Palantir Shares Slide in Extended Trading — Alex Karp Says Wall Street Can’t See AI’s Reality: ‘When It Gets Real, You Need Us’

Radhika Anilkumar NadigTue, November 3, 2026 at 9:01 AM UTC

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While Anthropic PBC and OpenAI chase investors, Palantir Technologies Inc. (NASDAQ:PLTR) CEO Alex Karp said Wall Street has not yet seen the reality of artificial intelligence.

‘You Need Us’

On the company’s third-quarter earnings call, Karp argued that Wall Street is too invested in the AI boom to see its limits.

Investors backed the labs early, he said, and “it’s hard to see the reality when you’re getting rich on something that’s not actually working the way you think it is.”

Companies learn the difference once the technology meets their operations, Karp said, because “when it gets real, you need us.”

He added that the market for Palantir’s technology is far bigger than the company can serve.

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AI Models Alone Can Become ‘Agents of Chaos‘

In his shareholder letter, Karp said that markets are learning “that the only things that are valuable are the things that they do not understand.”

Language models on their own generate “limited value” at best and are more likely to “become agents of chaos,” the CEO said, adding that Palantir has “no interest in building software that leeches the value and alpha” from its partners.

Anthropic is preparing for an IPO that could come as soon as this month, after its prospectus showed it lost $80 billion on $16.8 billion in revenue in the first half of the year, while OpenAI raised $11 billion from investors, far less than the $30 billion it sought.

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PLTR Posts a Double Beat in Q3

Palantir reported third-quarter revenue of $2.31 billion, beating estimates of $2.18 billion, according to Benzinga Pro data. Adjusted earnings for the quarter came in at 44 cents per share versus 39 cents analysts had expected.

The company forecasts fourth-quarter revenue of $2.649 billion to $2.653 billion, versus estimates of $2.46 billion, and raised full-year revenue guidance to $8.53 billion to $8.534 billion.

Price Action: Shares fell 3.13% to close at $178.34 and lost 2.99% to $173 in extended trading.

Benzinga Edge rankings indicate Palantir’s stock has a Momentum score in the 88th percentile and a Growth score in the 97th percentile.

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