I answer with two dates. April 9, when pltr closed down more than 7% after a public short thesis landed, and late June, when it traded near $106 and finished its worst month on record.

The odd part is that the business never cooperated with the panic. Revenue growth never dropped below 70% in any quarter this year, and the August 3 report beat on both lines with net retention at 157%. What sold off was the multiple rather than the product, dragged down alongside every expensive software name in the June repricing.

Since then $PLTR has run roughly 40% in two weeks. So the honest answer today is that it crashed, and then it did not.

Short-term exposure of mine sits on Bitunix as a perpetual rather than shares, mainly because the stop sits beside the leverage slider where I can see it. Leverage cuts both ways and liquidation risk is real, so size small. Could be wrong, this is only how I read the tape.