Palantir's Q1 results are the company's first chance to argue that it does not belong in the broader AI software multiple compression. The company's shares have dropped by around 30% year-to-date and 17% in four trading sessions. The fall was due to a post by short-seller Michael Burry suggesting that Anthropic was "eating Palantir’s lunch” in enterprise AI. The move was seen as a sign that AI software multiples were finally compressing. Despite this, Palantar’ forward price-to-$sales ratio remains above most of its software peers. The Street consensus is for revenue of roughly $1.54bn, up 74%, and adjusted earnings per share of $0.28.