PLTR nearly doubled revenue. Is valuation still the main bear case?

PLTR just reported 93% revenue growth, with US commercial revenue up 149% and free cash flow reaching $1.22B. I don’t own the stock because the valuation has always looked ridiculous to me. But after another quarter like this, I’m not sure valuation alone is a complete bear case anymore. I still wouldn’t call it cheap. What are bears expecting to break first: growth, margins, or the multiple?

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