Palantir CEO Alex Karp is sick and tired of his critics. That much is clear. But during the Yahoo Finance Invest Conference Thursday, he escalated his counteroffensive, aimed squarely at analysts, journalists, and political commentators who have long attacked the company as a symbol of an encroaching surveillance state, or as overvalued.
Karp’s message: They were wrong then, they’re wrong now, and they’ve cost everyday Americans real money.
“How often have you been right in the past?” Karp said when asked why some analysts still insist Palantir’s valuation is too high.
He said he thinks negative commentary from traditional finance people—and “their minions,” the analysts—has repeatedly failed to grasp how the company operates, and failed to grasp what Palantir’s retail base saw years earlier.
“Do you know how much money you’ve robbed from people with your views on Palantir?” he asked those analysts, arguing those who rated the stock a sell at $6, $12, or $20 pushed regular Americans out of one of tech’s biggest winners, while institutions sat on the sidelines.
“By my reckoning, Palantir is one of the only companies where the average American bought—and the average sophisticated American sold,” Karp continued, tone incredulous.
That sort-of populist inversion sits at the core of Karp’s broader argument: The people who call Palantir a surveillance tool—his word for them is “parasitic”—understand neither the product nor the country that enabled it.
“Should an enterprise be parasitic? Should the host be paying to make your company larger while getting no actual value?” he questioned, drawing a line between Palantir’s pitch and what he said he sees as the “woke-mind-virus” versions of enterprise software that generate fees without changing outcomes.
Instead, Karp insists Palantir’s software is built for the welder, the truck driver, the factory technician, and the soldier—not the surveillance bureaucrat.
He describes the company’s work as enabling “AI that actually works”: systems that improve routing for truck drivers, upgrade the capabilities of welders, help factory workers manage complex tasks, and give warfighters technology so advanced “our adversaries don’t want to fight with us.”
That, he argues, is the opposite of a surveillance dragnet. It’s a national-security asset, part of the deeper American story. That’s what Palantir’s retail-heavy investor base understands: the country’s constitutional and technological system is uniquely powerful, and defending it isn’t just morally correct, it’s financially rewarded.
“Not only was the patriotism right, the patriotism will make you rich,” he said, arguing Silicon Valley only listens to ideas when they make money. Palantir’s success, in his view, is proof the combination of American military strength and technological dominance—“chips to ontology, above and below”—remains unmatched worldwide.
That, he believes, is what critics get wrong. While detractors warn Palantir fuels the surveillance state, Karp argues the company exists to prevent abuses of power—by making the U.S. so technologically dominant it rarely needs to project force.
“Our project is to make America so strong we never fight,” he said. “That’s very different than being almost strong enough, so you always fight.”
Karp savors the reversal: ‘broken-down car’ vs. ‘beautiful Tesla’
Karp bitterly contrasted the fortunes of analysts who doubted the company with the retail investors who stuck with it.
“Nothing makes me happier,” he said, than imagining “the bank executive…cruising along in their broken-down car,” watching a truck driver or welder—“someone who didn’t go to an elite school”—drive a “beautiful Tesla” paid for with Palantir gains.
This wasn’t even a metaphor. Karp said he regularly meets everyday workers who “are now rich because of Palantir”—and the people who bet against the company have themselves become a kind-of meme.
Critics—especially civil-liberties groups—have accused Palantir for years of building analytics tools that enable government surveillance. Karp says these attacks rely on caricature, not fact.
“Pure ideas don’t change the world,” he said. “Pure ideas backed by military strength and economic strength do.”
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