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Image of Silver Ethereum Tokens Thomas Third Capital Investment Research Report Ethereum: The Foundation Layer of Finance and the Next Generation of the Internet Monday, April 14, 2025 Executive Summary Ethereum has evolved beyond a mere digital currency to become the underlying infrastructure for a broad spectrum of applications in decentralized finance (DeFi) and Web3. This report examines why Ethereum is positioned to serve as the foundation layer of finance and digital economies, highlighting its inherent value drivers such as robust developer activity, innovative layer 2 solutions like Base, and the rapid expansion of stablecoins and DeFi use cases. With its dynamic ecosystem likened to a digital city hosting diverse economic activities, Ethereum is attracting a growing number of businesses and developers who prefer it over traditional cloud providers for its open, decentralized, and permissionless nature. We project an 18-month price target of $6,000 per ETH , with the potential for Ethereum’s market cap to exceed $2 trillion  and ETH to surpass $16,000 per ETH  over the next three to five years. 1. Introduction Ethereum’s journey from a pioneering smart contract platform to a critical infrastructure layer for global finance illustrates its transformative potential. As enterprises, developers, and consumers continue to adopt decentralized applications (dApps) and digital finance solutions, Ethereum is steadily cementing its role as the backbone of Web3. By enabling trustless interactions and financial intermediation without the need for traditional intermediaries, Ethereum is redefining the global economic landscape. Key highlights include: Developer-Centric Ecosystem:  Consistent innovations driven by the most active developer community in the blockchain space. Layer 2 Enhancements:  The rise of scalable layer 2 solutions, notably Base, is significantly reducing transaction costs while increasing throughput. DeFi and Stablecoin Growth:  The expansion of decentralized finance and positive regulatory signals around stablecoin legislation are reinforcing Ethereum’s adoption. 2. Ethereum as a Digital City: A New Paradigm for Business and Finance In many ways, Ethereum can be compared to a digital city—a vibrant, ever-evolving metropolis that hosts a multitude of economic activities, communities, and interactions. Unlike traditional cloud providers such as Amazon Web Services, Microsoft Azure, or Google Cloud, which operate as centralized hubs offering isolated services, Ethereum provides: Decentralization and Trust:  A trustless, permissionless network where businesses retain control over their data and transactions without reliance on centralized intermediaries. Interoperability:  A platform that enables seamless integration between various dApps, services, and smart contracts, driving network effects akin to the synergistic neighborhoods of a well-planned city. Resilience and Openness:  An ecosystem that empowers global participation, fostering innovation and resilience through community-driven development and open access. Businesses are increasingly choosing Ethereum over conventional cloud platforms to leverage the benefits of decentralization, enhanced security, and a proactive development community that continuously builds on the platform's capabilities. 3. Robust Developer Activity and the Impact of Layer 2 Solutions A significant pillar of Ethereum’s intrinsic value is its unmatched developer activity. The network hosts thousands of projects spanning decentralized finance, non-fungible tokens (NFTs), decentralized autonomous organizations (DAOs), and other emerging use cases. This continuous cycle of innovation ensures that the platform remains at the forefront of technological progress. 3.1 Developer Engagement Innovation Hub:  Ethereum’s open-source nature attracts a global pool of developers whose contributions result in a constant stream of upgrades, security enhancements, and innovative applications. Ecosystem Growth:  Higher developer activity often correlates with increased network usage, liquidity, and market adoption, setting off a virtuous cycle that continually elevates Ethereum’s value proposition. 3.2 Layer 2 Solutions: The Catalyst for Scalability Cost Efficiency and Speed:  Solutions such as Base dramatically enhance Ethereum’s scalability, driving down gas fees and accelerating transaction times. Broader Adoption:  With lower barriers to entry for developers and users, Ethereum’s ecosystem is becoming more accessible and inviting for mainstream applications, further reinforcing its network effects. 4. The Role of Stablecoins and Decentralized Finance The growth of stablecoins on the Ethereum blockchain has been a defining trend in digital finance. Stablecoins provide a critical on/off-ramp for traditional fiat currencies, ensuring liquidity and stability in the otherwise volatile crypto environment. 4.1 Stablecoins as the Financial Glue Regulatory Momentum:  Emerging stablecoin legislation is set to bring transparency and increased regulatory clarity, which will likely spur institutional participation and consumer confidence. Transactional Backbone:  Stablecoins streamline cross-border transactions and payments, acting as a stable medium within the decentralized ecosystem. This enhanced liquidity supports a diverse range of financial activities and products. 4.2 Decentralized Finance (DeFi) Applications Innovative Lending and Borrowing:  Ethereum-based lending platforms democratize access to capital by enabling trustless credit markets and collateralized loans. Yield Generation and Investment:  Sophisticated yield farming protocols and decentralized exchanges are redefining traditional investment paradigms, offering new pathways for generating returns. 5. Ethereum Versus Bitcoin: Key Differentiators While Bitcoin remains the flagship store-of-value asset, Ethereum offers unique advantages that extend far beyond digital gold. 5.1 Technological Versatility Smart Contracts:  Ethereum’s Turing-complete smart contract functionality facilitates the creation of complex decentralized applications. Bitcoin, in contrast, primarily focuses on secure transactions and value storage. Flexibility:  Ethereum’s programmable infrastructure allows for rapid experimentation and deployment of dApps, making it adaptable to evolving market needs. 5.2 Ecosystem and Use Case Diversity Dynamic Ecosystem:  Ethereum’s wide-ranging applications span across finance, art, gaming, and identity management, offering a more extensive use case portfolio compared to Bitcoin’s relatively narrow focus. Innovative Financial Instruments:  The development of DeFi solutions, NFTs, and other digital assets on Ethereum illustrates the platform’s potential to support a comprehensive digital economy. 6. Investment Thesis and Price Target Given Ethereum’s technological leadership, expansive developer community, and revolutionary role in redefining financial and digital asset services, our investment thesis is robust: Current Price Dynamics:  At a current price of $1,622.06 per ETH, with a 52-week high of $4,106.96, and a market capitalization of $196 billion, Ethereum is well-positioned for substantial long-term growth. 18-Month Projection:  We confidently set an 18-month price target of $6,000 per ETH . This target is driven by the anticipated acceleration in network adoption, enhanced scalability through layer 2 solutions, such as Base, and regulatory support for stablecoins and the industry as a whole. Long-Term Upside:  Over the next three to five years, Ethereum’s ecosystem growth could propel its market cap beyond $2 trillion  with ETH surpassing $16,000 per token , independent of additional deflationary mechanisms such as token burns. 7. Risks and Considerations While the outlook remains overwhelmingly positive, potential risks include: Regulatory Uncertainty:  Despite promising stablecoin legislation, regulatory environments can evolve and introduce unforeseen challenges, especially after the current crypto-friendly president leaves office. Technological Competition:  Other blockchain platforms, such as Solana, may continue to emerge as competitors, though Ethereum’s network effects, reliability, and developer engagement offer a substantial competitive moat in our opinion. Market Volatility:  Cryptocurrency markets are inherently volatile, and macroeconomic factors can exert significant short-term pressure on prices. 8. Conclusion Ethereum stands at the nexus of technological and financial innovation. Its role as the digital foundation of decentralized finance and Web3, bolstered by vibrant developer communities, scalable layer 2 solutions like Base, and expanding stablecoin markets, positions it for unprecedented growth. Businesses and developers increasingly choose Ethereum over traditional cloud providers for its decentralized architecture, transparency, and robust innovation cycle. Coupled with its clear technological and functional advantages over Bitcoin, Ethereum is more than a cryptocurrency—it is the cornerstone of a dynamic digital economy. We at Thomas Third Capital remain highly bullish on the Ethereum blockchain, which is demonstrated by our 18-month price target of $6,000 per ETH combined with our long-term outlook that foresees a market cap exceeding $2 trillion  and $16,000  per token. As the ecosystem evolves, the convergence of technology, finance, and regulatory support will continue to unlock value, making Ethereum the foundational layer for the future of finance and Web3. Disclaimer: I/We own a position in Ether. Please do your own research and seek a qualified licensed financial advisor if additional assistance is needed. For a complete guide to mastering financial literacy, please read my finance books Generational Wealth: Beginner's Business & Investing Guide and 1,000% Returns: Taking Advantage of the Stock Market's Gross Incompetence . The Amazon links are below: Generational Wealth: Beginner's Business & Investing Guide 1,000% Returns: Taking Advantage of the Stock Market's Gross Incompetence

Image of Upstart's Logo Thomas Third Capital Investment Research Report: Upstart (UPST) March 30, 2025 Executive Summary Upstart has emerged as a force in the lending landscape by connecting millions of borrowers with more than 100 banks and credit unions through its sophisticated artificial intelligence models and cloud-based applications. With a focus on increasing access to credit, including a 116% increase in Black borrowers and 123% more Hispanic borrowers approved compared to traditional models, Upstart is setting a new benchmark for financial inclusion and efficiency. At a current stock price of $47.29 and a market cap of $4.43 billion, Upstart’s valuation of 6.73 times trailing sales is compelling. We believe that, over the next 12 months, Upstart can justify a multiple expansion to 26 times sales, driving our price target to $291 per share, which is a market cap of approximately $27 billion. Investment Thesis Innovative Technology and Market Differentiation Advanced AI-Driven Underwriting:  Upstart’s artificial intelligence model, which leverages over 2,500 variables and is trained on approximately 82 million repayment events, significantly outperforms traditional lending models. This results in: Approval of 101% more applicants Lower APRs by 38% on average Automation Excellence:  With 91% of loans fully automated, Upstart reduces human error and operational costs, enhancing scalability and operational efficiency. This efficiency not only improves borrower experience, as evidenced by a world-class net promoter score of 84, but also drives higher conversion rates, with 93% of instantly approved borrowers converting to funded loans. Impressive Growth Trajectory Revenue Expansion:  In Q4 2024, total revenue grew by 56% year-over-year to $219 million, with full-year revenue for 2024 at $636.5 million—a 24% increase. This growth is underpinned by improved model accuracy and larger conversion rates. Earnings and Margin Improvements:  Losses in Q4 2024 were significantly trimmed from $42.4 million to $2.5 million, while adjusted EBITDA reached $38.8 million. With a healthy contribution margin of 61%, Upstart’s operating performance is on an upward trajectory. Robust Revenue Forecasts:  Wall Street projects total revenue to grow by over 58% in 2025 to reach $1.01 billion and by more than 23% in 2026 to $1.24 billion. At Thomas Third Capital, we are even more bullish, expecting: 65% revenue growth in 2025 to at least $1.05 billion 50% revenue growth in 2026 to at least $1.575 billion Diversified Loan Products and Expanding Market Opportunities HELOC and Loan Portfolio Expansion:  Upstart’s HELOC business has shown tremendous potential, with Q4 2024 originations growing sequentially by 59% to $27 million and zero defaults on over 1,000 HELOC loans. This product is now available in 36 states plus DC, meeting substantial demand amid ample low-cost funding. Broad Product Suite:  Beyond HELOCs, Upstart’s growth in unsecured personal loans, micro loans, auto loans, and small business loans further diversifies its revenue streams. The company’s prime lending program, which is already deployed by 30 banks and credit unions, taps into the super prime borrower segment, driving quality loan origination and reducing the company’s delinquency rate by 22% year-over-year. Massive Addressable Market Tremendous Market Opportunity:  Upstart’s total addressable market exceeds $3 trillion in annual loan originations, with specific segments including: Home loans: $1.4 trillion opportunity Auto loans: $677 billion opportunity Personal loans: $155 billion opportunity Small business loans: $895 billion opportunity This vast market potential positions Upstart to capture significant market share as traditional lending paradigms evolve. Catalysts for Multiple Expansion Artificial Intelligence Leadership:  Upstart’s continuous model improvements will drive further efficiency, lower default rates, and enhance borrower selection, reinforcing its leadership position. Scalable, Automated Processes:  With 91% of loans fully automated, the scalability of its platform remains unmatched, positioning Upstart to capture increasing volumes without a commensurate rise in operational costs. Product Diversification:  The expansion into HELOCs and other diversified lending products provides multiple revenue streams that mitigate risk and offer compelling growth prospects. Partnership Growth:  With 28 new banks and credit unions onboarded in 2024 and more than 50% of funding secured through committed capital and co-investment partnerships, Upstart is well-capitalized to fuel future growth. Market Sentiment and Financial Upside:  Given the robust performance metrics and the enormous underlying market, we believe the market has yet to fully price in the growth potential. A move to 26 times sales is justified by the company’s impressive fundamentals and expansion capabilities. Risks and Mitigants Economic Cycles:  While lending is inherently cyclical, Upstart’s advanced credit models and diversified loan portfolio help mitigate risks associated with economic downturns. Regulatory Environment:  Upstart operates in a highly regulated industry. However, its strong compliance record and proactive approach to regulatory changes serve as robust mitigants. Competitive Landscape:  The competitive environment in fintech is intense, yet Upstart’s superior technology and proven track record give it a distinct competitive advantage. Conclusion Upstart represents a paradigm shift in the lending industry, driven by state-of-the-art AI technology, operational automation, and a deep commitment to financial inclusion. The company’s impressive growth trajectory, diversified product portfolio, and substantial addressable market provide a compelling case for sustained expansion. With our conservative estimate of revenue growth and multiple expansion to 26 times sales, Thomas Third Capital confidently sets a 12-month price target of $291 per share . This reflects our conviction that Upstart is not merely a fintech company—it is a revolutionary force poised to redefine credit underwriting and lending for the modern era. For financial literacy and the ability to find and analyze great investments, please read my books Generational Wealth: Beginner’s Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . Both are amazing and are available on   Amazon.com .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718 Disclaimer: I/We have a long position in Upstart. Please do your own research and seek financial guidance from a licensed financial advisor or a tax attorney if necessary.

Image of Wall Street Bull and Walking Pedestrians Thomas Third Capital Investment Research Report: Stock Market Bottom and Imminent Rally March 22, 2025 Summary and Investment Thesis The stock market has likely bottomed in the short and medium term, and we at Thomas Third Capital believe a new rally is on the verge of confirmation within the next two to three trading sessions with an IBD-style follow-through day . Historically, no sustained rally has ever occurred without a follow-through day , which requires the market to rise at least 1.25% in higher volume than the prior session . With the Nasdaq experiencing a rally attempt on March 14, 2025 , we are now entering the critical day four to day seven window , where a confirmed uptrend becomes highly probable. While a follow-through day does not guarantee a prolonged bull market, it has been an indispensable component of every major stock market recovery. Given the latest macroeconomic developments and the market’s technical positioning, we believe buyers will come marching in  for several compelling reasons. Macro Tailwinds: The Fed Provides Additional Liquidity On Wednesday, March 19, 2025 , Federal Reserve Chair Jerome Powell  and the Federal Open Market Committee (FOMC)  announced a $20 billion per month reduction in the Fed’s quantitative tightening (QT) program . This move injects additional liquidity into the financial system, easing constraints on credit markets and reducing upward pressure on interest rates—both of which are bullish catalysts for stock valuations . Further reinforcing our conviction, Powell’s commentary was notably supportive of the macroeconomic outlook , suggesting that the Fed is shifting toward a more accommodative stance. However, we believe the market has experienced a delayed reaction  to these bullish signals, in part due to the energetic influence of the ongoing Mercury Retrograde (March 15 - April 7, 2025) . Historically, Mercury Retrograde has been associated with communication breakdowns and misinterpretations , which could explain the initial muted response to the Fed’s policy shift. After some delay, we anticipate a more clear understanding of the Fed’s dovish pivot , further fueling risk-on sentiment. Valuation: A Rare Buying Opportunity in Market Leaders While the stock market correction has tested investor confidence, it has also created extraordinary buying opportunities  in some of the world’s most dominant growth companies. NVIDIA (NVDA) : Currently trading at 26 times Wall Street’s fiscal 2025 EPS estimates , which we at Thomas Third Capital believe is significantly understated . Our models project at least 67% EPS growth to over $5.00 per share in fiscal 2026 (calendar year 2025) , implying that NVDA is trading at just 23x forward earnings —a massive discount given its AI-driven growth trajectory. Meta (META), Alphabet (GOOGL), Tesla (TSLA), and Coinbase (COIN)  are all similarly undervalued relative to their long-term opportunities , making this one of the best risk-reward environments in recent memory. Investors sitting on the sidelines, waiting for a dip , now have a rare second chance  to enter the market at attractive levels before the next leg higher begins. Technical Analysis: The Nasdaq’s Bullish Reversal The Nasdaq Composite Index  closed on Friday, March 21, 2025, at 17,784 , accomplishing a bullish reversal . The index hit a low of 17,238 on March 11, 2025 , a level that was successfully retested on March 13, 2025 at 17,239 . Key Technical Levels: 52-week high:  20,204 (December 16, 2024) 200-day moving average:  18,439 50-day moving average:  19,040 21-day moving average:  18,186 10-day moving average:  17,615 The Nasdaq has now cleared its 10-day moving average  and is poised to reclaim its 21-day and 200-day moving averages in the coming weeks , reinforcing the likelihood of a sustainable rally. While it is true that “bad things happen below the 200-day moving average,” we firmly believe this correction is officially over , barring extraordinary developments. The market has laid the foundation for a powerful breakout, and we are confident that a follow-through day is imminent. Conclusion: A New Bull Market Awaits The stock market is on the cusp of a confirmed rally , supported by Fed liquidity injections, attractive valuations, and bullish technical signals . While investor sentiment remains cautious, the conditions for a strong recovery are now firmly in place . As the market gains clarity in the coming days, we expect institutional buyers to return aggressively , marking the beginning of the next sustained uptrend. At Thomas Third Capital , we declare that the 2025 stock market correction is likely over —and the next great bull run is about to begin. Recommendation:   Do Your Own Research Market Call:   Correction Over. Rally Imminent. Thomas Third Capital – Your Guide to Market Leadership Disclaimer: I/We own shares of NVIDIA, Tesla, and Coinbase. For financial literacy and the ability to find and analyze great investments, please read my books Generational Wealth: Beginner’s Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . Both are amazing and are available on Amazon.com .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718

Photo of Coinbase Logo Thomas Third Capital   Investment Research Report: Coinbase (COIN)   March 20, 2025 Summary and Investment Thesis Coinbase (NASDAQ: COIN) is not just a leader in cryptocurrency trading; it is one of the most strategically important financial infrastructure companies in the world. With a dominant presence in both retail and institutional crypto markets, an expanding suite of blockchain-based services, and a rapidly growing revenue base, Coinbase is poised to capitalize on the continued mainstream adoption of digital assets. President Trump has made it clear that his administration is committed to making the United States the global leader in cryptocurrency. Regulatory clarity will provide the necessary framework for mass adoption, and Coinbase, as the most trusted and regulated crypto exchange in the U.S., is the biggest beneficiary. From stablecoins to institutional staking, from Ethereum Layer 2 scaling solutions to decentralized applications, Coinbase is at the forefront of web3 innovation. We at Thomas Third Capital maintain a 12-month price target of $500  and a 24-month price target of $600  for COIN, representing an extraordinary upside from its current level of $190.38. We believe that Wall Street’s revenue and earnings projections are significantly underestimating the company’s growth potential, particularly in the expansion of crypto trading, Ethereum Layer 2 Base, Coinbase Cloud, and its venture investments.We also expect a satisfying rally in Bitcoin and other crypto assets, which, because of mark-to-market accounting, will have a material impact on COIN's earnings in 2025 and 2026. Financial Performance and Valuation Revenue Growth:  Coinbase’s revenue grew 111%  YoY in 2024 to $6.6 billion. We project revenue growth of at least 40% in 2025  to $9.2 billion, significantly above Wall Street’s 24% estimate. Profitability:  Net income reached $2.6 billion  in 2024, with a 39% net profit margin . With a gross margin of 75% , Coinbase has strong operational efficiency. Earnings Projections: 2025 EPS:  We project $12.50 per share , well above Wall Street’s $7.88 estimate. 2026 EPS:  We estimate $17.00 per share , significantly higher than Wall Street’s $8.23 estimate. Valuation: P/E Ratio:  20 (current), 22 (forward) Price-to-Sales Ratio:  8 PEG Ratio:   0.27  (indicating exceptional value for a high-growth company) Balance Sheet Strength:  Coinbase holds $9.5 billion in cash and cash equivalents , ensuring financial stability and flexibility for future growth initiatives. Technical Analysis 21-day moving average:  $205.44 50-day moving average:  $247.72 200-day moving average:  $233.87 The stock is currently below key moving averages, indicating a potential near-term accumulation opportunity before a significant upward move. Key Growth Drivers and Opportunities Retail and Institutional Crypto Trading Retail trading remains the core business, benefiting from increased crypto adoption. Institutional participation is rising, with ETFs and hedge funds embracing Bitcoin and other digital assets. Base (Ethereum Layer 2) Built on Ethereum to provide scalability, security, and lower fees . Base has rapidly gained traction in the web3 developer community. Revenue generated from sequencer fees  for processing transactions. Bitcoin-backed loans  recently launched on Base, further expanding its utility. Coinbase Cloud Formerly Bison Trails, this business provides blockchain infrastructure  tools, APIs, and SDKs. Supports developers in building dApps for staking, trading, and decentralized finance (DeFi). A critical component of Coinbase’s long-term web3 strategy. USDC Stablecoin Growth $59.4 billion market cap , up 79% in 2024 . Coinbase earns interest income from USDC reserves invested in U.S. Treasuries . $910 million in revenue from USDC in 2024 , with upside as stablecoin adoption grows. Coinbase Ventures Over 500 crypto and web3 investments , with 400+ portfolio companies. Notable investments: OpenSea (NFT marketplace)  and Farcaster (web3 social network) . COO Emilie Choi has stated that Coinbase Ventures could represent a $1 trillion opportunity  in the long term. Wallets and Staking Coinbase Wallet adoption continues to grow as more users shift toward self-custody solutions. Staking services provide recurring revenue from proof-of-stake networks such as Ethereum. Regulatory Tailwinds and the Future of Crypto Trump Administration's Pro-Crypto Stance:  Once the U.S. moves to become the global leader in crypto regulation, Coinbase will be the primary beneficiary due to its first-mover advantage and regulatory compliance. President Trump also promised a national Bitcoin reserve. Institutional and Government Adoption:  Stablecoin regulation and a clearer framework for digital assets will accelerate institutional adoption, driving more capital into the space. Mainstream Acceptance of Crypto:  The rise of Bitcoin ETFs and increasing integration of blockchain technology into traditional finance will expand Coinbase’s total addressable market. Conclusion: A Generational Investment Opportunity Coinbase is one of the most important companies in the world , playing a pivotal role in the evolution of global finance. While Wall Street remains conservative in its projections, we at Thomas Third Capital see an opportunity that is vastly undervalued  given the company’s positioning, regulatory tailwinds, and multi-faceted growth strategy. With a 12-month target of $500  and a 24-month target of $600 , we believe Coinbase represents a generational investment opportunity  in digital assets and web3 infrastructure. Recommendation:   Do Your Own Research   12-Month Price Target:   $500   24-Month Price Target:   $600 Disclaimer: I/We own shares of Coinbase. For financial literacy and the ability to find and analyze great investments, please read my books Generational Wealth: Beginner’s Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . Both are amazing and are available on Amazon.com .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718

Picture of NVIDIA's Logo Thomas Third Capital Investment Research Report: NVIDIA Corporation (NASDAQ: NVDA) March 15, 2025 Investment Thesis: NVIDIA—The Future of AI and Computing At Thomas Third Capital, we believe NVIDIA Corporation (NASDAQ: NVDA) is one of the most important and innovative companies in the world. NVIDIA has established itself as the dominant force in AI hardware and software, supercomputing, and accelerated computing. With its leadership position in AI, data centers, gaming, and emerging industries such as sovereign AI and humanoid robots, we believe NVIDIA will be the first or second company, possibly behind only Tesla, to reach a market capitalization of $10 trillion, no later than calendar year 2028 (fiscal year 2029). As of Friday, March 14, 2025, NVIDIA closed at $121.67 per share, translating to a market capitalization of $2.97 trillion. Given its projected revenue growth, robust profit margins, and an insatiable demand for AI infrastructure, we expect NVIDIA to maintain its leadership in the semiconductor space and drive significant shareholder value over the next several years. Financial Performance & Projections Fiscal Year 2025 Performance (Ended January 31, 2025): Revenue: $130.5 billion  (+114% YoY) Earnings: $72.88 billion  (+147% YoY), EPS: $2.94 Gross Margins: ~75% Net Profit Margins: 55.8% Data Center Revenue: +142% YoY Stock Performance & Technical Analysis: Current Price:  $121.67 Recent Low:  $104.77 (March 11, 2025) 21-Day Moving Average:  $123.81 50-Day Moving Average:  $129.30 200-Day Moving Average:  $127.64 We believe NVDA will soon rise above its 21-day, 50-day, and 200-day moving averages, signaling a strong technical recovery. While traditional IBD-style traders may wait for a breakout above the $143.54 double bottom buy point, we believe this is an unnecessary delay given NVIDIA’s exceptional long-term outlook. Path to a $10 Trillion Market Cap Revenue Growth Expectations: We project that NVIDIA can sustain at least 35% annual revenue growth  over the next four years, leading to total revenue exceeding $500 billion  by fiscal year 2029. Wall Street estimates support a robust growth trajectory: Fiscal 2026 Revenue (CY 2025):  $204 billion (+57% YoY) Fiscal 2027 Revenue (CY 2026):  $252 billion (+23% YoY) Fiscal 2029 Revenue (CY 2028, Our Estimate):   $500+ billion We believe NVIDIA can maintain a price-to-sales (P/S) ratio of approximately 20  over this period, which supports a market capitalization exceeding $10 trillion by fiscal year 2029 (calendar year 2028). Earnings and Valuation: Our Fiscal 2026 EPS Estimate:  >$5 per share Our Fiscal 2027 EPS Estimate:  >$7 per share Our 12-Month Price Target:   $190  (38x FY26 EPS) Strategic Growth Drivers 1. AI & Data Centers: The Core of NVIDIA’s Growth NVIDIA’s data center revenue surged 142% in FY25 , reflecting insatiable demand for AI compute. The GB200 Superchip, combining two Blackwell GPUs and one Grace CPU , is poised to dominate AI workloads. AWS, Google Cloud, Microsoft Azure, and Oracle Cloud are deploying NVIDIA GB200 systems globally at scale. AI training hardware cycles require frequent 1-3 year  replacements, ensuring ongoing revenue streams. 2. Sovereign AI & Stargate Nations worldwide are investing in Sovereign AI , ensuring long-term demand for NVIDIA’s hardware and software. NVIDIA has secured a strategic role in the $500 billion Stargate Project , cementing its importance in global AI infrastructure. 3. Gaming & Metaverse Expansion NVIDIA continues to dominate high-performance gaming GPUs and has a strong foothold in emerging virtual environments and metaverse computing . 4. Automotive & Robotics NVIDIA’s Drive  platform is a leading AI infrastructure for autonomous vehicles, positioning the company as a key enabler of self-driving technology for automakers outside of Tesla. However, and unfortunately, we at Thomas Third Capital believe that many automakers will go bankrupt within the next 3-7 years and we are not excited about NVIDIA’s DRIVE operating system for autonomous driving from a long-term demand standpoint. From a software perspective, we are only positive on Tesla’s Full-Self Driving technology.  We expect NVIDIA to eventually profit hundreds of billions to trillions of dollars annually from the growth of humanoid robots  over the next 10-15 years.  5. Capital Allocation & Balance Sheet Strength $43 billion in cash and short-term investments  ensure financial flexibility. Strong profitability allows aggressive R&D investment and share buybacks. Industry & Competitive Positioning Market Leadership:  NVIDIA commands an unparalleled  position in AI and accelerated computing. Supercomputing Dominance:  75% of the world’s top 500 supercomputers  run on NVIDIA hardware. Competitive Moat:  NVIDIA’s CUDA ecosystem and proprietary AI frameworks create high switching costs for competitors. Potential Risks:  Regulatory scrutiny, tariffs, supply chain dependencies, and competitive advancements in AI hardware (e.g., from AMD, Intel, or custom ASICs) could present challenges but are unlikely to derail NVIDIA’s trajectory. Conclusion: NVIDIA’s Inevitable Path to $10 Trillion We believe NVIDIA is one of the most important companies of our time  and will likely be the first or second company to reach a $10 trillion market cap , competing only with Tesla for the top spot. Our conviction is based on: Explosive AI-driven growth  fueling 35%+ annual revenue expansion  through FY2029. Unmatched market leadership  in data centers, AI, sovereign AI, and gaming. Premium margins, pricing power, and a strong balance sheet  enabling long-term sustainability. A deep technological moat , making NVIDIA the backbone of the AI revolution. With a 12-month price target of $190 , representing significant upside from current levels, we at Thomas Third Capital believe NVIDIA remains an exceptional long-term investment opportunity. Investors waiting for technical breakouts risk missing one of the greatest wealth-creation opportunities in modern history. For financial literacy and the ability to find and analyze great investments, please read my books Generational Wealth: Beginner’s Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . Both are amazing and are available on Amazon.com .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718 Disclaimer: I/We own shares of NVIDIA. This report is for informational purposes only and should not be considered financial advice. Investors should conduct their own research or consult with a financial professional before making investment decisions.

Image of a Young Man Viewing the Stock Chart of a Falling Stock on His Computer. Market volatility can be unsettling for investors, especially during corrections or bear markets. The natural reaction for many is to attempt to time the market—waiting for the perfect moment to buy at the absolute bottom. However, for long-term investors, this strategy is not only incredibly difficult but also unnecessary. Instead, focusing on acquiring quality companies when valuations are attractive is a far superior approach to achieving strong returns. The Illusion of Timing the Bottom During times of market turbulence, it may seem logical to hold off on investing until the downturn has fully played out. The problem is that no one can accurately predict when that bottom will occur. By waiting too long, investors often miss out on significant rebounds that can occur unexpectedly and rapidly. Historically, some of the best market days follow the worst days, and attempting to sidestep declines often results in missing these crucial recoveries. As stated in my book 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence , “Buying fast-growing companies when the market is crashing requires courage, conviction, and patience. Most investors are scared to buy stocks during market crashes because they think the risk is too high that stocks will continue to drop and I admit that there is a good chance that they will. It is very hard to perfectly time the bottom when the stock market is crashing and it shouldn’t be the goal. The goal should be to buy stocks that you believe in because of your research when the valuation is so low that a magnificent return over a five-year period is all but guaranteed.” Fear Creates Opportunity Market crashes and severe corrections are usually driven by fear, uncertainty, and panic selling. While the majority of investors retreat during these times, history has shown that these moments often present the best buying opportunities. Great companies with strong fundamentals can become significantly undervalued due to widespread pessimism. Recognizing these moments and having the conviction to act can lead to substantial long-term gains. One of the best examples of this principle in action occurred during the 2008 financial crisis. Investors who purchased shares of fundamentally strong companies during the depths of the crash saw tremendous gains in the subsequent decade. The same pattern repeated during the COVID-19 market crash in 2020, where those who bought into quality growth stocks at depressed prices were handsomely rewarded as the market rebounded. Shaking Out Weak Hands One of the most common tactics employed by market players during times of volatility is pushing stocks and indices below key technical levels, such as the 50-day or 200-day moving average. When these support levels break, it often triggers panic selling among retail investors and algorithmic stop-loss orders, exacerbating the decline. This is how weak hands—those who lack conviction—are shaken out of the market. However, history shows that after this forced selling occurs, stocks and indices frequently stage powerful rebounds. Once shares transfer from weak hands to strong, long-term investors who recognize the true value of the businesses step in, leading to sharp recoveries. Understanding this cycle can help investors stay calm during turbulent times and take advantage of the artificial dips created by short-term market mechanics. The Power of Long-Term Thinking Rather than trying to predict short-term market movements, investors should focus on a five- to ten-year horizon. Investing in solid businesses when their valuations are attractive—regardless of whether the market has fully bottomed—has historically led to outstanding results. The key is to conduct thorough research and ensure that the stocks being purchased have strong growth potential, competitive advantages, and financial stability. Patience is critical. While it is possible that stocks may continue to decline after an initial purchase, history has demonstrated that over time, markets recover, and well-positioned companies thrive. Investors who remain disciplined, rather than trying to execute the impossible feat of perfect market timing, stand to benefit significantly. Final Thoughts Market corrections and bear markets should not be feared but embraced as opportunities. While the instinct to wait for the perfect bottom is understandable, it is ultimately counterproductive. Investors who develop the discipline to buy quality stocks during downturns—when fear is at its highest—position themselves for outsized gains in the long run. By shifting focus from short-term price movements to long-term business fundamentals, investors can build substantial wealth over time without the stress and uncertainty of trying to time the market. For more on the strategy of buying exceptional growth stocks during times of market fear and uncertainty, please read my book 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . I am also the author of the Amazon best seller Generational Wealth: Beginner’s Business & Investing Guide . Both books are available on Amazon.com. The Amazon link for 1,000% Returns is below: https://www.amazon.com/000-Returns-Advantage-Markets-Incompetence/dp/B0B1C6YKGD/ref=tmm_pap_swatch_0?_encoding=UTF8&dib_tag=se&dib=eyJ2IjoiMSJ9.QwDsTaM8zLNW2QSznebKlGbBleFmw4f2fJjUR9zY0T48q4ZG7oPAlMfCTuAq6R8GVjlBEqXScpnp_tlofy1HPQJ1fUTV2vdV4u9ocymf6uYiQHdvKxfGGWQLHhLAXomflwKiRGudLZaW-NXKpt9h0ZSolWYcGiTnYUGlJUKkAh_JUhveCW9g5MeX7_IcC9QK.8oqusJQXCY2m5uRg-jnojlotdOC6p42GDy-EQY0atO4&qid=1740636667&sr=1-1

Welcome to Thomas Third Capital, where we offer expert insights and analysis to help both retail and institutional investors navigate this complex financial landscape. The Solo Investor's Stock Market Journey (Image of a Maze) Understanding the stock market, including the valuation process, can be a daunting task, especially for those new to investing. With constantly changing market trends and an abundance of information available, it can be overwhelming to know where to start when building a long-term portfolio for the first time. That's where we come in to assist. ThomasThirdCapital.com  is dedicated to providing you with the knowledge and insights you need to make informed investment decisions. When it comes to navigating the stock market, research and comprehension are key. Before investing in any stock, it's crucial to do your homework. Look into the company's financials, industry trends, growth opportunity, and competitive position. By taking the time to thoroughly research a stock, you can better assess its potential for growth and rest in your conviction during times of market volatility. In addition to research, it's also important to diversify your portfolio to at least some degree so that one mistake or act of managerial fraud doesn't stop you from achieving financial freedom. Investing in a variety of stocks and asset classes can help minimize risk of loss, volatility, and improve overall outcomes. Another crucial aspect of navigating the stock market is staying informed of macroeconomics. Keep up to date with market news, economic indicators, and company announcements that may impact your investments. By staying informed, you can react quickly to market changes and adjust your investment strategy accordingly. Here at Thomas Third Capital, we offer exclusive content to help our readers stay ahead of the curve. Our founder is an attorney, former licensed financial advisor, best-selling finance author, and seasoned investor in the stock market. Our founder brings a wealth of knowledge and experience to the table, providing valuable insights, leadership, supervision, and analysis to our community of writers and investors. Whether you're a seasoned investor or just starting out, Thomas Third Capital is here to help you navigate the stock market with confidence. Be sure to bookmark this site and visit Amazon.com  to purchase Generational Wealth: Beginner's Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market's Gross Incompetence .

Image of Dark Colored Bookshelf with Books and Decorative Items The Four Most Important Books for Investors: Your Blueprint to Financial Freedom In the vast sea of financial literature, only a few books truly stand out as essential reading for those who want to master the art of investing and wealth creation. If you are serious about achieving financial independence, these four books must be at the top of your reading list: Rich Dad Poor Dad  by Robert Kiyosaki Generational Wealth: Beginner’s Business & Investing Guide  by LaFoy Orlando Thomas III, Esq. The Intelligent Investor  by Benjamin Graham One Up on Wall Street  by Peter Lynch Together, these books provide the perfect framework to cultivate a winning mindset, understand investment principles, and execute wealth-building strategies with confidence. However, among these masterpieces, Generational Wealth: Beginner’s Business & Investing Guide  stands out as the most crucial book for anyone looking to not only understand money but also master financial, business, and economic literacy in a way that is both actionable and sustainable. Personally, I started writing for Thomas Third Capital after reaching out to the CEO after reading his book Generational Wealth: Beginner’s Business & Investing Guide  and being thoroughly informed and impressed. The book immediately changed my life and I needed to spread the word.  Rich Dad Poor Dad  — The Mindset Shift Robert Kiyosaki’s Rich Dad Poor Dad  is a groundbreaking book that challenges traditional views on wealth and financial success. Through the contrasting philosophies of his "rich dad" and "poor dad," Kiyosaki highlights the importance of financial education, asset accumulation, and entrepreneurship. Key Takeaways: The rich focus on acquiring assets, while the poor and middle class accumulate liabilities they mistakenly think are assets. Schools teach us how to work for money, but not how to make money work for us. Passive income and financial literacy are the cornerstones of wealth. While Rich Dad Poor Dad  does a great job of shifting one’s mindset about money, it lacks practical, step-by-step guidance on how to build wealth. This is where Generational Wealth  fills the gap. Generational Wealth: Beginner’s Business & Investing Guide  — The Ultimate Blueprint for Financial Literacy and Wealth Creation While mindset is crucial, knowledge without execution is meaningless. This is why Generational Wealth: Beginner’s Business & Investing Guide  by LaFoy Orlando Thomas III, Esq. is the most important book on this list. Unlike other financial books that simply discuss theories, Generational Wealth  provides practical, easy-to-follow steps that ensure financial success through business, investing, and economic literacy. Why This Book is the Most Essential: It bridges the gap between financial theory and real-world application. It teaches you how to build wealth through multiple avenues, including business ownership, stock investing, real estate, and more. It offers crucial insights into business law, tax strategies, and wealth protection, which other books fail to address. It empowers you to not just make money but to sustain and grow wealth for future generations. If you are serious about financial success, Generational Wealth  is not just recommended; it is required reading. It is the single most comprehensive guide that equips you with both the mindset and the actionable knowledge to achieve financial independence. The Intelligent Investor  — The Classic Investment Bible Benjamin Graham’s The Intelligent Investor  is widely considered the foundation of value investing. This book introduces the principles of sound investing, risk management, and market behavior. Key Lessons: Successful investing is about patience, discipline, and risk management, not speculation. The market is a voting machine in the short term but a weighing machine in the long run. Value investing helps protect against market volatility and ensures long-term wealth accumulation. At Thomas Third Capital, we focus on growth stocks at reasonable valuations, which is our new definition of value investing. We view stocks as either value stocks or trash stocks, not value versus growth. While The Intelligent Investor  provides invaluable insights into the stock market, it primarily focuses on investment strategies without diving deeply into the broader wealth-building spectrum that Generational Wealth  covers. One Up on Wall Street  — The Power of Individual Investing Peter Lynch’s One Up on Wall Street  is an inspiring guide that shows how everyday investors can outperform professionals by leveraging their knowledge and observations. Key Takeaways: Individual investors have an edge because they can spot trends before Wall Street does. Investing in what you know and understand leads to better results. Research, patience, and a long-term perspective are critical for investment success. While Lynch provides a fantastic strategy for stock picking, Generational Wealth  expands beyond stock investing and gives readers a full arsenal of wealth-building tools, making it the superior book for overall financial literacy and success. The Final Verdict: Generational Wealth  is the Key to True Financial Mastery If you read and internalize these four books, you will be equipped with the ultimate framework for financial success. However, if you could only choose one, Generational Wealth: Beginner’s Business & Investing Guide  is the most essential. Why? Because it not only teaches you how to make money but also how to legally protect, grow, and pass it down for generations. Unlike any other book on this list, Generational Wealth  provides a complete financial education—covering business formation, investing, tax strategies, legal protection, and economic literacy. This book doesn’t just inform; it empowers. So, if you’re ready to take control of your financial future, start by getting your copy of Generational Wealth: Beginner’s Business & Investing Guide  today. It is the key to unlocking a future of financial freedom, security, and prosperity for generations to come.

Image of Tesla's Logo Tesla (TSLA): The Road to Becoming the First $100 Trillion Company Executive Summary  Tesla, Inc. (NASDAQ: TSLA) is uniquely positioned to become the most valuable company in history, with the potential to reach a $100 trillion market capitalization. While skeptics focus on short-term volatility, Tesla's long-term trajectory is defined by its dominance in artificial intelligence, energy, autonomous driving, and manufacturing innovation. This report outlines the key developments that make Tesla the inevitable leader of the global economy in the coming decades. Furthermore, we at Thomas Third Capital  are setting a one-year price target of $600 per share , based on Wall Street’s inevitable recognition of Tesla’s future revenue potential. Over the next 12 months, it is our opinion that Wall Street will begin to pull forward revenue projections  from Tesla’s Optimus robot, its robotaxi service, the energy division, and upcoming lower-priced vehicles, leading to a significant rally in the stock. 1. Autonomous Driving and Robotaxi Revolution Tesla’s Full Self-Driving (FSD) technology is rapidly advancing toward full autonomy. Once Tesla nearly perfects and deploys its robotaxi network, it will create an entirely new trillion-dollar industry. Market Potential : Revenue from autonomous transportation could realistically exceed several trillion dollars by 2035 and almost definitely by 2040. Tesla’s robotaxi service will very likely capture and maintain a dominant share, given its data lead, cost-efficiency, and scalability. Profitability : Unlike Uber or Lyft, Tesla will own both the vehicles and the technology stack, maximizing margins. A single Tesla robotaxi could generate over $30,000 in annual revenue, scaling into hundreds of billions in annual profit, likely within five to seven years of the domestic launch of the service. Wall Street Pulling Forward Revenue : With Tesla expected to launch its robotaxi service this year in Austin, Texas, institutional investors will begin to price in this massive revenue stream well before it fully materializes, contributing to the stock’s move higher. 2. Energy Business & Grid-Level Storage Domination Tesla Energy is an overlooked growth driver that will likely eventually surpass its automotive business in both revenue and profits. Megapacks & Virtual Power Plants : Tesla’s large-scale Megapack batteries are already transforming the energy grid by stabilizing power supply and reducing reliance on fossil fuels. Tesla also recently announced the building of a new Megafactory near Houston, Texas. This will be the company’s third Megafactory and lead to more substantial growth after the company’s energy generation and storage revenue already increased 67% in 2024 to over $10 billion annually and deployments increased 114% compared to 2023. Global Energy Market : More optimistically than many others, we believe that the energy storage market alone can exceed $1 trillion or more by 2040. Tesla’s dominance in this space positions it as a global energy powerhouse and the energy demands associated with artificial intelligence will increasingly push the world to look in Tesla’s direction for its energy needs.  Stock Price Impact : As Tesla continues to report record energy deployments, Wall Street will revise its revenue forecasts upward, recognizing Tesla Energy as a high-margin and inevitable trillion-dollar business. 3. AI & Robotics: Tesla’s Unparalleled Edge Tesla’s AI initiatives extend beyond autonomous driving, encompassing robotics, neural networks, and artificial general intelligence (AGI). Tesla Bot (Optimus) : Tesla’s humanoid robot will revolutionize labor markets by closing labor shortages before eventually replacing manual labor in many sectors, including manufacturing and agriculture. We believe, as stated by Elon, that Optimus will be the best-selling product of all time and it is easy to forecast trillions in profitable revenue by 2040.  Dojo Supercomputer : Tesla’s Dojo, one of the most powerful AI training platforms, will help continue to give Tesla an unprecedented edge in AI development. Tesla will also likely offer Dojo to other companies as a SuperComputer-as-a-Service, contributing to its status as an indispensable technology company. Why Wall Street Will Take Notice : As Tesla increases production of Optimus this year, investors will increasingly discount Tesla’s leadership in robotics and artificial intelligence, recognizing Optimus as the future of the company and the global economy. 4. Next-Generation Manufacturing & Supply Chain Efficiency Tesla’s commitment to manufacturing innovation gives it an unmatched cost advantage. Gigapress & Structural Battery Packs : These technologies allow Tesla to build vehicles more efficiently, reducing costs greatly compared to legacy automakers. Vertical Integration : Tesla controls its supply chain, from raw materials (e.g., lithium refining) to software and AI chips, enabling industry-leading margins and resilience against supply disruptions. Global Expansion : New possible Gigafactories in countries like Mexico, India, and beyond will supercharge Tesla’s production capabilities and market penetration of its more affordable vehicles and or the robotaxi in the coming years. Stock Price Impact : As Tesla streamlines production and continues to achieve record-breaking margins, analysts will revise their earnings projections upward, further supporting a stock price surge. 5. The Next-Gen Vehicle Platform & Mass Market Domination Tesla’s upcoming cheaper vehicles, built on an entirely new platform, will democratize EV ownership and massively expand its total addressable market. Economies of Scale : This affordable EV will be produced with next-gen manufacturing techniques, continuing Tesla’s status as the cost leader in the industry. Global Market Share : Emerging markets like India, Southeast Asia, and Africa will help drive exponential growth as Tesla expands its product lineup. Investor Reaction : The announcement of this low-cost vehicle, expected in the second or third quarter of this year, will contribute to the stock’s run as investors anticipate Tesla’s expansion into mass-market dominance. 6. Tesla’s Unique Business Model & Revenue Streams Unlike any other company, Tesla operates in multiple future trillion-dollar industries simultaneously. Its revenue streams include: Vehicle Sales Software (FSD subscriptions, Dojo computing-as-a-service) Energy Robotics Insurance (Tesla’s data-driven insurance business) 7. Tesla’s Stock: The Future of Investment Tesla’s financial trajectory suggests exponential growth as these industries materialize. Projected Revenue Growth : Tesla could reach or exceed $5 trillion to $10 trillion in annual revenue by 2040, with industry-leading profit margins. Valuation Upside : As Tesla disrupts multiple trillion-dollar industries, a market cap exceeding $100 trillion becomes a realistic long-term target. One-Year Price Target: $600 : As Wall Street increasingly pulls forward revenue projections  for Tesla’s Robotaxi service, FSD software, Optimus Robot, Tesla Energy, and lower-cost vehicles , the stock will rally significantly we believe. Conclusion: The Most Valuable Company in History Tesla is not just a car company—it is a technology and energy conglomerate that is fundamentally reshaping the global economy. The convergence of AI, robotics, energy, and manufacturing efficiencies ensures that Tesla will lead the world’s most significant technological revolutions. One-Year Target: $600  – As Wall Street increasingly recognizes the transformative potential of Tesla’s revenue streams, the stock will likely rally before the end of the next 12 months. At a closing price of $262.67 on March 7th, 2025 and a market cap of less than $850 billion, investors who understand this once-in-a-lifetime opportunity will be part of financial history, not just over the next 12 months but over the next 20 years and beyond.  For financial literacy and the ability to identify life-changing opportunities, it is necessary that you read the third edition of Generational Wealth: Beginner’s Business & Investing Guide  and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence . Both are available on Amazon.com .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718 Disclaimer: I/We own a position in Tesla (TSLA) stock and plan to remain shareholders long-term.

Image of Palantir's Logo Thomas Third Capital Investment Research Report: Palantir Technologies (NYSE: PLTR) March 10, 2025 Palantir: Indispensable but Overvalued Investment Thesis Palantir Technologies (PLTR) is one of the most significant and indispensable technology companies in the world. With its cutting-edge artificial intelligence (AI), machine learning (ML), and data fusion platforms, Palantir plays a critical role in helping governments and enterprises harness data for informed decision-making. Despite its importance, we believe that Palantir is not an attractive investment at its current valuation. With a market capitalization of approximately $179 billion, a price-to-earnings (P/E) ratio of 400, and a price-to-sales (P/S) ratio exceeding 60, the stock is excessively overvalued relative to both its growth trajectory and governance structure. Our 12-month price target stands at $48.50, while we estimate the fair value to be closer to $32.30 per share. The Strategic Significance of Palantir Palantir’s suite of products—Foundry, Gotham, and Apollo—empower organizations to integrate vast amounts of data into actionable intelligence. The company’s advanced AI and ML capabilities position it at the center of the AI revolution, making it a crucial partner for both commercial enterprises and government agencies. Palantir’s data fusion technology is unparalleled in its ability to provide real-time insights that drive operational efficiency, security, and strategic planning. Market Dominance and Growth Revenue Growth : Palantir’s total revenue grew 29% in 2024 to $2.87 billion. For 2025, Wall Street expects revenue to grow 32% to $3.79 billion, while Palantir has guided for $3.75 billion. U.S. Commercial Expansion : U.S. commercial revenue surged 54% in 2024 to $702 million and is expected to continue growing at the same rate in 2025. Government Contracts : U.S. government revenue grew 30% to $1.2 billion in 2024, highlighting the company’s entrenched role in national security and intelligence. Enterprise Adoption : Palantir ended 2024 with 711 customers, up from 497 at the end of 2023, and secured 32 deals worth at least $10 million in Q4 2024. Despite these impressive fundamentals, the valuation remains a significant concern. Valuation and Governance Concerns While Palantir’s technology and market positioning are exceptional, the stock’s valuation is difficult to justify. Excessive Valuation Multiples : Trading at over 60 times trailing twelve-month revenue and a P/E ratio of 400, Palantir’s valuation is stretched even when factoring in its strong growth. Insider Selling and Governance Issues : CEO Alex Karp and other insiders are selling massive amounts of shares, signaling a lack of confidence in the current valuation. Karp recently amended his SEC filings, allowing him to sell up to 9.975 million shares by September 12, 2025—over $1 billion in stock. Palantir’s share structure gives insiders disproportionate control, with Class B shares carrying 10 votes each and Class F shares having variable voting power. This structure allows founders to maintain control while offloading economic ownership, reducing investor influence over corporate decisions. Investor Implications : Given these factors, Palantir should not command the valuation premium typically assigned to companies with more equitable governance structures. Valuation Target & Investment Recommendation We at Thomas Third Capital believe that Palantir’s current valuation is unsustainable. Our analysis suggests a fair value of approximately 20 times projected 2025 revenue, or $75.8 billion. However, given the market’s enthusiasm for Palantir and other AI-related stocks, we expect Palantir to trade at approximately 30 times 2025 revenue over the next 12 months, leading to a price target of $48.50. Price Targets: 12-Month Target Price:  $48.50 12-Month Estimated Fair Value:  $32.30 Final Thoughts Palantir is undeniably one of the most important technology companies in the world, playing a crucial role in AI-driven data analytics for governments and enterprises alike. However, at its current valuation, the stock presents an unattractive risk-reward profile. While its long-term potential remains intact, investors should probably exercise caution at these elevated levels. Disclaimer: I/We do not own a position in Palantir (PLTR). For financial literacy and the ability to identify life-changing opportunities, it is necessary that you read the third edition of Generational Wealth: Beginner’s Business & Investing Guide , which was an Amazon best seller, and 1,000% Returns: Taking Advantage of the Stock Market’s Gross Incompetence. Both great books are by our founder, attorney, and former licensed financial advisor LaFoy O. Thomas III, Esq. Both books are available on Amazon.com . Below is the Amazon link to Generational Wealth .  https://www.amazon.com/Generational-Wealth-Beginners-Business-Investing/dp/1494981718 Thomas Third Capital Providing Unbiased, Data-Driven Investment Insights