David Sacks

I made some calls and I checked around with some other friends and everyone says the same thing, that these seven and eight year old TPUs and GPUs that are sitting in the data centers are still being used and they're being used at 100% utilization.

So that actually justifies and validates the depreciation schedule being much longer versus shorter.

So that actually justifies and validates the depreciation schedule being much longer versus shorter.

And I actually think Michael Burry's got this wrong.

And I actually think Michael Burry's got this wrong.

Based on the statement you just made, you're saying that a company is worth their historical sales numbers.

Based on the statement you just made, you're saying that a company is worth their historical sales numbers.

And I don't think that that's how shareholders often do or perhaps should think about what they're buying, which is an ownership interest in the future of the enterprise that they're buying a piece of.

And I don't think that that's how shareholders often do or perhaps should think about what they're buying, which is an ownership interest in the future of the enterprise that they're buying a piece of.

When you invest in a startup, you're not saying, hey, that startup is worth what the employees did last year.

When you invest in a startup, you're not saying, hey, that startup is worth what the employees did last year.

before they even started the company, you're making a bet on the future potential of the business and what you think the cash generation over time will be.

before they even started the company, you're making a bet on the future potential of the business and what you think the cash generation over time will be.

Your time horizon may be different than mine, and that's how a market finds a price.

Your time horizon may be different than mine, and that's how a market finds a price.

As a result, I think there's probably a market trying to find a price for Palantir, where folks have a great deal of difference in opinion over what the future potential of the business is.

As a result, I think there's probably a market trying to find a price for Palantir, where folks have a great deal of difference in opinion over what the future potential of the business is.

And as a result, what the earnings generation will be at different timescales in the future.

And as a result, what the earnings generation will be at different timescales in the future.

And that's how they're getting to the current market price.