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Apparently, it’s 100% of their 13F-reported assets. One. Hundred. Percent. That’s… commitment. Or possibly desperation. I’m leaning towards the former, because frankly, throwing that much at one thing suggests someone’s done their homework. Or has a very convincing story to tell themselves. As of February 18th, 2025, shares were hovering around $20.59. A reasonable price, I suppose, for a slice of the digital banking pie. Though “reasonable” is subjective, isn’t it? Especially when you’re dealing with fintech.

A slight retreat in the share price this week, following the announcement of these figures, is a curious thing. A momentary hesitation, as if the market itself is pausing to catch its breath. It is as though even the most relentless of forces—demand, profit, the insatiable hunger for more—require a moment of stillness. But this pause, I suspect, is merely the gathering of momentum for another ascent.

The trifling inconvenience, of course, is time. These magnificent engines of power are not conjured into existence by a mere wave of the hand. Five years, the experts tell us, is the average gestation period for a new plant. A lamentable delay for those of us who prefer instant gratification, but scarcely a catastrophe for the discerning investor. Patience, after all, is a virtue – and a most profitable one, when coupled with a judicious selection of assets.

It appears the market, in its infinite wisdom, prefers companies that actually do things, rather than merely discuss doing things. A radical concept, admittedly. As of late Thursday, the shares had retreated nearly 9%, a figure that, while not catastrophic, suggests a certain coolness in the affections of the financial community. One can almost hear the collective sigh of accountants.

Mr. Karp, the company’s chief executive, suggests, with a dismissiveness that is almost charming, that conventional metrics are simply irrelevant in Palantir’s case. He implies, not unkindly, that the rest of us are viewing value through a clouded lens. A perfectly reasonable position, of course, if one believes oneself to be operating on a different plane entirely. But even the most ethereal of enterprises must, at some point, descend to earth.

Many a stock has swelled with this AI-infused air, from Nvidia itself to the likes of Palantir Technologies, Broadcom, and Micron Technology. A pleasing spectacle for those who partook, to be sure. The prognosticators now speak of a market reaching a staggering $5.3 trillion by 2035 – a sum so vast it threatens to overwhelm the very counting houses! Such pronouncements, however, should be received with a judicious measure of skepticism. For, as any seasoned observer of human affairs knows, the future is a fickle mistress, and rarely conforms to the most meticulously crafted projections.

The shares, in the last year, have risen with a peculiar grace, leaving others trailing in the dust. A bloom, perhaps, in a field long accustomed to the monochrome of expectation. But is this ascent a true flowering, or a fleeting mirage? Let us examine the winds that fill its sails, and consider whether this stock remains a vessel worth boarding as we navigate towards 2026.

The establishment reports a surge in sales – 24.3%, to be precise, amounting to $1.73 billion. A sum that, when contemplated, evokes images of mountains of plastic novelties, each a testament to the boundless capacity of humanity for acquiring utterly useless objects. They opened fourteen new establishments during the quarter, and a grand total of 150 over the past twelve months. One shudders to think of the logistical nightmare involved in stocking such places with an unending supply of… things. 1,921 locations across 46 states, each a miniature kingdom of affordable distractions.

The current price-to-earnings ratio of 62 suggests a certain optimism is already factored in. The market, it seems, anticipates continued growth. But anticipation is a fragile thing. It requires constant nourishment with actual results. To simply accept the prevailing narrative, to assume that past performance guarantees future returns, is a dangerous complacency.

They just reported their fiscal 2026 numbers – $41.5 billion in revenue, up 10%. Solid. Not earth-shattering, but solid. And here’s the bit that actually made me lean forward: $72 billion in remaining performance obligations. That’s future business, locked in. They’re not just selling dreams; people are actually signing contracts. The current RPO is up 16% year-over-year to $35.1 billion. Customers aren’t kicking the tires; they’re committing. Which, in this market, is… unusual.