$Palantir Technologies Inc.(PLTR)$
Circle Internet shares fell 5% Tuesday morning after Bloomberg reported that Visa, Stripe and more than 100 other financial firms are joining forces to launch a new stablecoin venture.
The new initiative, known as Open Standard, will issue its own US dollar-backed stablecoin called Open USD, according to a blog post shared with Bloomberg News. Supporters of the venture include Visa Inc., Stripe Inc., Bank of New York Mellon Corp., BlackRock Inc., Klarna Group Plc, Chime Financial Inc., Alphabet Inc., and Coinbase Global Inc.
Circle Internet shares continued to be oversold in the market.
In other news, Palantir Technologies Inc. remains a Hold as intensifying competition erodes its historical moats in AI workflow orchestration and government compliance.
PLTR's elevated valuation—84x forward GAAP earnings and a 33x forward P/S—appears unjustified given accelerating disruption risk from foundation model companies.
Growth rates remain strong, but new entrants with rapid FedRAMP certification and advanced LLMs threaten PLTR's pricing power and margin sustainability.
Internal competition and in-house solutions are raising PLTR risks, while the market is starting to price in slower growth and shrinking differentiation.
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