What Palantir's Rise Teaches Chinese AI Companies

Core judgment: A company consistently bearish-rated by mainstream Silicon Valley VCs has seen its market cap grow more than 20-fold over the past six years. This fact itself is a signal—the market is voting with its feet and redefining the valuation logic for AI companies. This firm doesn't train large models, and its primary customers are government and military entities. This precisely exposes the structural shortcomings in the current commercialization paths of China's AI industry.