Why $PLTR’s Valuation Has Compressed

$PLTR has shifted from being viewed as the AI application winner to simply an AI application winner —a one-letter change that has materially altered how investors value the stock.
At its peak, Palantir traded near 200x earnings because it appeared to be the only publicly listed software company clearly converting AI demand into accelerating fundamentals.
That multiple has since compressed toward 80x as $SNOW, $DDOG, $MSFT and Databricks demonstrate that enterprise AI is likely to produce multiple winners.