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Palantir Q1 2026 - What Cursor Proved, What the Market Missed, and Why Governance Wins the Agentic Era
Summary
* Q1 validated the "NVIDIA moment" thesis: 85% YoY revenue growth, 54% FCF margins, and a Rule of 40 score of 145% confirm AIP's platform-market fit is triggering compounding demand acceleration.
* The market is concerned about agentic disruption risk: our Cursor parallel — where the fastest-scaling B2B SaaS company ever thrived despite direct competition from foundation model players — illustrates why Palantir's application-layer moat is far more durable than sentiment suggests.
* M
Updates: Netskope - Context-Rich Security for the AI Era (Pt.2)
Summary
* This section uses a framework to clarify how AI shifts security risk, where Netskope operates today, and where future opportunities and gaps may emerge.
* Netskope’s CASB and data-centric roots position it well at interaction and execution layers, but AI posture and agent/workload governance remain key expansion challenges.
Notes: Convequity’s Lens on Software 3.0 Investing
Summary
* Software 3.0 mirrors the early internet era: AI is in an infrastructure-first phase where most value accrues to chips, data centers, power, and networking, while the true application winners largely do not yet exist.
* The public SaaS universe is structurally impaired, with slowing growth, high SBC, compressed multiples,