<p><strong>蘋果</strong>(AAPL -3.17%) 和 <strong>微軟</strong>(MSFT 0.35%) 分別是按市值計算的第二大和第三大股票。</p>
<p>多年來，這兩家公司競爭以爭奪全球最大的市值。然而，兩家公司在人工智能（AI）領域都面臨挑戰，使得 <strong>英偉達</strong> 最近奪得了第一的位置。蘋果的 iPhone 在推動 AI 驅動的升級週期方面基本失敗，而微軟最顯著的 AI 成功似乎來自與 OpenAI 的緊張合作關係。</p>
<p>儘管面臨挑戰，蘋果和微軟在 AI 行業仍然具有影響力。投資者面臨的問題是，哪家公司在未來更有能力推動 AI 驅動的回報。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="376" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>蘋果的現狀</h2>
<p>蘋果業務最顯著的特點是其成熟。包括 iPhone 在內的設備銷售已經達到頂峯，iPhone 貢獻了超過 50% 的收入。此外，儘管蘋果服務是其增長最快的細分市場之一，但它更像是現有生態系統的延伸，而不是顛覆性的全新產品來源。</p>
<p>這種放緩發生在蘋果廣泛採用 AI 的情況下。這包括增強的 Siri 功能、AI 驅動的照片和圖像搜索，以及用於創建自定義表情符號的工具 Genmoji。</p>
<p>此外，iPhone 17 即將發佈。根據報道，它將具有更纖薄的設計、更多的 RAM 和更長的電池壽命。然而，這些改進和其 AI 功能並沒有加速升級週期，導致增長顯著放緩。</p>
<p>截至 6 月 28 日的過去 12 個月，淨銷售額為 4090 億美元，同比增長 6%。由於成本和費用大致與收入持平，蘋果在此期間賺取的 990 億美元利潤較去年同期的 1020 億美元有所下降。</p>
<p>因此，過去一年該股上漲了約 9%。此外，其市盈率為 36，遠高於 <strong>標準普爾 500</strong> 的平均水平 30。考慮到單數字的增長，這一收益倍數可能看起來也很昂貴，可能使投資者對其 AI 感到冷淡。</p>
<h2>微軟在當前環境中的表現</h2>
<p>由於微軟比蘋果更偏向軟件，因此它可能更依賴 AI 來取得成功。此外，其最顯著的當前產品，雲服務提供商 Azure，對於運行 AI 模型至關重要。</p>
<p>該公司已將 AI 更深入地整合到其傳統產品中，如 Windows 操作系統和 Microsoft Office。此外，與 OpenAI 的合作增強了其功能。</p>
<p>不幸的是，該合作關係的侷限性可能也限制了其 AI 領導地位。因此，關於其 Bing 搜索引擎能否更有效地與 <strong>谷歌</strong> 的搜索競爭的猜測並未實現。</p>
<p>為此，微軟已開始稱 OpenAI 為 “競爭對手”，並在內部開發更多 AI。微軟還開始從 <strong>谷歌</strong> 等公司挖掘 AI 人才。</p>
<p>對投資者來説，目前尚不清楚這是否會提升微軟作為 AI 參與者的地位或提升多少。不過，投資者可以對公司的財務表現感到安心。</p>
<p>在 2025 財年（截至 6 月 30 日），其 2820 億美元的收入同比增長 15%。儘管運營費用增長速度快於收入，但其他費用和所得税抵消了大部分增幅。這意味着該期間的淨收入為 1020 億美元，同比增長 16%。</p>
<p>微軟的股票在過去一年上漲了 22%。儘管如此，其 36 的市盈率與蘋果相近，這增加了在這兩隻 AI 股票之間選擇可能與 AI 關係不大的可能性。</p>
<h2>蘋果還是微軟？</h2>
<p>在當前情況下，微軟可能是這兩隻股票中更合適的選擇。</p>
<p>誠然，這兩家公司顯然未能以其 AI 產品吸引市場，兩者的估值大致相同。</p>
<p>然而，儘管在 AI 方面令人失望，微軟的收入和利潤增長速度遠快於蘋果，導致市場回報更高。這種改善的表現可能是給予微軟優勢所需的決勝因素。</p>

<p>蘋果和微軟在人工智能領域競爭，但兩者都面臨挑戰。蘋果的增長已趨於平穩，淨銷售額增長 6%，達到 4090 億美元，而其股票上漲了 9%。微軟則更專注於軟件，報告顯示收入增長 15%，達到 2820 億美元，股票上漲 22%。儘管兩家公司市盈率均為 36，但微軟在收入和利潤方面的更快增長使其成為人工智能領域更好的投資選擇</p>

<p><strong>Apple</strong>(AAPL -3.17%) and <strong>Microsoft</strong>(MSFT 0.35%) are the second-largest and third-largest stocks, respectively, as measured by market cap.</p>
<div class="lb-trans"><p><strong>蘋果</strong>(AAPL -3.17%) 和 <strong>微軟</strong>(MSFT 0.35%) 分別是按市值計算的第二大和第三大股票。</p>
</div><p>For years, both companies competed to claim the world's largest market cap. However, both companies have struggled in the realm of artificial intelligence (AI), allowing <strong>Nvidia</strong> to recently capture the No. 1 spot. Apple's iPhone has largely failed to spawn an AI-driven upgrade cycle, while Microsoft's most notable AI successes seem to have come from a strained partnership with OpenAI.</p>
<div class="lb-trans"><p>多年來，這兩家公司競爭以爭奪全球最大的市值。然而，兩家公司在人工智能（AI）領域都面臨挑戰，使得 <strong>英偉達</strong> 最近奪得了第一的位置。蘋果的 iPhone 在推動 AI 驅動的升級週期方面基本失敗，而微軟最顯著的 AI 成功似乎來自與 OpenAI 的緊張合作關係。</p>
</div><p>Despite their challenges, Apple and Microsoft remain influential in the AI industry. The question for investors is which one is in a stronger position to drive AI-driven returns moving forward.</p>
<div class="lb-trans"><p>儘管面臨挑戰，蘋果和微軟在 AI 行業仍然具有影響力。投資者面臨的問題是，哪家公司在未來更有能力推動 AI 驅動的回報。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzE5MjAvYWktYXJ0aWZpY2lhbC1pbnRlbGxpZ2VuY2UtaW4tY2lyY2xlLW9uLWtleWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F831920%2Fai-artificial-intelligence-in-circle-on-keyboard.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>The state of Apple</h2>
<div class="lb-trans"><h2>蘋果的現狀</h2>
</div><p>The most notable aspect of Apple's business is its maturation. Sales of its devices, including the iPhone, which generates more than 50% of its revenue, have plateaued. Additionally, while Apple Services is among its fastest-growing segments, it serves more as an extension of its current ecosystem rather than a source of game-changing new offerings.</p>
<div class="lb-trans"><p>蘋果業務最顯著的特點是其成熟。包括 iPhone 在內的設備銷售已經達到頂峯，iPhone 貢獻了超過 50% 的收入。此外，儘管蘋果服務是其增長最快的細分市場之一，但它更像是現有生態系統的延伸，而不是顛覆性的全新產品來源。</p>
</div><p>The slowing occurred even as Apple has widely adopted AI across its ecosystem. This included enhanced Siri functionality, AI-powered photo and image search, and its tool for creating custom emojis, Genmoji.</p>
<div class="lb-trans"><p>這種放緩發生在蘋果廣泛採用 AI 的情況下。這包括增強的 Siri 功能、AI 驅動的照片和圖像搜索，以及用於創建自定義表情符號的工具 Genmoji。</p>
</div><p>Moreover, the iPhone 17 is about to come out. According to reports, it will feature improvements such as a slimmer design, more RAM, and a longer battery life. Still, neither these improvements nor its AI functionality have accelerated the upgrade cycle, leading to significantly slower growth.</p>
<div class="lb-trans"><p>此外，iPhone 17 即將發佈。根據報道，它將具有更纖薄的設計、更多的 RAM 和更長的電池壽命。然而，這些改進和其 AI 功能並沒有加速升級週期，導致增長顯著放緩。</p>
</div><p>In the trailing 12 months ended June 28, net sales of $409 billion rose 6% yearly. Since costs and expenses mostly kept pace with revenue, the $99 billion Apple earned over that period decreased from the $102 billion profit in the year-ago period.</p>
<div class="lb-trans"><p>截至 6 月 28 日的過去 12 個月，淨銷售額為 4090 億美元，同比增長 6%。由於成本和費用大致與收入持平，蘋果在此期間賺取的 990 億美元利潤較去年同期的 1020 億美元有所下降。</p>
</div><p>With that, the stock has risen by around 9% over the last year. Also, its P/E ratio of 36 is well above the <strong>S&amp;P 500</strong> average of 30. That earnings multiple may also appear expensive considering the single-digit growth, likely cooling investors to its AI.</p>
<div class="lb-trans"><p>因此，過去一年該股上漲了約 9%。此外，其市盈率為 36，遠高於 <strong>標準普爾 500</strong> 的平均水平 30。考慮到單數字的增長，這一收益倍數可能看起來也很昂貴，可能使投資者對其 AI 感到冷淡。</p>
</div><h2>How Microsoft has fared in the current environment</h2>
<div class="lb-trans"><h2>微軟在當前環境中的表現</h2>
</div><p>Since Microsoft is more software-oriented than Apple, it may be more heavily dependent on AI for success. Moreover, its most prominent current offering, cloud provider Azure, is critical for running AI models.</p>
<div class="lb-trans"><p>由於微軟比蘋果更偏向軟件，因此它可能更依賴 AI 來取得成功。此外，其最顯著的當前產品，雲服務提供商 Azure，對於運行 AI 模型至關重要。</p>
</div><p>The company has integrated AI more heavily into its legacy products, such as Windows OS and Microsoft Office. Additionally, a partnership with OpenAI enhanced its functionality.</p>
<div class="lb-trans"><p>該公司已將 AI 更深入地整合到其傳統產品中，如 Windows 操作系統和 Microsoft Office。此外，與 OpenAI 的合作增強了其功能。</p>
</div><p>Unfortunately, the limitations of that partnership may have also limited its AI leadership. With that, speculation that its Bing search engine would compete more effectively with <strong>Alphabet</strong>'s Google Search did not pan out.</p>
<div class="lb-trans"><p>不幸的是，該合作關係的侷限性可能也限制了其 AI 領導地位。因此，關於其 Bing 搜索引擎能否更有效地與 <strong>谷歌</strong> 的搜索競爭的猜測並未實現。</p>
</div><p>To this end, Microsoft has begun calling OpenAI a &#34;competitor&#34; and developing more AI internally. Microsoft has also started hiring AI talent away from companies such as Alphabet.</p>
<div class="lb-trans"><p>為此，微軟已開始稱 OpenAI 為 “競爭對手”，並在內部開發更多 AI。微軟還開始從 <strong>谷歌</strong> 等公司挖掘 AI 人才。</p>
</div><p>Unfortunately for investors, it is not yet clear if or how much this will boost Microsoft as an AI player. Still, investors can take comfort in the company's financial performance.</p>
<div class="lb-trans"><p>對投資者來説，目前尚不清楚這是否會提升微軟作為 AI 參與者的地位或提升多少。不過，投資者可以對公司的財務表現感到安心。</p>
</div><p>In fiscal 2025 (ended June 30), its $282 billion in revenue increased by 15% annually. While operating expenses rose faster than revenue, its other expenses and income taxes negated most of that gain. That meant its $102 billion in net income for the period climbed by 16%.</p>
<div class="lb-trans"><p>在 2025 財年（截至 6 月 30 日），其 2820 億美元的收入同比增長 15%。儘管運營費用增長速度快於收入，但其他費用和所得税抵消了大部分增幅。這意味着該期間的淨收入為 1020 億美元，同比增長 16%。</p>
</div><p>Microsoft's stock is up 22% over the last year. Nonetheless, its 36 P/E ratio closely approximates that of Apple, increasing the likelihood that choosing between these AI stocks may have little to do with AI.</p>
<div class="lb-trans"><p>微軟的股票在過去一年上漲了 22%。儘管如此，其 36 的市盈率與蘋果相近，這增加了在這兩隻 AI 股票之間選擇可能與 AI 關係不大的可能性。</p>
</div><h2>Apple or Microsoft?</h2>
<div class="lb-trans"><h2>蘋果還是微軟？</h2>
</div><p>Under current conditions, Microsoft is likely the more suitable choice of the two stocks.</p>
<div class="lb-trans"><p>在當前情況下，微軟可能是這兩隻股票中更合適的選擇。</p>
</div><p>Admittedly, both of these companies have apparently failed to dazzle the market with their AI offerings, and both trade at around the same valuation.</p>
<div class="lb-trans"><p>誠然，這兩家公司顯然未能以其 AI 產品吸引市場，兩者的估值大致相同。</p>
</div><p>However, for all of the disappointments in AI, Microsoft is growing revenue and profits at a much faster rate, leading to higher market returns. Such an improved performance likely serves as the tiebreaker needed to give Microsoft the edge.</p>
<div class="lb-trans"><p>然而，儘管在 AI 方面令人失望，微軟的收入和利潤增長速度遠快於蘋果，導致市場回報更高。這種改善的表現可能是給予微軟優勢所需的決勝因素。</p>
</div>

Apple vs. Microsoft: Which AI Stock Is the Better Buy Right Now?

- 蘋果和微軟在人工智能領域面臨挑戰，市場份額被英偉達超越。  
- 蘋果的銷售增長放緩，iPhone 17 即將發佈但未能刺激升級週期。  
- 微軟在雲服務和 AI 集成方面表現較好，財報顯示收入和淨利潤均增長。  

蘋果與微軟：哪隻 AI 股票目前更值得購買？