Palantir is already benefiting from the massive secular growth in Artificial Intelligence (“AI”) and Machine Learning (“ML”). And it is positioned to keep benefiting massively in the years ahead thanks to its leading solutions, innovation, sticky customer base and very strong balance sheet. This one was loved (during the pandemic bubble) then hated (when the bubble burst), but the business has only been getting stronger and the shares are still inexpensive relative to where we expect them to be in five years and beyond. In this report, we review the business, the growth, the opportunity, the valuation and the risks, and then conclude with our strong opinion about investing.