinterpreted.</p>
<div class="lb-trans"><p>Palantir 的市銷率為 114，毫無疑問是偏高的——即使與之前的市場泡沫相比也是如此。然而，Palantir 與其同行——C3.ai 和 <strong>BigBear.ai</strong> 之間的估值倍數差異不應被誤解。</p>
</div><p>C3.ai may look like a bargain on the surface, but it's a classic value trap: The business is in structural decline and steadily ceding ground to its larger rival.</p>
<div class="lb-trans"><p>C3.ai 表面上看似乎是個便宜貨，但這是一種經典的價值陷阱：該業務處於結構性衰退中，並在穩步讓位於其更大的競爭對手。</p>
</div><p>With C3.ai stock turning into a falling knife, growth investors would be far better served to hold shares of an established leader like Palantir, which continues to solidify its long-term relevancy across government and commercial markets.</p>
<div class="lb-trans"><p>隨着 C3.ai 股票變成一把下跌的刀，成長型投資者更應該持有像 Palantir 這樣的成熟領導者的股票，該公司繼續鞏固其在政府和商業市場的長期相關性。</p>
</div>

C3.ai CEO Stephen Ehikian Just Delivered Incredible News for Palantir Investors

- C3.ai 財務表現不佳，第一季度收入僅為 70.3 百萬美元，遠低於預期。  
- Palantir 通過高價值合同和戰略合作，鞏固市場地位。  
- C3.ai 的困境為 Palantir 投資者帶來利好消息。  

C3.ai 首席執行官 Stephen Ehikian 剛剛為 Palantir 投資者傳遞了令人振奮的消息