Sands Capital noted that Palantir's stock price reaction may reflect the market's high expectations and ongoing debate regarding its valuation and competition from AI labs, rather than a deterioration in the company's fundamentals. The fund remains confident in Palantir, believing its platform is closely tied to enduring growth themes such as defense modernization, reindustrialization, energy construction, and space, and can translate AI demand into profitable growth. Palantir closed at $172.01 in Q2 2026, up 32.27% for the month, but down 5.84% over the past 52 weeks.