2 November 2026
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The information in this presentation represents our views as of November 2, 2026, the date of this presentation.
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Palantir Technologies Inc. (PLTR)
Palantir just had the best quarter in its history and lost $30B in value overnight. Apple beat too, and it’s down 4%. In both cases, the number that tells you about the FUTURE is the problem. Start with Apple... Earnings beat, $2.10 vs $2.00 expected. But 5 cents of that came from tariff refunds. Take those out and the beat was tiny. China sales came in at $17.5B when Wall Street wanted $18.7B. Japan missed too. Apple guided its margins lower for the holiday quarter because memory chips are getting so expensive, and they’re expensive because AI is sucking up the supply. I talked about this back in September. Apple ran up as the place to hide from the AI trade. Turns out it can’t hide... AI is hitting its margins too. Now Palantir. Sales up 96% to $2.3B, earnings beat, guidance raised AGAIN to $8.5B for the year vs $8.2B expected. Sales to US companies are now bigger than its government business for the first time EVER. Incredible quarter. But new contracts tell you what’s coming next, and those slowed to a crawl... total new deals grew 6%, after growing 49% the quarter before. New deals with US companies grew 11%, after 153%. Deals over $10M fell from 73 to 64. Management says customers are starting with shorter contracts. Could be right... But at over 40x sales, nobody is giving Palantir the benefit of the doubt in this market. Investors are looking for any reason to sell tech right now, and one soft number on the future is all it takes.
— Frank Curzio (@FrankCurzio) November 3, 2026
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