[gipp]

> And, for that matter, a market cap of $50b is 'less than outstanding'?

Less than outstanding outcomes

Market cap is their outcome, not their clients' outcomes. The two are decidedly different things, especially in our weird distorted market.

[gwern]

Burke specifies "valuations" as well as outcomes, so the observation stands. (Not that Palantir is any kind of monopoly... If you will recall, the usual criticism is that it's just a consulting shop with zero moat or monopoly.)