| An SI Board Since August 2024 |
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PLTR |
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August 5, 2024
I.The playbooks of the past are no longer working. And even the people who had believed in them now know this.The enterprise software business had for years been crowded with companies whose principal innovation was selling a product that was capable of little more than reincorporating and shuffling data around in what amounted to yet another storage system. A premium was placed on developing software products whose principal purpose was to sell themselves. And a perception of value became more important than value itself. The rise and increasing sophistication of artificial intelligence capabilities have exposed the extent of dysfunction within enterprise software deployments. This was the era of thin technology and an abandonment of any real interest in results. Those companies, however, are now being swept to the side. They attempted to seize the cultural and moral high ground at the expense of anything resembling a commitment to outcomes. And society, not to mention customers, have grown disinterested in their theater.At the same time, national governments around the world dreamt that the promise of economic integration would be sufficient to coax adversaries to the bargaining table—that a credible military capability was an anachronism that could safely be discarded. They too were wrong. And their miscalculation has had significant and lasting consequences.We have believed from the beginning that a singular focus on creating value for our partners is the only way to survive and succeed over the long term, and that the strength and dominance of the U.S. military must be preserved and defended. These beliefs, which should be commonplace and unremarkable, have today become radical and risky in certain circles of elite opinion.Yet our business is growing at an exceptional rate because of these views, not in spite of them.It has become unfashionable to concede that we live in a world of constraints, both ideological and economic. But we will continue to build software for the world as it is, not as we wish it might be.II.We generated $678 million in revenue in the second quarter of the year, an increase of 27% over the same period the year before. The growth of our business has been re-accelerating steadily, and we see an unprecedented opportunity ahead to capture and build on that momentum. And our financial performance, strong as it is, has always been a lagging indicator of the character and momentum of our business.
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