Software stocks are in the midst of one of the most severe selloffs on record, with valuations compressing rapidly as investors grapple with fears that AI agents could fundamentally erode application-layer economics.
But according to Jordi Visser, head of AI Macro Nexus Research at 22V Research, one company's recent results stand apart — as a signal for how enterprises are actually adopting AI.
That company is Palantir Technologies Inc. (NASDAQ:PLTR).
"In a moment when investors are questioning whether the seat-based SaaS model can endure an agentic AI world, and when many software companies are scrambling to adapt, Palantir is exhibiting a very different set of signals," Visser said in a note shared with clients on Monday.
Why Palantir's Performance Matters Amid Software Selloff
In the same week SaaS stocks broadly sold off, Palantir reported 137% year-over-year U.S. commercial revenue growth, 57% adjusted operating margins and a Rule of 40 score of 127%.
While much of the software sector is defending margins and guiding cautiously, Palantir is showing accelerating demand alongside expanding profitability.
That performance is not just exceptional — it highlights a broader shift in enterprise AI adoption.
"In a moment when investors are questioning whether the seat-based SaaS model can endure an agentic AI world… Palantir is exhibiting a very different set of signals," Visser said.
"Palantir is not fighting the SaaS collapse narrative; it is monetizing the layer that emerges after it," Visser he added.
AI Isn't About Buying More Apps — It's About Fixing What's Broken
According to Visser, the enterprise AI story isn't starting with tools — it's starting with a cleanup.
Most large organizations are confronting years of software bloat, fragmented data and duplicated workflows that make AI unusable at scale.
"AI doesn't magically fix complexity," Visser said. "It makes complexity impossible to ignore."
That complexity explains why enterprises are directing budgets not toward feature upgrades, but toward integration and orchestration platforms that can operationalize AI across existing systems.
That's where Palantir fits.
Palantir's platform was designed from the ground up to tackle data sprawl, permissions layers and workflow governance — the structural barriers to AI at scale.
Rather than treating enterprise data as rows in a database, Palantir's Ontology models how people, assets, decisions, and processes connect, creating a semantic layer that gives AI the context it needs to act.
This shift from experimentation to execution is what many other SaaS vendors have yet to solve.
Companies such as American International Group Inc. (NYSE:AIG), Walgreens, and Fannie Mae have pointed to Palantir's ability to integrate AI into legacy environments without breaking governance—a capability that remains rare in enterprise software.
"Palantir captures increasing value," Visser said.
"The company sits between cheap, powerful AI models and messy, valuable enterprise data. That is the bottleneck. That is where enterprises are spending."
Implications For Software Investors: This Isn’t Just About One Stock
For investors, Visser says the takeaway isn't just about whether Palantir is overvalued or undervalued.
It's about whether enterprise AI is a feature upgrade — or a platform shift.
Palantir's growth suggests the latter.
Traditional SaaS tools — built to serve individual departments through seat-based licenses — are mismatched to how AI delivers its greatest value: by connecting context across systems.
"Whether or not you own the stock," Visser wrote, "Palantir's trajectory is a high-signal indicator of where enterprise AI spending is concentrating."
Image: Shutterstock
