Notes - Palantir's TAM, Terminal Revenue Potential, & Valuation

Customers are redesigning around tight chips, memory, optics and power. We increased Cerebras to 1% and SPCX to 4%, and we trimmed Soitec to 3.5% and POET to 0.75%.

Nvidia trades at its lowest multiple since 2015. We compare our view with the Market’s and the Street’s, and explain why a shrinking moat makes Nvidia a possible value trap and Broadcom, at similar multiples, the stronger case.

Part 1 mapped agentic disruption across SaaS with provisional scores. Part 2 deep-dives PLTR, DDOG, and NET: who owns the agent layer, who is durable plumbing agents pay for, and who is more exposed — so investors can see structural winners more clearly.