In short: Named with ServiceNow as a potential compute "middleman": route thousands of clients' AI compute through one platform, negotiate the price down, and get more embedded, positioning software to win as compute pricing falls.
Palantir builds data and AI platforms for governments and corporations. Taylor names it alongside ServiceNow as a likely "middleman" in AI: a company already embedded with customers that can aggregate their AI computing needs, drive down what they pay the data-center owners, and deepen its own role. If computing power becomes a surplus commodity, he expects companies that control the customer relationship to win and landlords of the chips to lose.
22:53They're actually going to be the middleman. So they have access to tens of thousands of companies, and they're already there embedded. What if they come and say, hey, you're paying all this for all this compute? Why don't we aggregate it with 10,000 other companies and get a better price for you? And you can route it through us and lower the price.
In short: Target raised to $250 from $200 at DA Davidson (reiterated Buy); Simpson owns it and buys the theme over the multiple. "That's a huge price increase, Scott. This stock's trading around 166, 167. If you look at the multiple, it's stretched. The valuation is certainly demanding. But having said all that, I think they are the place to go, especially for AI sovereignty… and deployment. So this is a government contract, a consumer contract. This is a platform that I think everyone is gravitating towards. And I think more and more portfolio managers will be adding this to the portfolio." The argument is ownership-flow plus category position, explicitly not valuation.
Palantir sells software that pulls an organization's scattered data into one place so it can be acted on — originally for defence and intelligence agencies, now for corporations too. "AI sovereignty" means a government wanting AI systems it controls on its own soil, rather than renting from a foreign cloud; Simpson thinks Palantir is the default supplier for that.
He is candid that the price is rich — the stock is around $166 while the new target is $250, and he calls the valuation "demanding." His argument is not that it is cheap but that ownership keeps broadening: more professional managers will feel they have to hold it. That is a flows argument, and it works until it doesn't.
In short: A one-line aside from Nathan during a digression about renaming products, with an audible eye-roll and no investment content: "it's like Palantir, those geniuses over there, they call their big AI platform AIP. That's what they call it. That's pretty unique." Recorded for completeness — this is a jibe, not a view.
28:35I think — I don't know. It's me. I don't know. — But maybe I don't know. It's like Palantir, those geniuses over there, they call their big AI platform AIP. That's what they call it. That's pretty unique. So Meta, the Facebook as you refer to it, — I'll never, I think you know me by this point.
In short: Used as the precedent in the Broadcom debate, and as an admission. Someone put the bull case to Terranova as "why can't this be the next Palantir?" — his reply: "well, I sat out on the sidelines for Palantir. Palantir had a nice post earnings bounce because the stock was washed out on really strong earnings." He notes it is "down 7% today," which is the point: the washed-out-into-a-good-print pattern produced a bounce, not a trend. No stance on the stock itself — it is cited as evidence about a setup he passed on.
Palantir turns up as the analogy someone used to talk Terranova into Broadcom: a heavily-sold stock that reported strong earnings and bounced hard. "Why can't this be the next Palantir?"
His answer is an admission — he sat that one out — and then a correction to the analogy. Palantir's bounce happened because the stock was washed out going into a strong print, and it is down 7% today, which is the useful detail: the pattern produced a bounce, not a new trend. Borrowing a setup from a name where it "worked" requires knowing what actually happened afterwards, not just on the day.
In short: Terranova calls it "the signature of that move" in software; Wapner notes Loop Capital reiterated today with a $220 price target, and that "Palantir's robust rebound has meant everything for this space." Talkington makes the case: "a lot of people mistakenly shorted the stock. This has been the original AI software application company. They are AI neutral. They execute for the government, they pivoted their business two years ago to go to the corporate side, and they're growing earnings and revenues exponentially. I think this is still a great name to own — and be careful what you short, because this name continues to go the opposite of where the shorts have wanted it to go."
Palantir builds software that pulls messy data from many systems into one place so organisations can act on it — originally for governments, and for the last couple of years increasingly for companies. Loop Capital repeated a $220 price target today, and Terranova calls the stock "the signature" of the software sector's recovery: when Palantir moves, the group moves.
Talkington's point is about the other side of the trade. A lot of investors have bet against this stock — borrowing shares to sell them, hoping to buy back lower — and have been repeatedly run over. Her reasoning for why they keep being wrong: Palantir is deliberately neutral about which AI model wins, so it benefits from AI adoption without needing to pick a horse, and revenue and profits are still growing very fast. Her warning is practical: "be careful what you short."
In short: Guest: "two sides of the same enterprise coin" — Palantir's ontology owns supply-side/operational intelligence, Zeta the consumer demand side; a client who permits both to talk gets "enterprise intelligence… we have not seen before." Palantir won't own a proprietary data asset, so it is a partner, not an acquirer. Carlson: "a unicorn" at ~100× sales — "if you didn't get in early" the fresh-money return is not optimal today; its holders "go to the church more than religious people do."
Palantir builds software that pulls together everything happening inside a large organization — trucks, inventory, staff, supply chains — into one live model that managers can reason over. The guest calls that the "supply side" of a company, and Zeta the "demand side" (what customers want). A company that uses both and lets them share information could plan with a view no one has had before, which is why he sees their partnership as good for both stocks.
Carlson admires Palantir but points to its price: at around 100 times sales, most of the easy money went to early buyers. That is exactly why he sees Zeta's appeal — a smaller company telling a similar story at a much lower valuation, the way AMD caught the overflow of the Nvidia boom.
In short: Explicitly not owned: "even Palantir, although we don't own it, rallied about 40% on earnings" — cited as evidence of how violent the post-liquidation software/momentum squeeze was.
8:27Even Palantir, although we don't own it, rallied about 40% on earnings. And for those of you who don't know what happened, in late July of 2026, Ken Griffin acquired the public equity portfolio of Situational Awareness, which was the AI focused hedge fund run by the former OpenAI researcher Leopold Aschenbrenner after he suffered heavy losses.
In short: Terranova's flagged name from last week and his exhibit A for the market's alpha hunt: "I told you last week about Palantir" — up more than 30% on the week. Renick: options volume more than double the 30-day average as the stock pushes toward year-to-date highs, calls-to-puts 2-to-1, and the combined Palantir/Microsoft premium near $1B on the day — "fairly aggressive bullish action."
Palantir sells data-analysis software to governments and large companies. Joe Terranova flagged it on the show the previous week, and it then rose more than 30% in five sessions — his showcase example of the pattern he hunts: a stock that has lagged badly, where fresh buying momentum suddenly appears.
Options traders piled in behind it: volume more than double the normal daily average, twice as many bullish call options as bearish puts, and the stock pushing toward its highs for the year.
In short: Q2 revenue $1.94B, +93% y/y, adjusted free cash flow $1.22B at a 63% margin and "a rule of 40 score of 155%. So very, very strong" — the stock up ~40%, its best day since April 2025, with Karp talking up unleashed sovereign-AI demand. Also the squeeze that cost Michael Burry money. Deck page 43.
Palantir sells data-analysis software to governments and large enterprises. Its quarter was exceptional by any measure: revenue up 93% to $1.94 billion, and $1.22 billion of spare cash generated — a 63% cash margin, which is almost unheard of at that growth rate. The "rule of 40" combines growth rate and margin, and anything above 40 is considered excellent; Palantir scored 155.
The stock rose about 40%, its best day since April 2025, and in doing so inflicted large losses on Michael Burry, who was short.
Full passage: premium transcript (PDF).
In short: Up almost 39% on the week, adding another $14 today. Talkington: "it was about 20 points below the 200-day, looking terrible. I feel pretty confident you had a massive amount of short covering on those really solid earnings… but you've had follow-through, to me very important — just like Microsoft, all week." On the company: "Palantir is the original GOAT of AI software companies. They're model neutral — they don't care [which LLM] — and it's safety, security, government, corporate. It's still an expensive stock, but it's been a wonderful re-rating, and a re-rating of the technicals, which could bring people like Joe T in later on down the line if the stock continues to stay well above that 200-day." Renick's options: 1.1 million-plus contracts for over $600 million in premium, almost 90% of it calls, volume 4× the 30-day average, and the fourth most-traded stock in the market today after Tesla, NVIDIA and SpaceX. The biggest single trade — also the second biggest in the entire market — sold $101M of September-18 155 calls and bought $110M of December 175 calls: "a trade that fades some of this short-term upward volatility, but is not necessarily bearish." Talkington: "that's a good trade… I do think it can definitely go higher later on this year after it digests this really big move."
Palantir rose almost 39% in a week. Bryn Talkington separates the two forces at work. The first spike was short covering — investors who had bet against the stock being forced to buy it back after strong earnings, which inflates a move but doesn't sustain it. What convinces her is what happened afterwards: the stock kept rising all week. "You've had follow-through — to me, very important."
Her business argument is that Palantir is "model neutral": it sells the software layer that governments and corporations use to act on data, and doesn't care whose AI model sits underneath, so it isn't a bet on any one lab winning. Expensive, but re-rated — and, notably, re-rated technically, which "could bring people like Joe T in later on" if it holds above its 200-day average.
The options market went wild: 1.1 million contracts and over $600 million of premium, roughly 90% of it in calls, four times normal volume — the fourth most traded stock in the market. The single largest trade rolled a bullish position further out, selling September calls and buying December ones: a bet that the near-term surge cools but the trend continues.
In short: Sovereign AI. Q2 revenue +93% Y/Y to $1.94B ($130M beat) — the 12th consecutive quarter of acceleration — with adjusted EPS $0.41 ($0.06 beat), a Rule of 40 score up again to 155, and adjusted free cash flow of $1.22B at a 63% margin. The US is pulling away: US Commercial $764M (+149% Y/Y, +28% Q/Q) and US Government $809M (+90% Y/Y, +18% Q/Q) take total US revenue to $1.57B, +115% and now 81% of the business; international grew a much slower 33% to $363M, with CEO Alex Karp again dismissive of Europe ("The growth sucks"). The pipeline looks more bullish than the print: 220 deals closed at $1M+, 73 of them above $10M; US Commercial TCV (total contract value signed in the quarter) hit a record $2.13B, +153% Y/Y, and RDV (contracted revenue not yet recognized) climbed 124% Y/Y and 27% sequentially to $6.24B. The framing: customers want AI without handing proprietary data, workflows or competitive intelligence to frontier model providers, so AIP sits between the company and the models — swap LLMs, keep the data and operational logic in-house; Karp's version is that customers shouldn't become "vassal states of the language labs." The newsletter's tie-in to its own prior work: "tokens are the new coal" — models and tokens commoditize, so Palantir wants to own the governed operational layer where they turn into work. FY26 revenue guidance raised ~$500M to $8.15–$8.16B (82% growth, versus 71% expected three months ago), US Commercial now guided to grow at least 134% to more than $3.42B, adjusted FCF guidance to ~$4.6B (from ~$4.3B). Bottom line: "the fundamental story somehow keeps getting stronger" — US Commercial is 39% of the top line and FCF margins have crossed 60% — but the valuation is still extreme at nearly 80x FY26 EBITDA, against a company accelerating past 90% growth at nearly $8B of revenue while expanding margins. A disclosed author holding. (Analysis, not a stance call.)
Palantir sells software that sits on top of a company's or a government's own data and turns it into decisions — who to send where, what to order, which claim to flag. Sales grew 93% over the past year to $1.94 billion, and — unusually — the growth rate got faster for the twelfth quarter in a row. Most software companies slow down as they get bigger; Palantir keeps speeding up. It also throws off cash: $1.22 billion of free cash flow, 63 cents of every dollar of revenue.
Nearly all the growth is American. US business customers spent 149% more than a year ago and US government 90% more, so the United States is now 81% of the company. Europe grew a third as fast, and CEO Alex Karp's assessment was "the growth sucks."
Two forward-looking numbers matter more than the quarter. TCV is the total value of new contracts signed in the period — a record $2.13 billion from US commercial customers. RDV is contracted work already signed but not yet delivered or billed — $6.24 billion, up 27% in three months. Both are growing faster than reported revenue, which is why management could raise the year's forecast by about $500 million to roughly $8.15 billion.
The sales story Palantir now tells is "sovereign AI." The pitch: if you plug your business straight into a big AI lab's model, you hand over your data, your processes and effectively your competitive edge. Palantir's platform sits between you and the models so you can swap one AI model for another while keeping the data and the operating logic yours — Karp's phrase is that customers shouldn't become "vassal states of the language labs." The wider bet is that AI models themselves become cheap and interchangeable, so the money accrues to whoever owns the controlled layer where AI output becomes real work.
The catch is the price. At roughly 80 times next year's expected profits before interest, tax and depreciation, the stock demands near-perfection. The article's balance: an extreme valuation, but attached to an extreme business — accelerating past 90% growth at nearly $8 billion of sales while margins widen. The author owns it; analysis, not a recommendation.
In short: Flagged only as an event: "we also have today Palantir reporting their earnings. I'm not going to have the data to be able to go over this one by the time they report" — deferred to later in the week. No stance taken.
14:12Now, we also have today Palantir reporting their earnings. I'm not going to have the data to be able to go over this one by the time they report, but I'll be looking forward to talking about this one more later this week. Now, we get into two companies that I do own that are reporting later this week. We have Uber and DoorDash.
In short: Named among the 25 initial signatories of the open-weight letter (with Microsoft and Meta) that Jensen Huang amplified — placing the defence/government-facing data platform on the side of keeping downloadable, inspectable model weights legal, which is also the precondition for the disconnected and sovereign deployments its customer base requires. A disclosed author holding. (Referenced; not a stance call.)
In short: Luria's top-three winner: "there's really good software companies like Microsoft, especially Palantir." Alex Karp's pitch, translated by Ives/Luria: be model agnostic — put your data inside Anthropic's or OpenAI's model and "they know how your business operates," and if something happens to that model "you're screwed"; the value sits in the data and ontology, not the LLM.
Palantir builds the layer that sits between a company's own data and whatever AI model it uses — organising the data, defining what the terms mean, and running the workflows on top. Luria names it with Microsoft as one of the "really good software companies."
The pitch, as the guests translate CEO Alex Karp, is model agnosticism: don't wire your business directly into one AI provider. Two risks if you do. First, competitive — put your data inside a model company's system and "they know how your business operates," and they may later compete with you. Second, existential — "if you build your business on top of a model… and something happens to that model, you're screwed." Their live example: when regulators forced a change to one Anthropic model, any business built directly on it was suddenly out of business. Palantir sells the insulation against that.
36:06The companies are buying more and more. Those businesses are accelerating right now because of AI. And yet they're both trading at these very low multiples. And so that's where we see the dislocations. Not all software is the same. There's really good software companies like Microsoft, especially Palunteer, and there's not as good companies like Salesforce.
In short: Zeta's new JV partner and "a very nice endorsement" — but he is careful: Zeta "trades not quite at the multiples of Palantir and I'm not suggesting it ever will." His research team also tracks which companies are adopting Palantir, as the raw material for the enabled-vs-enabler screen.
55:46That's what we look for, right? It's founderled still. It's we think it can double or triple in size. They just did a JV with Palanteer. — I was just going to say that's a nice endorsement. — That's a very nice endorsement. Right. So Palanteer, so they trade not quite at the multiples of Palunteer and I'm not suggesting that they will ever will trade at the multiples of Palunteer, but we've been tracking at our research department, companies
In short: A Citi software top pick (with MDB, SNOW); Bryn holds it in the software basket. No fresh stance this episode.
In short: "Valuations DO matter" — down ~50% from highs (Burry partially covered his short and rotated into MSFT leaps). Singh had flagged it overvalued at ~300× forward EBITDA last October; now a ~quarter-trillion cap on ~$5B sales.
Full passage: premium transcript (PDF).
In short: Talkington (lowest since May '25): a good example of sentiment changing — it "comes back down to earth" and keeps making lower highs (rallying today with the software names). She sold a bunch (above and below here) but keeps the core long-term — "the ultimate original AI software company that's executing"; loves what Alex Karp and team are doing.
Palantir is a data-analytics and AI-software company, and Talkington's point is about sentiment: once the crowd's mood on a stock shifts, even a great company "comes back down to earth." It's at its lowest in over a year and keeps making "lower highs" (each rally peaks below the last — a weak technical pattern), bouncing today only because software names broadly rallied.
She has sold a chunk over time (both above and below current levels) but is keeping a core position for the long term because she genuinely admires the business — "the ultimate original AI software company that's executing," led by Alex Karp. So: trimmed on weak momentum, but a believer who isn't selling the rest.
In short: Brown's cautionary sentiment analog for Micron — ran $40→$200 at 200× earnings nine months ago, now down ~50%: once a name becomes "the most-owned stock," great prints stop being rewarded. Lebenthal: not apples-to-apples on the numbers.
In short: His prior winner bought at $6.34 — the FCF/share-inflection template: stock came down before FCF/share inflected, then the price followed. Also his word-of-mouth proof: Palantir had ~3 salespeople vs Snowflake/Databricks where ~70% were sales.
Palantir is Darnton's success-story template, not a new call. He bought it at $6.34 when the stock had fallen but its cash flow hadn't yet inflected — and once cash flow turned up, the price followed, exactly the pattern he says Duolingo is about to repeat. He also uses it to make a point about word of mouth: Palantir grew with only about three salespeople while rivals like Snowflake and Databricks needed roughly 70% of staff in sales. A product that spreads on its own, he argues, is telling you something real about its quality — and Duolingo, grown to 50M+ daily users on almost no marketing, is doing exactly that.
12:03Does that tell you anything about the business? As Jeff Bezos says very clearly, there's a quote that he uses about the importance of word of mouth and how word of mouth spread is indicative as to the utility and stickiness of a product. This is exactly what I saw, by the way, with Palantir at six.
In short: Insider-selling tell: CEO Alex Karp sold 585,000 shares for $96mn on Thursday — right after his "hubristic defiant" CNBC appearance two weeks earlier. Cited as one of the frothy AI-adjacent risk assets to keep in context.
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.