Application Software

Palantir Tech

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1210 | Dolphin Research Focus: 🐬 Macro/Industry 1) Market chatter suggests a RMB 400bn mortgage interest-subsidy program has been set. The standard subsidy rate would be 1%, while loans tied to risk regions and distressed developers could get 2%.No official document has been released yet. If implemented, it would directly lower borrowers' mortgage costs.Enhanced subsidies for risk regions and developer-linked loans would precisely ease localized housing-market stress and reduce developers' funding-chain risk. It would also support new-home demand...

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Mortgage subsidy rumors roil markets; Fed decision due tonight | Daily News Recap

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1104 ｜Dolphin Research Focus: 🐬 Stocks 1、$Amazon(AMZN.US) Amazon Web Services (AWS) announced the signing of a $38 billion (approximately RMB 270 billion) computing power contract with OpenAI. OpenAI will immediately utilize hundreds of thousands of NVIDIA GPUs from AWS, which can be expanded to tens of millions of CPUs in the future. AWS will also build dedicated infrastructure to support model training and inference tasks. For AWS, this move is a key response to the rapid growth of Microsoft Azure and Google Cloud...

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AWS & OpenAI Ink Computing Agreement; Ele.me Starts Name Change｜Today's Important News Recap

Palantir

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The following are the minutes of the FY25Q3 earnings call for $Palantir Tech(PLTR.US) organized by Dolphin Research. For earnings interpretation, please refer to &#34;Palantir: Valuation Too Advanced, Backlash is Coming.&#34; 1. Review of Core Financial Data Total Revenue: $1.181 billion, up 63% year-over-year, up 18% quarter-over-quarter, reaching a historical high, far exceeding expectations. U.S. Market: Revenue of $883 million, up 77% year-over-year, up 20% quarter-over-quarter, accounting for three-quarters of total revenue. 40 Rule Score: Reached 114 points, up 20 points quarter-over-quarter, setting a historical record...

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Palantir (Minutes): Customers are no longer satisfied with a single scenario but rather with a system restructuring.

Financial Analysis

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$Palantir Tech(PLTR.US) released its Q3 2025 earnings after the market closed on November 3rd, Eastern Time. Overall, the Q2 performance remains impressive. Although the guidance and operational indicators imply signs of slowing down, considering the management's consistently conservative guidance style and the short-term changes in the U.S. Department of Defense procurement process, the short-term disturbances are not a major issue. However, with a full valuation, the market will be more critical of Palantir. Reviewing past performance versus market reactions, it is not difficult to find that from the three quarters starting this year, as the valuation rises...

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Palantir: Expensive Valuation is Biting Back!

Palantir 3Q25 First Take: In the third quarter, Palantir delivered a set of results that exceeded expectations across the board, yet the market seemed to react negatively once again, as if the positive news had already been priced in. Looking back at past performance versus market reactions, it is not difficult to see that starting from this year, over the three quarters, as valuations have risen, the market has become increasingly 'immune' to Palantir's performance: In Q1, a minor flaw with a miss in the international commercial market led to a direct 12% drop post-earnings; Q2 saw record-breaking explosive results, but only a 5% increase in after-hours trading; and this time, Q3 still showed impressive results (flaws—net increase in contract balance slowed, guidance for Q4 growth did not accelerate, possibly due to seasonal factors and deliberate conservatism by management), yet the stock price even directly fell. Aside from the most critical fear of high valuations, Dolphin Research believes that the market still lacks a clear understanding of Palantir's market boundaries (is the TAM $100 billion or $1 trillion?), and relying solely on management's unofficial qualitative description of a tenfold increase in five years cannot be used as a certainty to factor into valuations. Therefore, to reduce unknown risks, some funds may prefer to cash in. Now let's look at the specific performance: 1. Current performance exceeded expectations across the board: The third-quarter performance was significantly better than expected in both revenue and profit. Government revenue accelerated quarter-on-quarter, with international government revenue growth even surpassing that of the U.S. government. Commercial revenue also accelerated, including a slight decline in the base which contributed to the growth. By market, U.S. commercial growth once again soared to 122%, and international commercial growth began to rebound to positive growth. However, Palantir's deep ties with the U.S. defense and security departments may still affect the willingness of corporate clients outside the U.S., especially in Europe, to cooperate. The profit side is where Palantir has consistently performed relatively well. Although the product service is more customized (relying on professional engineers FDEs for initial deployment), logically, the growth trend of labor costs should change in sync with revenue growth, but actual expense growth between quarters has remained stable and significantly lower than revenue growth. The third-quarter GAAP operating profit margin increased by 7 points to 33%, and the fourth-quarter guidance implies that the profit margin will continue to increase by 2 percentage points. 2. Guidance growth slightly slowed: The median growth rate for fourth-quarter guidance is 61%, slightly slowing compared to the third quarter's 63%, which may become a point for the market to nitpick. But considering Palantir's past seasonal fluctuations, and due to the U.S. Department of Defense reforming procurement processes, leading to a temporary pause in procurement actions, it may also have some drag on fourth-quarter performance. However, Dolphin Research believes these are still short-term disturbances and will not change Palantir's long-term trend (the Department of Defense procurement process reform is actually beneficial to Palantir). 3. Operational indicators are healthy: Whether it is the number of customers or the amount of new orders, they are in a state of healthy growth, reflecting strong current demand. But under high valuations, the market may not be satisfied with the net increase in contract balance and the lack of acceleration in order flow quarter-on-quarter. $Palantir Tech(PLTR.US)

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0918 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%~4.25%, marking its first rate cut since December 2024. The latest dot plot suggests two more 25bp rate cuts within the year. Meanwhile, the Hong Kong Monetary Authority has reduced the benchmark interest rate by 25 basis points to 4.50%. The rate cut is in line with expectations, but Powell stated that there is &#34;no need for rapid rate adjustments,&#34; downplaying expectations of continuous easing. 🐬 Individual Stocks 1. $Meta Platforms(META.US) September 18...

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Meta's 'Glasses Family Bucket' shines brightly on the streets; Tencent's AI capabilities are fully open | Today's Important News Recap

The following are the minutes of the FY25Q2 earnings call for $Palantir Tech(PLTR.US) organized by Dolphin Research. For an interpretation of the earnings report, please refer to &#34;Palantir: Worthy of the AI Application Leader, Guidance Flaws Are Not an Issue.&#34; 1. Review of Core Financial Information a. 3Q25 Guidance: a. Revenue: $1.083-$1.087 billion (QoQ +8%+, YoY +50%), marking the highest historical QoQ growth guidance. b. Adjusted Operating Profit: $493-$497 million...

Palantir (Minutes): Projecting a 10-fold increase in U.S. revenue over the next 5 years

Palantir released its Q2 2025 earnings after the market closed on August 5th, Eastern Time. Overall, the Q2 performance remains impressive. Although the guidance suggests that the peak is near and a slowdown is imminent, the overall operational status is healthy, especially as some issues that appeared in Q1 have been largely resolved. Considering the current government's positive attitude towards AI and defense investments, as well as the still significant TAM in the ToB space, it is not impossible for future results to continue to beat guidance. Specifically, the core information from the financial report: 1. Strong demand from U.S. enterprises: The performance of ToB is the most critical...

Palantir: Deserving the Title of AI Application Leader, Guidance Flaws Are Not an Issue

Palantir 2Q25 Earnings Quick Interpretation: The second quarter performance was good, including the current period and the upward revision of guidance for Q3 and the full year 2025. However, despite the excellent earnings beat, the market reaction this time was relatively subdued compared to usual (only up 4% after hours). 1. Reasons for the &#34;Flat&#34; Market Reaction – Expectations of Approaching Peak Growth + High Expense IncreasesWhile a large market capitalization and high valuation are certainly key reasons for the post-earnings weakness, Dolphin Research believes some &#34;flaws&#34; in the earnings themselves might also be important influencing factors.(1) Based on the midpoint of the revised guidance, it is expected that after the Q3 growth peak, Q4 growth rate will begin to show signs of deceleration. &#34;When will growth decelerate&#34; is the biggest factor impacting current valuation. After the Q1 earnings report, PLTR rose another 30%, and its current market cap of $380 billion implies a 2026 PS ratio of nearly 67x. Under high valuations, the tolerance for error is lower, so the market will be more focused on and concerned about signs of slowing growth in the short term.(2) At the same time, the guidance also implied a sequential decrease in Q3 operating profit margin due to personnel additions. However, the guidance also indicated that profit margins would recover somewhat in Q4.However, Dolphin Research believes that Palantir's management guidance has consistently been conservative, possibly leaving room for upside. Therefore, this slight deceleration signal is not strong enough. The relatively flat market reaction is essentially due to investor apprehension about the high valuation.2. Nevertheless, Fundamentals Remain Healthy, Reflecting Industry Prosperity and the Company's Product Competitiveness:(1) From an operational metrics perspective, both customer count and new order value show a very strong accelerating growth, indicating robust current demand.(2) Growth is primarily driven by commercial revenue, especially US domestic B2B enterprise orders, which surged by 92% year-over-year. The decline in international enterprise demand has narrowed, and combined with new order trends, it is expected to resume growth soon.(3) Government revenue is also strong, with a 43% growth rate in Q3, though it shows a slight sequential deceleration. However, government revenue does not follow a linear trend, so short-term fluctuations are normal. Given the current government's attitude towards AI and its emphasis on defense spending, future growth has some assurance.(4) Current period expense growth was restrained, leading to a 5 percentage point sequential increase in operating profit margin, reaching 49%.

Below is the Minutes of Palantir's Q1 2025 earnings call. For financial report analysis, please refer to &#34;Palantir: 'DOGE + Tariffs' Double Blow, Will the AI Faith Fall from the Altar?&#34; I. Key Financial Indicators II. Management Report Strong Q1 performance with significant momentum. We continue to maintain an excellent position in the U.S., with our &#34;Rule of 40&#34; score increasing from 81 in Q4 to 83 last quarter. Although some organizations may consider cutting costs to improve efficiency or cope with increased environmental volatility...

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