Palantir Technologies Inc. delivered strong Q2 results, showcasing robust operating leverage and disciplined cost management, but valuation now limits upside. Q2 revenue surged 93% year-over-year, while operating expenses grew only 34.2%, driving GAAP operating margin to 47.1% and adjusted margin to 61.7%. I maintain a Hold rating on PLTR, as the stock price has outpaced earnings growth and leaves little margin for disappointment at 120x FY2026 EPS.
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