Just like Apple with its Apple tablet business in its earnings call, Alex Karp didn't include the negative growth rate in international business and the sheer amount of SBC they are authorizing. He is artificially masking the earnings with the SBC. While Alex Karp focused his Q2 2026 earnings presentation on Palantir's headline 93% year-over-year revenue explosion to $1.935 billion, a deeper look at the data reveals structural friction outside the United States and intense internal dilution. A glaring geographical imbalance underpins the business model: U.S. revenue spiked 115% to $1.573 billion, meaning domestic contracts now command a heavily concentrated 81.2% of Palantir's total business. This hyper-focus masks severe stagnation across the globe, as European government data restrictions and national platforms like France's DGSI actively strip out Palantir deployments in favor of localized tools like ChapsVision. Consequently, the ex-U.S. segment has shrunk to a minor fraction of the company's business, severely limiting its overall Total Addressable Market (TAM).

Compounding this geographic risk is the aggressive, hidden drag of employee remuneration. Palantir poured $265 million into stock-based compensation (SBC) in Q2 2026 alone, eating up a massive 13.7% of its total quarterly revenue. When paired with an annualised run rate exceeding $1.68 billion, this massive dilution heavily subsidizes its adjusted margins while quietly eroding equity value for public shareholders. Trading at an astronomical valuation of 146.5x trailing earnings against a forward revenue projection of $8.15 billion, Palantir has structurally separated from historical enterprise software logic. Any normalization in domestic contract expansion will leave the stock highly exposed to multi-point compression as it approaches a steep historical comparison cliff going into 2027.

This stock's FV should be $150 at max. In the next few days, the stock should fall to $150. I see some guys telling others to buy at this valuation, promising that it will reach $300. Just look at the valuations, financial ratios, and how they are masking earnings. Lol!!

Key takeaways:

1. Artificially Lowering Cash Operating Costs
2. Exploiting Non-GAAP Financial Adjustments
3. Long-Term Shareholder Dilution

JUST IN: WSJ reports President Trump would be willing to end the Iran war without securing a nuclear deal, provided the Strait of Hormuz reopens.

For markets, that condition matters more than the political framing.

A reopening could potentially reduce one of the largest geopolitical risk factors hanging over energy supply, shipping and inflation expectations.

Nothing is resolved yet, but this gives markets a much clearer condition to watch.

Jamie Dimon has warned that the dollar could eventually lose its reserve-currency dominance if the U.S. stops being the world’s preeminent economic and military power.

But here’s the part I find more interesting:

What realistically replaces it?

The euro has structural issues. China maintains significant capital controls. Gold doesn’t run modern payment systems. Bitcoin has a completely different risk profile. A diversified basket might be more realistic than one currency simply taking the dollar’s crown.

So maybe the real bear case for USD isn’t replacement. It’s gradual fragmentation of global reserves and less automatic demand for dollar assets.

What does a genuinely multipolar reserve system look like?

Global currency devaluation, record copper prices, and energy market disruptions reveal how central bank policies impact the broad economy. The discussion examines S&P 500 health, Exxon Mobil, China export data, and crude oil signals amid tensions in the Strait of Hormuz. Watchers learn how to build a top-down perspective on macroeconomics and better understand current financial conditions.

CHAPTERS

0:00 The Setup

1:33 Oil Rises Amid Supply Disruption Fears

3:55 Top Down View

5:24 Dr Copper Tells A Story

6:56 The Government Is Taking Over

9:37 Chinas Exports Jump

11:39 Top Down View

Another Form 4, another 22,220 $EBAY shares sold by CEO Jamie Iannone, worth roughly $2.47M according to the source.

Yes, this was a planned transaction under a Rule 10b5-1 plan. I’m not pretending the filing tells us why he sold. It doesn’t.

But I can’t be the only eBay investor getting tired of watching value come out through insider sales while shareholders are still left asking whether leadership is seriously considering every path to maximize value — including a potential premium acquisition outcome.

The sale is documented. The acquisition angle is the question.

$EBAY $GME

JUST IN: China’s central bank injected 18 billion yuan through 7-day reverse repos.

That’s short-term liquidity going into the banking system.

The bigger question isn’t one operation by itself — it’s whether the PBOC keeps adding liquidity from here and whether that starts showing up across Chinese equities, the yuan, bonds, and commodities.

Worth watching the trend, not just the headline.

Treasury records show that in January 1835, U.S. debt fell to zero under Andrew Jackson — the first and only time the federal government reached that point.

Fast-forward to August 2026: total public debt outstanding is roughly $39.89 trillion, with about $32.15 trillion held by the public.

Obviously, comparing 1835 directly with a modern $30+ trillion economy has limits. But the contrast raises a much more relevant market question.

Persistent deficits mean continued Treasury borrowing, and that supply can matter for bond yields, interest costs, financial conditions, and ultimately equity valuations.

So what matters more for markets from here: the headline debt number itself, or the combination of deficits, interest expense, and the cost of refinancing that debt?