Yesterday, Goldman Sachs released a research report with the core view that PLTR's TAM is poised for leapfrog growth. Why this perspective? I attempt to break it down from three angles: PLTR is no longer just a 'government data platform + high-growth software' but is entering a second-layer TAM market: budgets paid by institutions for sovereign AI and industry-specific production applications are deeper and broader than traditional data analytics solutions. Three drivers...

As PLTR's market capitalization stabilizes at 400 billion, with its average daily trading volume consistently ranking among the top 10 (occasionally top 5) in U.S. stocks and institutional holdings exceeding 60%, it is no longer a small-cap stock, and its volatility has significantly decreased compared to before. Looking back at the 25-year trend, from 60 at the beginning of the year to 200 at the end and stabilizing at 180, this 3x return was accompanied by rapid expansion after the market cap broke through 100 billion. With the market cap reaching 400 billion, achieving another 3x return in 26 years will be almost impossible, but considering the 25-year trend...

The Ministry of Defense issued three important new memorandums on 1.09 to promote the AI transformation of defense technology. 1. Artificial Intelligence Strategy for the Department of War. Core objective: Make AI a core capability of warfare, shifting from a "defensive posture" to lethality and dominance. Priority: Rapidly deploy AI to defeat opponents rather than getting bogged down in bureaucratic processes...