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Palantir. Honestly, the name sounds like a Bond villain’s lair. And it kind of behaves like one. The current geopolitical… situation (let’s call it that) is, unsurprisingly, doing wonders for them. All that government money sloshing around, needing to be… organized. They’re the U.S. government’s favourite data babysitter, which is a terrifying thought, but a profitable one for Palantir. It’s a bit like being paid to sort out someone else’s mess, only the mess involves national security. I’m not judging, just observing.

These companies, each a peculiar workshop of ambition and debt, are wagering fortunes on software – not the kind that merely operates the vehicle, but that thinks for it. A most unsettling prospect, if you consider the average driver. And yet, investors, bless their optimistic souls, are drawn to the glimmer of potential, seeking a grand return on this mechanical dreaming. I have examined these hopeful ventures, and find a curious mix of promise and peril. One, in particular, warrants a closer look, though not without a considerable degree of skepticism.

He also noted—and this is the kicker—that even if the fighting stopped right now, getting the oil flowing again would take months. Months! As if time itself cares about our carefully constructed economies. It doesn’t. It just keeps coming.

First, we have S&P Global (SPGI 0.33%). A name that sounds suspiciously like a moderately successful intergalactic trading consortium. Its history stretches back over 150 years, which, in the grand scheme of things, is roughly equivalent to the lifespan of a particularly well-maintained dust bunny. Munger, a man who appreciated longevity (mostly because it meant fewer things breaking down), would approve. Currently, S&P generates revenue through a variety of channels, most notably by assigning arbitrary numbers to the creditworthiness of other entities. (It’s a bit like judging the structural integrity of a sandcastle, really. Ultimately futile, but strangely compelling.) They also manage benchmark indexes, including the S&P 500, and provide detailed analytics. In short, they’ve built a moat around their business, not of water, but of prestige and the vague threat of regulatory disapproval.

RWR, a creature of American pragmatism, confines its attentions to the domestic real estate market. A perfectly sensible strategy, one might think, for those who believe the center of the world resides somewhere between New York and Los Angeles. GQRE, however, casts a wider net, venturing into the exotic realms of international property. A bold move, reminiscent of a traveling salesman peddling hope and dubious land deeds in the Caucasus. Which approach, then, proves more profitable? Let us delve into the particulars, as a detective might scrutinize a forged banknote.

Oil around a hundred a barrel. Not a bargain, but not a disaster, either. It’s enough to keep the upstream boys happy, the ones who actually pull the stuff out of the ground. Devon Energy (DVN 0.02%) is a name to remember. They operate stateside, far from the sandstorms and the shouting. Smart.

All this fuss, naturally, has the potential to give sensible people pause. And when sensible people pause, one looks for beneficiaries. In this rather messy situation, that beneficiary, my dears, might well be Cameco (CCJ 4.46%). Not a thrilling prospect, perhaps, but undeniably…sound.

But can Nvidia repeat this performance? Can another ten thousand transform into a million by the end of the decade? A question for the astrologers, perhaps, but let us apply a bit of pragmatic skepticism to the matter, shall we?

The latest figures are… encouraging, shall we say. Revenue and earnings up at least 20%? After fifteen years? One almost suspects a decimal point error, but let’s not be cynical. It’s simply… unexpected. Though, of course, a rising tide lifts all boats, even those with a rather conspicuous leak.