The AI Selloff Is Missing The Bigger Story

Bryan Rich 564 Followers Follow Summary Palantir was trading down 29% on the year into Monday’s close (35% below its all-time highs), just prior to the earnings release. And now we know the company grew faster in the recent quarter, became a more profitable business, and raised the outlook. The decline in the stock was not related to the business. It was about market positioning. That has been the theme for AI stocks all summer. And it’s a gift. Wall Street has spent this summer debating whether the capex is too big. Debating whether the multiple is too high. Debating whether Alphabet should blow all of its free cash flow (and then some) to build more datacenters/buy more chips. Those are ripples on the surface. Kaewta Suphan/iStock via Getty Images Originally published on August 3, 2026 Palantir ( PLTR ) reported after the close. Revenue was up 93% from a year ago. Net income was up three-fold from a year ago ($1.07 billion, against $329 million). Adjusted operating margin came in at This article was written by Bryan Rich 564 Followers Follow Bryan Rich is a macro investor and the founder of Logic Fund Management, an independent research firm known for connecting policy, investor influence, and innovation to real-world positioning. He writes Pro Perspectives, a concise daily briefing read by more than 25,000 investors who want clean signal over noise. Bryan’s framework is practical and repeatable: tracking the policy path (rates, liquidity, industrial strategy), following where elite capital is taking risk (billionaires and activists with operating influence), and mapping the technology cycle (compute, data, energy). From that, he translates big forces into entry points, catalysts, and portfolio construction. Logic Fund Management offers two specialized subscription-based strategies: The Billionaires Portfolio—event-driven value, investing in companies with unlockable assets, activist alignment, and clear catalysts; and the AI-Innovation Portfolio—ownership in the infrastructure and intelligence layer of the AI economy, from data centers and networking to enabling software and robotics. Bryan began his career on the trading desk of a family-office macro fund in the mid-90s, and later at an award-nominated global macro firm. He is known for a plain-English style that blends institutional discipline with real-world execution. Independent. Aligned. Research-driven.