Investors Question AI Valuations
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Bloomberg Tech is live from coast to coast. with Caroline Hyde in New York and Ed Ludlow in San Francisco.
This is Bloomberg Tech. Coming up, Palantir shares fall on concerns about the company's valuation and the sustainability of the AI rally. Plus, we'll break down more tech earnings. Spotify, Uber grab all out with results as well. And we push ahead to AMD tonight. And the world's largest sovereign wealth fund votes against Tesla's proposed pay package for CEO Elon Musk. We'll discuss the impact on the company's shares. But first, we check out what's happening in these markets more broadly, Ed. And I'm looking at a Nasdaq 100 that is under pressure. Look, we're only down to levels, well, that we've seen this month. And indeed, it's the worst sell-off since, ooh, Thursday. So this isn't seismic, but there is a tension here about some of the levels of valuations and certain people speaking out about putting on some short, bearish bets.
I'm looking at Bitcoin, though, has been under far more pressure. It's the lowest level that we've seen since June of this year, off by another 3.3% amid the risk-off tension. You're looking at some big movers underneath the hood. Yeah, Tesla's down 2.8%. It had been down 4% at the open. Norway's sovereign wealth fund, Tesla's ninth largest shareholder voting against the bait package. We're going to head out to Europe in a minute and get more on that. And then there's Palantir, strong beat in the third quarter, raising annual outlook for revenue. But the sell side and investors and the internet all going to valuation as a point of discussion, Caro. Commercial growth and government growth. But this isn't about fundamentals, or maybe it is.
Let's talk about both fundamentals and valuations and talk about Palantir's earnings and the sustainability of these numbers. And Mariana Perez Mora, she is an aerospace and defense analyst at B of A Securities with a buy rating $215 price target for Palantir more broadly. And I think you're even upping it to 255. Tell us about why Palantir is just outperforming, is peerless in your perspective. So first, thank you so much for having me here. I'm happy to share this with you too.
And
I think Palantir has proven that has been the winner of this AI implementation. And I mean, not only about like investment, but actually the growth they are unlocking. The customers actually go into them because they can prove that they can actually extract value from these AI implementations. And it doesn't only stop with those customers, but also other software peers that are partnering with Palantir because they also want to be part of this. They have really good software, but they are still struggling to actually make that software work. And Palantir is, from a fundamentals perspective, actually proving that they can extract value from those implementations. Your note is such a joy to read because you're using wonderful analogies going back to the Matrix, whether you're going to blue pill or whether you're going to red pill.
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