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五撇须
十年美股日内交易员
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五撇须
09-05
连续几次都是财报出来波澜不惊,都是发布会出来才大涨,说明了什么
博通Q3 AI芯片收入超预期增63%,神秘新客户下单百亿,料下财年AI前景“大幅”改善
五撇须
08-06
使劲吹吧,就是一家寄生虫公司,靠着跟美国政府关系好生存的,CEO高位一直套现,当年帮着政府找到本拉登一直捞钱到现在,有政府背书还不好赚
Palantir 凭什么成为 AI 商业化第一股?
五撇须
02-21
$NQ100指数主连 2503(NQmain)$
三只市值最大的是涨的,大盘掉了一个点,护盘味道也太隆了,纳指只要一掉,几大科技股巨头就赶紧拉出一两只有个小利好来护盘,问题是这么高位了能护到几时
五撇须
02-14
$黄金主连 2504(GCmain)$
避你**险,所有的风险资产都飞上天了,你避个逼险
五撇须
2024-08-20
Replying to
@老Know
:挺华为丢脸吗//
@老Know
:你用哪里看出来的我挺华为?😓
抱歉,原内容已删除
五撇须
2024-07-09
$NQ100指数主连 2409(NQmain)$
会不会有点牛逼,是不是降息预期一直在就可以一直拉
五撇须
2024-06-26
$NQ100指数主连 2409(NQmain)$
亚马逊微软再拉新高,永远的纳指啊
五撇须
2024-06-25
$NQ100指数主连 2409(NQmain)$
大科技股真无敌,谷歌隔了一天又创新高,昨天微软新高,特别是在这大盘调整期间创下的新高,主要是量也太小了吧,大家抱团取暖呢
五撇须
2024-06-15
$NQ100指数主连 2406(NQmain)$
AI无敌啊,半年多指数又涨了40%多,继续不要停,看看后面出货怎么接
五撇须
2024-06-01
$NQ100指数主连 2406(NQmain)$
史诗级逆转,没有任何消息才搞笑
五撇须
2024-05-28
$NQ100指数主连 2406(NQmain)$
一直拉到英伟达下个月拆股,再开启大幅回调
五撇须
2024-04-11
$NQ100指数主连 2406(NQmain)$
大盘是真的坚挺啊,一个一个地砸都砸不死
五撇须
2024-03-19
$NQ100指数主连 2406(NQmain)$
大盘这盘围赵救魏玩得很溜啊,AI板块下沉,几大科技巨头开始拉涨
五撇须
2024-03-01
$NQ100指数主连 2403(NQmain)$
牛气冲天,中间还不忘深深地诱空一下,按市场逻辑,英伟达不会大跌,大盘就一直顶在高点,偶尔来点好消息配合一下,继续冲高
五撇须
2024-02-26
$NQ100指数主连 2403(NQmain)$
大盘完全被英伟达带着走了,问题是英伟达业绩好,其它买它产品的大公司就能靠AI提高多少业绩呢,英伟达的爆发期又能多久呢
五撇须
2024-02-23
$NQ100指数主连 2403(NQmain)$
英伟达业绩好拉动整个板块狂飙,AMD等竞争对手跟涨还有点道理,微软脸书亚马逊谷歌一堆跟着大涨就有点过分了,卖铲子的大赚这些投入不是更多吗,投入就能有收益吗,傻子股市
五撇须
2024-02-17
$NQ100指数主连 2403(NQmain)$
高啊,实在是高,空头高潮就一秒
五撇须
2024-02-16
$苹果(AAPL)$
又一颗卫星,当年的苹果汽车,如同现在的苹果AI,以库克的尿性但凡有点成果早发出来了,还用遮遮掩掩
五撇须
2024-02-16
$NQ100指数主连 2403(NQmain)$
是不是似成相识,当年苹果汽车也是消息阵阵,拉了一波又一波,结果呢
五撇须
2024-02-14
$NQ100指数主连 2403(NQmain)$
拥抱AI,拥抱疯狂
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06:52","market":"us","language":"zh","title":"博通Q3 AI芯片收入超预期增63%,神秘新客户下单百亿,料下财年AI前景“大幅”改善","url":"https://stock-news.laohu8.com/highlight/detail?id=1123770804","media":"华尔街见闻","summary":"陈福阳称,博通正在与潜在客户合作开发AI加速器。陈福阳称,三季度博通的AI半导体营收同比增长63%至52亿美元,这也高于分析师预期的51.1亿美元。博通第二财季的AI芯片业务收入同比增长46%。陈福阳称,博通预计,四季度AI半导体营收增至62亿美元。博通2024财年的总营收将近516亿美元。博通2023年以610亿美元收购VMware,该业务现已成为其基础设施软件部门的核心,占前一财季销售额的44%。","content":"<html><head></head><body><blockquote><p>第三财季<a href=\"https://laohu8.com/S/AVGO\">博通</a>营收创同期新高、同比增22%;四财季营收指引同比增近24%强于预期,AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称,上季度,一家AI加速器的潜在客户向<a href=\"https://laohu8.com/S/600455\">博通</a>发出生产订单、价值100亿美元,博通现在预计,2026财年AI收入前景较上季度预测大幅改善,从2026年起出货将很强劲。博通股价盘后涨近4%。</p></blockquote><p style=\"text-align: justify;\">博通上个财季保持了两位数的收入劲增势头,比本已较高的华尔街预期水平更强劲,并预计本财季的人工智能(AI)芯片业务继续提速。</p><p style=\"text-align: justify;\">博通CEO陈福阳点评业绩称,博通第三财季营收创同期历史新高,得益于定制AI加速器、网络和VMware业务的持续强劲增长,并预计,由于客户的持续强劲投资,AI芯片本财季的营收将加速增长至62亿美元,实现连续11个季度增长。</p><p style=\"text-align: justify;\">业绩电话会上,陈福阳释放了定制AI芯片需求强劲的利好。陈福阳称,博通正在与潜在客户合作开发AI加速器。这意味着博通在开发<a href=\"https://laohu8.com/S/NVDA\">英伟达</a>称霸的市场。而后他说,“上个季度,其中一家潜在客户向博通发出了生产订单”,未透露具体客户名称。</p><p style=\"text-align: justify;\">据陈福阳所说,上述未公开的第四位“神秘”客户给博通带来价值100亿美元的订单,他称因此该客户被定性为博通定制AI加速器XPU的合格客户。</p><p style=\"text-align: justify;\">接着陈福阳说,博通“现在预计,2026财年的AI收入前景将较上个季度的预测大幅改善”,还说“从2026年开始,我们的出货量将非常强劲。” 评论认为,这些言论有助于缓解投资者对AI业务放缓的担忧。</p><p style=\"text-align: justify;\">财报公布后,本周四收涨逾1.2%的博通盘后股价震荡,先曾跳涨约2%,后一度转跌超1%,业绩电话会期间摆脱跌势,盘后涨近4%。</p><p style=\"text-align: justify;\">截至本周三收盘,博通股价过去一年几乎翻倍大涨,成为涨幅第三高的纳斯达克100指数成分股,市值同期增加约7300亿美元。但鉴于英伟达等AI芯片股最近发布财报后表现疲软,一些市场人士此前担心,即使博通的业绩亮眼,也可能面临“买消息、卖事实”的抛售风险。</p><p></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/39c5ad8af9cc38812b1e3d99812d7276\" tg-width=\"912\" tg-height=\"567\"/></p><p style=\"text-align: justify;\">美东时间9月4日周四,博通公布截至2025年8月3日的公司2025财年第三财季(下称“三季度”)财务数据,并提供第四财季(“四季度”)的业绩指引。</p><p style=\"text-align: justify;\"><strong>1)主要财务数据</strong>:</p><blockquote><p style=\"text-align: justify;\"><strong>营收</strong>:三季度营业收入159.5亿美元,同比增长22%,分析师预期158.4亿美元,公司指引158亿美元,前一季度同比增长20%。</p><p style=\"text-align: justify;\"><strong>净利润</strong>:非GAAP口径下调整后三季度净利润为84.04亿美元,同比增长37.3%,前一季度同比增长44%。</p><p style=\"text-align: justify;\"><strong>EBITDA</strong>:调整后三季度税息折旧及摊销前利润(EBITDA)为107.02亿美元,同比增长30.1%,分析师预期约105亿美元,利润率67.1%,前一季度同比增长34.6%、利润率66.7%。</p><p style=\"text-align: justify;\"><strong>EPS</strong>:调整后每股收益(EPS)三季度为1.69美元,同比增长36.3%,分析师预期1.66美元,前一季度同比增长43.6%。</p></blockquote><p style=\"text-align: justify;\"><strong>2)细分业务数据</strong>:</p><blockquote><p style=\"text-align: justify;\"><strong>半导体解决方案</strong>,包括ASIC在内的半导体解决方案业务收入为91.66亿美元,同比增长26%,占总营收的57%,分析师预期91亿美元,前一季度同比增长16.7%、占总营收的56%。</p><p style=\"text-align: justify;\"><strong>基础设施软件</strong>:包括VMware在内的基础设施软件业务收入为67.86亿美元,同比增长17%,占总营收的43%,前一季度同比增长24.8%、占总营收的44%。</p></blockquote><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ace6ef26938dc019de7f1c36719c9908\" tg-width=\"2560\" tg-height=\"1439\"/></p><p style=\"text-align: justify;\"><strong>3)业绩指引</strong>:</p><blockquote><p style=\"text-align: justify;\"><strong>营收</strong>:四季度营收预计约为174亿美元,同比增长23.8%,分析师预期170.5亿美元。</p><p style=\"text-align: justify;\"><strong>EBITDA</strong>:四季度EBITDA利润率预计约67%,分析师预期66%。</p></blockquote><h2 id=\"id_829186562\">营收创三季度最高纪录 AI芯片营收四季度料增至62亿美元</h2><p style=\"text-align: justify;\">财报显示,三季度博通的营收和利润端增长比华尔街预期的强劲。当季营收创公司史上第三财季最高纪录,同比增速由前一季的20%提升至22%,分析师预期增长约21%。</p><p style=\"text-align: justify;\">三季度博通的EPS同比增速由前一季的将近44%放缓至约36%,但还强于分析师预计不足34%的增速。</p><p style=\"text-align: justify;\">陈福阳称,三季度博通的AI半导体营收同比增长63%至52亿美元,这也高于分析师预期的51.1亿美元。而且增速高于前一季度。博通第二财季的AI芯片业务收入同比增长46%。</p><p style=\"text-align: justify;\">业绩指引方面,博通预计四季度营收增长将进一步加快至将近24%,强于分析师预计的约21%增速。</p><p style=\"text-align: justify;\">陈福阳称,博通预计,四季度AI半导体营收增至62亿美元。这一指引较分析师预期的58.2亿美元高6.5%,相当于环比增长19%,环比增速也超过三季度的约18%。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/SMMT\">Summit</a> Insights的分析师 Kinngai Chan评论称,博通的AI相关的半导体需求持续亮眼。三季度业绩增长主要得益于AI互联互通以及定制ASIC业务。</p><h2 id=\"id_2366803111\">ASIC在内半导体解决方案收入增26% </h2><p style=\"text-align: justify;\">分业务看,三季度包括ASIC在内的半导体解决方案收入也提速,从前一季度的不到17%提高至26%。</p><p style=\"text-align: justify;\">ASIC是专为特定领域或功能量身定制的集成电路。此前评论认为,去年博通之所以能让市值突破1万亿美元,是因为讲述了AI专用芯片ASIC的超大叙事,预计三年后ASIC与GPU至少平分天下,甚至取而代之。</p><p style=\"text-align: justify;\">陈福阳去年12月预测,到2027年财年,市场的ASIC需求将达600亿至900亿美元。分析称,若这一预测准确,未来三年博通ASIC相关的AI业务有望实现每年翻倍增长。</p><p style=\"text-align: justify;\">分析师预计,博通的定制芯片业务2026年可带来收入250亿至300亿美元,2027年有望超过400亿美元。那将占博通收入的一大半。博通2024财年的总营收将近516亿美元。</p><p style=\"text-align: justify;\">博通2023年以610亿美元收购VMware,该业务现已成为其基础设施软件部门的核心,占前一财季销售额的44%。VMware业务的增长情况也是投资者关注的一个要点。</p><p style=\"text-align: justify;\">三季度,包括VMware在内的基础设施软件业务收入增长有所放缓,同比增速由前一季的将近25%放缓至17%,在总营收中保持超过40%的比重。</p><p style=\"text-align: justify;\"><a href=\"https://laohu8.com/S/C\">花旗</a>分析师最近指出,博通的非AI半导体业务已较峰值下降约40%,该业务占本财年预期销售额的27%,其复苏应能抵消AI业务带来的毛利率稀释效应。</p></body></html>","source":"lsy1700700604709","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>博通Q3 AI芯片收入超预期增63%,神秘新客户下单百亿,料下财年AI前景“大幅”改善</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ 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}\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n博通Q3 AI芯片收入超预期增63%,神秘新客户下单百亿,料下财年AI前景“大幅”改善\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-05 06:52 北京时间 <a href=https://wallstreetcn.com/articles/3754969><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>第三财季博通营收创同期新高、同比增22%;四财季营收指引同比增近24%强于预期,AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称,上季度,一家AI加速器的潜在客户向博通发出生产订单、价值100亿美元,博通现在预计,2026财年AI收入前景较上季度预测大幅改善,从2026年起出货将很强劲。博通股价盘后涨近4%。博通上个财季保持了两位数的收入劲增势头,比本已较高的华尔街预期...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3754969\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/05ac5664b8d2d8af314c2fe1951c78e0","relate_stocks":{"IE00BDGV0183.EUR":"GUINNESS GLOBAL EQUITY INCOME \"C\" (EUR) INC","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","AVGO":"博通","BK4575":"芯片概念","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","BK4612":"AI芯片","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","IE00BYV24P56.USD":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (USD) ACC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","IE00BMCWC346.EUR":"GUINNESS EMERGING MARKETS EQUITY INCOME \"C\" (EUR) ACC","BK4598":"佩洛西持仓","BK4551":"寇图资本持仓","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","L":"洛斯公司","IE00BVYPNV92.GBP":"GUINNESS GLOBAL EQUITY INCOME \"C\" (GBP) ACC"},"source_url":"https://wallstreetcn.com/articles/3754969","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1123770804","content_text":"第三财季博通营收创同期新高、同比增22%;四财季营收指引同比增近24%强于预期,AI芯片收入料环比加速增19%至62亿美元、较分析师预期高6%以上。CEO称,上季度,一家AI加速器的潜在客户向博通发出生产订单、价值100亿美元,博通现在预计,2026财年AI收入前景较上季度预测大幅改善,从2026年起出货将很强劲。博通股价盘后涨近4%。博通上个财季保持了两位数的收入劲增势头,比本已较高的华尔街预期水平更强劲,并预计本财季的人工智能(AI)芯片业务继续提速。博通CEO陈福阳点评业绩称,博通第三财季营收创同期历史新高,得益于定制AI加速器、网络和VMware业务的持续强劲增长,并预计,由于客户的持续强劲投资,AI芯片本财季的营收将加速增长至62亿美元,实现连续11个季度增长。业绩电话会上,陈福阳释放了定制AI芯片需求强劲的利好。陈福阳称,博通正在与潜在客户合作开发AI加速器。这意味着博通在开发英伟达称霸的市场。而后他说,“上个季度,其中一家潜在客户向博通发出了生产订单”,未透露具体客户名称。据陈福阳所说,上述未公开的第四位“神秘”客户给博通带来价值100亿美元的订单,他称因此该客户被定性为博通定制AI加速器XPU的合格客户。接着陈福阳说,博通“现在预计,2026财年的AI收入前景将较上个季度的预测大幅改善”,还说“从2026年开始,我们的出货量将非常强劲。” 评论认为,这些言论有助于缓解投资者对AI业务放缓的担忧。财报公布后,本周四收涨逾1.2%的博通盘后股价震荡,先曾跳涨约2%,后一度转跌超1%,业绩电话会期间摆脱跌势,盘后涨近4%。截至本周三收盘,博通股价过去一年几乎翻倍大涨,成为涨幅第三高的纳斯达克100指数成分股,市值同期增加约7300亿美元。但鉴于英伟达等AI芯片股最近发布财报后表现疲软,一些市场人士此前担心,即使博通的业绩亮眼,也可能面临“买消息、卖事实”的抛售风险。美东时间9月4日周四,博通公布截至2025年8月3日的公司2025财年第三财季(下称“三季度”)财务数据,并提供第四财季(“四季度”)的业绩指引。1)主要财务数据:营收:三季度营业收入159.5亿美元,同比增长22%,分析师预期158.4亿美元,公司指引158亿美元,前一季度同比增长20%。净利润:非GAAP口径下调整后三季度净利润为84.04亿美元,同比增长37.3%,前一季度同比增长44%。EBITDA:调整后三季度税息折旧及摊销前利润(EBITDA)为107.02亿美元,同比增长30.1%,分析师预期约105亿美元,利润率67.1%,前一季度同比增长34.6%、利润率66.7%。EPS:调整后每股收益(EPS)三季度为1.69美元,同比增长36.3%,分析师预期1.66美元,前一季度同比增长43.6%。2)细分业务数据:半导体解决方案,包括ASIC在内的半导体解决方案业务收入为91.66亿美元,同比增长26%,占总营收的57%,分析师预期91亿美元,前一季度同比增长16.7%、占总营收的56%。基础设施软件:包括VMware在内的基础设施软件业务收入为67.86亿美元,同比增长17%,占总营收的43%,前一季度同比增长24.8%、占总营收的44%。3)业绩指引:营收:四季度营收预计约为174亿美元,同比增长23.8%,分析师预期170.5亿美元。EBITDA:四季度EBITDA利润率预计约67%,分析师预期66%。营收创三季度最高纪录 AI芯片营收四季度料增至62亿美元财报显示,三季度博通的营收和利润端增长比华尔街预期的强劲。当季营收创公司史上第三财季最高纪录,同比增速由前一季的20%提升至22%,分析师预期增长约21%。三季度博通的EPS同比增速由前一季的将近44%放缓至约36%,但还强于分析师预计不足34%的增速。陈福阳称,三季度博通的AI半导体营收同比增长63%至52亿美元,这也高于分析师预期的51.1亿美元。而且增速高于前一季度。博通第二财季的AI芯片业务收入同比增长46%。业绩指引方面,博通预计四季度营收增长将进一步加快至将近24%,强于分析师预计的约21%增速。陈福阳称,博通预计,四季度AI半导体营收增至62亿美元。这一指引较分析师预期的58.2亿美元高6.5%,相当于环比增长19%,环比增速也超过三季度的约18%。Summit Insights的分析师 Kinngai Chan评论称,博通的AI相关的半导体需求持续亮眼。三季度业绩增长主要得益于AI互联互通以及定制ASIC业务。ASIC在内半导体解决方案收入增26% 分业务看,三季度包括ASIC在内的半导体解决方案收入也提速,从前一季度的不到17%提高至26%。ASIC是专为特定领域或功能量身定制的集成电路。此前评论认为,去年博通之所以能让市值突破1万亿美元,是因为讲述了AI专用芯片ASIC的超大叙事,预计三年后ASIC与GPU至少平分天下,甚至取而代之。陈福阳去年12月预测,到2027年财年,市场的ASIC需求将达600亿至900亿美元。分析称,若这一预测准确,未来三年博通ASIC相关的AI业务有望实现每年翻倍增长。分析师预计,博通的定制芯片业务2026年可带来收入250亿至300亿美元,2027年有望超过400亿美元。那将占博通收入的一大半。博通2024财年的总营收将近516亿美元。博通2023年以610亿美元收购VMware,该业务现已成为其基础设施软件部门的核心,占前一财季销售额的44%。VMware业务的增长情况也是投资者关注的一个要点。三季度,包括VMware在内的基础设施软件业务收入增长有所放缓,同比增速由前一季的将近25%放缓至17%,在总营收中保持超过40%的比重。花旗分析师最近指出,博通的非AI半导体业务已较峰值下降约40%,该业务占本财年预期销售额的27%,其复苏应能抵消AI业务带来的毛利率稀释效应。","news_type":1,"symbols_score_info":{"AVGO":1,"L":0.6}},"isVote":1,"tweetType":1,"viewCount":10,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":464644473934280,"gmtCreate":1754464153971,"gmtModify":1754464997218,"author":{"id":"3450061884314599","authorId":"3450061884314599","name":"五撇须","avatar":"https://static.tigerbbs.com/b54c88afdc73085ffe810fdd03c5b90a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3450061884314599","idStr":"3450061884314599"},"themes":[],"htmlText":"使劲吹吧,就是一家寄生虫公司,靠着跟美国政府关系好生存的,CEO高位一直套现,当年帮着政府找到本拉登一直捞钱到现在,有政府背书还不好赚","listText":"使劲吹吧,就是一家寄生虫公司,靠着跟美国政府关系好生存的,CEO高位一直套现,当年帮着政府找到本拉登一直捞钱到现在,有政府背书还不好赚","text":"使劲吹吧,就是一家寄生虫公司,靠着跟美国政府关系好生存的,CEO高位一直套现,当年帮着政府找到本拉登一直捞钱到现在,有政府背书还不好赚","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/464644473934280","repostId":"1195010424","repostType":4,"repost":{"id":"1195010424","kind":"news","pubTimestamp":1754452048,"share":"https://www.laohu8.com/m/news/1195010424?lang=&edition=full","pubTime":"2025-08-06 11:47","market":"us","language":"zh","title":"Palantir 凭什么成为 AI 商业化第一股?","url":"https://stock-news.laohu8.com/highlight/detail?id=1195010424","media":"有新Newin","summary":"AI 核心引擎的崛起。","content":"<html><head></head><body><p style=\"text-align: justify;\">在 2025 年第二季度财报中, <a href=\"https://laohu8.com/S/PLTR\">Palantir Technologies Inc.</a> 交出了一份几乎所有 SaaS 从业者都梦寐以求的成绩单:<strong>美国商业业务收入同比增长 93%、总收入突破 10 亿美元、调整后经营利润率 46%、自由现金流利润率 57%、Rule of 40 指数高达 94%。</strong></p><p style=\"text-align: justify;\">这家公司也因此被称为“<strong>AI 商业化第一股</strong>”。这个称号并非源自其讲 AI 最早、融资最多,而是因为 Palantir 是目前<strong>唯一一家实现“高增速、高利润率、高现金流”三重闭环</strong>的 AI 公司——它不仅完成了从模型到产品、从产品到结构、从结构到利润的全流程打通,更构建出了一整套可复制、可放大的组织增长逻辑。</p><p style=\"text-align: justify;\">二季度 Palantir 首次突破 10 亿美元季度收入,同比增长 48%,美国市场收入增长更是达到 68%。尤其值得注意的是,美国商业业务收入同比大涨 93%,在整个收入中的占比由去年同期的 23% 上升至 31%。</p><p style=\"text-align: justify;\">政府业务亦增长 53%,虽然增速不及商业板块,但单季度仍录得 4.26 亿美元收入。这一对比清晰表明:<strong>Palantir 的增长重心已从以往以政府客户为主,逐渐转向商业领域,尤其是面向大企业的 AI 落地服务。</strong></p><p style=\"text-align: justify;\"><strong>拉动 Palantir 增长的,不是传统的软件销售模式,而是一套围绕 AI 产品落地打造的全新价值链体系。</strong></p><p style=\"text-align: justify;\">以客户数增长为例,截至二季度末, Palantir 总客户数同比增长 43%,达到 849 家;其中美国商业客户数为 485 家,同比增长 64%。这意味着, Palantir 不仅在“大客户深耕”上持续突破,也在“中型客户渗透”层面扩大了市场根基。</p><h3 id=\"id_1996231496\" style=\"text-align: justify;\">▍AI 核心引擎的崛起</h3><p style=\"text-align: justify;\">从营收结构拆解来看, Palantir 录得历史最高的 TCV 为 23 亿美元,同比增长 140%;其中商业 TCV 为 11 亿美元,同比增长 185%,美国商业 TCV 更是达 8.43 亿美元,同比增长高达 222%。<strong>这套增长曲线背后,是 AI 真正走入企业底层流程的信号。</strong></p><p style=\"text-align: justify;\">以 Citibank 和 Fannie Mae 为例,过去需要数天甚至数月完成的 KYC 审查或欺诈识别,现在可在数秒内完成;Lear Corporation 在过去 2.5 年内,通过 Foundry 与 AIP(Artificial Intelligence Platform)支持了超 1.1 万名员工的 175 个用例,覆盖从制造线动态平衡到行政流程自动化等多个场景;Nebraska Medicine 总裁则表示,医院的出院休息区使用率提升了 2100%,“我们甚至用 Palantir 单位时间来衡量价值。”</p><p style=\"text-align: justify;\">这些案例不只是功能落地,更是客户自身结构和效率的“第二次重构”。这也意味着, Palantir 在销售策略上不再依赖庞大的直销团队,而是靠产品效果和客户网络的口碑增长。</p><p style=\"text-align: justify;\">CEO Alexander Karp 明确表示:“<strong>我们没有兴趣建立一个靠请客吃饭、卖无效软件的销售体系。我们所有的价值都由产品和部署工程师团队驱动</strong>。”美国企业客户的转化,往往从一句“你得看看他们怎么做”开始。</p><p style=\"text-align: justify;\">Palantir 所定义的“AI 落地”,并非部署一个 LLM,而是以 Ontology 为核心的系统性理解力。CRO Ryan Taylor 指出:“<strong>LLM 是割裂的智能,Ontology 才是真实理解的逻辑。没有 Palantir,LLM 无法真正工作在现实世界中。</strong>”</p><p style=\"text-align: justify;\">正是基于这一逻辑, Palantir 在 AI 迭代中选择了极其强硬的立场 —— 所有的 AI 项目都必须以 Ontology 为前提,才能形成规模化、结构化落地的路径。在产品层面,这种理解力通过 Foundry 与 AIP 形成具体体现,而在组织层面,则被嵌入到每一个与客户对接的工程师工作中。</p><p style=\"text-align: justify;\">在军工和政府系统中,这一优势同样显著。Palantir 在上季度获得 Space Force 的 2.18 亿美元合同,用于构建空天一体作战系统;Maven Smart System 项目合同上限提升 7.95 亿美元;与美国陆军签订了长达 10 年、价值最高可达 100 亿美元的大合同,整合 75 项原有合同。<strong>这些超长周期的深度合作,是 Palantir 把 AI 工具变成系统平台、再变成作战单位的核心体现。</strong></p><p style=\"text-align: justify;\">CEO Alexander Karp 毫不掩饰对 Palantir 当下地位的判断:“这是一家没有多余层级、没有寄生组织、没有无效销售的 Palantir ,所有的组件都在创造价值。”他反复强调,<strong>Palantir 是唯一一家在产品、组织、文化和政治立场上保持一致性的 AI 企业。</strong></p><p style=\"text-align: justify;\"> AI 对一线劳工的赋能,也是这家 Palantir 战略中的另一条明线。 Palantir 正在通过 AI FDE(Forward Deployed Engineer)体系推进产品在工厂、医院、造船厂等场景的部署;而在产品端,诸如 Warp Speed 工业操作系统,MRP 产线调度模块等,都基于 AIP 打造,并在多个国防工业基地投入使用。一位客户称:“原本需要一天的产线调度,现在只需一小时。”</p><h3 id=\"id_403452017\" style=\"text-align: justify;\">▍赢在结构而非规模的组织模型</h3><p style=\"text-align: justify;\">对于 Palantir 的增长,外界可能首先看到的是数字——同比超 90% 的美国商业增长、突破 10 亿美元的季度收入、历史最高的 TCV 记录。但真正支撑这些爆发性业绩的,是一套与多数软件 Palantir 完全不同的组织模型与文化架构。</p><p style=\"text-align: justify;\"><strong>Palantir 并不是靠庞大的销售体系成长起来的,而是靠产品效果与部署方式不断积累用户信任;也不是靠遵循软件业传统经验建立规模,而是从一开始就选择了“极不主流”的路径,彻底围绕价值来组织资源。</strong></p><p style=\"text-align: justify;\">一个典型例子是销售方式。CEO Alexander Karp 明确表示,Palantir 的销售并非靠 1 万人的大团队,不是靠每季度飞去见 CIO、请客户吃饭、搞内部推动链条这种“状态晚宴式”销售。他形容传统软件销售是“售出一个基本没用但一旦用上就甩不掉的工具”,然后组织围绕这个工具重新编排流程,而 Palantir 坚决反对这种思路。</p><p style=\"text-align: justify;\">相反,Palantir 采取的是以产品工程师为前线、以实际效果为信任基础的“价值导向销售”。<strong>Palantir 最大的销售杠杆来自老客户的推荐,尤其是在美国企业内部,人才流动频繁,一位曾经在某企业引入 Foundry 的用户,到了另一家 Palantir 后第一件事就是“请他们来”。这是“产品组织型企业”的终极形态:销售是由产品效果自然延展出来的网络结构,而不是人为堆砌的销售漏斗。</strong></p><p style=\"text-align: justify;\">这一模型带来的直接效果是进入门槛的快速提升。客户从第一天开始就会部署完整的 Ontology 模型与 AIP 架构,不再是慢慢试错式采购,而是围绕价值目标快速集成。这种变化也体现在客户反馈中。</p><p style=\"text-align: justify;\">CRO Ryan Taylor 表示,现在越来越多客户在项目初始阶段就主动提问:“我们怎么把这个部署到整个企业?”而不是以往那种“先做一个 POC、看看能不能工作”。</p><p style=\"text-align: justify;\">Alexander Karp 将这种价值传递机制总结为:“<strong>我们是站在自己单元经济模型的下游,把这个模型分享给客户。</strong>”也就是说,Palantir 自身是一个拥有极强单位经济收益率(如 94 的 Rule of 40)的组织,它通过产品和组织方式将这种收益能力“外溢”给客户。</p><p style=\"text-align: justify;\">Palantir 至今仍然:</p><ul style=\"\"><li><p style=\"text-align: justify;\">拥有极小的销售团队</p></li><li><p style=\"text-align: justify;\">维持极低的管理层级</p></li><li><p style=\"text-align: justify;\">拥有最异质性、最有技术判断力的人才结构</p></li><li><p style=\"text-align: justify;\">采用以“部署工程师”为核心的协作方式</p></li><li><p style=\"text-align: justify;\">拥有完整自主的产品栈,从 Foundry 到 Ontology 到 AIP</p></li></ul><p style=\"text-align: justify;\">Karp 指出, Palantir 很多最关键的商业突破都来自美国,并称当前是“美国式工业与 AI 技术大爆发”的窗口期,“我们拥有在欧洲不具备的那种组织灵活性与商业渗透路径”。</p><p style=\"text-align: justify;\">同时,Palantir 正积极向蓝领工人传递 AI 的赋能机制。他提出一个特别值得关注的判断:在 AI 浪潮中,很多未受高等教育的用户使用 Palantir 工具所创造的价值,甚至超过了大学毕业生。这并非情绪性语言,而是一种通过产品实践验证得出的系统性认知。</p><p style=\"text-align: justify;\">他还提到 Palantir 正在制定“劳工合作”计划,打算与美国的工会组织合作,推动蓝领用户获得更多 AI 工具主导权与使用收益。这也是 Palantir 对“AI 应该成为人的代理能力增强器”理念的具象实践。</p><p style=\"text-align: justify;\">在这一基础上,他再次强调“单位经济模型”的重要性:“我们能让客户获得的并不仅是功能,更是和我们一样的单位经济模型结构,这种结构一旦成立,客户在行业内也能获得类似我们今天展示的 93%、94%、68% 的增长与利润效率。”</p><p style=\"text-align: justify;\">这一思路也反映在客户生命周期中。Ryan Taylor 补充称, Palantir 现在看到的不是客户慢慢启动、然后以线性方式扩张,而是“一开始就快速部署,然后在极短时间内完成组织范围内的推广”。</p><p style=\"text-align: justify;\">Karp 也提到, Palantir 并不排斥增加销售团队,但前提始终是“<strong>以产品为核的组织逻辑</strong>”。他补充说:“我们没有兴趣建立一个靠口才和误导签下大单、却没有实际交付价值的销售团队。相反,我们会持续建立一种结构,让客户在信任基础上,把组织重构交给我们。”正如他所说,“<strong>这是结构带来的信任,而不是规模带来的强迫。</strong>”</p><p style=\"text-align: justify;\"><strong>对于人才,Karp 抛出了一个极具穿透力的“去学历化”判断。他反复强调,在 Palantir ,出身、背景、学校、家庭都不再是评价人才的标准,唯一的 credential 是在 Palantir 证明过的价值。</strong></p><h3 id=\"id_4290587937\" style=\"text-align: justify;\">▍现金流、利润率与增长三重奏</h3><p style=\"text-align: justify;\">Palantir 这一季度的财报不止在收入端给出了亮眼答卷,更在利润与现金流方面实现突破,验证其 AI 商业化模式不仅“能做大”,更“能赚钱”。</p><p style=\"text-align: justify;\">CFO David Glazer 在财报发布后的陈述,将这套财务表现拆解得非常细致,也印证了 CEO Karp 所强调的“单位经济模型”的真正含义:<strong>当增长率、利润率和现金流三者同时进入快车道时,才意味着企业真正跨入了“AI 结构化红利”的核心地带。</strong></p><p style=\"text-align: justify;\">首先从增长指标来看,Q2 总收入为 10.04 亿美元,同比增长 48%,不仅高于市场预期,也较 Q1 增长了 14%。与去年同期相比, Palantir 单季增速提高 21 个百分点,表明增长曲线正逐季陡峭化。美国市场则继续拉动全球增长,Q2 实现收入 7.33 亿美元,同比增长 68%、环比增长 17%。<strong>这一增速与全球大模型落地节奏高度一致,且表明 Palantir 已从 AI 基建转向 AI 运营系统角色,成为客户业务中不可或缺的一环。</strong></p><p style=\"text-align: justify;\">在利润率方面,Palantir 表现同样抢眼。调整后营业利润为 4.64 亿美元,经营利润率达 46%,超出上季度给出的指引上限近 300 个基点。这一结果也带动 Rule of 40 得分由 Q1 的 83% 升至 Q2 的 94%,创下历史最高纪录。</p><p style=\"text-align: justify;\">如果进一步看净利润层面,GAAP 净利润为 3.27 亿美元,净利润率为 33%;调整后每股收益为 0.16 美元,高于市场预期。值得一提的是, Palantir 仍在以高比例进行股权激励,但即便如此,其 GAAP 净利润表现已具备可持续性,这也是 Palantir 成为少数真正实现 AI 商业化盈利的 Palantir 之一的重要标志。</p><p style=\"text-align: justify;\">现金流方面,Palantir 本季度运营性现金流为 5.39 亿美元,调整后自由现金流达到 5.69 亿美元,自由现金流率高达 57%。在全球 SaaS 企业中,这样的现金回收能力极为罕见,也让 Palantir 拥有充足的战略灵活性。</p><p style=\"text-align: justify;\">在客户结构方面, Palantir 客户总数达到 849 个,同比增长 43%,环比增长 10%。其中,美国商业客户数增长 64%,说明 AI 应用的落地正加速走出技术人员圈层,逐步成为运营、管理甚至战略层的核心工具。</p><p style=\"text-align: justify;\">与此同时,Palantir 的大客户价值持续增长。前 20 大客户在过去 12 个月内贡献的平均收入达到 7500 万美元,同比增长 30%。这不仅体现出客户粘性,也说明产品正以平台化的形态深入核心系统,成为企业数字基建的一部分。</p><p style=\"text-align: justify;\">此外, Palantir 公布的部分运营指标也值得关注:</p><ul style=\"\"><li><p style=\"text-align: justify;\">净收入留存率为 128%,较上季度提升 400 个基点;</p></li><li><p style=\"text-align: justify;\">总剩余合同价值达到 71 亿美元,同比增长 65%、环比增长 20%;</p></li><li><p style=\"text-align: justify;\">剩余履约义务(RPO)为 24 亿美元,同比增长 77%、环比增长 27%;</p></li></ul><p style=\"text-align: justify;\">这些数据表明:<strong>不仅现有客户付费意愿增强,且新增客户已进入续约与扩单周期,客户生命周期整体延长。</strong></p><p style=\"text-align: justify;\">在 AI Palantir 普遍“高估值但盈利遥遥无期”的背景下,Palantir 正走出一条极为罕见的路径:它不仅能做到超 45% 的收入增速,同时实现超 45% 的利润率和超 50% 的自由现金流率。</p><p style=\"text-align: justify;\">这三项指标的协同突破,构成了一套真实可运行的“AI 营运系统”模板,也为其高估值与资本市场认可提供了坚实的底层支撑。</p></body></html>","source":"lsy1692098431120","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Palantir 凭什么成为 AI 商业化第一股?</title>\n<style 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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPalantir 凭什么成为 AI 商业化第一股?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-06 11:47 北京时间 <a href=https://mp.weixin.qq.com/s/F08wzOaCcOvy0MPJyDEQCg><strong>有新Newin</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>在 2025 年第二季度财报中, Palantir Technologies Inc. 交出了一份几乎所有 SaaS 从业者都梦寐以求的成绩单:美国商业业务收入同比增长 93%、总收入突破 10 亿美元、调整后经营利润率 46%、自由现金流利润率 57%、Rule of 40 指数高达 94%。这家公司也因此被称为“AI 商业化第一股”。这个称号并非源自其讲 AI 最早、融资最多,而是因为 ...</p>\n\n<a href=\"https://mp.weixin.qq.com/s/F08wzOaCcOvy0MPJyDEQCg\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://community-static.tradeup.com/news/dc0af02a59494f34c3937bf5981ba427","relate_stocks":{"PLTR":"Palantir Technologies Inc."},"source_url":"https://mp.weixin.qq.com/s/F08wzOaCcOvy0MPJyDEQCg","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195010424","content_text":"在 2025 年第二季度财报中, Palantir Technologies Inc. 交出了一份几乎所有 SaaS 从业者都梦寐以求的成绩单:美国商业业务收入同比增长 93%、总收入突破 10 亿美元、调整后经营利润率 46%、自由现金流利润率 57%、Rule of 40 指数高达 94%。这家公司也因此被称为“AI 商业化第一股”。这个称号并非源自其讲 AI 最早、融资最多,而是因为 Palantir 是目前唯一一家实现“高增速、高利润率、高现金流”三重闭环的 AI 公司——它不仅完成了从模型到产品、从产品到结构、从结构到利润的全流程打通,更构建出了一整套可复制、可放大的组织增长逻辑。二季度 Palantir 首次突破 10 亿美元季度收入,同比增长 48%,美国市场收入增长更是达到 68%。尤其值得注意的是,美国商业业务收入同比大涨 93%,在整个收入中的占比由去年同期的 23% 上升至 31%。政府业务亦增长 53%,虽然增速不及商业板块,但单季度仍录得 4.26 亿美元收入。这一对比清晰表明:Palantir 的增长重心已从以往以政府客户为主,逐渐转向商业领域,尤其是面向大企业的 AI 落地服务。拉动 Palantir 增长的,不是传统的软件销售模式,而是一套围绕 AI 产品落地打造的全新价值链体系。以客户数增长为例,截至二季度末, Palantir 总客户数同比增长 43%,达到 849 家;其中美国商业客户数为 485 家,同比增长 64%。这意味着, Palantir 不仅在“大客户深耕”上持续突破,也在“中型客户渗透”层面扩大了市场根基。▍AI 核心引擎的崛起从营收结构拆解来看, Palantir 录得历史最高的 TCV 为 23 亿美元,同比增长 140%;其中商业 TCV 为 11 亿美元,同比增长 185%,美国商业 TCV 更是达 8.43 亿美元,同比增长高达 222%。这套增长曲线背后,是 AI 真正走入企业底层流程的信号。以 Citibank 和 Fannie Mae 为例,过去需要数天甚至数月完成的 KYC 审查或欺诈识别,现在可在数秒内完成;Lear Corporation 在过去 2.5 年内,通过 Foundry 与 AIP(Artificial Intelligence Platform)支持了超 1.1 万名员工的 175 个用例,覆盖从制造线动态平衡到行政流程自动化等多个场景;Nebraska Medicine 总裁则表示,医院的出院休息区使用率提升了 2100%,“我们甚至用 Palantir 单位时间来衡量价值。”这些案例不只是功能落地,更是客户自身结构和效率的“第二次重构”。这也意味着, Palantir 在销售策略上不再依赖庞大的直销团队,而是靠产品效果和客户网络的口碑增长。CEO Alexander Karp 明确表示:“我们没有兴趣建立一个靠请客吃饭、卖无效软件的销售体系。我们所有的价值都由产品和部署工程师团队驱动。”美国企业客户的转化,往往从一句“你得看看他们怎么做”开始。Palantir 所定义的“AI 落地”,并非部署一个 LLM,而是以 Ontology 为核心的系统性理解力。CRO Ryan Taylor 指出:“LLM 是割裂的智能,Ontology 才是真实理解的逻辑。没有 Palantir,LLM 无法真正工作在现实世界中。”正是基于这一逻辑, Palantir 在 AI 迭代中选择了极其强硬的立场 —— 所有的 AI 项目都必须以 Ontology 为前提,才能形成规模化、结构化落地的路径。在产品层面,这种理解力通过 Foundry 与 AIP 形成具体体现,而在组织层面,则被嵌入到每一个与客户对接的工程师工作中。在军工和政府系统中,这一优势同样显著。Palantir 在上季度获得 Space Force 的 2.18 亿美元合同,用于构建空天一体作战系统;Maven Smart System 项目合同上限提升 7.95 亿美元;与美国陆军签订了长达 10 年、价值最高可达 100 亿美元的大合同,整合 75 项原有合同。这些超长周期的深度合作,是 Palantir 把 AI 工具变成系统平台、再变成作战单位的核心体现。CEO Alexander Karp 毫不掩饰对 Palantir 当下地位的判断:“这是一家没有多余层级、没有寄生组织、没有无效销售的 Palantir ,所有的组件都在创造价值。”他反复强调,Palantir 是唯一一家在产品、组织、文化和政治立场上保持一致性的 AI 企业。 AI 对一线劳工的赋能,也是这家 Palantir 战略中的另一条明线。 Palantir 正在通过 AI FDE(Forward Deployed Engineer)体系推进产品在工厂、医院、造船厂等场景的部署;而在产品端,诸如 Warp Speed 工业操作系统,MRP 产线调度模块等,都基于 AIP 打造,并在多个国防工业基地投入使用。一位客户称:“原本需要一天的产线调度,现在只需一小时。”▍赢在结构而非规模的组织模型对于 Palantir 的增长,外界可能首先看到的是数字——同比超 90% 的美国商业增长、突破 10 亿美元的季度收入、历史最高的 TCV 记录。但真正支撑这些爆发性业绩的,是一套与多数软件 Palantir 完全不同的组织模型与文化架构。Palantir 并不是靠庞大的销售体系成长起来的,而是靠产品效果与部署方式不断积累用户信任;也不是靠遵循软件业传统经验建立规模,而是从一开始就选择了“极不主流”的路径,彻底围绕价值来组织资源。一个典型例子是销售方式。CEO Alexander Karp 明确表示,Palantir 的销售并非靠 1 万人的大团队,不是靠每季度飞去见 CIO、请客户吃饭、搞内部推动链条这种“状态晚宴式”销售。他形容传统软件销售是“售出一个基本没用但一旦用上就甩不掉的工具”,然后组织围绕这个工具重新编排流程,而 Palantir 坚决反对这种思路。相反,Palantir 采取的是以产品工程师为前线、以实际效果为信任基础的“价值导向销售”。Palantir 最大的销售杠杆来自老客户的推荐,尤其是在美国企业内部,人才流动频繁,一位曾经在某企业引入 Foundry 的用户,到了另一家 Palantir 后第一件事就是“请他们来”。这是“产品组织型企业”的终极形态:销售是由产品效果自然延展出来的网络结构,而不是人为堆砌的销售漏斗。这一模型带来的直接效果是进入门槛的快速提升。客户从第一天开始就会部署完整的 Ontology 模型与 AIP 架构,不再是慢慢试错式采购,而是围绕价值目标快速集成。这种变化也体现在客户反馈中。CRO Ryan Taylor 表示,现在越来越多客户在项目初始阶段就主动提问:“我们怎么把这个部署到整个企业?”而不是以往那种“先做一个 POC、看看能不能工作”。Alexander Karp 将这种价值传递机制总结为:“我们是站在自己单元经济模型的下游,把这个模型分享给客户。”也就是说,Palantir 自身是一个拥有极强单位经济收益率(如 94 的 Rule of 40)的组织,它通过产品和组织方式将这种收益能力“外溢”给客户。Palantir 至今仍然:拥有极小的销售团队维持极低的管理层级拥有最异质性、最有技术判断力的人才结构采用以“部署工程师”为核心的协作方式拥有完整自主的产品栈,从 Foundry 到 Ontology 到 AIPKarp 指出, Palantir 很多最关键的商业突破都来自美国,并称当前是“美国式工业与 AI 技术大爆发”的窗口期,“我们拥有在欧洲不具备的那种组织灵活性与商业渗透路径”。同时,Palantir 正积极向蓝领工人传递 AI 的赋能机制。他提出一个特别值得关注的判断:在 AI 浪潮中,很多未受高等教育的用户使用 Palantir 工具所创造的价值,甚至超过了大学毕业生。这并非情绪性语言,而是一种通过产品实践验证得出的系统性认知。他还提到 Palantir 正在制定“劳工合作”计划,打算与美国的工会组织合作,推动蓝领用户获得更多 AI 工具主导权与使用收益。这也是 Palantir 对“AI 应该成为人的代理能力增强器”理念的具象实践。在这一基础上,他再次强调“单位经济模型”的重要性:“我们能让客户获得的并不仅是功能,更是和我们一样的单位经济模型结构,这种结构一旦成立,客户在行业内也能获得类似我们今天展示的 93%、94%、68% 的增长与利润效率。”这一思路也反映在客户生命周期中。Ryan Taylor 补充称, Palantir 现在看到的不是客户慢慢启动、然后以线性方式扩张,而是“一开始就快速部署,然后在极短时间内完成组织范围内的推广”。Karp 也提到, Palantir 并不排斥增加销售团队,但前提始终是“以产品为核的组织逻辑”。他补充说:“我们没有兴趣建立一个靠口才和误导签下大单、却没有实际交付价值的销售团队。相反,我们会持续建立一种结构,让客户在信任基础上,把组织重构交给我们。”正如他所说,“这是结构带来的信任,而不是规模带来的强迫。”对于人才,Karp 抛出了一个极具穿透力的“去学历化”判断。他反复强调,在 Palantir ,出身、背景、学校、家庭都不再是评价人才的标准,唯一的 credential 是在 Palantir 证明过的价值。▍现金流、利润率与增长三重奏Palantir 这一季度的财报不止在收入端给出了亮眼答卷,更在利润与现金流方面实现突破,验证其 AI 商业化模式不仅“能做大”,更“能赚钱”。CFO David Glazer 在财报发布后的陈述,将这套财务表现拆解得非常细致,也印证了 CEO Karp 所强调的“单位经济模型”的真正含义:当增长率、利润率和现金流三者同时进入快车道时,才意味着企业真正跨入了“AI 结构化红利”的核心地带。首先从增长指标来看,Q2 总收入为 10.04 亿美元,同比增长 48%,不仅高于市场预期,也较 Q1 增长了 14%。与去年同期相比, Palantir 单季增速提高 21 个百分点,表明增长曲线正逐季陡峭化。美国市场则继续拉动全球增长,Q2 实现收入 7.33 亿美元,同比增长 68%、环比增长 17%。这一增速与全球大模型落地节奏高度一致,且表明 Palantir 已从 AI 基建转向 AI 运营系统角色,成为客户业务中不可或缺的一环。在利润率方面,Palantir 表现同样抢眼。调整后营业利润为 4.64 亿美元,经营利润率达 46%,超出上季度给出的指引上限近 300 个基点。这一结果也带动 Rule of 40 得分由 Q1 的 83% 升至 Q2 的 94%,创下历史最高纪录。如果进一步看净利润层面,GAAP 净利润为 3.27 亿美元,净利润率为 33%;调整后每股收益为 0.16 美元,高于市场预期。值得一提的是, Palantir 仍在以高比例进行股权激励,但即便如此,其 GAAP 净利润表现已具备可持续性,这也是 Palantir 成为少数真正实现 AI 商业化盈利的 Palantir 之一的重要标志。现金流方面,Palantir 本季度运营性现金流为 5.39 亿美元,调整后自由现金流达到 5.69 亿美元,自由现金流率高达 57%。在全球 SaaS 企业中,这样的现金回收能力极为罕见,也让 Palantir 拥有充足的战略灵活性。在客户结构方面, Palantir 客户总数达到 849 个,同比增长 43%,环比增长 10%。其中,美国商业客户数增长 64%,说明 AI 应用的落地正加速走出技术人员圈层,逐步成为运营、管理甚至战略层的核心工具。与此同时,Palantir 的大客户价值持续增长。前 20 大客户在过去 12 个月内贡献的平均收入达到 7500 万美元,同比增长 30%。这不仅体现出客户粘性,也说明产品正以平台化的形态深入核心系统,成为企业数字基建的一部分。此外, Palantir 公布的部分运营指标也值得关注:净收入留存率为 128%,较上季度提升 400 个基点;总剩余合同价值达到 71 亿美元,同比增长 65%、环比增长 20%;剩余履约义务(RPO)为 24 亿美元,同比增长 77%、环比增长 27%;这些数据表明:不仅现有客户付费意愿增强,且新增客户已进入续约与扩单周期,客户生命周期整体延长。在 AI Palantir 普遍“高估值但盈利遥遥无期”的背景下,Palantir 正走出一条极为罕见的路径:它不仅能做到超 45% 的收入增速,同时实现超 45% 的利润率和超 50% 的自由现金流率。这三项指标的协同突破,构成了一套真实可运行的“AI 营运系统”模板,也为其高估值与资本市场认可提供了坚实的底层支撑。","news_type":1,"symbols_score_info":{"PLTR":1.1}},"isVote":1,"tweetType":1,"viewCount":442,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3544518779726666","authorId":"3544518779726666","name":"里二外三","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3544518779726666","idStr":"3544518779726666"},"content":"对的,就像比特币一样,当年就是骗子,一直骗到现在,从几毛骗到现在十二万一枚,太厉害了。","text":"对的,就像比特币一样,当年就是骗子,一直骗到现在,从几毛骗到现在十二万一枚,太厉害了。","html":"对的,就像比特币一样,当年就是骗子,一直骗到现在,从几毛骗到现在十二万一枚,太厉害了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":405704990982456,"gmtCreate":1740076042342,"gmtModify":1740076045347,"author":{"id":"3450061884314599","authorId":"3450061884314599","name":"五撇须","avatar":"https://static.tigerbbs.com/b54c88afdc73085ffe810fdd03c5b90a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3450061884314599","idStr":"3450061884314599"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2503(NQmain)$ </a><v-v data-views=\"0\"></v-v> 三只市值最大的是涨的,大盘掉了一个点,护盘味道也太隆了,纳指只要一掉,几大科技股巨头就赶紧拉出一两只有个小利好来护盘,问题是这么高位了能护到几时","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2503(NQmain)$ </a><v-v data-views=\"0\"></v-v> 三只市值最大的是涨的,大盘掉了一个点,护盘味道也太隆了,纳指只要一掉,几大科技股巨头就赶紧拉出一两只有个小利好来护盘,问题是这么高位了能护到几时","text":"$NQ100指数主连 2503(NQmain)$ 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哈哈"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":321057994547264,"gmtCreate":1719413511206,"gmtModify":1719456956520,"author":{"id":"3450061884314599","authorId":"3450061884314599","name":"五撇须","avatar":"https://static.tigerbbs.com/b54c88afdc73085ffe810fdd03c5b90a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3450061884314599","idStr":"3450061884314599"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2409(NQmain)$ </a>亚马逊微软再拉新高,永远的纳指啊","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2409(NQmain)$ </a>亚马逊微软再拉新高,永远的纳指啊","text":"$NQ100指数主连 2409(NQmain)$ 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大科技股真无敌,谷歌隔了一天又创新高,昨天微软新高,特别是在这大盘调整期间创下的新高,主要是量也太小了吧,大家抱团取暖呢","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320681398448216","isVote":1,"tweetType":1,"viewCount":3288,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":316819263021304,"gmtCreate":1718387503566,"gmtModify":1718387505092,"author":{"id":"3450061884314599","authorId":"3450061884314599","name":"五撇须","avatar":"https://static.tigerbbs.com/b54c88afdc73085ffe810fdd03c5b90a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3450061884314599","idStr":"3450061884314599"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2406(NQmain)$ </a><v-v data-views=\"1\"></v-v>AI无敌啊,半年多指数又涨了40%多,继续不要停,看看后面出货怎么接","listText":"<a href=\"https://laohu8.com/FUT/NQmain\">$NQ100指数主连 2406(NQmain)$ </a><v-v 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一直拉到英伟达下个月拆股,再开启大幅回调","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/310818823721056","isVote":1,"tweetType":1,"viewCount":3965,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4102851216714150","authorId":"4102851216714150","name":"汉中归客","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"4102851216714150","idStr":"4102851216714150"},"content":"反正我是空了。英伟达就是掩护出货的走法,最后真正大跌就靠它多头互踩回补了。","text":"反正我是空了。英伟达就是掩护出货的走法,最后真正大跌就靠它多头互踩回补了。","html":"反正我是空了。英伟达就是掩护出货的走法,最后真正大跌就靠它多头互踩回补了。"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":293844351082720,"gmtCreate":1712769933142,"gmtModify":1712769934393,"author":{"id":"3450061884314599","authorId":"3450061884314599","name":"五撇须","avatar":"https://static.tigerbbs.com/b54c88afdc73085ffe810fdd03c5b90a","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3450061884314599","idStr":"3450061884314599"},"themes":[],"htmlText":"<a 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