1. Palantir Technologies Inc. is trading at an extremely high valuation, with a forward sales multiple of 57x and a market cap over $150 billion despite modest revenue growth. 2. The company's fundamentals are improving, but the current valuation is unsustainable, posing significant risk if growth stalls or estimates are missed. 3. Multiple expansion has driven recent gains, but comparisons to Snowflake and Zoom suggest potential for severe valuation contraction. Investors face the risk of minimal returns or substantial losses over the coming years.