Schwab Network on $PLTR (Nov 3, 2026)

Some of your thoughts here big picture on Palunteer. What were your takeaways? Um so my takeaways are that Palunteer's results they show that enterprises are spending to put AI into their operations and Palunteers commercial business really deserves credit for that.

Um I think the stock reaction is interesting. I think it shows how much investors already expect from the company and from AI in general. Slower growth in new contract value gave investors a reason to scrutinize what comes next.

And I see the reaction as investors questioning the durability of exceptional growth rather than rejecting the technology or or AI.

Um where I remain cautious is, you know, successful deployments. They're meaningful, but I want to see sustained expansion across customers and and that's really the harder test.

Alex Karp was just saying once you go to Palunteer, you don't go back. What do you think of that kind commentary, Brad? Is is Palanteer really providing something very unique?

They are. And he's not wrong. However, uh what we're seeing over the last year or two and I think really taking to to higher levels right now when you start to talk about issues like sovereignty and cost efficiency for AI and security uh that idea of well maybe it's worth locking into a trusted partner or couple of partners as we've seen with Palunteer uh as with their their partnership with Nvidia.

Basically, if I am an enterprise and I'm trying to build AI that uh I can trust to write back to my system of record, for example, I'm going to need to invest heavily in a company that understands how to build that engineering layer underneath that so that I'm not totally probabilistic.

I'm much more deterministic in how I work with my data.

Stephanie, um you talked about enterprises spending and the strong profitability, but now you know the broader adoption. What do you see there? Palunteer is also interesting because its offering combines software with engineers that frequently known in the industry as forward deployed engineers who work alongside the customers to make it useful in in their businesses.

So that explains their traction but it also raises the question about future growth. how much of that work becomes repeatable um if you need teams of engineers to keep it up and we're saying you know how easy is it to switch providers if you're dependent on Palunteer's team of engineers

and why is that important and where does Palunteer fit into that? Yeah, it's funny, isn't it? Quite often in order to succeed with our current technologies and our current goals in this market, we have to unlearn what we've known for the last, let's say, four or five decades here.

And part of that is how do I build up what you might call today a semantic layer that understands the meaning of my data, how it relates to other data, and then the rules that I use to govern what I do with that data.

And all of that has historically been been tied up in what you would call ontologies, which apparently is something that we're not allowed to discuss unless we have gray hair. Uh but but the point is that um you know, with all of the standards that have been behind that idea for decades now, many enterprises are still struggling to actually put that into practice.

And and I think that you know why it's important about the FTEES as an example here of helping companies to get over that they can come in they can look at your business they can look at your data and they understand your business they understand how to build that ontology and then maintain it uh and that's really the trick and yeah it's it's definitely for piloter I've always thought that you know they have the tech they they understand how to do this correctly But scaling it is definitely a a challenge because FDE's, you know, it's it's not a oneanddone kind of arrangement.

It is very much a long-term relationship that we're talking about here.