Conviction: Medium
Status: Holding (Core Position) — RSI 54.9 neutral, price $134.49, consolidating near SMA
Quick Snapshot
| Signal |
Reading |
| Overall |
🟡 RSI 54.9 — fully recovered from extreme RSI 30 on 02/16. Price $134.49, +0.2% today. -19.7% in 30 days, -19.6% from 52wkHi. SMA20 $137.74 — price -2.4% below SMA. |
| Moat |
Narrow (government: Wide; commercial: Narrow via AIP) |
| Key insight |
PLTR continues recovery — RSI improved from 30 (02/16) to 42 (02/22) to 55 now. Price is essentially flat from 02/22. SMA gap narrow at -2.4%. The stock appears to be consolidating just below its SMA20 ($137.74). A break above SMA would be the add signal. Karp selling persists. |
Action Matrix
| Action |
Level |
Why |
| Current |
🔒 Hold |
RSI 55 neutral, approaching SMA from below. In entry zone. Karp selling persists. |
| Entry Zone |
$125 - $140 |
Current $134.49 — IN ZONE |
| Stop-Loss |
$110 (-18%) |
Below consolidation support |
| Target |
$200 (+49%) |
AIP commercial acceleration |
Price Data
| Stock |
Price |
1D |
7D |
30D |
3M |
52wkHi |
RSI |
Status |
Action |
| PLTR |
$134.49 |
+0.2% |
+1.1% |
-19.7% |
— |
-19.6% |
55 |
🟡 Neutral |
🔒 Hold |
Price vs Last Deep Dive (02/22)
| Metric |
02/22 |
02/26 |
Change |
| Price |
$135.24 |
$134.49 |
-$0.75 (-0.6%) |
| RSI |
42.2 |
54.9 |
+12.7 (continuing recovery) |
| SMA20 |
$144.34 |
$137.74 |
-$6.60 (SMA declining toward price) |
| vs SMA |
-6.3% |
-2.4% |
Gap narrowing rapidly |
Update from 02/22: RSI continued recovering from 42.2 to 54.9 (+12.7 pts) — now fully in neutral territory. Price is essentially flat (-0.6%) while RSI improved substantially. The SMA has declined from $144 to $137.74, narrowing the gap to only -2.4%. PLTR is on the verge of reclaiming its SMA20. A sustained close above $137.74 with RSI above 55 would be the add signal. The 30D of -19.7% reflects the Feb selloff; 7D is +1.1% (mild positive momentum). Karp selling ($4.7B) remains the key psychological overhang. US Commercial AIP growth (+121% YoY) is the fundamental thesis anchor.
Company Overview
One-Liner
Palantir builds AI and data integration platforms for government intelligence (Gotham), enterprise operations (Foundry), and commercial AI deployment (AIP).
Business Model
| Question |
Answer |
| What they sell |
Gotham (US government), Foundry (enterprise), AIP (AI Platform for commercial), TITAN (defense) |
| Who pays |
US government agencies (DoD, IC), US commercial enterprises, international governments |
| Revenue model |
Long-term contracts (government), subscription + expansion (commercial) |
| How sticky |
Extremely high (government: classified data integration); High (commercial: AIP embedded in ops) |
Key Segments
| Segment |
Revenue % |
Growth |
Notes |
| US Government |
~40% |
+45% YoY |
DoD, IC, TITAN military AI |
| US Commercial |
~35% |
+121% YoY |
AIP adoption; fastest growing |
| International Government |
~15% |
+26% YoY |
NATO allies, foreign governments |
| International Commercial |
~10% |
+5% YoY |
Slower, less AIP traction |
Competitive Analysis
Competitive Moat
| Moat Type |
Present? |
Evidence |
| Switching costs |
🟢 |
Government: 10+ years of classified data integration. Commercial: AIP embedded in workflows. |
| Intangible assets |
🟢 |
Security clearances (rare), government trust built over 20+ years |
| Network effects |
🟡 |
More AIP customers = better AI models = better product |
| Cost advantages |
🔴 |
Premium pricing; not a cost leader |
Moat Width: Government = Wide; Commercial = Narrow (but widening with AIP)
Moat Trend: Widening — AIP creating a new commercial moat as enterprises become dependent
Bull Case
Why This Could Work
- US Commercial AIP +121% YoY — AI adoption in enterprises is accelerating, and PLTR is the pick-and-shovel.
- Government AI tailwind — TITAN military AI contract, DoD digital modernization. No civilian company has this access.
- RSI fully recovered 30 → 55 — Technical confirmation that the selloff pressure has ended.
- SMA gap only -2.4% — Breakout above SMA20 is imminent; that's the add signal.
- NATO ally expansion — Defense spending increases = more international government contracts.
Upside Scenario
| If This Happens |
Stock Could |
| AIP commercial growth sustains 100%+ for 2 more quarters |
$200 (+49%) |
| TITAN military contract expands to allies |
$220 (+64%) |
Bear Case
What Could Go Wrong
- Karp $4.7B insider selling — Consistent, large selling by CEO. Even if routine compensation structure, it's a persistent supply.
- US commercial growth decelerates — 121% is unsustainable; even 60% growth could disappoint a premium multiple.
- Government contract delays — Budget continuing resolutions slow new awards.
- Valuation premium — Even at RSI 55, PLTR trades at 40x+ revenue. Any miss = large selloff.
Thesis Killers
- US Commercial growth drops below 50% for 2 consecutive quarters
- Government loses access due to DOGE-driven contract reviews
- Karp sells $5B+ in a single quarter (acceleration of selling)
Entry Strategy
Technical Levels
| Level |
Price |
Notes |
| Support 1 |
$125 |
Entry zone floor |
| Support 2 |
$110 |
Stop-loss |
| Resistance 1 |
$137.74 |
SMA20 — key level to reclaim |
| Resistance 2 |
$155 |
30D ago price |
| 52-week high |
$167.47 |
In-window high |
| 52-week low |
~$20 |
Apr 2025 (early AI selloff) |
Entry Approach
| Strategy |
Details |
| Current |
Hold core position; in entry zone |
| Add |
On SMA20 reclaim ($137.74) with RSI holding > 55 |
| Stop |
$110 (-18% from current) |
Research Log
| Date |
Update |
| 2026-02-16 |
Created deep dive. RSI 29.7. $131.41. Karp $4.7B selling. Action: Hold. |
| 2026-02-22 |
Price refresh. $135.24 (+2.9%). RSI 42.2 (largest RSI improvement in coverage: +12.5). SMA gap halved. 30D -18.2%, 3M -12.7%, 52wkHi -34.7%. Recovery underway. Hold. |
| 2026-02-26 |
Price essentially flat at $134.49 (-0.6% from 02/22). RSI continued recovery to 54.9 (+12.7 pts). SMA gap narrowed to -2.4% (from -6.3%). Approaching SMA breakout. 7D +1.1%. Maintaining Hold; watching for SMA reclaim as add trigger. |
The Gold
Key Discoveries
| Discovery |
Implication |
| RSI 30 → 42 → 55 while price barely moved |
Technical recovery without price chase — healthy base-building |
| SMA gap narrowed from -12.9% → -6.3% → -2.4% |
SMA converging rapidly; breakout is close |
| US Commercial +121% YoY — best growth in enterprise AI |
Thesis intact; selloff was technical/macro, not fundamental |
| 7D +1.1% momentum |
Gentle positive trend while consolidating |
Open Questions
- What is the schedule of Karp's 10b5-1 selling plan?
- Has US Commercial growth rate been confirmed for Q4 2025?
- Is TITAN contract fully awarded or still in proposal?
- What are the DOGE impacts on government contract renewals?
- Will PLTR break above SMA20 ($137.74) this week?
Mistakes (Don't Repeat)
| Mistake |
Lesson |
| Conflating Karp routine selling with fundamental concern |
Routine comp structure selling is not the same as panic selling |
| Exiting at RSI 30 |
RSI 30 was the bottom — holding through was correct |
Sources
- Fundamentals figures: company-reported results (quarterly/annual filings) as available at the artifact date; predates the desk's EDGAR reconciliation gate — figures not re-verified after publication.