$PLTR · Meet Kevin · 2026-11-03
Kevin 持有 PLTR 仓位并喜欢其现金流，但表示其现金流收益率仅约 1.3%，而 Apple 约为其两倍，PEG 约 2.1。他认可 PLTR 现金流为正、现有客户支出增长 95%、数据非常好，同时批评其财报电话会，并警告将迎来转型和竞争；数据强劲，但警讯已经显现。
逐段跳播
今天上午我们听了 Palunteer 的财报电话会，我不会把全部内容都讲一遍，因为有些只给课程会员。但我们意识到的一件事是，Palanteer 的 Karp 开始对谁能参加他的财报电话会卡得有点紧了。我觉得这有点可疑，因为我认为正在发生一种转变。
This morning we went through the Palunteer earnings call and I'm not going to go through all of this because some of this is just for course members. But one of the things that we realized is that Karp over at Palanteer is starting to get a little tight with who he's letting onto his earnings call.
And I think this is a little sussy because I think a transition is happening.
我不是来抨击 Poundier 的，我要说清楚。我持有 Poundier 的敞口。我喜欢 Palanteer 的现金流。尽管他们的现金流收益率只有大约1.3%左右，不算太好。苹果的现金流收益率大约是 Palanteer 的两倍。
Now I'm not here to bag on Poundier. I'm going to be clear. I've got exposure to Poundier. I like Palanteer's cash flow. Although their cash flow yield's only about, you know, 1.3ish%.
It's not that great. Apple's got about twice the cash flow yield as Palanteer.
但就是这样。这些就是 Palanteer 安排上财报电话会的分析师。我真想抓住 Karp 摇醒他，问他：“你在干什么？为什么不让一些有胆量的人上财报电话会？”他们简直把财报电话会当成公司内部人士或模因粉的宣讲台。
他们居然请了 Dan Ies，一个拍马屁的永久模因粉。然后还有 Brad，这个我称之为火箭飞船模因粉的分析师。你想知道我为什么叫这家伙火箭飞船模因粉吗？恭喜火箭飞船般的季度。这是他唯一能问的问题。
他说：“恭喜你们这个火箭飞船般的季度，伙计们。”然后你准备好听真正难的问题了吗，Alex？你在股东信里说，你认为 Palunteer 会成为真正可行的反战运动的先驱。什么？这毫无价值。
这些分析师都是垃圾。唯一一个真正问了像样问题的分析师只有一个人，就是 Jill。就她一个。Jill 进来说：“嘿，你们基本上是在直接与 Anthropic 竞争。”
But this is it. These are the analysts Palanteer put on their earnings call. And I want to grab Karp and shake him and go, "What are you doing? Why don't you have some people with balls on the earnings call?"
They literally use their earnings call as a soapbox for people inside of their company or memers. They literally have Dan Ies who is a bootlicking permable. Then you have Brad, this analyst that I call the rocket ship memer.
You want to know why I would call the guy a rocket ship me? Congrats on the rocket ship quarter. This was the only question he got to ask. And he goes, "Congrats on the rocket ship quarter, guys."
And then you ready for the really hard question, Alex? You said in your shareholder letter that you see Palunteer being a pioneer of genuine and viable anti-war movement. What?
This is worthless. These analysts are crap. The only analyst that actually asked a decent question was one person and it was Jill. That's it. Jill comes in and says, "Hey, you guys are basically competing directly with Anthropic."
而这才真正变得有趣起来，因为人们可能不爱听，尤其是 Palunteer 的人。但确实发生了一些有趣的事情，我觉得我搞明白了。
And that's where actually things get really interesting because people might not like to hear this, especially the Palunteer folk. But there is something interesting that happened that's going on and I think I figured it out.
但 Palanteer 实际上是盈利的，而 Anthropic 不是，对吧？Palanteer 确实赚钱。所以该表扬就得表扬。
But Palanteer is actually income positive and Anthropic's not, right? Palanteer actually makes money. So you got to give credit where credit's due.
SAS 2.0 是锁定平台。这就像成为 palunteer。明白吗？所以，你就是 palunteer。你可以用你自己的硬件。Palanteer 在云上，但如果你不想卖给云，你也可以用自己的硬件。
SAS 2.0 就是那个平台。它就像 palunteer，但 Palanteer 不会长期独霸这里。他们会有竞争对手，帮助利用这种本体论过程将大数据分解成员工在公司里实际能用的可消化片段。
SAS 2.0 is being the lockin platform. This is like being the palunteer. Okay? So, you're the palunteer. You could go use your own hardware. Palanteer sits on the cloud, but you could also use your own hardware if you don't want to sell it to the cloud.
SAS 2.0 is the platform. It is like a palunteer, but Palanteer is not going to be alone here for long. They're going to have competitors that help basically use this ontological process to break down big data into digestible bits that employees at companies can actually use.
现在，Palanteer 的一个优势是，他们的前置部署工程师非常擅长将他们的 AI 平台，本质上是他们的主权 AI，整合进公司。现有客户在 Palanteer 的支出增加了大约95%。
非常令人印象深刻。我不想让这听起来像是在贬低 Palunteer。他们确实做得很好。他们的数字越来越好，越来越好，越来越好，越来越好。那又怎样？他们在财报电话会上有托儿。他们的数字非常好，但竞争即将到来的迹象已经很明显了。
Now, a benefit that Palanteer has is they're really good with their forward deployment engineers to integrate their AI platform, essentially their sovereign AI into companies. existing customers are increasing their spending at Palanteer by like 95%.
Really impressive. Like I don't want any of this to come across as dunking on Palunteer. Like they are crushing it. Their numbers get better and better and better and better. So what?
They have shills on their earnings call. Their numbers are very good, but the writing is on the wall that competition is coming.
堡垒般的现金流，自由现金流是 Palanteer 的两倍。相当不错。Palanteer 本身的 PEG 比率也大约在2.1左右。
Fortress cash flow, you know, twice the free cash flow as Palanteer. Pretty good. Palanteer itself uh has a PEG ratio that's also somewhere around 2.1.
这个频道对 $PLTR 的历次判断
Meet Kevin 在这只股票上共 10 条判断，这里只列相邻的几条。