Michael Vi
Summary
- Palantir Tech. has doubled following Q1’23 results that weren’t overly impressive.
- The software company rallied due to the AI hype surrounding their new Artificial Intelligence Platform.
- The stock now trades at elevated levels at 12x ’24 revenues without any actual expectations for the growth to warrant this forward P/S multiple.
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After a solid beat on Q1’23 earnings, Palantir Technologies (NYSE:PLTR) has soared in what wasn’t an overly impressive quarter. The company promoted a new Artificial Intelligence Platform (AIP) leading to what appears an irrational boost in the stock. My investment thesis is Bearish on the stock, especially after the recent double off the lows.
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