<p>很少有公司像 <strong>Palantir Technologies</strong>(PLTR -0.11%) 一样从人工智能（AI）革命中受益匪浅。曾经只是一个小众的政府承包商，它已经发展成为企业软件领域最具影响力的参与者之一。其人工智能平台（AIP）已成为政府机构和大型私营企业数字基础设施的支柱。</p>
<p>在过去三年中，这家数据挖掘专家的股价飙升超过 2000%，使其市值超过 4000 亿美元——超过了 <strong>Salesforce</strong>、<strong>Adobe</strong> 和 <strong>SAP</strong>。</p>
<p>然而，历史表明，这种抛物线式的增长期最终必须结束。在接下来的五年中，我认为有两家截然不同的公司可能会悄然超越 Palantir 的市值：一家是零售巨头，正好受益于住房和基础设施支出的反弹，另一家是半导体创新者，争相生产下一代 AI 加速器。</p>
<h2>家得宝可能会迎来下一个经济扩张浪潮</h2>
<p>如果 Palantir 代表了 AI 的数字基础，那么 <strong>Home Depot</strong>(HD 0.19%) 则体现了其物理层面。在经历了几年的紧缩货币政策和回归历史正常利率的转变后，住房可负担性已降至数十年来的最低水平。然而，预计利率将逐渐下降，这可能会释放出对住房的压抑需求，并伴随装修和家居改善项目支出的激增。家得宝的规模和数字供应链投资，以及其所激发的品牌忠诚度，为其提供了持久的竞争优势，这将在周期转变时对其有利。</p>
<p>然而，它也有能力利用一个不太明显的催化剂：价值 7 万亿美元的 AI 基础设施建设。像 Stargate 项目这样的庞大数据中心投资正在推动工业和商业建筑的激增。从电气系统和暖通空调安装到专业材料和熟练劳动力，家得宝正好处于这些力量的交汇点。</p>
<p>家得宝独特的住宅和商业开发曝光使其成为一个隐秘的基础设施投资。考虑到其股价上涨的潜力和持续的股息增长，该公司在长期内有望成为股东价值的复合增长者。其估值在未来几年可能会显著扩大。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7faa03d62b14dea1cfd1bdb329c531c4.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="720" height="441" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7faa03d62b14dea1cfd1bdb329c531c4.png"/></p>
<p>HD 股息数据来源于 YCharts。</p>
<h2>AMD 正在成为 Nvidia 最大的竞争对手</h2>
<p>在 AI 革命期间，<strong>Advanced Micro Devices</strong>(AMD 9.36%) 常常被视为 <strong>Nvidia</strong> 的助手。然而，这种看法正在开始转变。</p>
<p>主要的云计算巨头如 <strong>Microsoft</strong> 和 <strong>Oracle</strong>，以及像 <strong>Meta Platforms</strong> 和 OpenAI 这样的科技巨头，正越来越多地将 AMD 的 MI300 和 MI400 图形处理单元（GPU）添加到他们的数据中心，以减少对 Nvidia 生态系统的依赖。随着 AI 训练和推理工作负载变得越来越复杂，这些公司正在迅速开发多平台架构，以增强灵活性并降低供应链风险。</p>
<p>这种战略多样化不仅有助于他们减少运营瓶颈和面临的来自 Nvidia 的价格压力，还使 AMD 成为下一波 AI 基础设施建设的重要推动者。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY3MDYvaGVhZHF1YXJ0ZXJzLXdpdGgtYW1kLWxvZ28tb24tdG9wLW9mLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="700" height="420" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY3MDYvaGVhZHF1YXJ0ZXJzLXdpdGgtYW1kLWxvZ28tb24tdG9wLW9mLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA"/></p>
<p>图片来源：AMD。</p>
<h2>创新有多种形式</h2>
<p>Palantir 的崛起在更广泛的 AI 叙事中仍然是一个引人入胜的篇章，但其估值可能正接近峰值。在接下来的五年中，最大的回报应该属于那些愿意超越传统热门公司，识别出经济活动真正的 “铲子和金矿” 的投资者。</p>
<p>家得宝将从工业支出的复苏和住房建设的增加中受益。同时，AMD 已将自己定位为 AI 计算硬件不可或缺的供应商，在对高端处理器的需求不断增长的情况下，稳步提高与 Nvidia 的竞争。</p>
<p>虽然 Palantir 建立了一个令人印象深刻的帝国，连接软件智能和数据驱动的洞察，但历史往往青睐那些构建持久框架以支持更广泛创新周期的公司。这就是为什么到 2030 年，家得宝和 AMD 的市值可能都超过 Palantir。</p>

家得宝

AMDL

<p>文章预测，家得宝和先进微电子（AMD）在五年内可能会超越 Palantir Technologies 的市值。家得宝有望受益于住房和基础设施支出的反弹，而 AMD 则正在成为人工智能硬件的关键参与者，减少对 Nvidia 的依赖。这两家公司预计将利用重大的经济趋势，家得宝将从工业支出中受益，而 AMD 则将受益于对人工智能计算日益增长的需求。分析表明，Palantir 的估值可能已达到顶峰，为这两家公司领先铺平道路</p>

<p>Few companies have benefited from the artificial intelligence (AI) revolution quite like <strong>Palantir Technologies</strong>(PLTR -0.11%). Once simply a niche government contractor, it has evolved into one of the most influential players in enterprise software. Its Artificial Intelligence Platform (AIP) has become a backbone of digital infrastructure for both government agencies and major private enterprises.</p>
<div class="lb-trans"><p>很少有公司像 <strong>Palantir Technologies</strong>(PLTR -0.11%) 一样从人工智能（AI）革命中受益匪浅。曾经只是一个小众的政府承包商，它已经发展成为企业软件领域最具影响力的参与者之一。其人工智能平台（AIP）已成为政府机构和大型私营企业数字基础设施的支柱。</p>
</div><p>Over the past three years, shares of the data-mining specialist have soared by more than 2,000%, lifting its market capitalization above $400 billion -- larger than <strong>Salesforce</strong>, <strong>Adobe</strong>, and <strong>SAP</strong>.</p>
<div class="lb-trans"><p>在过去三年中，这家数据挖掘专家的股价飙升超过 2000%，使其市值超过 4000 亿美元——超过了 <strong>Salesforce</strong>、<strong>Adobe</strong> 和 <strong>SAP</strong>。</p>
</div><p>Yet history shows that such periods of parabolic growth must eventually end. Over the next five years, I think two very different companies could quietly surpass Palantir in market cap: One is a retail powerhouse positioned to benefit from a rebound in housing and infrastructure spending, while the other is a semiconductor innovator vying to produce the next generation of AI accelerators.</p>
<div class="lb-trans"><p>然而，历史表明，这种抛物线式的增长期最终必须结束。在接下来的五年中，我认为有两家截然不同的公司可能会悄然超越 Palantir 的市值：一家是零售巨头，正好受益于住房和基础设施支出的反弹，另一家是半导体创新者，争相生产下一代 AI 加速器。</p>
</div><h2>Home Depot could ride the next wave of economic expansion</h2>
<div class="lb-trans"><h2>家得宝可能会迎来下一个经济扩张浪潮</h2>
</div><p>If Palantir represents the digital foundation of AI, <strong>Home Depot</strong>(HD 0.19%) embodies its physical layer. After several years of tight monetary policy and a shift back toward historically normal interest rates, housing affordability has fallen to its lowest levels in decades. However, interest rates are expected to gradually decline from here, which could unleash a wave of pent-up demand for homes, and an associated surge in spending on renovations and home improvement projects. Home Depot's scale and digital supply chain investments, as well as the brand loyalty it inspires, provide it with durable competitive advantages that should work to its benefit as the cycle turns.</p>
<div class="lb-trans"><p>如果 Palantir 代表了 AI 的数字基础，那么 <strong>Home Depot</strong>(HD 0.19%) 则体现了其物理层面。在经历了几年的紧缩货币政策和回归历史正常利率的转变后，住房可负担性已降至数十年来的最低水平。然而，预计利率将逐渐下降，这可能会释放出对住房的压抑需求，并伴随装修和家居改善项目支出的激增。家得宝的规模和数字供应链投资，以及其所激发的品牌忠诚度，为其提供了持久的竞争优势，这将在周期转变时对其有利。</p>
</div><p>However, it also is positioned to capitalize on a less obvious catalyst: $7 trillion worth of AI infrastructure build-outs. Massive data center investments like the Stargate Project are fueling a surge in industrial and commercial construction. From electrical systems and HVAC installations to specialized materials and skilled labor, Home Depot sits squarely at the intersection of these forces.</p>
<div class="lb-trans"><p>然而，它也有能力利用一个不太明显的催化剂：价值 7 万亿美元的 AI 基础设施建设。像 Stargate 项目这样的庞大数据中心投资正在推动工业和商业建筑的激增。从电气系统和暖通空调安装到专业材料和熟练劳动力，家得宝正好处于这些力量的交汇点。</p>
</div><p>Home Depot's unique exposure to both residential and commercial development makes it a stealth infrastructure play. Between its potential for share price gains and its consistent dividend growth, the company stands out as a potential long-term compounder of shareholder value. Its valuation could meaningfully expand in the years ahead.</p>
<div class="lb-trans"><p>家得宝独特的住宅和商业开发曝光使其成为一个隐秘的基础设施投资。考虑到其股价上涨的潜力和持续的股息增长，该公司在长期内有望成为股东价值的复合增长者。其估值在未来几年可能会显著扩大。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/7faa03d62b14dea1cfd1bdb329c531c4.png" alt="" original-src="https://media.ycharts.com/charts/7faa03d62b14dea1cfd1bdb329c531c4.png"/></p>
<p>HD Dividend data by YCharts.</p>
<div class="lb-trans"><p>HD 股息数据来源于 YCharts。</p>
</div><h2>AMD is emerging as the biggest rival to Nvidia</h2>
<div class="lb-trans"><h2>AMD 正在成为 Nvidia 最大的竞争对手</h2>
</div><p>Throughout the AI revolution, <strong>Advanced Micro Devices</strong>(AMD 9.36%) has often been cast as <strong>Nvidia</strong>'s understudy. That perception, however, is beginning to shift.</p>
<div class="lb-trans"><p>在 AI 革命期间，<strong>Advanced Micro Devices</strong>(AMD 9.36%) 常常被视为 <strong>Nvidia</strong> 的助手。然而，这种看法正在开始转变。</p>
</div><p>Major cloud hyperscalers such as <strong>Microsoft</strong> and <strong>Oracle</strong>, as well as tech titans like <strong>Meta Platforms</strong> and OpenAI, are increasingly adding AMD's MI300 and MI400 graphics processing units (GPUs) to their data centers to reduce their dependence on Nvidia's ecosystem. As AI training and inference workloads grow more complex, these companies are rapidly developing multiplatform architectures to enhance flexibility and mitigate supply chain risk.</p>
<div class="lb-trans"><p>主要的云计算巨头如 <strong>Microsoft</strong> 和 <strong>Oracle</strong>，以及像 <strong>Meta Platforms</strong> 和 OpenAI 这样的科技巨头，正越来越多地将 AMD 的 MI300 和 MI400 图形处理单元（GPU）添加到他们的数据中心，以减少对 Nvidia 生态系统的依赖。随着 AI 训练和推理工作负载变得越来越复杂，这些公司正在迅速开发多平台架构，以增强灵活性并降低供应链风险。</p>
</div><p>This strategic diversification not only helps them reduce operational bottlenecks and the pricing pressure they face from Nvidia, but it also positions AMD as a critical enabler in the next wave of AI infrastructure construction.</p>
<div class="lb-trans"><p>这种战略多样化不仅有助于他们减少运营瓶颈和面临的来自 Nvidia 的价格压力，还使 AMD 成为下一波 AI 基础设施建设的重要推动者。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzY3MDYvaGVhZHF1YXJ0ZXJzLXdpdGgtYW1kLWxvZ28tb24tdG9wLW9mLWJ1aWxkaW5nX2FtZF9hZHZhbmNlLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F836706%2Fheadquarters-with-amd-logo-on-top-of-building_amd_advance.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: AMD.</p>
<div class="lb-trans"><p>图片来源：AMD。</p>
</div><h2>Innovation comes in many forms</h2>
<div class="lb-trans"><h2>创新有多种形式</h2>
</div><p>Palantir's rise remains a fascinating chapter within the broader AI narrative, but its valuation may be approaching a peak. Over the next five years, the biggest rewards should go to investors willing to look beyond the usual suspects and identify where the real picks and shovels of economic activity are being sold.</p>
<div class="lb-trans"><p>Palantir 的崛起在更广泛的 AI 叙事中仍然是一个引人入胜的篇章，但其估值可能正接近峰值。在接下来的五年中，最大的回报应该属于那些愿意超越传统热门公司，识别出经济活动真正的 “铲子和金矿” 的投资者。</p>
</div><p>Home Depot stands to benefit from renewed industrial spending and increased homebuilding. Meanwhile, AMD has positioned itself as an indispensable provider of AI computing hardware, steadily raising the stakes with Nvidia amid insatiable demand from hyperscalers for high-end processors.</p>
<div class="lb-trans"><p>家得宝将从工业支出的复苏和住房建设的增加中受益。同时，AMD 已将自己定位为 AI 计算硬件不可或缺的供应商，在对高端处理器的需求不断增长的情况下，稳步提高与 Nvidia 的竞争。</p>
</div><p>While Palantir has built an impressive empire connecting software intelligence and data-driven insights, history tends to favor the companies that construct long-lasting frameworks supporting broader innovative cycles. That's why Home Depot and AMD could both be worth more than Palantir by 2030.</p>
<div class="lb-trans"><p>虽然 Palantir 建立了一个令人印象深刻的帝国，连接软件智能和数据驱动的洞察，但历史往往青睐那些构建持久框架以支持更广泛创新周期的公司。这就是为什么到 2030 年，家得宝和 AMD 的市值可能都超过 Palantir。</p>
</div>

Prediction: These 2 Companies Will Be Worth More Than Palantir 5 Years From Now

- Palantir Technologies 受益于人工智能革命，市值超过 4000 亿美元。  
- Home Depot 和 AMD 可能在未来五年超越 Palantir，分别受益于基础设施和 AI 硬件需求。  
- 投资者应关注这些公司在经济活动中的关键角色。  

预测：这两家公司将在五年后市值超过 Palantir