George Noble, who once ran the world’s top mutual fund, says buying Palantir Technologies Inc. (NASDAQ:PLTR) here is speculation — not investing.

Noble began his career as an intern for Peter Lynch at Fidelity. He later managed the Fidelity Overseas Fund — at one point the number one mutual fund in the world.

His post didn’t mince words.

“Palantir just fell 30% and people are calling it cheap,” Noble wrote on X on Thursday. “It’s trading at 50 times REVENUES. Not earnings. Revenues.”

Palantir shares were up 1.29% at $155.16 at the time of publication on Thursday, per Benzinga Pro data. The stock peaked at $207.52 on Nov. 3, and sits roughly 26.36% below that high.

‘You’re Not Investing. You’re Speculating.’

Noble pointed to history for context.

Before the dot-com collapse, Cisco, Microsoft and Amazon peaked at price-to-sales ratios between 30 and 50. Palantir blew past 100 times at its top.

“In what universe is 50 times revenues a bargain?” Noble asked.

He answered his own question with a sardine analogy — traders at a Tokyo fish market keep bidding up cans of sardines. One buyer opens a can, tastes one, and spits it out. The seller shrugs.

“Those sardines aren’t for eating,” Noble wrote. “They’re for trading.”

Noble called out more than just Palantir. He flagged ServiceNow Inc. (NYSE:NOW), still trading above 60 times earnings after its own selloff.

A Decade-Long Playbook Breaking Down

Noble argued the entire momentum trade is unraveling.

“It all worked when liquidity was abundant and everyone was running the same playbook: Buy the narrative. Ignore valuation. Let momentum do the work,” he wrote.

That playbook, Noble said, is hitting a wall. A 40-year cycle of falling interest rates has ended. Assets sensitive to liquidity — high-multiple tech, Bitcoin (CRYPTO: BTC) — are struggling. Energy, commodities, and small-cap value are leading.

Palantir’s technicals reflect the tension. The stock is up about 15% this week, partly fueled by Iran conflict headlines.

Over the past year, PLTR has gained 72.51%. Yet it trades below its 50-day, 100-day, and 200-day moving averages by 2.2%, 8.2%, and 3.9%, respectively. The Relative Strength Index sits at 58.18 — neutral territory.

Noble’s Playbook: ‘The Last Shall Be First’

Noble made his positioning clear.

“I don’t think this is a dip,” he wrote. “I think it’s a REGIME CHANGE.”

His recommended strategy focuses on energy, commodities, and select small and mid-cap stocks — names where “the PE starts with a 1, not a 7.”

He acknowledged the Russell 2000 isn’t a clean alternative either. About 40% of its components don’t turn a profit, and small-cap growth remains expensive.

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