You said Palantir is systemically undervalued. What is the basis for that?

The market still has not fully understood what a sovereign AI stack actually means for enterprise value creation. Investors fell in love with the narrative that the closed AI labs were going to capture all the value, that all the alpha of every business would migrate to a small number of model owners. What they have not fully priced in is the backlash, the liability, the IP anger among clients, and the scale of demand for the alternative. When I cannot deploy into some of our most critical allied-country engagements simply because we do not have enough Palantirians to staff them, that is a capacity constraint on a demand signal that is not priced into the stock. US commercial grew 149 percent. That is the shape of what is coming.