$Palantir Tech(PLTR.US) had a bizarrely large drop. A possible reason is still Burry's continued bearish view, saying Anthropic will eat into PLTR's market share.

What's my take? I believe the two are fundamentally competing in different dimensions. PLTR's moat lies in the data structuring of its ontology (including security, workflow logic, data access, etc.). On top of this platform, it can adapt to various LLMs, and users can also choose independently. This is a relatively heavy data asset moat. The business model starts from the platform and expands upwards (large model applications) and downwards (data infrastructure governance).

As a leading LLM, Anthropic's business model is to excel at the application layer and may expand into the platform layer. However, the barriers to entry for a platform are very high, especially regarding military-political data security access. Anthropic's cooperation with the Pentagon is also built on PLTR's Gotham platform, which is what grants it access to military data.

I still agree with Karp's view that LLMs are a commodity. The real moat is built on understanding business scenarios, and that's exactly what ontology is doing.