Yup, one sees a game, the other sees an application and the third sees a solution, that is how it is, how it, for the most has always been. I got introduced to Palantir in 1998 or 1999, I got access and took a look at it. At the time I was working for other parties and I noticed that Palantir government had a setup the was nice, it was not what we now call IBM Miner, but it had potential. So when I got introduced to the news giving me ‘Secret and unprofitable Palantir goes public’ I took notice. You see, I started to wonder what was happening, the quote “Seventeen years after it was born with the help of the CIA seed money, data-mining outfit Palantir Technologies is finally going public in the biggest Wall Street tech offering since last year’s debut of Slack and Uber”, it gets to be a little worse when we consider “Never profitable and dogged by ethical objections for assisting in the Trump administration’s deportation crackdown, Palantir has forged ahead with a direct listing of its stock, which is set to begin trading on Wednesday”. You see the setting is not great for Palantir and as I see it, over 17 years they made their own bed, this is seen with “The company has just 125 customers in 150 countries”. Now, I can claim that I am not the brightest person (even though I passed the Mensa requirements), but the stage of 125 customers in 150 countries is not manageable. Even as they ‘hide’ behind “Our software is used to target terrorists and to keep soldiers safe”, you see, the software has a foundation and a base. Even as one foundation part is to hunt terrorists, the base is to analyse data. I can hunt terrorists with IBM Statistics, IBM Miner and Mapping software, it might not be fast, but it will get me there (well, mostly anyway), so in the setting we see with Palantir, we see a larger failing, especially over 17 years. They had well over a decade to extent the bae and create an additional foundation, optionally getting another 125 customers, yet that was not what they did, is it? So when we see “Palantir paints a dark picture of faltering government agencies and institutions in danger of collapse and ripe for rescue by a “central operating system” forged under Thiel’s auspices”, I merely see an excuse. You see Palantir has no need or reason to rely on a station with ‘faltering government agencies’, by extending the base and creating another foundation they would not need to rely on the side and add an optional third foundation called reporting. The need for washboarding and sliceable presentations have been a larger requirement for close to a decade, these options are required in the intelligence world as well, leaving it up to others means the the slippery slope of business intelligence becomes smaller and less pronounced, a place that relies on long term vision has been lacking that a lot, has it not?
Even as Scott Galloway from New York University gives us “They’re massively unprofitable and they’ve never been able to figure it out”, the obvious question becomes, were they unfocussed, uncaring or just lazy? The vendor the relies on government jobs can’t rely on them for more than 2 years, if the program is not showing forward movement, there is no long term justification and when we see “Palantir has accumulated $3.8bn in losses, raised about $3bn and listed $200m in outstanding debt as of July 31”, we see the faltering position that Palantir is in. It cannot rely on the customer base it has, because well over a third has extended its credit card too much, as such they need to adapt to a form of Business Intelligence gathering, data mining, slicing and washboarding and set a new stage in long term reporting. As I see it, Banks and financial institutions will have extended Business intelligence needs and additional needs as well. If you think that financial fraud is big now, wait until banks automate under 5G, it will be a tidal wave 5-10 times the one the banks face now and they will need to have additional ways to find the transgressors, relying on the police will be a monumental waste of time, which is not the flaw of the police, it is the consequence of the times and their needs. I state financial institutions, because it is not merely the banks, it is the credit crunch seekers that will need to find the people with outlandish debts and as the laws will adjust because the banks will no longer accept that the wife gets the house so that they can live in luxury of what they could not afford, the game ends soon enough, the credit drive will force change and there would be a market for Palantir if they adjust. They need to adjust faster the they are ready for, but the current agenda does not allow sleeping at the helm. As I personally see it (on small and debatable data), Peter Thiel took too long and even as we are being told “winning a modest contract early in the COVID-19 pandemic for helping the White House gather data on the coronavirus’s impact”, I wonder how the data collection part was achieved, in light of all the places where no data gathering correctly existed, the stage of the gathered data becomes debatable.
The article (at https://www.aljazeera.com/economy/2020/9/30/palantir-goes-public-in-biggest-wall-street-tech-offering-of-2020) as a lot more debatable parts, in all they are tracks that could have been highlighted by adding a few commercial data gatherers to the fold from day one. There is the other need for a setting of adjustment and weighing of origin data, all whilst all the data is scrutinised. I reckon that this would set a stage where the findings of Sarah Brayne would be considered in house and not after certain stages went live (or perhaps they were merely ignored). She found “the Los Angeles Police Department’s use of Gotham, found the software could lead to a proliferation of unregulated personal data collected by police from commercial and law enforcement database”, I will add to this, the setting that the software was designed to people employing trade craft, they would be outliers on the entire board, a setting that rates questions on people who seek cheap solutions because of budget, seek evasion because of divorce and outstanding bills, the acts are similar but not terrorist in nature.
OK, I admit, I do not know the exact setting in LA (other that Lucifer is their consultant), but the setting of outlier data came to mind in the first 10 seconds, and the finding of Sarah Brayne and ‘proliferation of unregulated personal data’ supports that, apart from the fact that unregulated data tends to be debatable and optionally in part or completely incorrect, data mining gives us the option to clean if the sources are known, unregulated personal data takes the out of the equation because the origin of the data (the person adding and manipulating data) is unknown and as such the data becomes unreliable.
That is a lesson that banks would have told them quickly, if not them, then players like Equifax, because Palantir will end up in their fairway, the odds would not be even for Palantir. Yet Palantir needs to grow if they are to exist in a stage after tomorrow, to the there is no doubt, the US, UK and most EU nations cannot continue on the intelligence data foundations that they currently are. So as we see that, how many customers could Palantir lose? Growth is as I see it the only path that remains, banks are the most visible needling of more intelligence gathering, but they are not alone and Palantir needs to gird their loins.