【Palantir】Palantir如何变得如此强大 · 从

【Palantir】Palantir如何变得如此强大 · 从反恐到AI帝国

发布于 2026-08-15 · 时长 22:17

字幕摘录

时间	英文	中文
0:00	Every large organization has more data than it knows what to do with.	每个大型组织的数据都比它知道该做什么还要多.
0:04	Palantir promised to turn that chaos into a model of the real world,	帕兰蒂尔答应把混乱变成现实世界的典范,
0:07	and help governments and companies make decisions when the stakes are highest.	并且帮助政府和公司在利害关系最高时作出决定。
0:11	Now Palantir is connecting artificial intelligence directly to those operations.	现在帕兰蒂尔将人工智能直接与那些行动联系起来.
0:15	Its ambition is enormous, to become the operating system of the modern world.	它的雄心是巨大的,成为现代世界的操作系统.
0:19	But is Palantir building an unrepeatable advantage?	但帕兰蒂尔的建设是否具有不可推卸的优势?
0:22	Or are investors buying a future that hasn't arrived?	还是投资者要买一个没有到来的未来?
0:24	Here's what makes that question so hard to answer.	问题难于回答
0:26	In Q1 2026, Palantir grew revenue 85%.	在Q1 2026年,帕兰蒂尔的收入增长了85%.
0:30	The fastest growth in its history, at a scale where companies almost never grow that fast.	其历史最快的增长,规模上公司几乎从未如此快速增长.

展开字幕全文（687 条）

序号	英文	中文
1	Every large organization has more data than it knows what to do with.	每个大型组织的数据都比它知道该做什么还要多.
2	Palantir promised to turn that chaos into a model of the real world,	帕兰蒂尔答应把混乱变成现实世界的典范,
3	and help governments and companies make decisions when the stakes are highest.	并且帮助政府和公司在利害关系最高时作出决定。
4	Now Palantir is connecting artificial intelligence directly to those operations.	现在帕兰蒂尔将人工智能直接与那些行动联系起来.
5	Its ambition is enormous, to become the operating system of the modern world.	它的雄心是巨大的,成为现代世界的操作系统.
6	But is Palantir building an unrepeatable advantage?	但帕兰蒂尔的建设是否具有不可推卸的优势?
7	Or are investors buying a future that hasn't arrived?	还是投资者要买一个没有到来的未来?
8	Here's what makes that question so hard to answer.	问题难于回答
9	In Q1 2026, Palantir grew revenue 85%.	在Q1 2026年,帕兰蒂尔的收入增长了85%.
10	The fastest growth in its history, at a scale where companies almost never grow that fast.	其历史最快的增长,规模上公司几乎从未如此快速增长.
11	It raised its forecast twice.	它两次提出了预测。
12	It signed a deal with the US Army worth $10 billion.	它与美国陆军签署了价值100亿美元的交易.
13	And the stock fell, down roughly 25% this year at its worst point.	股票下跌了,今年在最糟糕的时候下降了大约25%。
14	Both of those facts are true at the same time,	这两个事实都是事实
15	and you cannot understand why until you can answer the question that, honestly,	你无法理解为什么直到你能回答这个问题,说实话,
16	most people who own this stock cannot.	大部分拥有这股股票的人不能
17	What does Palantir actually sell?	帕兰蒂到底卖什么?
18	By the end of this video, you'll be able to answer it.	至此录制,能答之.
19	And I promise the answer is not AI.	我保证答案不是AI
20	I'm Leo.	我是利奥。
21	This is for educational purposes, not financial advice.	这是为了教育目的,而不是财务建议。
22	To understand Palantir, forget about the company completely for three minutes.	为了了解帕兰蒂尔,完全忘掉公司3分钟.
23	I want you to imagine you are the mayor of a large city.	我要你想象你是大城市的市长
24	On a normal day, your city runs just fine.	在正常的一天,你的城市运行很好。
25	Police, fire, hospital, the power company.	警察消防医院电力公司
26	Each department has its own computer systems, records, and a way of doing things.	每个部门都有自己的计算机系统,记录,并有做事的方法.
27	And taken one at a time, they all work.	一次一个,他们都工作。
28	Here's the problem.	问题是...
29	Those systems were built at different times, by different vendors.	这些系统由不同的供应商在不同的时间建造。
30	And what might as well be different languages.	和什么可能是不同的语言。
31	The hospital's computer has no idea what the fire department's computer knows.	医院的电脑不知道消防队的电脑知道什么
32	In the tech world, this has a name.	在科技界,这有一个名字。
33	Data silos.	数据仓.
34	A silo, like a green silo on a farm.	一个筒仓,就像农场上的绿色筒仓.
35	Tall, sealed, and nothing gets in or out.	高,密封,没有东西进出。
36	Every large organization on earth, every government, bank, and manufacturer is full of them.	世界上每一个大型组织,每一个政府,银行,和制造商都充满了它们.
37	Not because anyone planned it that way,	不是因为有人那样策划的
38	but because organizations are built department by department, decade by decade.	但是因为组织是按部门建设的, 十年又十年。
39	Now a storm hits your city, and suddenly you need an answer that crosses departments.	现在,暴风雨袭击了你们的城市, 突然间,你需要一个跨越各部门的答案。
40	Which neighborhood will lose power?	哪个社区会失去电源?
41	Which of those have hospitals?	其中哪一家有医院?
42	Which patients in those hospitals are on machines that need electricity?	这些医院的哪些病人在需要用电的机器上?
43	And which crews are close enough to help first?	哪些船员已经接近了首先需要帮助?
44	Every piece of that answer exists, somewhere.	每一个答案都存在某个地方
45	But it's spread across five sealed silos.	但分布于五个密封的筒仓.
46	So what actually happens?	到底发生了什么?
47	People start making phone calls.	人们开始打电话。
48	People build a spreadsheet at 2 a.m.	人们在凌晨2点制作电子表格.
49	Decisions that should take seconds, take days.	需要几秒钟,几天的时间
50	That's not a technology failure in any one system.	这在任何一个系统中都不是技术故障.
51	It's the gaps between the systems.	这是系统间的差距。
52	Okay, you might say, but isn't this exactly what AI fixes?	好吧,你可能会说, 但这不正是AI的修复?
53	Just install GBT.	只是安装GBT。
54	And this is the single most important idea in this entire video.	这是整个视频中最重要的一个想法。
55	An AI model like TryGBT is like hiring the smartest advisor in the world	像TryGBT这样的人工智能模型就像雇用世界上最聪明的顾问
56	who knows absolutely nothing about your city.	谁对你的城市一无所知
57	It has read the entire internet.	它阅读了整个互联网。
58	It has not read your hospital's patient records,	它没有读你医院的病历
59	your power grid's maintenance logs, or your police dispatch system.	你的电网的维护记录或者你的警察调度系统
60	And if you try to handle all of that raw data,	如果你试图处理所有原始数据
61	it's like handing a genius 400 shoeboxes of receipts in 12 languages with no index.	就像用12种没有索引的语言给一个天才400鞋盒
62	What's even worse is,	比这更糟的是,
63	because the data contradicts itself,	因为数据自相矛盾,
64	the same patient exists in three systems and three slightly different names.	同一个病人存在于三个系统和三个稍有不同的名字中。
65	Ask an AI a question about that patient, and it won't just be unhelpful.	问一个AI一个病人的问题, 它不会只是无益。
66	It will be confidently wrong in a hospital or on a battlefield.	在医院或战场上,这无疑是错误的。
67	Confidently wrong gets people killed.	相信是错的会害死人
68	So here's the setup for everything that follows.	接下来所有事情的设置如下。
69	Before AI can make a single useful decision for an organization,	在大赦国际对一个组织作出一个有用的决定之前,
70	something unglamorous and brutally hard has to happen first.	一件不光彩和残酷的难事必须先发生
71	Someone has to connect the silos into one accurate, living picture of reality.	总得有人把仓子连成一幅真实的活生生的照片
72	That invisible and glamorous problem is the patient's entire business.	这个隐形和迷人的问题是病人的全部业务。
73	The story starts with a failure of exactly that kind,	故事从失败开始
74	the biggest one in modern American history.	是美国现代史上最大的一个
75	After 9-11, the post-mortem revealed something uncomfortable.	9-11事件后,尸检揭示出一些不适之处.
76	The warning signs existed.	警告信号已经存在。
77	Different agencies each held pieces of the puzzle.	不同的机构各自持有谜题的片段.
78	But the FBI, the CIA, and the immigration each sat on their own silo.	但联邦调查局,中情局,和移民各自坐在自己的筒仓。
79	And the silos never talked to each other.	而仓s不相言.
80	The data was there.	数据在那里。
81	The connections weren't.	联系不是。
82	Around the same time, a company called PayPal	大约在同一时间,一家叫PayPal的公司
83	was fighting a smaller version of the same war against fraudsters.	与诈骗犯的战争规模较小
84	And they learned something important.	他们学到了很重要的东西。
85	Software alone cannot catch fraud, and humans alone were too slow.	单靠软件无法抓住欺诈,而单靠人类是太慢了。
86	But software that connected the data and handed the pattern to a human analyst?	但是连接数据并将模式交给人类分析员的软件呢?
87	That worked.	这工作。
88	One of PayPal's founders, Peter Thiel, had a thought.	PayPal的创始人之一彼得·蒂尔有想法.
89	What if you took that approach?	如果你这样做呢?
90	Machines connecting the dots, humans making the call, and pointed at terrorism.	机器连接点, 人类打电话, 并指向恐怖主义。
91	In 2003, he co-founded Palantir with several partners	2003年,他与几个合伙人共同创立了帕兰蒂尔公司.
92	and picked one of the strangest CEOs in tech history to run it,	并挑选了技术史上最奇特的首席执行官之一来操作它,
93	Alex Karp.	亚历克斯·卡普.
94	They met as classmates at Stanford Law School,	他们是斯坦福法学院的同学
95	and they disagreed about almost everything politically.	他们几乎对一切政治意见不一。
96	Karp is an engineer.	卡普是一名工程师.
97	He's a philosopher.	他是一个哲学家。
98	With a PhD in social theory, who to this day still calls St. Augustine in his letters to shareholders.	拥有社会理论博士学位,至今仍在给股东的信中给圣奥古斯丁打电话.
99	The name?	那个名字?
100	Palantir, from Lord of the Rings.	帕兰蒂尔,来自环王。
101	The Seeing Stones.	见石者.
102	Magical orbs that let you see everything happening far away.	神奇的球体,让你看到远处的一切发生。
103	Now here's my favorite part of the story as a VC.	现在这里是我作为越共最喜欢的故事部分.
104	They pitched Silicon Valley, and Silicon Valley said no.	他们投下了硅谷,硅谷说不.
105	At Sequoia, one of the most legendary firms in the world,	在Sequoia, 世界上最传奇的公司之一,
106	the partner reportedly doodled through the entire meeting.	据报,这名合伙人在整个会议中涂鸦。
107	Nobody wanted a software company whose customer was the government.	没有人想要一个软件公司其客户是政府。
108	Too slow, too weird, too hard.	太迟,太奇,太难.
109	So Thiel bankrolled it himself.	所以Thiel亲自出资
110	Roughly $30 million of the early money came from him and his circle.	大约3000万美元早期的钱来自他和他的圈子.
111	And the first deal outside investor?	和第一个外部投资者的交易?
112	The CIA.	中央情报局
113	Literally.	当然
114	The CIA ran a venture capital fund.	中情局开了一个风险投资基金
115	It's called Incutel.	名为因果.
116	And in 2005, it put money into Palantir.	而在2005年,它向帕兰蒂尔投入了资金.
117	For the next three years, the CIA wasn't just an investor.	在接下来的三年里,中情局不仅仅是一个投资者.
118	It was essentially Palantir's only customer.	它基本上是帕兰蒂尔唯一的客户。
119	Think about what that means.	想想这是什么意思
120	While every other startup was building photo-sharing apps,	当所有其他的启动正在建立图片共享应用程序,
121	Palantir spent its formative years inside the most paranoid,	帕兰蒂尔在最偏执的地方度过了成形的岁月
122	locked-down, demanding customer on the planet.	被锁住,要求客户在地球上。
123	Learning to handle classified data.	学习处理机密数据。
124	Strict permissions.	严格权限.
125	Life and death stakes.	生死桩.
126	That miserable apprenticeship built capabilities that,	那个可怜的学徒建立了能力,
127	20 years later, almost no other company on Earth has.	20年后,地球上几乎没有其他公司拥有.
128	Hold that thought.	拿着这个想法。
129	From there, the military, the FBI, I like governments.	从那里,军队,联邦调查局,我喜欢政府。
130	Around 2016, a push into regular companies.	2016年左右,推向正规公司.
131	And in September 2020, Palantir went public.	而在2020年9月,帕兰蒂尔上市.
132	Value around 16 billion.	价值约160亿.
133	Today, it's worth about 300 billion.	今约三千亿.
134	The company Silicon Valley doodle through.	硅谷涂鸦公司通过.
135	It's not bigger than almost every firm that pass on it.	它并不比几乎所有通过它的公司都大.
136	But why it's worth that much?	但为什么值这么多钱?
137	That comes down to one idea.	只有一个想法。
138	And it's a part of the video I most want you to remember.	这也是我最希望你记住的视频的一部分。
139	Let's go back to your city.	让我们回到你的城市。
140	Palantir's engineers arrive.	帕兰蒂尔的工程师来了
141	What do they actually do?	他们到底在做什么?
142	They do not rip out your existing systems.	他们不会撕毁你现有的系统
143	The police keep their software.	警察保留他们的软件
144	The hospital keeps its records.	医院保存记录.
145	Instead, Palantir builds something on top of all of them.	相反,帕兰蒂尔在他们身上建造了一些东西。
146	The company's word for it is the ontology.	公司的说法是本体论.
147	Fancy work.	不错的工作。
148	Philosopher's CEO, remember?	哲学家的首席执行官,记得吗?
149	But the idea is simple.	但这个想法很简单。
150	They draw a living map of your city.	他们绘制了你们城市的活地图。
151	And I mean map, almost literally.	我的意思是地图,几乎是字面意思。
152	Let me show you the four ingredients.	让我给你看这四个成分
153	Because once you see them, you understand Palantir better than most people on Wall Street.	因为一旦你见到他们你比华尔街上大多数人更了解帕兰蒂尔
154	Ingredient one.	摄入一.
155	Objects.	对象.
156	On this map, every real thing in your city become a digital object.	在这张地图上,你的城市里的每一件真物都变成了一个数字物体.
157	Firetruck number 12.	12号消防车
158	Mercy Hospital.	慈悲医院.
159	Patient Sarah Chen.	病人莎拉陈。
160	And Sarah is one object.	而莎拉是一个物体。
161	Even though she exists in three different databases under three different spellings.	尽管她存在于三个不同的数据库中,在三个不同的拼写下.
162	The map merges Silo's fragments into one truthful version of each real thing.	地图将Silo的碎片合并成每个真实事物的一个真实版本.
163	Ingredient two.	摄入二种.
164	Relationships.	关系
165	The map knows how objects connect.	地图上知道物体是如何连接的。
166	Truck 12 belongs to station 4.	12号机车属于4号车站.
167	Which covers these 12 blocks.	覆盖这12个街区
168	Which contain Mercy Hospital.	里面有慈悲医院
169	This is what a normal database doesn't give you.	这是普通数据库不给你的
170	A database is a filing cabinet.	数据库是文件柜。
171	This is a model of reality.	这是现实的典范
172	By putting one thread, tucks everything connected to it.	用一根绳子把一切连接起来
173	Ingredient three.	摄入三.
174	Permissions.	权限
175	Here is the CIA apprenticeship paying off.	这是中情局的学徒报酬
176	Not everyone sees the whole map.	不是每个人都看到整个地图。
177	The emergency dispatcher sees everything.	紧急调度员看到了一切
178	A paramedic gets only their patient.	医护人员只能得到病人
179	And a billing clerk.	和计费员.
180	Invoices.	发票
181	With no access to medical records at all.	根本无法获得医疗记录。
182	The rules about who can see and touch.	关于谁能看见和触摸的规则.
183	What are built into the map itself.	地图本身包含着什么
184	Down to the individual object.	下至单个对象.
185	For garment.	为衣.
186	This isn't a feature.	这不是一个特色。
187	This is the entry ticket.	这是入场券。
188	Ingredient four.	摄入四谛.
189	And this is the one that changes everything.	这是改变一切的东西。
190	Actions.	行动
191	This map isn't just for looking.	这地图不只是用来找的
192	You can act on it.	你可以采取行动。
193	Click truck 12.	点击12号卡车
194	And dispatch it.	并发去.
195	Approve a supply transfer.	批准供应转让。
196	Reroute a shipment.	换了一批货
197	The map is connected back into the real systems.	地图被连接回真正的系统.
198	So the decision made on the map becomes a real event in the real world.	因此,在地图上做出的决定成为现实世界中的一个真实事件.
199	Here's an industry term for what I've just described.	这是工业术语,我刚刚描述。
200	A digital twin.	数字双胞胎.
201	A living digital copy of a physical operation that stays in sync with reality.	一个与现实同步的物理操作的活体数字拷贝.
202	Palantir's version just goes one step further.	帕兰蒂尔的版本只是更进一步。
203	Their twin has a steering wheel.	他们的双胞胎有一个方向盘。
204	Now the investing question.	现在,投资问题。
205	Why do I keep saying this map?	为什么我老是说这张地图?
206	This ontology is the heart of this whole thesis.	这本体论是整个论文的核心.
207	Because of what it takes to draw one.	因为画一个需要什么
208	And what it would take to throw one away.	丢掉一个需要什么
209	Drawing the map takes months, sometimes years.	绘制地图需要几个月,有时是几年。
210	Palantir's engineers sit inside your organization and encode how your city actually works.	帕兰蒂尔的工程师们坐在你的组织内部并编码你城市的实际运作方式
211	Every object.	每个物体
212	Connection.	连接。
213	And permission rule.	和许可规则。
214	No two maps are alike.	没有两个地图是相似的。
215	And none of it can be copied from another customer.	并且不能从另一个客户那里复制。
216	But here's the real moat.	但这里才是真正的护城河.
217	Once the map exists, your people start living on it.	一旦地图存在,你的人民开始靠它生活。
218	Daily operations run through it.	日常业务贯穿其中.
219	Workflows are built on it.	工作流量是建立在它上。
220	And at that point, leaving Palantir doesn't mean cancelling a subscription.	而此时,离开帕兰蒂尔并不意味着取消订阅.
221	It means redrawing the entire map from scratch.	这意味着从零开始重新绘制整个地图.
222	While the city is still running.	在城市仍在运行期间.
223	In investing, this is called switching cost.	在投资方面,这叫做转换成本。
224	The pain of leaving a product.	离开产品的痛苦。
225	Palantir's switching cost might be the highest in enterprise software.	Palantir的转换成本可能是企业软件中最高的.
226	Keep that word map in your mind.	记着那个字眼
227	Because every product this company sells.	因为这家公司销售的每件产品
228	All four of them.	四者一切众生.
229	Is just a different door into the same map.	只是一个不同的门在同一地图。
230	Palantir sells four products.	帕兰蒂尔销售4种产品.
231	People find the names confusing.	人们觉得名字很混乱
232	You won't.	你不会的。
233	Because they are all the same map.	因为它们都是一样的地图。
234	Packaged for different customers.	为不同的顾客包装.
235	Product one.	产品一。
236	Gotham.	高谭市
237	The map for militaries.	兵马之图.
238	Intelligence agencies.	情报机构。
239	And police.	还有警察
240	Battlefield units.	战地部队
241	Drone feeds.	无人机供养.
242	Intercept signals.	拦截信号
243	Supply lines.	供应线。
244	Fills into one operation picture.	填入一个操作图片。
245	With those object level permissions during the security work.	在安全工作期间使用这些对象级别的权限.
246	This is the descendant of the CIA years.	这是中情局的后裔
247	And it's the backbone of a system called Maven.	它是一个叫做马文的系统的骨干.
248	That by 2025 had over 20,000 US military users.	到2025年,美国军队的使用者超过20,000人。
249	When you hear Palantir help Ukraine.	当你听到Palantir帮助乌克兰。
250	While Palantir work with NATO.	在帕兰蒂尔与北约合作期间.
251	This is the product.	这是产品。
252	Product two.	产品二.
253	Foundry.	铸造业.
254	The exact same idea.	同样的想法。
255	Sold to companies.	卖给公司。
256	Airbus uses it to merge 25 data silos.	空中客车使用它合并了25个数据仓.
257	And help quadruple production of its A350 jets.	并帮助四倍生产其A350喷气式飞机.
258	And Ferrari's Formula One team runs car telemetry through it.	还有法拉利的公式一支队伍通过它运行汽车遥测.
259	Product three.	产品三。
260	Apollo.	阿波罗.
261	The one nobody talks about.	没人提起的那个
262	And quietly one of the most important.	并悄悄地其中最重要的之一。
263	Apollo is the delivery system.	阿波罗是传送系统.
264	The invisible maintenance crew that installs and updates Palantir software anywhere.	在任何地方安装和更新Palantir软件的隐形维护机组.
265	In the cloud, sure.	云中当然.
266	But also on a submarine.	也在潜水艇上
267	Or inside a classified facility that's air gapped.	或者在一个有空隙的保密设施里
268	That term just means a computer network physically disconnected from the internet.	这个术语只是指一个计算机网络与互联网的物理断开。
269	For security reasons.	出于安全考虑
270	Normal software companies update product over the internet.	普通软件公司通过互联网更新产品.
271	If there's no internet, they're stuck.	如果没有互联网他们就卡住了
272	Apollo is where Palantir can operate in places Google and Amazon simply cannot follow.	阿波罗是帕兰蒂尔可以在谷歌和亚马逊根本无法遵循的地方运行的地方.
273	Remember this in a few minutes.	几分钟后记得这个
274	It's about to become very relevant.	即将变得非常相关.
275	Product four.	产品四.
276	The newest.	新来者.
277	From 2023.	从2023.
278	AIP (英语).
279	The artificial intelligence platform.	人工智能平台.
280	And now the whole video snaps together.	现在,整个视频一起。
281	Remember our genius advisor with the 400 shoe boxes?	还记得我们的天才顾问吗?
282	AIP is what happens when you hand that advisor the map instead.	AIP是当你把地图交给顾问时会发生什么
283	Plug in an AI model.	插进人工智能模型
284	GBT风格.
285	From any provider.	从任何供养者.
286	And sadly it's not reasoning over internet's general knowledge.	可悲的是,它不是互联网一般知识的推理。
287	It's reasoning over your objects.	它的推理对于你的物体。
288	This patient.	这个病人。
289	This truck.	这辆卡车
290	This shipment.	这批货
291	It can spot the problem.	它可以发现问题。
292	Propose the action.	提议行动。
293	And here's the crucial detail.	这是关键的细节。
294	The map's permission system tracks everything it tries to do.	地图的许可系统追踪它所做的一切
295	And a human approve it before it happens.	人类在它发生之前就认可它
296	AI that can act.	能够采取行动的AI。
297	With guardrails built in.	里面有护栏
298	This is Palantir's actual answer to.	这是帕兰蒂的答案
299	Aren't you just an AI company?	你不是只是个人工智能公司吗?
300	They don't build a brain.	他们不建立大脑。
301	They build a body.	他们造了一个身体。
302	The eyes.	那个眼睛
303	The memory.	记忆
304	And the hands.	及手执.
305	That any brain get plugged into.	任何大脑都被插进去了
306	So let's finally answer the code open question.	因此,让我们最后回答代码开放问题。
307	Palantir卖什么?
308	An analogy.	类比.
309	Windows是一个操作系统.
310	The base layer of software that everything else on your computer runs on.	电脑上所有东西都运行的软件基层.
311	SAP.	(原始内容存档于2018-03-09). SAP.
312	The German giant.	德国巨人.
313	It's something like that for a company's finances.	这对公司的财务来说就是这样
314	Palantir is trying to be the operating system of the entire organization.	帕兰蒂尔试图成为整个组织的操作系统.
315	The base layer that a government or a company runs on.	政府或公司运作的基础层。
316	It's data.	数据
317	The decisions.	决定.
318	And now it's AI.	而今为AI.
319	It's a grand claim.	具大主张.
320	So let's stress test it the way an investor should.	让我们来测试一下投资人应该怎么做
321	Let's follow the money.	我们跟着钱走
322	How the money actually works.	钱是怎么运作的
323	Let's meet a fictional customer.	我们来见见一个虚构的顾客吧
324	Acme制造业.
325	Acme's journey is how Palantir turned the map into money.	艾米的旅程是帕兰蒂尔如何把地图变成金钱.
326	Step one.	第一步。
327	The bootcamp.	后备营。
328	For years Palantir's biggest problem was that.	多年来帕兰蒂尔最大的问题就是这个.
329	Its product took months to explain.	它的产品花了几个月的时间来解释.
330	In 2023 they found a fix.	2023年,他们找到了一个固定。
331	Stop explaining.	别解释了
332	Start showing.	开始显示。
333	A bootcamp is one to five days where Palantir engineers sit down with Acme's actual data.	一个靴子营是帕兰蒂尔工程师与艾克的实际数据坐在一起的一到五天.
334	And build a working prototype of the map.	并打造地图的工作原型.
335	Attacking a real problem Acme has had for years.	攻击一个真正的问题艾米已经经历了多年。
336	By day five.	于第五日时.
337	Acme isn't reading a sales brochure.	Acme没有看销售手册
338	It's staring at a partial solution.	它盯着一个局部的解决方案。
339	Palantir has run thousands of these.	帕兰蒂尔已经运行了数千个这样的。
340	It compressed a sales cycle that took a year into a week.	它压缩了一个销售周期,这个周期花了一年到一个星期.
341	Step two.	步骤二.
342	Land.	陆地
343	Acme标志.
344	Usually a multi-year contract.	通常为多年合同.
345	Often starting around one department.	经常从一个部门开始
346	Step three.	步骤三。
347	This is the engine.	这是引擎。
348	Expand.	展开。
349	The map is a bit like a road network.	地图有点像公路网
350	The more places it connects.	连接的地方越多.
351	The more value every existing connection becomes.	每个已有的连接都变得越值.
352	One department becomes five.	一个部门变成五个
353	One hundred users become a thousand.	百个用户成为千人.
354	New AI workflows get built on top.	新的AI工作流程在顶部建设.
355	Acme's spending grows year after year.	Acme的开支逐年增长.
356	Without Palantir having to win a new customer.	帕兰蒂尔没有赢得新客户
357	There's a number that measures exactly this.	有个数字精确地测量了这一点。
358	It's my favorite number in this entire story.	这是我在这个故事中最喜欢的号码.
359	It's called net dollar retention.	所谓净元持戒.
360	In plain English.	简单英语
361	Take only last year's customers.	只有去年的顾客。
362	No new logos allowed.	不允许新建标志。
363	And ask what they spend this year.	问他们今年花了多少钱
364	Palantir's latest figure.	帕兰蒂尔的最新人物.
365	One hundred fifty percent.	百分之一百五十百五百五百五百五百五
366	For every one dollar existing customer spent last year.	去年每花一美元就有一位顾客
367	They are spending one dollar and fifty cents now.	他们现在花一美元50美分。
368	That is elite.	这是精英。
369	One of the highest figures in all of software.	所有软件中最高的数字之一.
370	It's the financial fingerprint of the map getting harder to live without.	这是地图上的财务指纹越来越难生活没有。
371	Now question you should be asking.	现在,你应该问。
372	Of those four products.	这四种产品中。
373	Which one actually makes money?	哪个能赚钱?
374	Here's an uncomfortable disclosure.	这里有一个不愉快的披露。
375	Palantir won't tell you.	帕兰蒂尔不会告诉你的
376	There's no Gotham revenue number.	哥谭市没有收入号码
377	No foundry number.	没有铸币局的号码
378	Anywhere in their filings.	他们档案里的任何一处
379	What they report is just two halves.	他们只报告一半
380	Garment.	衣钵.
381	Which in practice means mostly Gotham and military systems.	这实际上意味着大部分哥谭市和军事系统。
382	Was fifty four percent of revenue last year.	去年收入的54%。
383	Commercial.	商业
384	Mostly foundry.	大多为铸造.
385	46%。
386	And AIP isn't a separate product line anymore.	AIP不再是一条单独的产品线了.
387	Every single commercial customer not use it.	每个商业客户都不使用它。
388	It's baked into everything.	烤入一切处.
389	So which is the main product?	那主要产品是什么?
390	Today.	今时.
391	It's Garment.	是衣钵.
392	The bigger, steadier half.	更大,更稳定的一半。
393	The one that pays the bills.	付账单的那个
394	The future is US commercial.	未来是美国商业
395	Only about one third of the businesses.	只有约三分之一的企业。
396	But growing one hundred thirty three percent.	但增长百分之一百三十三
397	More than twice the pace of everything else.	超过其他东西的两倍
398	And that's your translation layer for every Palantir headline from now on.	从现在开始每个帕兰蒂尔头条的翻译层都是你的。
399	Garment is the foundation.	衣钵为基.
400	American companies are the growth story.	美国公司是增长的故事。
401	Not a skeptical question.	非有疑问.
402	And it's a fair one.	且道个甚么道理.
403	Engineers embedded for months.	工程师嵌入数月.
404	Custom maps for every client.	每个客户端自定义地图。
405	Isn't this just a consulting firm in a software costume?	这不是个穿着软件服装的咨询公司吗?
406	Consulting is a fine business.	咨询是一个很好的业务。
407	But a mediocre investment.	但是平庸的投资。
408	Every new dollar requires new human hours.	每个新美元都需要新的人时.
409	The margin says no.	边际说不.
410	And margins are the tale.	边际就是故事
411	Drawing the map is the expensive part.	绘制地图是昂贵的部分。
412	But once it's drawn.	但一经画.
413	Setting more seats.	设置更多的座位。
414	More workflows.	更多工作流程.
415	More AI on top.	上面还有更多人工智能
416	Cost Palantir almost nothing extra.	帕兰蒂尔几乎没有额外损失
417	Gross margin.	毛边.
418	What's left of each revenue dollar after direct cost of delivering the product.	交付产品直接成本之后,每块收入美元剩下多少.
419	Rains about eighty percent.	降雨量约八成.
420	That is not a consulting number.	这不是一个咨询号码。
421	Consultancies live around thirty to forty percent.	咨询机构大约居住30%至40%。
422	That is a software number.	这是一个软件号码。
423	The consulting-looking work is the on-ramp.	外观咨询的作品是挂图.
424	The software is the highway.	软件为高速公路.
425	So product with brutal switching costs.	因此,产品与残酷的转换成本。
426	Customers that spend fifty percent a year on their own.	年薪百分之五十的客户靠自己
427	And software margins.	还有软件边际
428	Sounds like a mole to me.	听起来像是个内鬼
429	Which brings us to 2026.	这让我们到了2026年。
430	The year the story got weird.	这一年的故事变得很奇怪。
431	First, the numbers.	首先,数字。
432	Because they are, frankly, absurd.	坦率地说,它们很荒谬。
433	Q1 2026.	Q1 2026 (英语).
434	Revenue 1.6 billion.	收入16亿.
435	Up 85 percent from a year earlier.	比一年前增加了85%。
436	The fastest growth in its history.	其历史上增长最快.
437	At the biggest size it has ever been.	规模是有史以来最大的
438	Companies this large are supposed to slow down.	这么大的公司应该减速
439	Palantir is speeding up.	帕兰蒂尔正在加速
440	The U.S. commercial business.	美国商业.
441	Regular American companies.	美国正规公司.
442	The newest part of the story.	故事的最新部分.
443	Grew 133 percent.	长大了133%。
444	Government grew 84 percent.	政府增长84%。
445	Eight billion of cash in the bank.	银行80亿现金.
446	Zero debt.	零债.
447	Software investors use a quick health test.	软件投资者使用快速健康测试.
448	Called the rule of forty.	称四十之制.
449	Add a company's growth rate to its profit margin.	在利润率上加上公司的增长率.
450	And a good company cleared forty.	一个好公司清理了40个
451	Palantir's score is 145.	帕兰蒂尔的得分为145分.
452	That might be the best score ever posted by a software company this size.	这也许是如此规模的软件公司公布的最好成绩。
453	The government side kept compounding.	政府方面一直沉浸在其中
454	An army agreement worth up to ten billion dollars over ten years.	一份军队协议价值高达100亿美元在十年。
455	This is the ceiling.	这是天花板。
456	The maximum the army may spend.	军队可能花费的最大。
457	No money booked.	没订钱
458	Plus NATO.	加上北约
459	Plus a reported one billion dollar homeland security agreement.	再加上10亿美元的国土安全协议
460	And look closer at that list.	仔细看看名单
461	Because something strange is hiding in it.	因为有些奇怪的东西藏在里面
462	NATO.	北约
463	Britain's national health service.	英国国家卫生服务.
464	A 330 million contract.	3亿3千万合约.
465	German state police force.	德国国家警察部队.
466	Why is Europe running some of the most sensitive operations on American company software?	为什么欧洲在美国公司软件上运行一些最敏感的业务?
467	Because.	因为...
468	And I find this genuinely remarkable.	我发现这真的很了不起。
469	No European alternative exists.	没有其他欧洲选择。
470	A continent with the money.	一个带钱的大陆
471	The engineers.	工程师们
472	And every political incentive in the world to build its own version.	以及世界上每一个建立自己版本的政治激励.
473	Hasn't produced one in 20 years.	已经20年没生产了
474	SAP keeps Europe's books.	SAP保存着欧洲的书籍.
475	Nobody in Europe draws the map.	欧洲没有人画地图。
476	If you want evidence to mold it real.	如果你想要证据来塑造它的真实。
477	That's the strongest I can offer you.	那是我最能给你的
478	The customer who most want to leave.	最想离开的客户
479	Can't.	没办法。
480	But it casts both ways.	但它是双向的。
481	European politicians hate this dependency.	欧洲政治人物讨厌这种依赖.
482	Sovereign debates flare up around every contract.	主权辩论在每份合约上都爆发
483	And that NHS deal faces a formal review next year.	而NHS交易明年面临正式审查.
484	Which brings us to June 29th.	这让我们到了6月29日。
485	Because Palantir's next announcement was engineered to answer exactly this objection.	因为帕兰蒂尔接下来的宣布是设计来准确回答这个反对意见的.
486	And then came an announcement that ties this entire video together.	然后宣布把整个视频联系起来。
487	帕兰蒂尔和NVIDIA.
488	The company that makes the chips powering the AI boom.	制造芯片为AI繁荣提供动力的公司.
489	Launched a joint system.	推出联合系统.
490	What is called sovereign AI.	所谓的主权AI。
491	In plain English.	简单英语
492	AI that the government fully owns and runs in its own walls.	阿联酋政府完全拥有并运行在自己的墙壁上.
493	On its own computers.	在自己的电脑上。
494	Where the data legally cannot leave.	数据在法律上不能离开的地方。
495	No standing questions to open-air servers.	对露天服务器没有问题
496	The brain lives in the vault.	大脑住在金库里
497	And who is the one company whose software already runs in vault?	软件已经在金库里运行的公司是谁?
498	AirGap (英语).
499	Classified.	已分类.
500	Submarine grid.	潜艇网.
501	That's Apollo.	那是阿波罗
502	That's a CIA apprenticeship.	那是中情局的学徒
503	20 years of the hardest weirdest work in so far.	20年来最怪异的作品
504	Became overnight.	成为一夜之间。
505	The front door to what analysts project.	分析员预测的门
506	Could be a several hundred billion dollar market.	可能是几千亿美元的市场
507	That projection is a third party crystal ball stuff.	投影是第三方晶体球的东西
508	Not Palantir's promise.	不是帕兰蒂尔的承诺。
509	But the strategic logic is real.	但战略逻辑是真实的。
510	And one more thing.	还有一件事
511	Palantir named the new offering the sovereign AI operating system.	帕兰蒂尔将新的提议命名为主权AI操作系统.
512	The framing I have been building this entire video.	我制作这整个视频的设定
513	After years of marketing arguing about what this company is.	经过多年的营销争论公司是什么。
514	Palantir just printed the answer on the label.	Palantir刚把答案印在标签上
515	The market's verdict was immediate.	市场的判决是立即的。
516	The stock jumped nearly 8% in a day.	股票一天内猛增近8%.
517	Over 20 billion of value.	价值超过二百亿.
518	And if you have watched this series.	如果你看过这集的话
519	You can see the bigger picture snapping into place.	你可以看到,更大的画面迅速进入正题。
520	Remember the question on screen at the start.	记得屏幕上的问题吗?
521	Mote or myth.	摩忒或神话.
522	Here's the strongest honest version of each site.	以下是每个网站最强的诚实版本.
523	The bookcase rests on three pillars.	书架以三个支柱为基础。
524	Pillar one.	支柱一。
525	The map.	地图
526	Switching costs this high.	切换成本这么高。
527	With customers expanding 50% a year on their own.	顾客每年独自扩张50%
528	It's as close to a genuine moat as modern software gets.	和现代软件一样接近真正的护城河.
529	Pillar two.	支柱二.
530	The wall around the castle.	城堡周围的墙壁.
531	And here I want to answer the question smart skeptics always ask.	在这里我想回答聪明的怀疑者总是问的问题。
532	AI startups are everywhere right now.	AI的创业者现在到处都是。
533	And their contracts are far cheaper.	而他们的合同更便宜。
534	Why can't they take a slice?	为什么他们不能切片?
535	Three reasons.	三因缘.
536	And together they teach you how this entire market actually works.	他们一起教你整个市场如何运作。
537	First.	先说.
538	Emission critical software.	排放关键软件。
539	The sticker price isn't the cost that matters.	贴纸的价格并不重要
540	The cost of failure is.	失败的代价是。
541	A $10 million Palantir contract isn't competing with a $1 million startup contract.	一份价值1000万美元的帕兰蒂尔合同与一份价值100万美元的启动合同没有竞争
542	It's competing with a $1 million contract.	与100万美元的合同竞争.
543	Plus a multi-year integration project.	再加上一个多年融合项目.
544	Plus a risk that it breaks.	再加上它可能崩溃
545	And when a customer is a hospital or an army.	当顾客是医院或军队时
546	Breaks is measured in lives.	间断以众生为度量.
547	These buyers aren't shopping for a discount.	这些买家不是买折扣的
548	In this market.	在这个市场里
549	Cheap isn't the selling point.	便宜不是卖点
550	Cheap is actually a warning label.	便宜其实是一个警告标签。
551	Second.	第二处.
552	The paperwork moat.	文书护城河。
553	To run software on classified US government networks.	在机密的美国政府网络上运行软件。
554	You need security accreditation.	你需要安全认证。
555	That take years of audit.	这需要多年的审计。
556	Clear personnel.	清除人员
557	And government trust to earn.	和政府信任来赚钱。
558	At the very highest level.	在最高层
559	Exactly three companies on earth hold them.	地球上有三家公司在抓他们
560	Palantir.	帕兰蒂尔.
561	Microsoft.	微软.
562	And Amazon.	还有亚马逊
563	A startup with a genuinely better product.	以真正更好的产品开始。
564	Cannot legally bid on the work.	无法合法出价
565	The mold is a decade wide.	模具宽十余丈.
566	Before the product comparison even begins.	在产品比较开始之前
567	Third.	第三个
568	And you almost know this one.	你几乎知道这个。
569	A cheaper AI model is just a cheaper brain.	一个更便宜的AI模型只是一个更便宜的大脑.
570	The hard part was never the brain.	最难的不是大脑
571	It's drawing the map.	其画图.
572	And 20 years of map drawing tools don't appear in a C round.	而20年的地图绘图工具并没有出现在C回合中.
573	Now the honest caveat that keeps this analysis worth your time.	现在,诚实的提醒保持这个分析值得你的时间。
574	Everything I just said.	我刚才说的每句话
575	Means the real threat is not the startup.	意味着真正的威胁不是启动。
576	It's Microsoft.	这是微软。
577	The one competitor with the clearances.	一个竞争者与许可。
578	The customer relationships.	顾客关系
579	And every incentive to bundle a good enough version.	和所有的激励捆绑一个足够好的版本。
580	Into contracts company already paid for.	进入合同公司已经支付。
581	If Palantir ever loses its market.	如果帕兰蒂尔失去市场
582	It won't be to something cheaper.	它不会是便宜的东西。
583	It will do something already installed.	它会做一些已经安装。
584	Watch Microsoft.	央视微软.
585	Not a startup.	不是开始
586	Pillar three.	支柱三。
587	The money machine.	钱机.
588	When revenue grow 85%.	当收入增长85%时.
589	And cost grow 24%.	成本增长24%。
590	Profit doesn't rise.	利养不升.
591	It erupts.	它爆发。
592	If AI adoption by governments and giant companies.	如果AI被政府和巨型公司采纳.
593	Is a decade long wave.	是十年之久的浪潮。
594	Palantir has positioned itself as a toll booth.	Palantir将自己定位为收费亭。
595	Not a bad case.	不错
596	Risk one.	风险一号
597	The price.	价钱
598	Around 300 billion dollars.	约三千亿.
599	Palantir trades near the 40x as annual revenue.	帕兰蒂尔在40x附近进行贸易,作为年收入.
600	Not profit.	不是利润
601	Revenue.	收入。
602	And 75 to 90x next year's expected earnings.	和75到90x明年的预期收入。
603	In translation.	译中.
604	Today's price already assume years of near flawless execution.	今天的价格已经假定了几年几乎完美无缺的处决。
605	Pay a price that assumes perfection.	付出一个完美的代价
606	And even good news can lose you money.	甚至好消息也会失去你的钱
607	This is exactly this year proved.	今年正是如此。
608	The business kept beating.	生意继续打
609	And the stock still fell 25%.	而股票仍然下跌25%.
610	Because when perfection is prepaid.	因为当完美是预付的。
611	Being excellent counts as disappointment.	出色的状态意味着失望。
612	Risk two.	二号险.
613	Dilution.	疏减.
614	Palantir pays employee heavily in newly created stocks.	帕兰蒂尔在新创造的股票中向雇员支付巨额报酬.
615	Nearly 700 million worth last year.	去年价值近7亿.
616	Think of your investment as a slice of pizza.	把你的投资当披萨
617	Issuing new shares cuts the same pizza into more slices.	发行新股将同样的披萨切成更多片.
618	And your slice quietly shrinks.	你的切片静静地收缩。
619	The slice has slowed to a few percent a year.	切片已经放缓到每年几 %。
620	But it compounds.	但它会复合。
621	And it makes the company's preferred profit numbers look prettier.	这让公司的首选利润数字看起来更漂亮.
622	Than the strict accounting ones.	比严格的会计。
623	Risk three.	风险三。
624	Politics and one strange man.	政治和一个奇怪的人。
625	Over half of revenue come from governments.	一半以上的收入来自政府。
626	That's a moat.	这是护城河。
627	And the vulnerability.	和脆弱性。
628	Palantir work with ICE.	帕兰蒂尔与ICE合作.
629	Which makes it a protest target.	这使得它成为一个抗议的目标。
630	It's huge UK health service contract.	这是庞大的英国保健服务合同.
631	Fits a review next year.	明年的检讨
632	And Alex Carp.	还有亚历克斯·卡普
633	The philosopher.	哲学家.
634	It's a genuine double edged sword.	这是一把真正的双刃剑。
635	His army of fans hype the stock for free.	他的粉丝军团免费高喊股票.
636	And his provocations generate high-line risk.	而他的挑衅行为也造成了高线风险.
637	No model can price.	没有模型可以定价。
638	Here's my honest opinion.	这就是我诚实的意见。
639	The moat looks real.	护城河看起来很真实。
640	And the price looks extreme.	价格看起来非常高
641	Both are true.	两者都是真的。
642	Which means the bulls and the bears are mostly arguing past each other.	也就是说公牛和熊大多相互争吵
643	The bulls are right about the company.	公牛们说对了公司
644	The bears are right about the stock.	熊们对股票的看法是对的
645	Your answer to moat or myth.	你对护城河或神话的回答。
646	较少依赖Palantir的软件.
647	And more on what you're willing to pay for future.	更多关于你愿意为未来付出的代价。
648	That in fairness is arriving.	公平的原则已经到了。
649	Just already fully priced.	刚刚完全定价。
650	So here are the six numbers to watch every quarter for earnings call.	所以这里有六个数字,每个季度都要看收入呼吁。
651	First one.	第一个
652	US commercial growth.	美国商业增长.
653	Now 133%.	现在133%。
654	This is a thesis.	这是一篇论文。
655	If it slips, the story is changing.	如果它滑倒,故事正在改变。
656	Second.	第二处.
657	Net dollar retention.	净美元留存.
658	Now it's 150%.	现在150%。
659	And the 120% means the map is losing its pull.	而120%意味着地图正在失去它的拉力.
660	Three.	三个
661	The rule of 40 score.	规则40分。
662	Now 145.	现在145。
663	Direction matters more than level.	方向比水平更重要。
664	Four.	四门.
665	Remaining deal value.	剩下的交易价值。
666	Contracts signed but not yet counted as revenue.	签署但尚未算作收入的合同。
667	Over 11 billion.	超过一百八十亿.
668	This is the highlights.	这是重点。
669	Five.	五门.
670	Big deals.	大买卖.
671	Contracts over 10 million each.	每个合同超过1000万
672	Breath means the boot camps keep converting.	呼吸是指靴子营不断转换.
673	Six.	六门.
674	Stock pay as a share of revenue.	股票付款占收入的份额。
675	Around 12%.	大约12%。
676	Watch that number carefully.	小心那个号码
677	那么Palantir到底卖什么?
678	No artificial intelligence.	没有人工智能。
679	No consulting.	没有咨询。
680	It sells the map.	其卖地图.
681	Living model of an organization that humans and AI can act on.	人类和AI可以采取行动的组织的生活模式。
682	An operating system for institutions.	机构操作系统。
683	And as of this summer, that's literally what it says on the label.	从今年夏天开始标签上写着这个
684	Whether that's a 300 billion map.	这是否是三千亿地图.
685	That's the question of the next few years of earning will answer.	接下来几年的收入问题就会解决.
686	And now you know exactly which numbers to look at.	现在你知道该看的是哪个数字了
687	If you find this video helpful, please subscribe and I'll see you in the next one.	如果你觉得这段视频有帮助,请订阅,下段见.

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