AI Stock Research for US & Hong Kong Stocks

Palantir’s third-quarter revenue grew 96%, but new TCV increased only 6% and non-cancellable RPO was broadly flat sequentially. Legacy strategic-investment customers contributed only about 0.084% of first-half revenue, too little to explain current growth. Order conversion, termination rights and recurring equity compensation now deserve the focus. Actual per-share denominators are growing much more slowly, so last year’s dilution figures should not drive today’s valuation.

Investment riskExtrapolating rapid revenue growth, contract values that include options and margins excluding equity compensation with equal certainty can overstate order durability and the value retained by existing shareholders.

Microsoft recognized $10 billion of revenue from OpenAI commercial arrangements in its latest quarter, about 10.84% of group revenue, while related receivables rose to $7.2 billion. It is both an investor in the customer and a compute supplier. This year’s revised agreement permits multiple cloud providers and makes licensing non-exclusive. Operating cash flow growth still trails capital spending; related-party revenue, investment gains and multiyear orders should not be priced with the same certainty.

Investment riskThe related customer’s financing and payment capacity, changes in partnership rights and upfront infrastructure spending are connected. Revenue growth can coexist with slower cash collection, cash tied up in components and lease obligations.

Tesla invested $2.002 billion in SpaceX over the first nine months and sold it Megapack products. Most of the $729 million in related receivables concerns undelivered milestones and must be separated from post-delivery receivables. Cash spending on property and equipment plus the equity investment exceeded operating cash flow. New $30 billion credit facilities remain undrawn, while the board explores closer cooperation. Capital recovery and related-party pricing are central.

Investment riskA shared CEO connects equity investments, product purchases and potential transactions. Public shareholders bear cash commitments, investment valuation changes, AI capital recovery risk and the pricing of future deals.

An October 21 announcement disclosed that Hengfeng sold 716 million shares, reducing its stake to 10.01%. This identifies another post-crash exit. June secondary share sales, July new-equity financing and May southbound net buying must be accounted for separately. Announcements identify some sellers and cash directions, but do not establish that the same buyers took the shares or show complete investment returns. The new AI financing still needs to produce operating returns.

Investment riskSecondary sales give existing holders liquidity; new equity funds AI business risk. Stock Connect inclusion and heavy trading do not replace operating returns or a sustainable exit price.

NVIDIA’s latest quarterly filing discloses guarantees of up to $105 billion for campuses that SB Energy is building for OpenAI affiliates, alongside AI cloud purchase commitments and third-party lease arrangements. Its CoreWeave investment, concentrated receivables and rising supply commitments show how capital and credit support customer expansion. Shareholder risk now extends beyond inventory and collections to long-term support costs.

Investment riskWeaker customer financing, campus delivery or capacity utilization could put procurement, capacity commitments and contingent guarantees under pressure together. Hardware profits and credit costs have different realization timelines.