$Palantir Technologies Inc.(PLTR)$  

This has happened before. Microsoft was one of the best businesses in the world during the dot-com bubble. It was not a broken company. It had revenue, earnings, cash, and dominance. In fiscal 2000, Microsoft generated $22.96 billion of revenue, $9.42 billion of net income, and $1.70 of diluted EPS. The business was still compounding, but the stock price had already pulled too much of the future into the present.

Then the valuation reset hit. In fiscal 2001, Microsoft revenue still grew to $25.30 billion, and operating income increased to $11.72 billion. The company was still printing cash. In fiscal 2002, revenue grew again to $28.37 billion, net income recovered to $7.83 billion, and cash and short-term investments climbed to $38.65 billion. The business kept working. The stock did not. From 2000 to 2001 the stock fell over -40% and through the end of 2002, Microsoft’s stock fell about -56%. Not because the software business collapsed. But because investors had paid too much upfront