Prediction: 2 Artificial Intelligence (AI) Stocks Will Be Worth More Than Palantir Technologies by 2030

Palantir Technologies shares have advanced 1,760% since the launch of its artificial intelligence platform in April 2023. Its market capitalization now stands at $369 billion as of September 8, which puts it among the 30 largest public companies in the world.

I think Shopify (NASDAQ: SHOP) and Uber Technologies (NYSE: UBER) can surpass Palantir's current market capitalization within five years. Here's what that means for shareholders:

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• Shopify is worth $189 billion. Its market value must increase 96% to hit $370 billion, in which case the stock would return more than 14% annually over the next five years.
• Uber is worth $197 billion. Its market value must increase 88% to hit $370 billion, in which case the stock would return more than 13% annually over the next five years.

Importantly, the S&P 500 (SNPINDEX: ^GSPC) has historically advanced roughly 10% per year, so my predictions almost certainly imply market-beating returns for Shopify and Uber shareholders. Here's why I'm confident.

Image source: Getty Images.

1. Shopify

Shopify reported excellent financial results in the second quarter, beating estimates on the top and bottom lines. Revenue increased 31% to $2.6 billion as growth accelerated across North American, Europe, and Asia-Pacific. Non-GAAP net income increased 35% to $0.35 per diluted share.

The investment thesis for Shopify centers on its leadership in e-commerce software. Its platform helps merchants manage their businesses across physical and digital storefronts from a single dashboard. The company also provides adjacent solutions for payments, advertising, logistics, and cross-border commerce.

Shopify is focused on several strategic growth areas, including business-to-business (B2B) commerce, a category that is three times bigger than business-to-consumer (B2C) commerce and growing just as quickly. Forrester Research last year recognized Shopify as a leader in B2B commerce solutions, validating its push into the market. The company said B2B sales increased 101% in the second quarter.

Shopify is leaning into demand for artificial intelligence (AI). Shopify Magic is a suite of AI features that help merchants automate tasks like writing product descriptions, generating marketing content, and providing customer support. Additionally, the company earlier this year introduced an AI tool that builds entire online storefronts from a few keywords.

Wall Street expects Shopify's earnings to increase at 34% annually during the next three to five years. That makes the current valuation of 81 times earnings look somewhat expensive. But if Shopify meets the consensus estimate, its price-to-earnings multiple could fall to 38 while its market value increased 100% to $378 billion by mid-2030. That means Shopify can surpass Palantir's current market value within five years.

2. Uber Technologies

Uber reported encouraging financial results in the second quarter. beating the consensus estimate on the top line and matching the consensus estimate on the bottom line. Revenue increased 18% to $12.7 billion, an acceleration from 14% growth in the previous quarter, because of strength in the mobility and delivery segments. GAAP net income increased 34% to $0.63 per diluted share.

Uber may not be top of mind when investors think about artificial intelligence stocks, but the company uses AI to set prices, match drivers and riders, and optimize routes. Moreover, its position as the largest on-demand mobility and delivery platform in the world makes it an ideal partner for autonomous driving companies that want to commercialize robotaxi services.

Uber has partnered with 20 autonomous driving companies, including Alphabet's Waymo, Pony AI, and WeRide. Robotaxis are already available on its platform in four markets: Atlanta, Austin, and Phoenix in the United States; and Abu Dhabi in the United Arab Emirates. Uber expects about five more deployments in 2025, with more to follow in 2026.

Additionally, Uber in some cases is helping partner companies develop autonomous driving technology. "An underappreciated aspect of our strategy is just how central we are to the real-world AI revolution," said CEO Dara Khosrowshahi in prepared remarks. "The advanced AI systems that perceive, predict, and make split-second decisions on the road need enormous amounts of data, and Uber has the most relevant mobility ride-hail dataset in the world."

Wall Street expects Uber's earnings to increase at 22% annually over the next three to five years. That makes the current valuation of 16 times earnings look relatively cheap. And if Uber meets that consensus, its price-to-earnings ratio could fall to 12 while its market value increased 105% to $387 billion by mid-2030. That means Uber can surpass Palantir's current market value within five years.

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Trevor Jennewine has positions in Palantir Technologies and Shopify. The Motley Fool has positions in and recommends Alphabet, Palantir Technologies, Shopify, and Uber Technologies. The Motley Fool has a disclosure policy.