苹果人工智能发展缓慢反而成为优势，因为市场对支出感到疲惫。

苹果人工智能发展缓慢反而成为优势，因为市场对支出感到疲惫。
Apple's slow AI pace becomes a strength as market grows weary of spending

原始链接: https://finance.yahoo.com/news/apple-slow-ai-pace-becomes-104658095.html

苹果公司的股价近几个月出现令人惊讶的反弹，表现优于Meta和微软等许多“人工智能重点”科技巨头。尽管苹果最初因其在人工智能方面采取的较慢方式而受到批评，但这种犹豫现在被视为一种优势。投资者正在质疑其他科技公司在人工智能开发上的巨额支出，而苹果避免了这场代价高昂的“军备竞赛”，同时仍能将其定位为在技术成熟时将其整合到其产品中。这推动了苹果公司的市值达到4.1万亿美元，超过微软并逼近英伟达。然而，这种成功使得苹果股票价格昂贵——相对于其历史平均水平，交易倍数很高。一些分析师，如克雷格·莫菲特，认为投资者为苹果的稳定性支付了过高的价格。即使是沃伦·巴菲特的伯克希尔·哈撒韦公司也削减了其在苹果公司的股份，并将部分资金转移到人工智能领域的Alphabet公司。尽管存在这些担忧，但许多人仍然看好苹果，认为它是在人工智能不确定性中的避风港，并预计随着人工智能走向主流，对其设备的需求将强劲。

## 苹果的AI战略：深思熟虑的方法最近在Hacker News上的讨论表明，苹果进入AI领域的步伐较慢，实际上可能是一种优势。虽然微软和英伟达等公司因AI炒作而股价飙升，但苹果相对保持沉默，避免了最初的过度估值和潜在陷阱。评论员认为苹果并非“落后”，而是战略性地采取“跟随者”优势——让其他人投资研究并纠正早期错误。许多人也质疑消费者电子产品中AI功能的实际*需求*，指出用户对强制AI集成（如微软的Copilot）感到疲劳，并且长期对Siri不满。许多用户表示更喜欢苹果专注于设备端处理和小型语言模型（SLM），而不是过度依赖大型语言模型（LLM）。他们认为苹果最终将成为AI的*消费者*，而不是主要的*生产者*，并且会在技术成熟时谨慎地集成AI，就像他们对待芯片生产一样。最终，许多人欣赏苹果在一个日益充斥着潜在的、不受欢迎的AI功能的市场中的克制。

原文

(Bloomberg) -- Shares of Apple Inc. were battered earlier this year as the iPhone maker faced repeated complaints about its lack of an artificial intelligence strategy. But as the AI trade faces increasing scrutiny, that hesitance has gone from a weakness to a strength — and it’s showing up in the stock market.

Through the first six months of 2025, Apple was the second-worst performer among the Magnificent Seven tech giants, as its shares tumbled 18% through the end of June. That has reversed since then, with the stock soaring 35%, while AI darlings like Meta Platforms Inc. and Microsoft Corp. slid into the red and even Nvidia Corp. underperformed. The S&P 500 Index rose 10% in that time, and the tech-heavy Nasdaq 100 Index gained 13%.

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“It is remarkable how they have kept their heads and are in control of spending, when all of their peers have gone the other direction,” said John Barr, portfolio manager of the Needham Aggressive Growth Fund, which owns Apple shares.

As a result, Apple now has a $4.1 trillion market capitalization and the second biggest weight in the S&P 500, leaping over Microsoft and closing in on Nvidia. The shift reflects the market’s questioning of the hundreds of billions of dollars Big Tech firms are throwing at AI development, as well as Apple’s positioning to eventually benefit when the technology is ready for mass use.

“While they most certainly will incorporate more AI into the phones over time, Apple has avoided the AI arms race and the massive capex that accompanies it,” said Bill Stone, chief investment officer at Glenview Trust Company, who owns the stock and views it as “a bit of an anti-AI holding.”

Of course, the rally has made Apple’s stock pricier than it has been in a long time. The shares are trading for around 33 times expected earnings over the next 12 months, a level they’ve only hit a few times in the past 15 years, with a high of 35 in September 2020. The stock’s average multiple over that time is less than 19 times. Apple is now the second most expensive stock in the Bloomberg Magnificent Seven Index, trailing only Tesla Inc.’s whopping valuation of 203 times forward earnings. Apple’s shares climbed about 0.5% in early Tuesday trading.

“It’s really hard to see how the stock can continue to compound value at a level that makes this a compelling entry point,” said Craig Moffett, co-founder of research firm MoffettNathanson. “The obvious question is, are investors overpaying for Apple’s defensiveness? We think so.”

Notably, Warren Buffett’s Berkshire Hathaway Inc. trimmed its Apple stake by 15% in the third quarter, while building a position in the latest hot AI play, Alphabet Inc. However, Apple remains the biggest position in Berkshire’s equity portfolio by market value.

From a technical perspective, Apple’s stock price appears “poised for a drop, especially as we look ahead to January” based on the degree to which it’s exceeding its 200-day moving average, BTIG’s chief market technician Jonathan Krinsky wrote in a note to clients last week. However, he believes that “the long-term trend for AAPL remains unquestionably bullish.”

The logic behind the investor enthusiasm for Apple as AI questions mount is easy to see. As the technology goes mainstream and becomes profitable, millions of users are likely to access it through Apple products, driving demand for its devices and accelerating its high-margin services business. Plus, as Wall Street gets squeamish about the massive amount of capital expenditures being dedicated to developing AI, Apple already has this position without all the spending.

“The stock is expensive, but Apple’s consumer franchise is unassailable,” Moffett said. “At a time when there are very real concerns about whether AI is a bubble, Apple is understandably viewed as the safe place to hide.”

苹果人工智能发展缓慢反而成为优势，因为市场对支出感到疲惫。 Apple's slow AI pace becomes a strength as market grows weary of spending

苹果人工智能发展缓慢反而成为优势，因为市场对支出感到疲惫。
Apple's slow AI pace becomes a strength as market grows weary of spending