Palantir and SanDisk both reported record quarters, but for different reasons: Palantir's enterprise AI platform revenue soared 84.71% overall as its AIP product gained traction at major customers, while SanDisk's datacenter memory revenue exploded 645% because NAND supply cannot meet hyperscaler demand. The two companies sit at opposite ends of the AI infrastructure stack, illustrating how the buildout is creating winners in both software and hardware, though with very different margin profiles and valuation multiples.
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Palantir's U.S. commercial revenue jumped 133% to $595 million（約950億円） in Q1 FY2026, driven by AIP (its AI platform) adoption at customers including AIG, GE Aerospace, and Freedom Mortgage. SanDisk's Datacenter segment surged 645% year over year to $1.47 billion（約2400億円） on AI memory demand, with gross margin expanding to 78.4% from 22.5% as NAND flash supply could not keep pace with demand.
Why it matters
The two companies illustrate different paths to AI profitability—Palantir through software depth and customer lock-in (its Rule of 40 score reached 145%), SanDisk through hardware scarcity and pricing power. SanDisk's management expects supply to remain tight through the end of calendar year '26 and beyond, suggesting sustained margin gains. Palantir raised full-year 2026 revenue guidance to $7.65 billion（約1.2兆円） to $7.662 billion（約1.2兆円）, roughly 71% growth, signaling strong enterprise AI demand.
What to watch
Palantir trades at a P/E near 165 with stock-based compensation of $201.6 million（約320億円） in the quarter, reflecting high valuation and equity costs. SanDisk holds zero debt and has begun buybacks, offering a different risk profile. The contrast highlights the trade-off between software scaling and cyclical hardware economics.
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