Key Takeaways:
North American investors obsess over macro risks while Asia bets big on AI’s untapped potential
China’s AI narrative faces skepticism abroad but fuels a $46B tech rally at home
Hedge funds cash in on "Two Sessions" volatility as long-only EM funds double down
Valuation gaps hit extreme levels: BABA trades at 10x earnings while NVIDIA eyes 32x
US "BTC reserve" plan evolves into mul...

This time Palantir's earnings report has blown up the market, with the stock price soaring 22% after hours. But what truly excites people is not just this report card, but the sound of the AI business engine is now roaring completely. Previously, the biggest concern about Palantir was its excessive reliance on government contracts, with the commercial side seeming like a half-finished product struggling to take off. However, this time, the data is here: U.S. commercial revenue skyrocketed by 64%, customer numbers increased by 73%, and million-dollar contracts were smashed by 129. This is no longer just a 'concept landing,' but companies are going all in on Palantir's AI solution. Their sales tactics can also be described as extreme output, holding an AI tactical demonstration every 90 minutes, not giving the market a chance to calm down. What's even more intense is that clients are not just dipping their toes; the contract amounts are getting larger each time, with the total value of U.S. commercial contracts (TCV) directly increasing by 134%, locking in growth for the next 12 months. This model already has a bit of the taste of 'enterprise-level ChatGPT' - whoever first solves business problems with AI will be able to dominate their industry, leaving everyone rushing in, eager to spend money. Of course, government contracts still remain Palantir's cash cows, with a growth rate of 40%, especially the U.S. government business soaring by 45%. If the commercial side is the new battleground for AI, then the government side is their moat. It goes without saying that the military, intelligence agencies, and now 'non-traditional' government departments like health insurance and climate monitoring have also started becoming Palantir's clients. This business structure allows them to withstand economic fluctuations better than purely commercial companies, as government budgets tend to be more stable than those of businesses. This total revenue growth far exceeded market expectations this time, with Q4 directly hitting $0.828 billion, a 36% year-over-year increase, 14% higher than the previous quarter's $0.726 billion. This is not an AI fantasy from a PowerPoint presentation, but a real breakthrough in performance. More importantly, Palantir has achieved profitability for six consecutive quarters, completely shaking off the hat of 'relying solely on government funding.' In terms of financial data, this time Palantir not only 'grew fast,' but also grew extremely healthily - free cash flow increased by 70% year-on-year, operating cash flow increased by 53%, the cash and short-term investments on hand have piled up to $5.2 billion, and they are debt-free. In other words, they are not just making money, but making it quite steadily.