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$PLTR has released its earnings report. First, a disclosure: I hold a position myself, so the following judgments come with a bias; everyone should weigh them independently. Palantir's Q2 earnings report is indeed very solid. Revenue reached $1.94 billion, a 93% year-over-year increase, significantly surpassing the market expectation of $1.81 billion. U.S. commercial revenue is even more impressive at $764 million, up 149% year-over-year. This is the most noteworthy figure in the report, indicating that the company is no longer relying solely on government contracts. Adjusted EPS was $0.41, beating the expected $0.35. Adjusted free cash flow was $1.22 billion, surpassing the $1 billion mark for the first time in a single quarter. This quality of cash flow is uncommon among growth stocks. What truly makes me reconsider the valuation is the guidance: the company raised its full-year revenue guidance by nearly $500 million at once, to a range of $8.15 billion to $8.158 billion, well above the market's original $7.7 billion expectation. The Rule of 40 score reached 145%, meaning the combination of revenue growth and profit margin achieves both high growth and top-tier profitability. This combination is indeed rare in the current AI market rally. Karp also reiterated their moat logic: they don't sell models or charge by token, but enable customers to deploy AI on their own infrastructure while retaining full control over data and models. This AI sovereignty narrative is their core differentiation from pure model companies. However, I remind myself that no matter how impressive the earnings report is, the current valuation already factors in a large portion of optimistic expectations. After the positive guidance upgrade is priced in, how the stock price will digest this expectation gap in the short term is a separate matter from the earnings figures themselves. Holding a position doesn't mean ignoring valuation risks; one must watch those risks and not just pick the good-sounding numbers because of holding shares. #从降息到加息，联储分歧全公开 $PLTR #财报观察员：AMD与SpaceX交卷在即，Circle压轴