Core Insights - The stock market is transitioning from hardware investments to focusing on software applications that generate revenue, marking a shift to the Application Layer [3] - Companies are now categorized into two groups: Pretenders with no revenue and Pure Plays that have secured contracts and commercialized their technology [4] Company Highlights - Palantir Technologies has transformed from a secretive contractor for the CIA to a leading software provider for commercial enterprises, with its Artificial Intelligence Platform (AIP) automating decision-making [5][6] - SoundHound AI is diversifying its revenue streams by entering financial services and dining sectors, enhancing its independent voice interface offerings [8] - BigBear.ai has gained a competitive edge by acquiring secure generative AI capabilities for classified networks [8] Financial Performance - Palantir Technologies reported total revenue of $1.18 billion for Q3 2025, a 63% year-over-year increase [9] - U.S. commercial revenue for Palantir surged by 121%, driven by its Bootcamp program that accelerates software installation and demonstration [9] - Palantir secured a $448 million contract with the U.S. Navy for managing submarine fleet supply chains, ensuring stability in government contracts [9]