While Palantir Technologies has enjoyed a meteoric rise with its stock soaring nearly 1,700% since early 2023, several AI competitors are positioned to overtake the data analytics giant.

Let’s be honest—Palantir’s $195 billion market cap looks pretty absurd compared to its $2.8 billion in revenue and $462 million in net income. That’s astronomical. Like, to-the-moon-and-back astronomical.

Palantir’s valuation defies gravity—70x revenue and 422x earnings isn’t investing, it’s fantasy.

Qualcomm is making serious moves in the AI space. Its QCT segment jumped 20% in revenue, and the company’s Snapdragon processors are becoming must-haves in high-end devices. Trading at a P/E of just 14.3, Qualcomm isn’t priced like it’s selling flying cars. Wall Street thinks its market cap could hit $230 billion. Not too shabby.

Then there’s Adobe. Remember them? The PDF people? Well, they’re not just about PDFs anymore. Their digital media segment grew 11%, and they’re pumping serious cash into generative AI tools. They’ve launched GenStudio and are betting big on AI-powered marketing solutions.

Adobe’s established position means customers stick around. Their industry-standard creative tools like Photoshop and Illustrator give them significant competitive advantages in the market. They’re not going anywhere, and their valuation could blow past $240 billion.

Don’t forget AMD. Currently valued at $158 billion, this chip supplier is expected to grow earnings by 42% annually over the next few years. For context, that’s massive. They’re trading at a forward P/E of about 21—practically a bargain in today’s market. Their data center revenue saw impressive growth of 69% year over year in Q4, reaching $3.9 billion.

The AI landscape isn’t just about fancy valuation numbers. It’s about substance. Innovation. Actual products people use. Widespread AI adoption in devices will drive growth for these companies, while Palantir investors might be in for a reality check.

Bottom line: When stocks trade on hype rather than fundamentals, gravity eventually wins. These competitors offer more reasonable valuations with equally impressive growth potential. Palantir had its moment in the sun. Now it’s time for others to shine.