The Biggest AI Winner Isn’t Who You Think

AI has created trillions of dollars in opportunity, but one of the biggest questions about the trend is still unanswered. How will governments and the world's largest companies actually put it to work in a secure and useful way? And what if there's a company out there that already offers all of that and it's actually gaining in market share? How would the market price that? What's up everybody? It's LG here and welcome to Milk Road AI, the daily AI show that can't decide if we're top blasting or getting in early, but we do know that we'll find out which is which soon enough. Today is August 7th, 2026. We're recording on August 6. Palanteer has been a big story this week following their tremendous earnings. Yet, the stock is still down 25% from all-time highs set last year. And this is largely because the market still really hates software, even though this specific software is designed to help everybody actually use AI. Today, we're going to sit down with our AI researcher, Vincent, to dive into Palunteer, how they make their money, and just how much more money they're projected to make in the next few years. is quite a lot. If you want to see his position in Palunteer and the 12 other assets in his portfolio, you can pay just a dollar to check them out in Milkroad Pro at the link below. And a reminder that our podcast today is free and it wouldn't be possible without our partners at Securitize, the regulated rails for tokenization and BitGet stocks 2.0 with real liquidity, real dividends. Keep an eye out later in the show for a message from them. Vincent, what's up, man? Let's talk Palunteer. Tell me all about it. >> Yeah, let's do it. Nice to be back, LG. Palanteer just jumped 30% after its recent earnings report. Right? So you might be thinking, hey, why why do I need to care? I I know the story already and the opportunity has passed, right? Um I am of the completely different opportunity because the way the market perceives Palunteer is it's just another kind of high growth SAS company. But what they actually are, they are the operating layer that allows companies to adopt AI in kind of a secure and costefficient ways that actually leads to valuable business outcomes and not just token maxing and that's why we're talking Palunteer today. >> Oh wow. Okay. So they use it in a secure way. I actually I'll be I'll be honest with you. I told you this before. Palunteer is a big blind spot for me especially doing this show which is which is I'm ashamed to say. So, I'm excited to to learn why they jumped 30%, also a little bit about what they do, but and also maybe why there's there's still room to go. So, I I'll give you back the mic. >> Yeah. So, let's start with what are the biggest issues right now when it comes to to AI adoption, right? And what we're not we're not constrained by kind of model quality, right? But what we're constrained with in the sense is this trusted operating layer that I was talking uh before that and let and and and let me unpack that right. So there are three things to it. First there was this great article of of of uh Satya Nadella called the rework information paradox. What he was writing there is that companies are paying in two ways to use the intelligence of of of frontier labs. They're paying with money, right? But then they're also paying with a much more valuable thing, which is the data that they're sharing with those labs and the frontier labs can leverage that moving forward. And we saw uh Apple suing OpenAI for using that data. So, um this is one of the most important parts, right? So, secure and safe AI adoption. >> I think it's a big thing for everybody, right? is like you're people are giving their their bank statements and their their social security numbers and their their photos of their kids and everything to these AI and it's and it's you don't to these frontier labs and you don't these are new companies too like anthropic spun out of open AI they're only 5 years old and yet we're trusting them with with so much right >> it's we're trusting them with everything which is actually crazy I mean if I think about >> the white house is trusting them with war plans >> yeah [laughter] which is a bit more important than my personal issues but still it matters to me right so so we need secure and safe AI. The second issue is cost efficiency. Remember one or two months ago where all the companies Uber, Coinbase, Disney came out that hey we're burn we're burned through our entire 2026 AI budget within five six months, right? Or even even less. Um and that was mainly because they allowed their employees to just token max to use AI to the fullest. But then and that's the third pillar of the slide. They did not see the value in their in their P&L, right? There was no direct impact into the bottom line, right? Um and and and and this chart here on the right shows where only 12% of the CEOs out there are saying that we're actually seeing the value of AI and the others are saying we're just seeing the cost but no but no value. Right? And so that is kind of the core those are the three core issues that we need to understand when we talk about AI adoption >> token maxing just to token max which that was another problem too right and you guys pointed this out a few times on the show is that some companies reporting that employees were just using tokens just just because they were being pressured to right and Jensen Hong at one point said like if my engineer that I pay 500 grand a year isn't using 250 grand of tokens they're doing something wrong, but that obviously leads to like, hey, people are just people are in a competition to use tokens. So, it was a massive inefficiency, right? So, >> those those token leaderboards within companies and you were incentivized to be number one. Just spend as many tokens as you can. [clears throat] >> It doesn't matter whether you provide value or not, right? That that was kind of the the wipe a couple of months ago. Um, it changed fast once the CFO said, "Guys, are you insane?" [laughter] >> What a world to be in a competition with with your colleagues as to who can spend more of the co more of the company's money uh on a new on a new piece of software basically. So, okay. Okay. So, this so this makes sense that this is the big problem, right? Is that this is the issues right now. >> Yeah. >> And now obviously the hook is Palunteer is the company that solves all three of them. We need to spend some time on this because first I need to kind of explain and that's the only thing the only slide I have on on what Palanteer is doing and then kind of translate this and what what this means right Palanteer has four kind of different products that meet those three pillars or issue issues to ensure we can a adopt AI in a in a safe and valuable way. Right? And let me explain those for for the listeners to to understand what Palunteer is actually doing. First they have Foundry. Foundry is is is is basically the tool where the the the engineers of Palunteer can bring all the fragmented data pieces within a company together. So it's actually usable. And then there is the ontology which uses um uh those data pieces which are now organized and builds it into you could say uh a live digital map to understand how the business actually works how how customers are connected how customers are connected to products to processes maybe also to decisions. you have that kind of X-ray scan on a company understanding how things are working, right? That's that's kind of the the ontology layer. And then there is uh number three is AIP. This is the the part that now once you have this digital map, you can layer in the models and Palunteer is um agnostic to model. So uh you you can choose as a company as a as a client of Palunteer whatever model you want to use. But what Palanteer is doing with its AIP, it's building benchmarks that actually matter to the task at hand. And then the comp the the the models perform against that benchmark. And the model that is the cheapest and the most um efficient and and and quality-wise the best against that company or client specific benchmark will be uh selected for that specific work workflow. And then finally number four there is uh Apollo. Apollo is basically um the the the the software layer that allows Palanteer to to um yeah make sure the the technology of Palunteer can be adopted within with in in a secure way so that the data is not shared outside of of the company that the Palunteer uh foundry ontology layer can be adopted on on updated on a constant basis. Um, so it's basically the the the the sovereignty the the the safety layer around the around the Palanteer stack. >> Just going to pause there for a second to point out that the market is showing signs of something kind of different happening and our analysts at Milk Pro are all over it. They spent the last couple weeks making a lot of trades, getting out of some positions and then getting into a lot of new ones getting ready for the next wave of robotics space or even kind of picking some different AI winners. If you want to see what they have in their portfolios, what positions they're opening, it's just a dollar in Milkroad Pro at the link below. What makes Pal what makes Palanteer so good at these at doing all of these? >> They're really good because they have all four of them. They >> Right. Okay. So, their mode is that they can do all four of these services together. >> Exactly. And you could also argue that they're the only one having this kind of ontology layer. I think the core mode was their vision 15 years ago or or even earlier when they recognized that we will move into a world with uh LLMs and models and those will be commodity as we're seeing now right the the the prices of tokens are falling and therefore the also the competitiveness as we're moving into this open uh weight model or world of open weight models is is is just declining right and palunteer recognized that when we're in a world of abundant models, we need this operating layer to make sure the the models actually provide value and that was their core mode and all the products they built was for that specific reason and the others did not think of that. >> Right. Okay. So they so they they're they're just basically the first mover on this kind of full stack security offer essentially, right? that it's like there's competitors who do some of those parts, but they they saw this a long time ago that this was coming that this would be a need and now they're bearing the fruit of that of that vision basically. >> Yeah. 100%. Um >> Okay. >> And and now obviously we need to explain uh why that is valuable, right? Obviously the the data sovereignty layer is is is pretty clear because you as a company you are in charge of your data. with Palunteer, the AIS or or the models you're using only get access to those parts of the data that matter to that specific workflow and they're not shared outside. Um because you can use Palunteer in your own cloud environment in your own AI infrastructure, AI hardware that you can build, right? It's pretty flexible and up to your demands. That's that's pretty straightforward. So well connecting that back to Satya Nadella's piece, you're only paying with money and not with your own IP and data, right? Cost efficiency is is really important because Palunteer chooses the models for the specific tasks that are most efficient and perform the best. And a crazy example of this earnings report was that they they they showed one uh incident or one example and I I'm pretty sure there are many more where a an openweight model which is obviously much cheaper than a frontier model performed way better than um against a specific company internal benchmark and then the company was obviously able to use the this open weight. Right? So that's really important as as as as we're switching around the models. And then one one more important point on this is Palunteer is also making sure that while you're able to switch the models, we're not losing the context of the discussion or the context of the task, right? Think about it yourself. There's nothing worse than changing an AI because it loses your entire personal context. It's basically the same thing there. >> Mhm. Or I I often have to have like if I feel like a diff like Claude could do a better job than chat, I'll have to ask one of them to be like, "Okay, hey, I'm going to go prompt the other AI. Give me a prompt for it." But it's not the, you know, it's annoying. And also, it's not the same. It's not the one that, you know, if it's not the one I use for those tasks regularly, it's so annoying. And I can imagine that >> at scaled to the enterprise level that that is like that that would be really annoying. So it it Yeah. So that's nice. So it's kind of like a little housing layer almost for all of those that keeps your context but finds the most efficient efficient model. What what what is what's going on with their growth and earnings, right? And their profitability because that's the big story this week um is that they're up 30% totally blown through the roof like what what is going on there? >> Well, it is mainly because they are able to show the outcomes, right? That's the part last part on this slide before jumping into some of the most interesting numbers. they prove or their customers actually come out and and and say that hey we say we have this much more efficiency uh we have x00 million saved uh we we are able to convert many more customers in our sales processes right so it's just proven time and time again that when you adopt Palunteer to high stakes uh environments and and and and projects you will get the desired outcome, right? And this kind of translates into the numbers and yeah, their mic drop. I mean, and and that's also the reason why Palanteer was up 30% after the earnings, right? They were so beaten down this year by this entire SAS is that AI AI is going to kill SAS that this earnings blew away all the bears, right? If if if you look at the slide here, we have a rule of 40. That's basically the the addition of both uh revenue growth and operating margin of 155. >> There's a lot of new people listening to these channels to this to this show. What is the rule of 40 and why are they at why are they at 155 instead of 40? What is that? >> Yeah. So so the rule of 40 is kind of the the title, right? And and what it used to be is if you're a SAS company and your revenue growth in percent plus your operating margin is above 40, you were you were crazy. You were just >> on top of everything. You were amazing, right? >> And now Palanteer just hit 155%. What this is proving is that they are driving hyperrowth at exceptional profitability at the same time is what this chart is showing. Um I mean if you if you look at it the rule of 40 has more than doubled since Q3 2024. Um, and it's basically showing that the that their growth is accelerating so much faster than the cost space they're having because what Palunteer is they they spend so little money on R&D because their product is is is is is basically finished, right? And they're just going out there and adopting it at at at their customers, right? So the cost remains really constant and and and and in comparison low and they're just growing, right? And yeah, this is just showing you that as customers expand kind of using Palunteer, the margins will just ever increase, right? Because the costs remain uh um flat. >> How does this how does this compare to other large companies, hyperscalers, model companies, top 100 companies? Yeah, I mean it's bestin-class across or in comparison against all growth or actually all companies that are out there, right? So, so nearly all top 100 companies including Nvidia are below Palanteer. It's basically just uh it's basically just the the memory names that that are above them, right? And if you look if you compare them to the other SAS names, they sit around between 40 and 80% of the rule of 40, right? And Palanteer is 155 um%. This is just showing you how exceptional this company is when it comes to growth and and and profitability. >> So wait, what are those companies that are above it? That's >> all the memory companies. >> The memory companies. Okay. And for anybody listening, there are two episodes on our channel this week about memory. Okay, so [laughter] that's also very topical right now. Uh but if you want to know if if if you want to see what those companies are all about, uh we have we have that. We have that. But it's interesting that Palunteer is right behind. So what are some notable companies that are way below this or that are that are doing well but are still way below this? I see Nvidia is right beside it there. I see Eli Liy all the way down but also at like 106% which is excellent as well. Yeah, that's great. That's amazing. Yeah, >> it's just that the memory names and Palanteer are bringing in a new level that has never been seen uh before. Obviously, Palanteer is much smaller in terms of of of of absolute revenue versus uh whatever Nvidia or any of the of the memory companies, but at that growth rate and and and and you seen the prior chart, right? Let me just jump back. The rule of 40 is just accelerating. So even though they're getting bigger in absolute terms, their profitability and their growth just keeps increasing, which is never been seen, especially at that size now, right? Um yeah, that's uh >> that's amazing. >> Yeah, makes me pretty bullish about >> that's pretty insane. So just go back go back one more slide. So last so so rule of 40 is reported like I guess is calculated during earnings, right? Like that's when you find out. So Q4 the earnings or Q3 last year >> a jump from 94 to 114%. Q4 127 Q1 145 and then it felt like it probably felt to a lot of people after Q1 that it's like what how could you possibly go higher and then it was now it's 155. Right. So it's like you're saying it's up there with the memory companies uh which have the highest. Right. Um and and it's above Nvidia which is which is >> yeah and what you need to understand is the memory names they are above since this year before that they weren't not there right >> the memory names are just benefiting from this massive scarcity and this is kind of a a oneoff I know that's not the the kind of correct framing but still they will not have those massive chumps moving forward because at some point you you cannot further increase price. We saw this with the Sandisk earning yesterday, right? Their outlook on the margins was or the actual margins were I think 84% and their outlook is between 83 to 85 for the next quarter. So it's kind of stalling whereas Palanteer can just increase and increase and increase. So so there is no obvious ceiling on on their rule of 40 versus the memories names they have a ceiling at the point in time. The question is how is Palanteer able to grow that much while um having a fixed cost basis right and that's basically this slide you can see that Palanteer is doing their their growth and their numbers with only about 1,000 customers in comparison other SAS companies like Service Now or Snowflake they have between 8 to 13,000 customers, right? So to Palanteer, the bottleneck is not really uh demand, it's actually being able to convert that backlog into actual revenue, right? Um and that's that's pretty extraordinary that they only have 1,000 customers. um they are across um uh government, US government and uh US US commercials or US enterprises mainly. Um but think about it this way. What happens if Palunteer goes to 2,000 3,000 maybe even 8,000 customers like some of some of the other SAS companies have right at same profitability levels or maybe slightly lower. I mean, the outlook is just ridiculous, right? We're so early. Only 1,000 customers using Palunteer technology today, and already they're showing those numbers. It's just, yeah, unheard of. Real world assets like funds, treasuries, and private credit are still running on rails built decades ago. Gated, paperwork heavy, slow to settle. Everyone's talking about tokenizing them, but far fewer can actually do it and do it without cutting regulatory corners. Securitize can. It's the SEC regulated infrastructure bringing real world assets onchain. Nine years in native tokenization not wrapped backed by Black Rockck, Morgan Stanley and Kathy Woods Archinvest and chosen by the New York Stock Exchange, Vanby and Apollo to do it at scale. It's the regulated bridge between traditional finance and crypto tokenized the world at milkroad.com/securitize. >> Everyone's tokenizing stocks these days, but almost nobody's doing it right. thin liquidity, prices that drift from the real thing, dividends that just vanish. Bit stocks 2.0 is different. Real NASDAQ and New York Stock Exchange depth through licensed brokers. Prices mapped one to one. Dividends paid to your account in real time. Plus, you get the lowest fees in the market at just 0.04%. And you can trade them like any other crypto. Has margin in earn in grid trading. Tokenized stocks finally done right. Head to milkroad.com/bitgget to get started. That's crazy, man. I didn't even thought about it like that. I just assume Palanteer was only used by like the White Houses and stuff, but they can they can be used by other like small mid-size companies, too, right? Like that's that's that's the forecast, right? Is that a lot of different size companies will use this even own businesses like even solarreneurs. >> This is so interesting to to me that also you I mean that you're thinking about Palunteer as kind of still this service provider for governet, right? Their commercial business grew 149% in the US year-over-year while the government business grew about I think 80 to between 80 to 90 90% year-over-year. Right. Oh wow. >> So their commercial business will be much bigger uh down the line because there's just so many more a clients that they can address, right? Because think about it this way. If you're a company in in in in a certain sector and your biggest peer is starting to use Palunteer is is is increasing efficiency is is is is decreasing cost just getting more competitive by the day you're eventually losing out against that peer. Now you have two options. You either build that AI capability yourself which we have seen the last two years very very little companies are able to do. Right? Again, remember the first year where I said only 12% of the CEOs out there see value from AI. So, you're then incentivized to call it Palanteer and say, "Hey, we want to do a deal with you as well." Um, but then again, there is the backlog backlog and you need to wait a couple of uh quarters or years even until you get Palanteer services. So, um yeah, it's it's it's really not a demand issue for for Palanteer and the outlook in terms of customer growth is really bullish. Mhm. [clears throat] >> And so >> that's wild. >> And so what is really interesting as well while we're speaking about their existing customer base, what this chart is showing you is that once Palunteer is inside a company, they're they're just increasing the value they're adding. The 157% net dollar retention basically means if a customer last year spent $1 on Palanteer services, this year this customer is spending $1.57, right? Uh it's just it's just proving that Palunteer technology is working that they're providing value and that other parts of the businesses where Palanteer is recognize that and want them and their services as well. And obviously it's it's much cheaper for Palanteer to to provide their services to existing customers versus winning new customers, right? So So what I understand, Vincent, and maybe you have this later, saved for later in the show, so maybe it's just a teaser what you're going to talk about later, is that starting in Q4 last year, Palanteer topped at like $210 and slid all the way to $105 just two months ago. What? Like, but these are all positive numbers. Right. So it's like what and I know that's it's you know the stock market doesn't work exactly the way that we estimate that it will but this is this not >> like obscene like why would it slide so much given that the rule of 40 is so strong customer growth is so strong uh spend per customer is so strong like these are only the it's all positive numbers. >> Yeah absolutely. So the last months were all about AI hardware [clears throat] and and like memory like micron bloom energy nebas those those kind of names right and capital rotated into that and why did they rotate out of names like palenteer it's because and and I framed this earlier there was this narrative SAS is dead and yes some SAS companies are definitely dead those SAS companies companies that are building software that cannot be replaced by AI or actually AI needs the software to provide value which is Palunteer and the software that benefits from commoditizing model layer is winning and is not dying and and that's Palunteer and that's the market slowly waking up again especially after this print I think this print just prove that no matter how good the models will get, Palanteer will not be replaced. They need the models the model the the model layer needs Palanteer to create values at companies, right? That's that's the biggest mode I think for them, >> right? So just software selloff included this even though it's software that's growing based on AI demand but still the market was irrational there. I also remember you guys a few times on the roll up pointing out their their insane PE, right? Which is now down a lot because their earnings are up and the price is down, but it was like 300 for a while like it was like obscene compared to other normal the other, you know, companies with similar market caps. So I think people maybe estimated that you know the market wanted that to get to close and now I think right now it's like 125 still enormous but uh I think also and not something that matters that much but it is something that I remember you guys pointing out as being like that's that's pretty insane. >> I mean this is obviously the biggest argument against Palanteer or it used to be oh Palunteer is so expensive now it's up 30%. It's it's it's it's not bearable. We cannot buy it here, right? Sorry, but that's because I I I did some numbers on this. So, here's the story. Alex Karp, the CEO, went out on the 1st of July saying that he's seeing free cash flow between 15 to 18 billion 2 years from now. So if you do the numbers on that at today's $160 share price or wherever it is I created the slides yesterday that's only a 20 uh between 21 to 26x on free cash flow to the today's uh free cash flow margin is 80x on on on on the the free cash flow they printed this quarter. Right? So if the stock remains here and they're achieving those 18 billions in revenue, they have a free cash flow multiple of 21. And that's would basically or yeah the the market then would be pricing Palanteer as as kind of a mature software company that is not growing much right now. One could assume that this is not the case and Palanteer will keep growing a lot in two years and and and and and out even though they're reaching those 15 to 80. So basically you can increase the multiple right. So at a 30x multiple on those 18 uh billion free cash flow in two years it will be 225 which would be 40%. At a 50x it will be 375. there will be a 2.3x in share price performance from here. And I mean a 50x is reasonable if you just saw the numbers and and and and how they're performing and that they're actually moving into this operating being the operating layer of AI and and and and making sure companies are actually getting the value out of AI. >> Right. So if you believe in and that customer that cost per customer like you're saying is growing and you were saying that even my assumption that it's all it's all government enterprise it's actually more I guess retail or not retail but like small business I don't know what the the sector was for that that's actually growing faster u that that doesn't seem unreasonable for them to keep keep to grow even more from here. I mean, ask yourself the question, do you think companies will adopt more AI moving forward or less? Probably more and probably way more until they see their peers doing it, until they see a real uh value coming it. And and that kind of uh trend or development is what's supporting a higher multiple than a 30x. It may not be an 80x on free cash flow what it is today. Um but even then if if it's an 80x on free cash flow at 18 million that's around about $1 trillion market cap. It's not that crazy, right? If you think about Palanteer as the operating layer for AI. So to me they're you could also argue that they're cheap at those levels. If you just objectively look at the numbers and believe in the AI buildout even after those 30%. >> You make a very compelling case man. Um is there is there and I think you also you had a slide to talk about their revenue per employee as well right which is also a huge part of of earnings. I don't know if you want to talk about that really quickly. Um or even just a bit more about their business dealings but just to reinforce reinforce that or even their their their deal workflows which is what you have up now. reinforce the business case for them that a lot of things are pretty pretty ultra sound in terms of other questions that we would ask. >> Yeah, exactly. I mean I with this presentation I just wanted to make sure people are seeing the the most crazy parts about this companies right on X you're seeing oh revenue growth by X margin growth by X but if you dig a bit deeper into the numbers then you're seeing the crazy parts and this is just one more kind of slide arguing that yeah the the 50x free cash flow multiple that I I see as as reasonable is actually reasonable. Revenue per employee is growing at this company like no one nowhere else. And only the best and and and and this is also explaining why only the best people like the best engineers are standing in line at Palunteer to work there. And obviously because they have the best people, the best engineers, they can create this value and they they they they were able to create this technology that that leads to those mass massive earnings today. Right. So yeah, it's just it's just one more chart showing the the the obscene craziness on on this company. >> Absolutely insane. Is this do you want to get right to the end then, Vincent? Is this is this something that you hold right now? I think that that's that's always the question. Obviously, you're super bullish, so if you don't if you don't currently have it in your Milk Road Pro portfolio, I feel like we're about to see it show up there, but is this something you you had pre- earnings? >> Yeah, I'm a I'm in Palunteer like in my in my personal portfolio since what two or three years now. So, I'm I'm early Palunteer. >> Um I'm not as early as others like I I didn't buy like below 10 or something. Uh but I'm early. It's um it's part of the Milkro portfolio. I uh I did not sell during the so I bought Palanteer right when we launched the the portfolio at Milro. Um and I did not sell it during the the kind of sesses that uh which I never really believed in. Yes, I had some questions around selling Palunteer because of the sentiment just kind of as a tactical move, but I decided against it because it's a crazy company as you just saw and you never know once the market starts to realize that. And also, I'm not a trader by nature. I'm more of a buy and hold long-term investor. And obviously, I'm really glad I I held through and and again, I will not sell here as well. Also, >> it is one it is one of your your your best performing positions in the Milk Pro portfolio. I think your third best currently of your holdings. Your average price is 130. Current price is about 156. Um, so up a nice 20% already. And and clearly there's room to grow here, right? Like you're talking about a 50x, man. Like that is crazy. [laughter] >> I mean a 50x in in on on on the on the free cash flow multiple, right? >> On the free cash flow. Yeah. The only thing I only thing I heard as a retail investor is 3x that will be a 3x in share price still decent performance. >> Oh, come on, man. It can do more than a trillion. It can go more than it could go market cap's like 350 right now. 350 billion. Come on. If >> if Micron and Eli Lillian stuff can go to a trillion, so can this. >> There is no there is no obvious ceiling on the on the company. The only risk I see for them is converting the backlog they're seeing in revenue because they're dependent on their engineers building the stuff at the customers, right? So they can only so fast uh convert the backlog. That's the only kind of hold up I'm seeing all the other arguments Palanteer it the model layers are going to uh kind of commoditize or or eat their lunch. It's all stupid because without Palanteer the models are not providing value and and and this was proven this quarter latest. Um so yeah I'm I'm I'm I'm I'm bullish on that. >> You are sitting at currently you have you still have 13% cash in your portfolio. Is this is this a time to add on Palunteer? >> Yeah it's it's it's it's it's it's an absolute fair question. I think the better time obviously would have been before earnings which I which I did right. I had a position there. So, me personally, my portfolio, I'm not adding here. If you do not have a position yet, I mean, the chart the the stock, what is it down from all-time high? Still at least 30%, 20, 30, 40% or so. So, a lot. Um, and if you if you if you believe in the long-term teases that I just laid out, it's definitely a great uh uh buying opportunity here. Um, I I just have an established position and for me there is no need to to add more here. I'm happy with my >> Got it. You're you're comfy. You're comfy just holding it as is. Maybe on another big dip. Well, excellent. Uh, Vincent, thank you for the the uh lesson on Palunteer and the bullishness as well. Uh, I think a lot of people had a lot of questions. It's definitely back in kind of the high mind share now after like a terrific earnings and and like a you know, massive price pop. Um and and you know it's still it's still 25% off from all-time highs, right? So clearly room to grow and healthy numbers across the board. And it's interesting to hear that it's the bullcase is more like this this could be the main kind of operating layer for people, right? That this is they may be routing all we may be routing a lot of our AI use through Palunteer, right? And that that to me is very is a very compelling argument. Yeah, the companies will do that and the governance. Us personally, as as like individuals, >> we're a company. We work at a company. We work at a company together. >> Uh yeah, Milkro is probably too small for Palenteer. I mean, they're they're signing $10 million uh kind of deals, right? So, >> maybe eventually. [laughter] >> Listen, people a lot of people are new to this YouTube channel, man. We are we are growing. All right? People love hearing you and Melvin and Kyle, Martin, everybody. So, uh who knows? Maybe that can come earlier earlier than we think, but uh I know what you mean. Anyways, Vincent, thank you, man. Thank you for for all the insight. [music] Want to stay ahead of the biggest technological shift in history? Subscribe now to get insight [music] straight from the sharpest minds in tech and finance. Quickly, you'll note this show is for educational purposes only. Nothing here is financial advice. Investing always carries risk. Never invest more than you can afford to lose. Thanks for tuning in. See [music] you in the next one.