Palantir (PLTR) trades at 56.7 times sales, compared with 3.2 times for the S&P 500, so anything that slows its growth matters to shareholders. Management said several eight-figure Sovereign AI deals signed in the third quarter had shorter terms than usual, tied to customers quickly adopting early tools. Third-quarter bookings grew more slowly than revenue: U.S. commercial revenue rose 148% year on year, while U.S. commercial bookings rose 11%, and total commercial bookings grew 17% against 113% revenue growth. The fourth-quarter revenue guide of $2.65 billion implies about 88% growth, below the third quarter's 96%, though full-year revenue guidance was raised to $8.53 billion. The company holds $10.3 billion more in cash and short-term investments than debt, roughly two and a half years of the $4.05 billion in free cash flow over the last twelve months.
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