<p>很少有公司像 <strong>Palantir Technologies</strong>(PLTR -0.11%) 一樣從人工智能（AI）革命中受益匪淺。曾經只是一個小眾的政府承包商，它已經發展成為企業軟件領域最具影響力的參與者之一。其人工智能平台（AIP）已成為政府機構和大型私營企業數字基礎設施的支柱。</p>
<p>在過去三年中，這家數據挖掘專家的股價飆升超過 2000%，使其市值超過 4000 億美元——超過了 <strong>Salesforce</strong>、<strong>Adobe</strong> 和 <strong>SAP</strong>。</p>
<p>然而，歷史表明，這種拋物線式的增長期最終必須結束。在接下來的五年中，我認為有兩家截然不同的公司可能會悄然超越 Palantir 的市值：一家是零售巨頭，正好受益於住房和基礎設施支出的反彈，另一家是半導體創新者，爭相生產下一代 AI 加速器。</p>
<h2>家得寶可能會迎來下一個經濟擴張浪潮</h2>
<p>如果 Palantir 代表了 AI 的數字基礎，那麼 <strong>Home Depot</strong>(HD 0.19%) 則體現了其物理層面。在經歷了幾年的緊縮貨幣政策和迴歸歷史正常利率的轉變後，住房可負擔性已降至數十年來的最低水平。然而，預計利率將逐漸下降，這可能會釋放出對住房的壓抑需求，並伴隨裝修和家居改善項目支出的激增。家得寶的規模和數字供應鏈投資，以及其所激發的品牌忠誠度，為其提供了持久的競爭優勢，這將在週期轉變時對其有利。</p>
<p>然而，它也有能力利用一個不太明顯的催化劑：價值 7 萬億美元的 AI 基礎設施建設。像 Stargate 項目這樣的龐大數據中心投資正在推動工業和商業建築的激增。從電氣系統和暖通空調安裝到專業材料和熟練勞動力，家得寶正好處於這些力量的交匯點。</p>
<p>家得寶獨特的住宅和商業開發曝光使其成為一個隱秘的基礎設施投資。考慮到其股價上漲的潛力和持續的股息增長，該公司在長期內有望成為股東價值的複合增長者。其估值在未來幾年可能會顯著擴大。</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 股息數據來源於 YCharts。</p>
<h2>AMD 正在成為 Nvidia 最大的競爭對手</h2>
<p>在 AI 革命期間，<strong>Advanced Micro Devices</strong>(AMD 9.36%) 常常被視為 <strong>Nvidia</strong> 的助手。然而，這種看法正在開始轉變。</p>
<p>主要的雲計算巨頭如 <strong>Microsoft</strong> 和 <strong>Oracle</strong>，以及像 <strong>Meta Platforms</strong> 和 OpenAI 這樣的科技巨頭，正越來越多地將 AMD 的 MI300 和 MI400 圖形處理單元（GPU）添加到他們的數據中心，以減少對 Nvidia 生態系統的依賴。隨着 AI 訓練和推理工作負載變得越來越複雜，這些公司正在迅速開發多平台架構，以增強靈活性並降低供應鏈風險。</p>
<p>這種戰略多樣化不僅有助於他們減少運營瓶頸和麪臨的來自 Nvidia 的價格壓力，還使 AMD 成為下一波 AI 基礎設施建設的重要推動者。</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>圖片來源：AMD。</p>
<h2>創新有多種形式</h2>
<p>Palantir 的崛起在更廣泛的 AI 敍事中仍然是一個引人入勝的篇章，但其估值可能正接近峯值。在接下來的五年中，最大的回報應該屬於那些願意超越傳統熱門公司，識別出經濟活動真正的 “鏟子和金礦” 的投資者。</p>
<p>家得寶將從工業支出的復甦和住房建設的增加中受益。同時，AMD 已將自己定位為 AI 計算硬件不可或缺的供應商，在對高端處理器的需求不斷增長的情況下，穩步提高與 Nvidia 的競爭。</p>
<p>雖然 Palantir 建立了一個令人印象深刻的帝國，連接軟件智能和數據驅動的洞察，但歷史往往青睞那些構建持久框架以支持更廣泛創新週期的公司。這就是為什麼到 2030 年，家得寶和 AMD 的市值可能都超過 Palantir。</p>

家得寶

AMDL

<p>文章預測，家得寶和先進微電子（AMD）在五年內可能會超越 Palantir Technologies 的市值。家得寶有望受益於住房和基礎設施支出的反彈，而 AMD 則正在成為人工智能硬件的關鍵參與者，減少對 Nvidia 的依賴。這兩家公司預計將利用重大的經濟趨勢，家得寶將從工業支出中受益，而 AMD 則將受益於對人工智能計算日益增長的需求。分析表明，Palantir 的估值可能已達到頂峯，為這兩家公司領先鋪平道路</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%) 一樣從人工智能（AI）革命中受益匪淺。曾經只是一個小眾的政府承包商，它已經發展成為企業軟件領域最具影響力的參與者之一。其人工智能平台（AIP）已成為政府機構和大型私營企業數字基礎設施的支柱。</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>在過去三年中，這家數據挖掘專家的股價飆升超過 2000%，使其市值超過 4000 億美元——超過了 <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，歷史表明，這種拋物線式的增長期最終必須結束。在接下來的五年中，我認為有兩家截然不同的公司可能會悄然超越 Palantir 的市值：一家是零售巨頭，正好受益於住房和基礎設施支出的反彈，另一家是半導體創新者，爭相生產下一代 AI 加速器。</p>
</div><h2>Home Depot could ride the next wave of economic expansion</h2>
<div class="lb-trans"><h2>家得寶可能會迎來下一個經濟擴張浪潮</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 的數字基礎，那麼 <strong>Home Depot</strong>(HD 0.19%) 則體現了其物理層面。在經歷了幾年的緊縮貨幣政策和迴歸歷史正常利率的轉變後，住房可負擔性已降至數十年來的最低水平。然而，預計利率將逐漸下降，這可能會釋放出對住房的壓抑需求，並伴隨裝修和家居改善項目支出的激增。家得寶的規模和數字供應鏈投資，以及其所激發的品牌忠誠度，為其提供了持久的競爭優勢，這將在週期轉變時對其有利。</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，它也有能力利用一個不太明顯的催化劑：價值 7 萬億美元的 AI 基礎設施建設。像 Stargate 項目這樣的龐大數據中心投資正在推動工業和商業建築的激增。從電氣系統和暖通空調安裝到專業材料和熟練勞動力，家得寶正好處於這些力量的交匯點。</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>家得寶獨特的住宅和商業開發曝光使其成為一個隱秘的基礎設施投資。考慮到其股價上漲的潛力和持續的股息增長，該公司在長期內有望成為股東價值的複合增長者。其估值在未來幾年可能會顯著擴大。</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 股息數據來源於 YCharts。</p>
</div><h2>AMD is emerging as the biggest rival to Nvidia</h2>
<div class="lb-trans"><h2>AMD 正在成為 Nvidia 最大的競爭對手</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 革命期間，<strong>Advanced Micro Devices</strong>(AMD 9.36%) 常常被視為 <strong>Nvidia</strong> 的助手。然而，這種看法正在開始轉變。</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>主要的雲計算巨頭如 <strong>Microsoft</strong> 和 <strong>Oracle</strong>，以及像 <strong>Meta Platforms</strong> 和 OpenAI 這樣的科技巨頭，正越來越多地將 AMD 的 MI300 和 MI400 圖形處理單元（GPU）添加到他們的數據中心，以減少對 Nvidia 生態系統的依賴。隨着 AI 訓練和推理工作負載變得越來越複雜，這些公司正在迅速開發多平台架構，以增強靈活性並降低供應鏈風險。</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>這種戰略多樣化不僅有助於他們減少運營瓶頸和麪臨的來自 Nvidia 的價格壓力，還使 AMD 成為下一波 AI 基礎設施建設的重要推動者。</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>圖片來源：AMD。</p>
</div><h2>Innovation comes in many forms</h2>
<div class="lb-trans"><h2>創新有多種形式</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 的崛起在更廣泛的 AI 敍事中仍然是一個引人入勝的篇章，但其估值可能正接近峯值。在接下來的五年中，最大的回報應該屬於那些願意超越傳統熱門公司，識別出經濟活動真正的 “鏟子和金礦” 的投資者。</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>家得寶將從工業支出的復甦和住房建設的增加中受益。同時，AMD 已將自己定位為 AI 計算硬件不可或缺的供應商，在對高端處理器的需求不斷增長的情況下，穩步提高與 Nvidia 的競爭。</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>雖然 Palantir 建立了一個令人印象深刻的帝國，連接軟件智能和數據驅動的洞察，但歷史往往青睞那些構建持久框架以支持更廣泛創新週期的公司。這就是為什麼到 2030 年，家得寶和 AMD 的市值可能都超過 Palantir。</p>
</div>

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

- Palantir Technologies 受益於人工智能革命，市值超過 4000 億美元。  
- Home Depot 和 AMD 可能在未來五年超越 Palantir，分別受益於基礎設施和 AI 硬件需求。  
- 投資者應關注這些公司在經濟活動中的關鍵角色。  

預測：這兩家公司將在五年後市值超過 Palantir