Jason Moser

I know we're supposed to argue, but I'm basically right there.

Less enthusiastic, but if the sky is falling, I actually want to see the sky fall.

What I see is revenue, EPS, free cash flow trends heading in the right direction, a wonderful balance sheet.

Net debt, I think, just maybe less than 0.3X EBITDA.

There's just, look, I get the case.

I get that the high scalers like cybersecurity, AI, all of this can be bundled into one thing and bypass everyone.

Maybe that'll happen.

But until we actually see that hitting the business, I refuse to believe that the market is on to something here.

I think I said on this show last year that I have never in my investing life come across a company valued like Palantir.

And that includes Tesla.

I just don't get it.

And I know the government side of this business very well, and I know the growth rates and potential there.

And man, commercial really has to do some heavy lifting to justify this, because valuation is always like, can they grow into it?

Government is still more than half the business, too, which scares me.

I didn't get it then, I still don't get it now.

I respect the company, I respect the product, I wouldn't mind being an owner at some point.

But I don't think this is gloom and doom the way it is with some of the others.

But also, I can't get behind this as value right now.

It's still over 100 times expected earnings.

Yeah, it's funny, J-Mod.