Palantir Technologies Inc. (NASDAQ:PLTR) CEO Alex Karp fiercely defended the company’s operations and criticized those who have been skeptical of its valuation.
Karp Takes Aim At Critics
Karp spoke at the sidelines of the Yahoo Finance Invest Conference on Thursday, where he took a strong stance against the company’s valuation critics. He challenged the analysts who had rated Palantir’s stock as a sell at $6, $12, or $20, accusing them of pushing regular Americans out of a major tech success story.
He said that, in his view, Palantir is one of the only companies where the average American invested while more sophisticated investors stayed on the sidelines or sold.
Karp also pushed back against critics who label Palantir a surveillance tool, calling them “parasitic” and saying they misunderstand both the product and the country that made it possible.
Karp’s argument pivots on the idea that Palantir’s software is designed for the everyday American worker and the military, not for surveillance bureaucrats. He emphasized that the company’s technology is intended to improve the lives of people in various professions and to bolster the country’s defense capabilities.
Karp also linked Palantir’s success to patriotism, suggesting that Silicon Valley only pays attention to ideas that generate profit. “Not only was the patriotism right, the patriotism will make you rich.”
The CEO also said he takes joy in picturing wealthy bank executives stuck in old cars while workers without elite backgrounds drive “beautiful Tesla” bought with profits from Palantir.
Mounting Valuation Concerns
Karp’s defense of Palantir’s operations comes in the wake of a significant drop in the company’s stock price despite the company reporting better-than-expected quarterly results.
Karp attributed this drop to “market manipulation” by short sellers, particularly calling out Michael Burry, who had recently revealed bearish positions against Palantir amid valuation concerns. However, Wedbush‘s Dan Ives criticized Burry and called his move on Palantir “dead wrong.”
However, on Thursday, Michael Burry clarified that his recent put options bet against Palantir cost $9.2 million—not the incorrectly reported $912 million—explaining that he bought 50,000 contracts at $1.84 each, covering 100 shares apiece and expiring in 2027 with a $50 strike price.
Karp describes the company’s third-quarter performance as “arguably the best results that any software company has ever delivered.” In the interview with Yahoo, Karp slammed the valuation critics and said, “How often have you been right in the past?”
Palantir holds a momentum rating of 95.22% and a value rating of 0.42%, according to Benzinga’s Proprietary Edge Rankings. Check the detailed report here.
Price Action: On a year-to-date basis, Palantir stock climbed 128.94%, as per Benzinga Pro. On Thursday, the stock fell 6.53% to close at $172.14.
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