<p>在過去三年中，沒有哪個趨勢對華爾街的影響比人工智能（AI）的崛起更為深遠。賦予軟件和系統在沒有人類監督的情況下做出瞬間決策的能力，以及隨着時間的推移可能學習並在其分配的任務（或新任務）上變得更加高效，使得人工智能的可尋址市場極為龐大。</p>
<p>截至 9 月 16 日，在過去三年中，領先的人工智能應用公司股價飆升。<strong>Palantir Technologies</strong>（PLTR 3.08%）的股價上漲超過 2000%，而 <strong>Meta Platforms</strong>（META -0.26%）則從 2022 年的熊市中強勁反彈，漲幅達到 416%。</p>
<p>雖然這兩家公司都是人工智能如何增強現有運營和推動銷售的理想示例，但它們也向華爾街發出了一個不可否認的警告，投資者明智地不應忽視。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw"/></p>
<p>圖片來源：Getty Images。</p>
<h2>Palantir 和 Meta 的快速上漲並非偶然</h2>
<p>在深入探討這一對股市的陰霾警告之前，瞭解 Palantir 和 Meta Platforms 如何擁抱人工智能至關重要。這樣你將更好地理解它們各自的股價為何飆升超過 2000% 和 400%。</p>
<p>Palantir 的股價上漲得益於其兩個基於人工智能和機器學習的平台，Gotham 和 Foundry 的成功。Gotham 是這裏的真正明星，這一軟件即服務平台被聯邦政府用於收集和分析數據，以及規劃和監督軍事任務。與此同時，Foundry 是企業用來更好地理解其數據以提高運營效率的服務。</p>
<p>對於 Palantir 來説，Gotham 和 Foundry 的美妙之處在於它們是不可替代的。沒有其他同類服務能夠在規模上提供 Palantir 為聯邦政府和企業所提供的服務。這意味着幾乎不必擔心客户會被其他公司挖走。</p>
<p>此外，由於其運營模式，Palantir 的運營現金流通常非常安全且相對可預測。Gotham 與美國政府簽訂多年合同（通常為四到五年），而其 Foundry 平台則是基於訂閲的服務，具有較高的客户留存率。</p>
<p>至於社交媒體巨頭 Meta Platforms，它在已經證明的運營模式上進一步提升了，通過整合人工智能解決方案。</p>
<p>Meta 是全球訪問量最大的社交網站的母公司，包括 Facebook（訪問量最大的網站）、Instagram、WhatsApp、Threads 和 Facebook Messenger。在 6 月份，Facebook 的應用家庭平均每天有 34.8 億人次訪問。由於沒有其他社交媒體提供商能夠為廣告商提供如此廣泛的受眾，Meta 通常擁有卓越的廣告定價能力。</p>
<p>但藉助人工智能，Meta 將其廣告驅動的業務更進一步。它為企業提供了在其廣告平台上訪問生成性人工智能解決方案的機會，這些解決方案可以根據用户的需求定製靜態和視頻信息，以提高點擊率。這有潛力加速廣告增長並增強 Meta 的定價能力。</p>
<p>Meta 首席執行官馬克·扎克伯格還在進行其他依賴於人工智能影響的項目。例如，Meta 正計劃成為通往元宇宙的關鍵入口之一——一個用户可以相互互動和與周圍環境互動的 3D 虛擬世界。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA?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-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA"/></p>
<p>圖片來源：Getty Images。</p>
<h2>這是一個投資者明智地不應忽視的警告</h2>
<p>儘管這些競爭優勢非常明確，但對 Palantir 和 Meta 最瞭解的人們已經向華爾街發出了一個明確的警告，時間已經不短。</p>
<p>這些股票的擔憂與其各自的內部交易活動有關。內部人士通常是高管、董事會成員或持有公司至少 10% 流通股的受益所有者。換句話説，這些人可能掌握非公開信息，並比華爾街的任何分析師更瞭解他們的公司。</p>
<p>內部人士的任何買賣都必須在交易日期後的兩個工作日內向美國監管機構備案。這是出於透明度的考慮，同時也允許投資者跟蹤內部人士對其公司及其前景的情緒。</p>
<p>就 Palantir Technologies 和 Meta Platforms 而言，內部人士似乎只有一件事在心頭縈繞：賣，賣，賣！</p>
<p>在過去五年（或在 Palantir 的情況下，自 2020 年 9 月 30 日上市以來的五年少 14 天）期間，兩個公司的淨賣出活動都令人矚目：</p>
<ul>
<li><strong>Palantir Technologies</strong>：67.67 億美元的淨內部銷售</li>
<li><strong>Meta Platforms</strong>：95.6 億美元的淨內部銷售</li>
</ul>
<p>兩家公司內部人士的淨股票銷售總額超過 172 億美元。</p>
<p>現在，這些數據的警告是：並非所有的內部銷售都是惡意的。美國最大公司的大多數高管的薪酬主要以股票和期權的形式支付。為了支付聯邦和/或州的税款，高管和董事可能需要出售股票（或行使期權後出售股票）來支付賬單。這種類型的銷售活動並不令人擔憂。</p>
<p>然而，另一種情況似乎驗證了這 172 億美元的警告，投資者不應將其視為無害的銷售活動。</p>
<p>儘管有許多理由出售股票，但購買股票的唯一理由是你相信它們會升值。內部人士的購買情況非常明確。在過去五年中，沒有一位高管或董事花費一分錢購買 Meta Platforms 的股票。至於 Palantir，自上市近五年來，只有一位高管或董事會成員進行了購買：前首席會計官 Heather Planishek 以 116 萬美元的價格進行了收購。</p>
<p>隨着股市推升至 154 年來第三高的估值，投資者正在尋找明確的跡象，以表明華爾街的領先企業仍然具有上漲空間。自 2020 年 9 月中旬以來，Palantir 和 Meta 之間僅有一筆內部人士購買，發出了錯誤的信號。</p>
<p>如果華爾街最具影響力的企業的內部人士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>

PLTR

<p>Palantir Technologies 和 Meta Platforms 由於在人工智能方面的進展，股價均出現顯著上漲，其中 Palantir 的股價上漲超過 2000%，Meta 的股價上漲 416%。然而，內部交易活動引發了擔憂，因為內部人士在過去五年中共售出了價值 172 億美元的股票，這可能暗示對公司未來表現的潛在擔憂。儘管這些公司在市場上地位強勁且擁有創新的人工智能解決方案，投資者仍被建議對此保持警惕</p>

<p>No trend has been more impactful on Wall Street over the last three years than the rise of artificial intelligence (AI). Empowering software and systems with the tools to make split-second decisions without human oversight, as well as to potentially learn over time and become more efficient at their assigned tasks (or new tasks), makes the addressable market for AI sky-high.</p>
<div class="lb-trans"><p>在過去三年中，沒有哪個趨勢對華爾街的影響比人工智能（AI）的崛起更為深遠。賦予軟件和系統在沒有人類監督的情況下做出瞬間決策的能力，以及隨着時間的推移可能學習並在其分配的任務（或新任務）上變得更加高效，使得人工智能的可尋址市場極為龐大。</p>
</div><p>Over the trailing-three-year period, as of Sept. 16, leading AI applications companies have soared. Shares of <strong>Palantir Technologies</strong>(PLTR 3.08%) have rallied north of 2,000%, while <strong>Meta Platforms</strong>(META -0.26%) bounced back strongly from the 2022 bear market to gain 416%.</p>
<div class="lb-trans"><p>截至 9 月 16 日，在過去三年中，領先的人工智能應用公司股價飆升。<strong>Palantir Technologies</strong>（PLTR 3.08%）的股價上漲超過 2000%，而 <strong>Meta Platforms</strong>（META -0.26%）則從 2022 年的熊市中強勁反彈，漲幅達到 416%。</p>
</div><p>While both companies have been ideal examples of how AI can enhance existing operations and boost sales, they've also presented Wall Street with an undeniable warning that investors would be wise not to ignore.</p>
<div class="lb-trans"><p>雖然這兩家公司都是人工智能如何增強現有運營和推動銷售的理想示例，但它們也向華爾街發出了一個不可否認的警告，投資者明智地不應忽視。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvbnlzZS1mbG9vci10cmFkZXItc3RvY2stbWFya2V0LWludmVzdC1idXktc2VsbC1mZWQtd2FsbC1zdHJlZXQtZ2V0dHkuanBnJnc9NzAw" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833858%2Fnyse-floor-trader-stock-market-invest-buy-sell-fed-wall-street-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>Palantir's and Meta's breakneck rallies didn't occur by accident</h2>
<div class="lb-trans"><h2>Palantir 和 Meta 的快速上漲並非偶然</h2>
</div><p>Before digging into the details of this ominous warning for the stock market, it's imperative to understand how Palantir and Meta Platforms embraced artificial intelligence. You'll get a better understanding for why their respective shares have skyrocketed by more than 2,000% and 400%.</p>
<div class="lb-trans"><p>在深入探討這一對股市的陰霾警告之前，瞭解 Palantir 和 Meta Platforms 如何擁抱人工智能至關重要。這樣你將更好地理解它們各自的股價為何飆升超過 2000% 和 400%。</p>
</div><p>Palantir's rally has been powered by the success of its two AI- and machine learning-driven platforms, Gotham and Foundry. Gotham is the real superstar here, with this software-as-a-service platform used by federal governments to collect and analyze data, as well as plan and oversee military missions. Meanwhile, Foundry is a service used by businesses to better understand their data in order to improve their operating efficiency.</p>
<div class="lb-trans"><p>Palantir 的股價上漲得益於其兩個基於人工智能和機器學習的平台，Gotham 和 Foundry 的成功。Gotham 是這裏的真正明星，這一軟件即服務平台被聯邦政府用於收集和分析數據，以及規劃和監督軍事任務。與此同時，Foundry 是企業用來更好地理解其數據以提高運營效率的服務。</p>
</div><p>The beauty of Gotham and Foundry for Palantir is that they're irreplaceable. No one-for-one service exists at scale that can offer what Palantir delivers for federal governments and businesses. This means little worry about having its customers poached by other companies.</p>
<div class="lb-trans"><p>對於 Palantir 來説，Gotham 和 Foundry 的美妙之處在於它們是不可替代的。沒有其他同類服務能夠在規模上提供 Palantir 為聯邦政府和企業所提供的服務。這意味着幾乎不必擔心客户會被其他公司挖走。</p>
</div><p>Additionally, Palantir's operating cash flow tends to be exceptionally safe and somewhat predictable thanks to its operating model. Gotham locks in multiyear contracts (typically four or five years) with the U.S. government, and its Foundry platform is a subscription-based service that lends to a high retention rate.</p>
<div class="lb-trans"><p>此外，由於其運營模式，Palantir 的運營現金流通常非常安全且相對可預測。Gotham 與美國政府簽訂多年合同（通常為四到五年），而其 Foundry 平台則是基於訂閲的服務，具有較高的客户留存率。</p>
</div><p>As for social media titan Meta Platforms, it's taken an already proven operating model and made it that much better with the incorporation of AI solutions.</p>
<div class="lb-trans"><p>至於社交媒體巨頭 Meta Platforms，它在已經證明的運營模式上進一步提升了，通過整合人工智能解決方案。</p>
</div><p>Meta is the parent of some of the most-visited social sites on the planet, including Facebook (the most-visited site), Instagram, WhatsApp, Threads, and Facebook Messenger. During the month of June, Facebook averaged 3.48 billion people visiting its family of apps daily. Since no other social media provider can offer this broad of an audience to advertisers, Meta typically possesses exceptional ad-pricing power.</p>
<div class="lb-trans"><p>Meta 是全球訪問量最大的社交網站的母公司，包括 Facebook（訪問量最大的網站）、Instagram、WhatsApp、Threads 和 Facebook Messenger。在 6 月份，Facebook 的應用家庭平均每天有 34.8 億人次訪問。由於沒有其他社交媒體提供商能夠為廣告商提供如此廣泛的受眾，Meta 通常擁有卓越的廣告定價能力。</p>
</div><p>But with AI, Meta has taken its ad-driven business one step further. It's given businesses access to generative AI solutions on its advertising platform, which can tailor static and video messages to users in order to improve click-through rates. This has the potential to accelerate ad growth and beef up Meta's pricing power.</p>
<div class="lb-trans"><p>但藉助人工智能，Meta 將其廣告驅動的業務更進一步。它為企業提供了在其廣告平台上訪問生成性人工智能解決方案的機會，這些解決方案可以根據用户的需求定製靜態和視頻信息，以提高點擊率。這有潛力加速廣告增長並增強 Meta 的定價能力。</p>
</div><p>Meta CEO Mark Zuckerberg also has other projects in the works that rely heavily on the influence of AI. For instance, Meta is angling to be one of the key onramps to the metaverse -- the 3D virtual world where users can interact with each other and their surroundings.</p>
<div class="lb-trans"><p>Meta 首席執行官馬克·扎克伯格還在進行其他依賴於人工智能影響的項目。例如，Meta 正計劃成為通往元宇宙的關鍵入口之一——一個用户可以相互互動和與周圍環境互動的 3D 虛擬世界。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzM4NTgvcmVkLWRpY2UtYnV5LXNlbGwtc3RvY2stY2hhcnQtZmluYW5jaWFsLWRhdGEtaW52ZXN0LWJpbGxpb25haXJlLWdldHR5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833858%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>This is a warning that investors would be wise not to ignore</h2>
<div class="lb-trans"><h2>這是一個投資者明智地不應忽視的警告</h2>
</div><p>In spite of these well-defined competitive advantages, the people who know Palantir and Meta best have been sending an unmistakable warning to Wall Street for quite some time.</p>
<div class="lb-trans"><p>儘管這些競爭優勢非常明確，但對 Palantir 和 Meta 最瞭解的人們已經向華爾街發出了一個明確的警告，時間已經不短。</p>
</div><p>The worry for these stocks has to do with their respective insider trading activity. An insider is typically a high-ranking executive, someone on the board of directors, or a beneficial owner who holds at least 10% of a company's outstanding shares. In other words, these are folks who potentially possess non-public information and know their company better than any analyst on Wall Street.</p>
<div class="lb-trans"><p>這些股票的擔憂與其各自的內部交易活動有關。內部人士通常是高管、董事會成員或持有公司至少 10% 流通股的受益所有者。換句話説，這些人可能掌握非公開信息，並比華爾街的任何分析師更瞭解他們的公司。</p>
</div><p>Any purchases and sales made by insiders are required to be filed with U.S. regulators within two business days following the transaction date. This is done for the sake of transparency, as well as to allow investors to potentially track the sentiment of insiders toward their company and its prospects.</p>
<div class="lb-trans"><p>內部人士的任何買賣都必須在交易日期後的兩個工作日內向美國監管機構備案。這是出於透明度的考慮，同時也允許投資者跟蹤內部人士對其公司及其前景的情緒。</p>
</div><p>When it comes to Palantir Technologies and Meta Platforms, there seems to be only one thing continually on the mind of its insiders: sell, sell, sell!</p>
<div class="lb-trans"><p>就 Palantir Technologies 和 Meta Platforms 而言，內部人士似乎只有一件事在心頭縈繞：賣，賣，賣！</p>
</div><p>Over the trailing-five-year period (or in the case of Palantir, 14 days shy of five years since it made its public debut on Sept. 30, 2020), net-selling activity has been eye-popping for both companies:</p>
<div class="lb-trans"><p>在過去五年（或在 Palantir 的情況下，自 2020 年 9 月 30 日上市以來的五年少 14 天）期間，兩個公司的淨賣出活動都令人矚目：</p>
</div><ul>
<li><strong>Palantir Technologies</strong>: $7.67 billion in net insider sales</li>
<li><strong>Meta Platforms</strong>: $9.56 billion in net insider sales</li>
</ul>
<div class="lb-trans"><ul>
<li><strong>Palantir Technologies</strong>：67.67 億美元的淨內部銷售</li>
<li><strong>Meta Platforms</strong>：95.6 億美元的淨內部銷售</li>
</ul>
</div><p>Collectively, more than $17.2 billion in net stock sales have been made by insiders at both companies.</p>
<div class="lb-trans"><p>兩家公司內部人士的淨股票銷售總額超過 172 億美元。</p>
</div><p>Now here's the caveat to this data: not all insider selling is necessarily nefarious. Most executives at America's largest companies receive the lion's share of their compensation in the form of stock and options. To cover their federal and/or state tax liability, executives and directors may need to sell stock (or exercise options and subsequently sell stock) to pay their bill. This type of selling activity isn't worrisome.</p>
<div class="lb-trans"><p>現在，這些數據的警告是：並非所有的內部銷售都是惡意的。美國最大公司的大多數高管的薪酬主要以股票和期權的形式支付。為了支付聯邦和/或州的税款，高管和董事可能需要出售股票（或行使期權後出售股票）來支付賬單。這種類型的銷售活動並不令人擔憂。</p>
</div><p>However, the other swing of the pendulum appears to validate this $17.2 billion warning as something investors shouldn't brush off as benign selling activity.</p>
<div class="lb-trans"><p>然而，另一種情況似乎驗證了這 172 億美元的警告，投資者不應將其視為無害的銷售活動。</p>
</div><p>Though there are a number of reasons to sell stock, the lone reason to buy shares is if you believe they'll head higher. Insider buying is as cut-and-dried as it gets. Over the last five years, not one executive or director has spent a penny purchasing Meta Platforms' stock. As for Palantir, it has one purchase from an executive or board member in its nearly five years as a public company: a $1.16 million acquisition by former Chief Accounting Officer Heather Planishek.</p>
<div class="lb-trans"><p>儘管有許多理由出售股票，但購買股票的唯一理由是你相信它們會升值。內部人士的購買情況非常明確。在過去五年中，沒有一位高管或董事花費一分錢購買 Meta Platforms 的股票。至於 Palantir，自上市近五年來，只有一位高管或董事會成員進行了購買：前首席會計官 Heather Planishek 以 116 萬美元的價格進行了收購。</p>
</div><p>With the stock market pushing to its third-priciest valuation when back-tested 154 years, investors are looking for clear signs that Wall Street's leading businesses still offer upside. Palantir and Meta, which have just one insider purchase between them since mid-September 2020, are sending all the wrong signals.</p>
<div class="lb-trans"><p>隨着股市推升至 154 年來第三高的估值，投資者正在尋找明確的跡象，以表明華爾街的領先企業仍然具有上漲空間。自 2020 年 9 月中旬以來，Palantir 和 Meta 之間僅有一筆內部人士購買，發出了錯誤的信號。</p>
</div><p>If insiders at Wall Street's most-influential businesses won't purchase their own company's stock, why should investors?</p>
<div class="lb-trans"><p>如果華爾街最具影響力的企業的內部人士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>
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Palantir and Meta Platforms Just Signaled a $17 Billion Warning for Wall Street -- Is It Time to Worry?

- 人工智能的崛起對華爾街產生了深遠影響，相關公司股價大幅上漲。  
- Palantir 和 Meta 的內部人士持續大量拋售股票，累計超過 172 億美元。  
- 這種拋售行為引發投資者對未來前景的擔憂，暗示市場可能存在風險。

Palantir 和 Meta Platforms 剛剛向華爾街發出了 170 億美元的警告——現在是否應該擔心了？