Yan: Palantir has the potential to become the operating system for AI

Investment Thesis - Palantir has the potential to become the operating system for enterprises in the world of AI [1][4] - The company offers a similar disruptive opportunity in the enterprise world as seen with SaaS and cloud [2] - AI agent adoption is accelerating, and the cost per token will keep declining, increasing the ROI for enterprises using Palantir's services [3][4] Valuation and Growth - The stock has a hold rating with a consensus price target near its current trading price [1] - Concerns exist regarding the high forward PE ratio (above 200 times forward earnings) [5] - Palantir exhibits unique revenue growth and margin performance [6] - The total addressable market for enterprise AI could reach trillion-dollar levels [7] Revenue Diversification - Government business, particularly military spending, is a significant portion of revenue [8] - There are concerns that increased military spending may focus on hardware rather than software [9] - Enterprise growth is higher than government growth, presenting a significant opportunity [9] - Enterprise opportunities are expected to transform Palantir's business in the coming decades [10]