特斯拉Robotaxi发布会及竞争对手的回应

特斯拉的Robotaxi拐点终于到了吗？

Is Tesla's Robotaxi inflection finally here?

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我是Travis Hoium，今天和我一起的是Lou Whiteman和Rachel Warren。我们得先聊聊本周最大的话题之一，那就是特斯拉。

I'm Travis Hoium joined today by Lou Whiteman and Rachel Warren, and we've gotta start with, I think, one of the biggest topics of the week, and that is Tesla.

Lou，他们明天有个Robotaxi活动。

Lou, they have a Robotaxi event tomorrow.

这看起来是个大事。

This seems like a pretty big deal.

上周他们宣布这个消息的时候，股价好像涨了。

The stock was up, I think, last week when they announced this.

大家对Robotaxi非常兴奋，但我们其实还不知道多少细节。

There's a lot of excitement for Robotaxis, and yet we don't really know many details.

我们现在就处于这个阶段吗？

Is that where we're at with this?

有这个活动吗？

Is there an event?

我们知道吗？

Do we know?

对。

Yeah.

我，我不太确定。

I I'm not sure.

所以这有点奇怪。

So this is weird.

我们还没有这个活动的具体时间。

We don't have a time for this event yet.

投资者关系页面上什么都没有。

There's nothing on the investor relations page.

我在特斯拉网站上唯一能找到的，就是有个针对这个的客户竞赛。

The only mention I could find on Tesla's website is there's a customer contest for this.

所以我觉得这事儿应该是真的。

So I guess it exists.

如果你上周在奥斯汀坐过特斯拉的拼车，我想你就有资格拿到邀请。

If you take a rideshare with Tesla in Austin last week, I think, you are eligible to end up with an invitation.

所以事情是这样的。

So here's the thing.

我觉得这是个营销活动。

I think this is a marketing event.

我觉得，你知道，这也没什么。

I think that, you know, that's fine.

我们知道他们造这些赛博出租车已经有一阵子了。

We know that they have been building these cybercabs for a while.

几年前他们发布这个东西并开始制造的时候，还专门办过一场发布会。

They had a separate event announcing that a few years ago when they introduced the thing and started building them.

在亚特兰大的每个特斯拉门店，都有一辆这样的车显眼地停在角落里，我觉得这大概不是巧合。

In every Tesla place in Atlanta, there's one of these just sitting prominently parked at the corner, which I think is probably not a coincidence.

我还没真的看到它们在亚特兰大跟Lyft、Waymo那些车一起在路上跑。

I haven't actually seen them driving around with the Lyfts and the Waymo's and all that around Atlanta.

但是，你知道，我们还不清楚的是，他们有没有拿到运营这些车的监管批准？

But, you know, what we don't know yet is have they received regulatory approval to operate them?

还有，他们是不是觉得不需要批准，因为他们已经符合规定了？

And do they feel that they don't need it because they're complying with norms?

比如，他们会不会宣布这些车要开始投入服务了？

Like, exactly, are they going to announce that these are gonna be in service?

我觉得那才是更有意思的，我希望有直播，因为我很想知道这个问题的答案。

That I think is much more interesting, and I hope there is a livestream because I'd love the answer to that question.

Rachel，稍微补充一点背景信息。

Rachel, to just give a little bit of background.

Lou提到的那个活动就是We Robot活动。

So that event that Lou was talking about was the We Robot event.

那差不多是两年前的事了。

That was almost two years ago at this point.

特斯拉还推出了他们的自动驾驶汽车，也就是Robotaxis，其实那些就是Model Y。

Tesla also launched their autonomous vehicles, the the Robotaxis, which were actually Model Ys.

在奥斯汀，一年多过去了，他们实际上运营的也只有几十辆。

Over a year ago in Austin, they still only have a couple dozen that are actually operating at any given time.

他们最近增加了，我记得现在有45辆Robotaxi，不是Model Y，而是真正的新Robotaxi，在德克萨斯州有两份注册名单。

They recently added, I believe it's now 45 Robotaxis, so not Model Y, but the actual new Robotaxi two registration list that they have in Texas.

我觉得卢的意思是，理论上，德克萨斯和加州有点不同，加州会给你一个许可，说你可以开始接待商业客户了。

I think to Lou's point, in theory, Texas is a little bit different than California where California kinda gives you a stamp and says you can go ahead and have commercial customers.

德克萨斯则更偏向自我监管。

Texas is a little bit more self regulated.

所以看起来他们是可以的，但我们不清楚具体细节。

So it seems like they could, but we don't know exactly the details.

那你希望从这个活动上看到什么，才能知道这不仅仅是一个暂时不会有什么进展的公告？

So what do you wanna see from this event to know that this is more than just kind of another announcement that isn't gonna go anywhere for a while?

我觉得最大的问题之一就是，我们离真正大规模部署还有多远，而不是那种限制在非常小的地理围栏里、还得靠大量远程人工干预来引导车辆的模式。

I mean, I think one of the big questions is how close are we getting to deployment that isn't entirely within a very, very restricted geofence framework where you still have a lot of, you know, remote human staff intervening to guide vehicles.

我觉得这方面还有很多疑问。

I think that there's still a lot of questions about that.

而且，你还得回头看看过去的情况。

Mean, you gotta go back as well.

十年前，特斯拉就预测到2020年能交付一百万辆自动驾驶Robotaxi。

Ten years ago, Tesla projected it would deliver a million autonomous Robotaxis by the year 2020.

我们都知道，那个时间点早就过了，但根本没实现。

We might all know that that was a window that passed without deployment.

现在我要说的是，就目前来看，在参加这次活动之前，他们确实已经有了自己的网约车网络。

Now I'll note, you know, talking about where we are today going into this event, they do have their ride hailing network.

这个网络覆盖了美国七个市场。

It operates across seven US markets.

但它是限制在非常严格的地理围栏框架内的。

It is within a very restricted geofenced framework.

简单来说，我们说的这个就是在数字地图上画一个虚拟边界。

Essentially, what that means when we talk about this is a virtual boundary on a digital map.

它限制了自动驾驶汽车在法律上允许行驶的范围，以及程序设定的行驶范围。

It restricts where the self driving car is legally permitted to operate, where it's programmed to operate.

所以他们的Model Y出租车已经在六个这样的地理围栏区域内运营了。

So they've got their Model y rides active across six of these geofenced regions.

比如奥斯汀、达拉斯、迈阿密、奥兰多、休斯顿、坦帕。

You know, Austin, Dallas, Miami, Orlando, Houston, Tampa.

湾区的运营非常有限，主要是有人监控的安全试乘，这是因为加州有特定的监管框架。

The operations in the Bay Area are very limited to human monitored safety rides, and that's due to California specific regulatory frameworks.

在这次活动之前，他们已经扩展到超过270辆车，并且注册了，正如你提到的，Travis，45辆生产就绪的Cybercab原型车。

And ahead of this event, you know, they've expanded to over 270 vehicles and registered, as you noted, Travis, 45 production ready cyber cap prototypes.

我觉得关于他们纯视觉方案还有很多疑问。

I think there's still a lot of questions about their vision only approach.

我的意思是，特斯拉就像我们之前在节目里聊过的，完全依赖这种端到端的摄像头加AI系统。

I mean, Tesla relies, as we've talked about on the show before, strictly on basically this end to end camera and AI setup.

这确实和竞争对手的做法很不一样，他们依赖的是多传感器激光雷达和雷达。

It really diverges from competitors who rely on multisensor LiDAR and radar.

最后我想提一件挺有意思的事，就是这里的长期愿景是什么？

One final thing I'll note that's kinda interesting, you know, what's the long term vision here?

我们之后会听到更多相关的内容。

We will hear more about that.

马斯克过去说过，特斯拉打算直接向个人消费者销售和推广这款无人驾驶出租车，价格在3万美元以下，而且他有一个设想，就是作为一种私人商业模式，车主可以在网络上将自己的车辆变现。

Musk has said in the past that Tesla intends to market and sell the cyber cab directly to individual consumers for under $30,000, and he's had this vision of it as a private business model where owners monetize their personal vehicles on the network.

但是，当然，如果消费者销售不能这样规模化，特斯拉基本上就会拥有一个自己运营的、资本密集型的公司网络，那会大大消耗公司的资产负债表。

But, of course, if consumer sales fail to scale that way, Tesla would essentially have its own very capital intensive corporate owned network, and that would really drain the balance sheet.

所以关于这个愿景如何演变、走向何方，以及部署进度如何更接近竞争对手的做法，还有很多问题。

So there's a lot of questions about how that vision has evolved, where it's going, how close the deployment is to getting a little bit closer to what the competitors are doing.

Lou，关于这个活动本身，我很好奇你是怎么看待这些活动的。

Lou, on the event itself, I'm curious how you think about these events.

这差不多是十年前的事了。

It was almost ten years ago.

其实是在十月份，他们举办了太阳能屋顶的活动。

It's actually in October that they had the Solar Roof event.

那其实是在他们完成对Solar City的收购之前。

That was actually before they completed the Solar City acquisition.

但对我来说，那是第一个让我记忆犹新的活动，因为我觉得当时有预定开始时间，还进行了直播，结果晚了大概五六个小时才开始。

But that was the first one to me that I just remember so vividly because I think there was a start time, it was livestreamed, and it started something like five or six hours late.

在《绝望主妇》的片场。

On the set of Desperate Housewives.

在片场，不是吗？

On the set of wasn't it?

对。

Yeah.

是的。

Yes.

是的。

Yes.

对。

Yeah.

但从那以后，我就一直觉得，我对那个活动特别兴奋。

But since then, I've just gone I was so excited about that event.

太阳能行业是我报道过的领域。

It was solar industry was an area that I covered.

当时有个新产品，可能会带来革命性的变化。

There was this new product that could be revolutionary.

顺便说一句，他们现在已经停产那个产品了。

By the way, they have now shut down that product.

但从那以后，我们一次又一次地看到，这些活动更像是你说的，营销活动，更多是在描绘一个宏大的未来愿景，而不是真正交付人们想要的东西，也就是太阳能屋顶。

But since then, it just seems like we have seen over and over with these events that they're more, like you said, marketing events, it's more you know, building up this big vision of the future than actually delivering the thing that people actually want, which was a solar roof.

那是一个，你知道，自动驾驶机器人。

It was, you know, an autonomous robot.

那是两年前他们展示的一辆自动驾驶汽车。

It was an autonomous vehicle that they showed off two years ago.

那我们是不是应该带着比较低的期望去看这个活动？

So should we go into this with relatively low expectations?

也许吧。

Maybe.

而且再说一次，这是面向投资者的发布会。

And, again, this is an investor show.

那这对投资者来说意味着什么？

So what does this mean for investors?

对吧？

Right?

你看。

Look.

马斯克很擅长描绘愿景，也很擅长做演示，让大家对未来充满期待。

Elon is very good at the vision thing and very good at making presentations and getting people excited about the future.

所以我永远不会排除任何活动——包括这次活动——能做到这一点的可能性。

So I am not going to ever discount the possibility that any event, this event can do that.

话虽如此，现在路上已经有4000辆Waymo在跑了。

That said, there are 4,000 Waymos on the road right now.

它们正在接客，我觉得每周大概有50万次付费行程吧。

They are picking up and doing, I think it's, what, half a million paid trips a week.

对。

Yeah.

我觉得在这个时代，光靠一个PPT讲讲我们想做什么或者打算做什么，已经没什么吸引力了。

I feel like in this world, just a PowerPoint presentation with what we hope to do or what we intend to do has lost some of its oomph.

对吧？

Right?

Waymo已经把门槛抬高了。

Waymo has raised the bar.

我觉得光说“这是我们想做的”已经不够了。

I don't think it's enough to say this is what we wanna do.

因为别人现在已经在实际做了。

Someone else is actually doing this right now.

那么，什么能让这只股票上涨呢？

So what moves the stock on this?

真正走出去，在大范围内、广泛地理区域里实际落地运营。

Get out there and actually do this at scale over wide geographies.

当你此刻本来就是第二名的时候，承诺“我们将来会做到”的意义，远不如当初没人做、而你只是嘴上说得好听时来得重要。

When you are, by definition, second best at this moment, the promise of we're gonna get there means a lot less than when nobody was doing it and you were talking a good game about how you were gonna get there.

我确实想聊聊那些竞争对手，所以稍后我们会继续这个话题。

I do wanna get to those competitors, so we'll be back with more on that in just a moment.

特斯拉在无人驾驶出租车方面确实占据了所有头条，但他们绝对不是唯一的玩家。

Tesla is absolutely getting all the headlines when it comes to Robotaxis, but they are definitely not the only player.

Waymo已经在十几个城市运营了。

Waymo is operating in what a dozen cities.

Uber说他们到今年年底会在全球十几个城市运营。

Uber says they're gonna be operating in a dozen cities around the world by the end of this year.

其中一些城市其实已经投入运营了。

Some of those are actually already in operations.

所以Rachel，我的第一个问题是这个行业里的重大分歧。

So Rachel, the first question I have is the big disagreement among this industry.

我对自动驾驶汽车真的非常兴奋。

I'm really excited about autonomous vehicles.

我觉得这是那种让我看着我的孩子，想着他们永远不用学开车的事情，因为他们长大成人，大概16岁的时候，自动驾驶汽车已经到处都是了。

I think this is one of these things where I look at which one of my children is never gonna have to learn to drive because they're gonna be coming of age, you know, turning 16 when autonomous vehicles are absolutely everywhere.

但特斯拉有没有回答这个问题：只用视觉，只用摄像头，再加上一个真正强大的人工智能，能不能做到这一点？

But has Tesla answered the question of can you do this with only vision, with only cameras, and like a really good AI underneath?

他们证明了吗？

Have they proved that out?

我们明天会不会听到他们真的要大规模推出这些车辆的消息？

And we could we hear tomorrow that they are actually gonna bring these vehicles to market at scale?

我觉得我们有可能听到这方面更有利的消息。

And I think it's possible that we could hear more favorable news on that front.

而且我并不是在贬低特斯拉技术的质量。

And I'm not discounting the, you know, quality of Tesla's technology.

但我得说，我觉得他们还没有证明这一点，这从他们与竞争对手的部署规模对比中也能看出来。

But I have to say, I don't think that they have demonstrated, and this is partly shown by the scale of their deployment compared to competitors.

我认为他们还没有完全证明，仅靠视觉系统就能实现大规模的全自动驾驶。

I don't think that they have fully demonstrated that a vision only system is sufficient for, say, fully autonomous operations at scale.

而且我觉得，再看看他们与竞争对手的部署规模对比，这一点就更明显了。

And I think part of that is born out again when you look at the scale of their deployment compared to the competition.

是的，他们确实扩大了地理围栏试点市场，就像我上一段提到的。

I mean, yes, they've expanded their geofence trial markets as I was talking about in the prior segment.

但你想，Waymo有超过两亿英里的真实道路数据，用来证明安全的无司机部署需要冗余的世界视角，基本上就是摄像头、激光雷达和雷达传感器。

But, you know, you think of Waymo, they have over 200,000,000 real world miles of data to argue that safe driverless deployment requires a redundant world view essentially built on cameras, LiDAR, radar sensors.

关于特斯拉的端到端AI架构，一直有很多争论，很多投资者站在对立的两边。

And there has been a lot of debate, and many investors fall on opposite sides of this debate about Tesla's end to end AI architecture.

它处理原始像素。

And, it processes raw pixels.

它直接输出转向指令。

It directly outputs steering commands.

但问题是，借用一句话来说，可能存在黑箱故障风险，也就是AI在物理环境中可能产生幻觉。

But the concern is that there could be, to borrow a term, black box failure risk, which is essentially where AI hallucinations could occur in physical environments.

而且，像Waymo这样的竞争对手使用的多传感器方案是有道理的，这基本上能让工程师准确追踪车辆做出某个驾驶决策的原因，并为未来进行调整。

And there's an argument for multisensor setups like what the competitors like Waymo are using, which essentially allows engineers to trace exactly why a vehicle made a specific driving decision and tweak that for the future.

另外我还要提一点，关于特斯拉能否证明其纯摄像头系统能在没有远程人工操作员安全网的情况下，可靠应对恶劣天气和某些敏感区域（如学校区域），仍然存在很多疑问。

Now another thing I'll note, you know, there's still a lot of questions in terms of Tesla being able to demonstrate that its camera only system can reliably handle severe weather, certain sensitive zones like school zones without the safety net of remote human operators.

所以我认为他们还有很多需要证明的地方。

So there's still a lot I think that they have to prove here.

是的，Lou。

Yeah, Lou.

他们在奥斯汀的一些事故，按规定必须上报，实际上与校车有关，他们没有按规定给校车让行。

Some of their incidents in Austin, which have to be reported, were actually related to school buses and not stopping for school buses in the way that they should.

我对特斯拉在这个领域的另一个疑问是，因为我觉得回顾过去五到十年，你完全可以有充分理由认为特斯拉会拥有先发优势，并彻底碾压竞争对手。

The other question I have about Tesla in this space, because I think when you look back five to maybe ten years, you could make a really, really good case that Tesla was gonna have a first mover advantage and just obliterate the competition.

而今天，你所在的地区正是Waymo运营的地方。

Today, I mean, you're in an area where Waymo is operating.

我在明尼阿波利斯地区。

I'm in the Minneapolis area.

这里居然有几辆Waymo，虽然这是美国北部，但我们现在是不是已经到了这样一个阶段：其他这些用多传感器方案的竞争对手，安全性能已经得到验证，而且开始规模化，从几十辆到几百辆，Waymo可能上千辆。

There are a few Waymos here surprisingly enough, even though this is the northern part of the country, but are we at the point where these other competitors, which are using a multi sensor approach, which have proven out their safety features, which are starting to scale, where at, you know, dozens of vehicles or hundreds of vehicles, in the case of Waymo, maybe thousands.

但如果有一大堆公司都在做这个，而且都在增长，那特斯拉是不是已经失去了先发优势？

But if there's a dozen companies that are doing this and are all growing, has that first mover advantage been lost by Tesla?

我不同意

I'd push back

认为他们在这里有过先发优势的说法。

on the idea that they ever had a first mover advantage here.

他们只是声音大。

They were louder.

Waymo在默默做事，而特斯拉在搞活动，所以我们可能觉得特斯拉肯定领先很多，因为他们在大喊‘看看我们’。

Waymo was going about its business while Tesla was doing events, and so we might have perceived that Tesla must be far in advance because they were screaming, look at us.

但我认为他们从来没有过先发优势，而且没有。

But I don't think they ever had the first mover advantage, and no.

现在他们也没有这个优势了。

They don't have it now.

可以说，在驾驶辅助方面，他们可能曾经有过优势。

Arguably, they might have had it in driver assist.

如果是这样的话，我今年买车的时候还试驾过特斯拉。

And if so, even that I test drove a Tesla when I bought a car this year.

我得告诉你，特斯拉的全自动驾驶或者说是驾驶辅助，确实比本田的好。

And I will tell you, Tesla's full self driving or whatever driver assist is better than Honda's.

但我不确定它是否值每月99美元。

I don't know if it was $99 a month better, though.

我的意思是，本田上我免费获得的大部分功能，基本上都差不多。

I mean, most of the features that I get for free on the Honda, you know, were about there.

你看。

Look.

关于摄像头的问题，瑞秋说，投资者们对此争论不休。

The camera thing, Rachel said, investors argue about it.

我们可以在这里争论一下。

We can argue about it here.

我们都不是工程师。

None of us are engineers.

你知道，作为一个司机，我可以告诉你，嘿。

You know, as a driver, I can tell you that Hey.

嘿。

Hey.

嘿。

Hey.

我们这里有很多工程师。

We have a lot of engineers here.

或者说，我们都不是深入研究过这个的工程师。

Or none of us are engineers who have extensively studied this.

是的。

Yes.

确实如此。

That's true.

作为司机，我们都知道，有些日子雾很大或者太阳直射眼睛，摄像头感觉不够用，这时候我就特别喜欢我的本田技术。

As a driver, we all know that there were days when it's foggy or the sun is in our face where cameras don't feel like enough, and that's where I love my Honda technology.

但我不会说这不可能。

But I'm not gonna say it's impossible.

我想说的是，举证责任应该落在那些声称可以少用一些东西的公司身上。

What I will say is is that it feels like the burden of proof should be on the company that is saying we can get by with less.

而且我希望特斯拉在得出结论之前，能真正证明这一点，而不是用真人当小白鼠。

And I would like for Tesla to actually prove that without human guinea pigs before we come to the conclusion.

对。

Yeah.

这也是我一直纠结的地方，因为情况确实有点不明朗。

And this is something I've struggled with because it is a little bit unclear.

如果你看加州的数据，你可以去查Waymo，看看他们的……我是说，我看了他们的事故报告，都是像标志牌砸到车之类的事情，他们必须把这些报告为事故。

If you look at the data that's coming from California, you can go through Waymo, look at ever I mean, I looked at their incident reports, it's things like signs falling on vehicles, which they have to report as an incident.

就是，你知道，有人追尾了Waymo的车。

It's, you know, somebody rear ending a Waymo.

很多事故都挺无伤大雅的，而且不是Waymo的错。

A lot of them are pretty innocuous and not Waymo's fault.

特斯拉在不需要上报的地区运营，而且他们实际上会删减很多上报给联邦监管机构或州监管机构的信息。

Tesla operates in areas where they don't have to report, and they actually redact a lot of that information that is reported to either the federal regulators or to state regulators as well.

所以我完全同意举证责任应该在那一边。

So I totally agree with that burden of proof side of things.

所以我很期待听到后续消息，因为我想听到更多关于他们真的会大规模做这些事情的细节，但我觉得，你知道，投资者对期望值应该放低一些，因为过去这些活动之后的表现并不怎么样。

So I'm excited to see what we hear because I wanna hear more that they are actually going to be doing these things in scaling, but I think, you know, expectations for investors should be set pretty low based on the performance after some of these events in the past.

我们回来之后，会聊到本周的一份重要财报。

When we come back, we're gonna get to one of the big earnings reports of this week.

那就是戴尔。

That is Dell.

你正在收听Motley Fool的Hidden Gems投资节目。

You're listening to Motley Fool hidden gems investing.

现在是财报淡季，但我们昨天从戴尔科技和Rachel那里收到了一份有趣的报告。

It's a slow season for earnings, but we did get an interesting report yesterday from Dell Technologies and Rachel.

戴尔不是我经常关注的公司，但我们在节目开始前讨论过，戴尔股票自第二次上市以来，上涨了3600%。

Dell isn't a company that I follow all that regularly, but as we were talking about this before the show, Dell stocks since they came public again a second time, up 3600%.

仅今年，股价就上涨了247%，部分原因是他们的业绩非常出色。

And just this year, shares are up 247% in part because their numbers have been phenomenal.

那么我们需要知道什么呢？

So what do we need to know?

就说说他们刚发布的最近财报吧。

Just to talk about their recent earnings report that just came out.

我的意思是，他们超出了分析师的预期，但这很大程度上来自AI服务器需求以及数据中心基础设施的广泛现代化。

I mean, they beat analyst expectations, but a lot of this is coming from AI server demand and just kind of the broad modernization of data center infrastructure.

所以营收同比增长了58%。

So revenue was up 58% year over year.

调整后每股收益达到了7.04美元。

Adjusted earnings per share reached $7.04.

这比一年前增长了203%，远远超出了分析师的预期。

That was a 203% increase from a year ago, significantly outperformed what analysts were expecting.

他们的基础设施解决方案集团，作为关键业务部门之一，同比增长了近90%。

Their infrastructure solutions group, one of their key segments, that was up almost 90% year over year.

他们还以创纪录的950亿美元积压订单结束了本季度。

They also closed out the quarter with a record backlog of $95,000,000,000.

你知道，对于不太了解戴尔现代形态的人来说，他们正在制造高性能AI服务器、AI驱动的个人电脑，以及企业数据平台，帮助企业运行大规模AI工作负载。

You know, for anyone that's not kind of familiar with the modern iteration of Dell, I mean, they're building high performance AI servers, AI powered personal computers, and enterprise data platforms to help businesses run large AI workloads.

所以他们看到，你知道，对他们解决方案的需求创下了纪录，同时我们也看到企业AI支出已经转向大量具体的硬件部署，这在他们积压的订单中体现出来了。

And so they are seeing, you know, record demand for their solutions, and we're also seeing a time where corporate spending on AI has moved into a lot of, you know, concrete hardware deployments, and we're seeing that show up in their backlog.

有趣的是，多年来，戴尔一直是一个成熟、低增长、个位数增长的企业。

It's interesting because for many years, Dell was sort of this mature, low growth, single digit growth business.

它严重依赖企业支出周期，而现在它真正将自己定位为企业AI繁荣的主要物理集成商。

It was tethered heavily to corporate spending cycles, and now it's really positioning itself as a primary physical integrator for the enterprise AI boom.

他们确实受益于AI领域令人难以置信的增长顺风。

They certainly are benefiting from incredible growth tailwinds in the AI space.

我觉得股价涨成这样，估值已经很高了。

I think that stock run up, that is a rich valuation.

我会谨慎对待。

I would approach that with caution.

但毫无疑问，这个季度对这家公司来说非常出色。

But, certainly, this was an exceptional quarter for the business.

他们和Alphabet、OpenAI、ServiceNow等公司都有重要的合作关系。

They have major partnerships with Alphabet, OpenAI, ServiceNow, and others.

所以他们现在做的很多事情都挺好的。

So there's a lot of good things that they're doing right now.

这家公司的业务和五年前或十年前相比，已经大不一样了。

The business looks very different than it did five or ten years ago.

而且尽管涨了这么多，市盈率还不到预期收益的25倍，这至少挺有意思的。

And still, for all the gains, still priced under 25 times expected earnings, which is interesting at least.

作为投资者，我不知道该怎么看待戴尔，但我要说的是。

As an investor, I don't know what to make of Dell, but I'll say this.

我很难相信AI的末日要来了。

I find it hard to believe the sky is falling on AI.

当我看到这样的数字，看到积压的订单，对我来说，大局就是，尽管大家都在说这能持续多久，我认为会更久。

When I see numbers like this, when I see just kind of backlogs, the big picture for me here is is that for all the talk of how long can this go on, I think longer.

我觉得我们让势头放缓了，但所有证据都表明，需要某种巨大的转折点才能迫使公司停止这种舞步，而现在没有任何迹象，尽管有合理的理由说一切都高估了，有合理的理由说也许是时候退出了。

I think we made the momentum slow, but I think all of the evidence is is that it's going to take some sort of massive inflection point to force companies to kind of stop this dance, and there are no signs right now for all of the legitimate reasons to say everything is overvalued, for all of the legitimate reasons to say maybe it's time to get out.

我只是看不到任何迹象。

I just don't see any indication.

也许你就是看不到，但我就是看不到任何迹象说，哦，不。

Maybe you just won't see it, but I just don't see any indication to say, oh, no.

这很快就要结束了。

This ends soon.

我的猜测是，它会比我们想的持续更久，就基于这样的数字。

My guess is it goes on for longer than we think just based on numbers like this.

好的。

Alright.

就是这样。

There you have it.

AI多头，卢·怀特曼。

The AI bull, Lou Whiteman.

一如既往，节目中的人可能对他们谈论的股票有兴趣，而The Motley Fool可能对这些股票有正式的推荐或不推荐，所以不要仅凭听到的内容买卖股票。

As always, people on the program may have interest in the stocks they talk about, and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear.

所有个人理财内容都遵循The Motley Fool的编辑标准，且未经广告商批准。

All personal finance content follows The Motley Fool's editorial standards and is not approved by advertisers.

广告是赞助内容，仅供参考。

Advertisements are sponsored content and provided for informational purposes only.

要查看我们的完整编辑和披露信息，请查看我们的节目说明。

To see our full editors and disclosure, please check out our show notes.

我是特拉维斯·霍伊姆，和卢·怀特曼、瑞秋·沃伦以及玻璃后面的克里斯蒂·沃特沃斯一起。

For Lou Whiteman, Rachel Warren, and Kristi Waterworth behind the glass, I'm Travis Hoium.

感谢收听。

Thanks for listening.

我们明天见。

We'll see you here tomorrow.