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Yahoo
3 hours ago
- Business
- Yahoo
Should You Buy Palantir Stock Before Aug. 4?
Key Points Palantir is guiding for substantial growth across revenue and operating profits in the second quarter, driven by AI tailwinds. Despite crushing its earnings results for the first quarter back in May, the stock experienced a harsh sell-off following the report. Over the last few months, Palantir stock has rebounded sharply and now trades at historically high -- and potentially unsustainable -- valuation levels. 10 stocks we like better than Palantir Technologies › Palantir Technologies (NASDAQ: PLTR) has been one of the biggest beneficiaries of artificial intelligence (AI) tailwinds. The company's software suites, Gotham and Foundry, serve as the AI backbone for hundreds of global enterprises and government agencies. As of the closing bell on July 25, shares of Palantir have gained 110% so far this year, making it the top-performing stock in the S&P 500 and Nasdaq-100. On Aug. 4, the data mining specialist is scheduled to report financial and operating results for the second calendar quarter of 2025. Let's dig into what investors should be on the lookout for as Palantir's Q2 earnings loom around the corner. Is now a good time to invest in Palantir stock? Read on to find out. What should investors expect from Palantir's Q2 report? During the company's first-quarter report back in May, Palantir's management provided investors with financial guidance for Q2 as well as the full year. Management expects the company to generate $936 million in revenue and $403 million in adjusted income from operations at the midpoint of its Q2 guidance. Should the company achieve these targets, it would represent year-over-year growth of 38% and 59%, respectively. What happened to Palantir stock following the Q1 report? The chart below illustrates Palantir's stock price action over the last three years. I've annotated the chart to include earnings reports, which are depicted by the purple circles labeled with an "E". Do you notice anything peculiar from the stock's trajectory above? Since AI burst on the scene in early 2023, Palantir's share price has steadily climbed with each passing quarter report. The major exception, however, occurred earlier this year. Following Palantir's monster Q1 report back in May, shares lost 12%. However, the brief sell-off wasn't driven by an earnings miss or anything management discussing during the investor call. Rather, the meteoric rise in Palantir stock comes with heightened scrutiny around the company's underlying operating metrics. In other words, despite Palantir reporting best-in-class software metrics and explosive growth, expectations from investors are now incredibly high. Another way of looking at this is that Palantir stock has entered territory where "good" simply may not be good enough. Is Palantir stock a buy right now? Despite its sell-off a few months ago, Palantir stock has since rebounded in epic fashion and now trades near an all-time high. The chart above plots the price-to-sales valuation of Palantir along with a group of peer companies. Palantir's prolonged valuation expansion has brought its valuation multiple far above any of its peers in the enterprise software arena. To add some context around these figures, Palantir's price-to-sales (P/S) ratio of 127 is meaningfully higher than where valuation multiples peaked for many companies during prior stock market bubbles. While I remain optimistic about Palantir's long-run prospects, the company's valuation is overextended. And with expectations steadily rising, buying the stock with so much momentum behind it and at such a frothy premium does not seem prudent. I wouldn't be surprised to see Palantir stock witness another pullback following the Q2 report, even if the company beats its guidance. Moreover, in the event that Palantir actually misses its targets, the stock could experience enormous downward pressure. To me, the best course of action is to wait until Palantir publishes its second-quarter results before buying the stock. This way, investors can get a clearer picture around revenue growth, operating margins, profitability, as well as any valuable information regarding broader industry trends that Palantir's management may choose to share during the earnings call. Should you buy stock in Palantir Technologies right now? Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $636,628!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,063,471!* Now, it's worth noting Stock Advisor's total average return is 1,041% — a market-crushing outperformance compared to 183% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 28, 2025 Adam Spatacco has positions in Palantir Technologies. The Motley Fool has positions in and recommends Cloudflare, CrowdStrike, Datadog, MongoDB, Palantir Technologies, ServiceNow, and Snowflake. The Motley Fool has a disclosure policy. Should You Buy Palantir Stock Before Aug. 4? was originally published by The Motley Fool Sign in to access your portfolio
Business Insider
6 days ago
- Business
- Business Insider
Why Now's the Time to Dump Palantir Technologies Stock (PLTR)
Palantir Technologies (PLTR) has had another impressive year in AI, but its stock now trades as if it has already conquered every challenge it may face in the coming decade. With the share price up more than 430% over the past year and a forward P/E north of 670, investors are paying a steep premium for a narrative that still carries significant downside risk. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. While the company's operational momentum is undeniable, the gap between performance and valuation has grown too wide to overlook. For those sitting on substantial gains, this could be a prudent time to reevaluate. I'm issuing a Sell rating—though with a healthy dose of caution. PLTR Blooms from Analytics to Commercial Enterprise Many will consider the firm a newcomer, but Palantir began in 2003 as a government-focused data analytics firm and has since expanded into commercial enterprise software and full-stack AI. Its three flagship platforms, Gotham, Foundry, and Apollo, are now bolstered by AIP (Artificial Intelligence Platform), which integrates LLMs into core workflows. These tools enable clients across multiple industries to harness vast quantities of operational data, thereby transforming their decision-making. Over the years, Palantir has steadily evolved its product suite to become modular, scalable, and commercially-friendly. That effort has clearly paid off by some distance. In Q1 2025, the company reported 769 customers, representing a 39% year-over-year increase. Revenue also jumped 39% to $884 million. U.S. commercial revenue alone surpassed a $1 billion annualized run rate, a key milestone that illustrates the company's deliberate shift away from a dependence on defense. The financial health of the firm is also impressive, with an adjusted operating margin of 44% and adjusted free cash flow reaching $370 million. The quarter ended with over $5.4 billion in cash and comparatively low levels of debt. It's rare to see this combination of growth, profitability, and balance sheet strength in a company still considered fairly early in its AI commercial journey. But the valuation? That's where the story starts to unravel, but more on that later. Strategic Direction & Market Context Despite my caution, it's clear that Palantir isn't just riding the AI wave; it's still actively shaping it. With AIP, management is embedding AI directly into decision-making pipelines across some of the world's largest firms. It's not just building gimmicky chatbots or standalone copilots. It's building intelligent workflows that span logistics, operations, supply chains, and national security. Despite promising diversification in recent years, government demand remains a key pillar for PLTR. The U.S. Army's $100 million contract to expand the TITAN battlefield AI platform marks a continuation of Palantir's leadership in military AI. And more broadly, defense and intelligence agencies continue to lean on Gotham for mission-critical decision-making. These are long-cycle, high-stakes contracts, sticky and significant for the balance sheet. However, what really interests me is the commercial arena. Citi is utilizing Palantir for its wealth management operations while insurer AIG expects Palantir's underwriting software to double its five-year revenue CAGR. Meanwhile, restaurant chain Wendy's is detecting supply chain breakdowns within minutes using AIP. In these partnerships, Palantir is demonstrating its ability to solve core operational bottlenecks at scale, not just handle large amounts of data. Even manufacturing is becoming a growth engine. Palantir's Warp Speed platform is helping drive U.S. reindustrialization efforts, positioning the company within one of the few bipartisan macro trends still standing: domestic supply chain resilience. All this gives Palantir a strong narrative and a foundation for multi-year growth. But even the best stories need to be priced appropriately, and that's where PLTR's bullish case becomes snagged. Bullish vs Bearish PLTR Comparison Palantir's fundamentals make a solid case for long-term optimism. The company is scaling rapidly, generating positive cash flow, and expanding its footprint across both traditional and emerging industries. In Q1 alone, it secured 139 contracts valued at over $1 million each—31 of which topped $10 million—highlighting strong commercial momentum. A net dollar retention rate of 124% suggests not only repeat business but also expanding customer relationships. The company continues to add logos at a healthy clip, while deepening ties with many of its largest accounts. Throw in its cash-rich, debt-free position and positive margin trajectory, and it's clear that Palantir isn't a speculative growth story anymore; it's a mature, expanding business. But even the best business can become a bad investment at the wrong price. Palantir's valuation is extreme by any metric. A forward P/E ratio over 670, an EV/Sales ratio approaching 92, and price-to-cash-flow multiples far exceeding sector averages raise doubts about PLTR's ability to sustain its performance in the medium to long term. Valuation Analysis of PLTR Stock I remain quite skeptical of the current valuation, but let's break down the numbers. Using management's FY25 revenue midpoint of $3.9 billion and projecting a slowdown to 20% annual growth by FY30, along with a 35% free cash flow margin, a 9% WACC, and a 4% terminal growth rate, the fair value comes out to roughly $111 per share. That's about 25% below the current market price, suggesting investors are paying a premium even under relatively bullish assumptions. From this brief overview of the competition, it feels that Palantir is now trading not just above peers, but above nearly every rational comparison. Unless growth significantly accelerates or margin expansion goes parabolic, these multiples are simply unsustainable. Is Palantir Technologies Stock a Strong Buy? On Wall Street, PLTR stock carries a Hold consensus rating based on three Buy, ten Hold, and three Sell ratings over the past three months. PLTR's average stock price target of $104.85 implies almost 30% downside potential over the next twelve months. Palantir Remains a Great Company and a Risky Stock Palantir's rise over the past few years has been impressive by nearly every measure. It has evolved from a misunderstood government contractor into a key player in the AI-powered enterprise stack, with a diverse client base spanning defense, finance, healthcare, insurance, and manufacturing. Its cash flow is solid, and its competitive moat remains intact—for now. That said, I believe the market may be getting ahead of itself. At current valuations, Palantir isn't just priced for continued execution—it's priced for perfection. That's a precarious position, and it leads me to a cautious Sell rating. If there's one lesson the market consistently reinforces, it's this: great companies don't always translate into great stocks, especially when expectations are sky-high.
Yahoo
7 days ago
- Business
- Yahoo
This Former AI Underdog Might Be the Next Nvidia
Artificial intelligence (AI) is the new arms race, with investors constantly looking for the next Nvidia (NVDA). Nvidia's meteoric rise, fueled by its dominance in AI-powered GPUs, has made it the poster child for the AI boom. Valued at $351.8 billion, Palantir Technologies (PLTR) is one such contender quietly making big moves by transforming how enterprises and governments deploy AI at scale. However, it has received a mixed response in the market. Some praise its rapid growth and close ties with the government, while others question its complex business model and its durability. Nonetheless, Palantir stock is up an impressive 100% year-to-date, outperforming the broader market. Despite Palantir's impressive growth over the last few quarters, most analysts remain bearish on the stock. Let us see if the stock is still a buy regardless of the skepticism. More News from Barchart Nvidia Stock Warning: This NVDA Challenger Just Scored a Major Customer Dear Microsoft Stock Fans, Mark Your Calendars for July 30 Dear QuantumScape Stock Fans, Mark Your Calendars for July 23 Tired of missing midday reversals? The FREE Barchart Brief newsletter keeps you in the know. Sign up now! Q1 Signaled a Turning Point Palantir develops software that enables organizations to make better data-driven decisions. Its platforms Gotham and Foundry combine and analyze large amounts of complex data to reveal insights. CEO Alex Karp described the company's Q1 results as an 'earnings adventure,' proving that it is no longer the misunderstood outsider in the AI and software space. Surging demand for its Artificial Intelligence Platform (AIP), a suite of tools that enables enterprises to deploy AI agents safely and effectively at scale, drove a 39% increase in revenue to $884 million in the first quarter. The company also reported a profit of $0.08 per share. Palantir's U.S. commercial business exceeded $1 billion in annual run rate for the first time, with 71% year-over-year (YoY) growth and 19% sequential growth. For years, critics claimed Palantir could not expand beyond government contracts or enter the commercial mainstream. However, the company has proven everyone wrong. In the first quarter alone, U.S. commercial total contract value (TCV) bookings reached $810 million, up 183% YoY. While commercial success is growing, Palantir has not lost sight of its long-standing dominance in the defense and public sectors. Q1 government revenue grew 45% YoY to $487 million, including U.S. government revenue of $373 million, up 45% YoY, and International government revenue of $114 million, also up 45% YoY. These gains were fueled by ongoing initiatives and significant new contracts. Notably, Palantir has expanded its work in healthcare and defense in the U.K., as well as formed a new partnership with NATO. The company also successfully delivered TITAN vehicles to the U.S. Army on time and within budget. Despite speculation that the U.S. government may reduce defense spending, Palantir is seeing a surge in demand for its Maven Smart System, an AI command platform, and other core programs. NATO member state have also now implemented the Maven systems. Karp emphasized, 'We are seeing rapid expansion and very significant demand for Maven both in America and outside of America.' Palantir's net dollar retention rate increased to 124% in the quarter, indicating that existing customers are significantly increasing their usage over time, an important metric for recurring revenue. Adjusted free cash flow reached $370 million in the quarter, with a target of $1.6 billion to $1.8 billion for the year. Palantir also held $5.4 billion in cash, cash equivalents, and short-term U.S. Treasury securities. Palantir is not just growing. It is highly profitable, generating actual cash and reinvesting in AI development. The company will release its second-quarter earnings on Aug. 4. Analysts expect Palantir's revenue to be $939.3 million, slightly higher than the company's estimates and representing a 38% year-over-year increase. GAAP EPS could rise by 33%, reaching $0.08 per share. Analysts predict that the company's earnings will climb by 41.9% in 2025 and another 26.8% in 2026. This growth is reflected in its premium valuation of 256 times forward 2025 estimated earnings. However, risk-averse investors may wish to wait for a better entry point to invest with a margin of safety. What Is Wall Street Saying About Palantir Stock? Much of analysts' bearish outlook for Palantir stock stems from its overvaluation and overreliance on government contracts. Despite the company's rapid expansion in the commercial segment, William Blair analyst Louie DiPalma remains cautious. DiPalma believes Palantir's projected government-related annual recurring revenue (ARR) will exceed $150 million in the near term but cautions that a heavy reliance on government contracts and a competitive landscape create uncertainty. Overall, on Wall Street, PLTR stock is a 'Hold.' Of the 20 analysts covering the stock, three recommend a 'Strong Buy,' 13 suggest holding, one says it is a 'Moderate Sell,' and three have given it a 'Strong Sell' rating. The stock is way over its average target price of $107.23. However, the high price estimate of $160 suggests a rally of over 7.3% from current levels. The Bottom Line on PLTR Stock Palantir has everything it needs to thrive in the coming years, including strong government contracts, accelerating commercial momentum, disciplined cost management, and a game-changing AIP platform. Patient investors who can ignore the short-term noise may discover a long-term compounder in the making. On the date of publication, Sushree Mohanty did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Sign in to access your portfolio
Yahoo
22-07-2025
- Business
- Yahoo
Prediction: These 3 Market-Leading Artificial Intelligence (AI) Stocks Will Eventually Plunge 50% (or More)
Key Points Artificial intelligence (AI) is expected to positively impact corporate America's growth arc, with one estimate calling for a $15.7 trillion boost to global gross domestic product by 2030. Despite competitive and/or first-mover advantages, the industry-leading companies on this list are sporting historically unsustainable valuation multiples. Additionally, history suggests an AI bubble will eventually form and burst, which would be problematic for all three of these market-leading businesses. 10 stocks we like better than Palantir Technologies › Not since the advent of the internet has a technological revolution come along that promises to bump up the growth arc for corporate America. The analysts at PwC believe the combination of consumption-side effects and productivity improvements traced specifically to the rise of artificial intelligence (AI) will add $15.7 trillion to global gross domestic product in 2030. With an addressable market this massive, it's no surprise to see public companies involved in AI hardware and applications rocketing higher. However, next-big-thing trends have historically had a knack for giving way to next-big-thing bubbles -- and artificial intelligence is unlikely to be the exception to this unwritten rule. Some of today's biggest AI leaders may be poised to become tomorrow's losers. What follows are three market-leading AI stocks with mounting headwinds that can eventually (i.e., I'm not trying to time their respective peaks) plunge 50% or more. Palantir Technologies The first megacap AI stock that can plummet at least 50% in the coming months or years is data-mining specialist Palantir Technologies (NASDAQ: PLTR). Whereas some companies I'm, admittedly, not a fan of, Palantir is what I'd consider an excellent business with a completely unsupported valuation. What makes Palantir a great company is its AI- and machine learning-driven software-as-a-service platforms, Gotham and Foundry. The former is used by federal governments for mission planning and execution, along with data gathering and analytics. As for Foundry, it makes sense of big data for businesses. Both of these segments are growing by sustained double-digit percentages and neither are replicable at scale by other companies. While companies with sustainable competitive advantages are often bestowed with a valuation premium by Wall Street, relative to their peers, Palantir's premium is otherworldly. Looking back more than three decades at other megacap companies whose bubbles burst while on the leading edge of a next-big-thing trend shows price-to-sales (P/S) multiples typically peak between 30 and 40. Palantir's P/S ratio closed out July 18 at almost 123. Even if Palantir were to grow its sales by 30% annually over the next five years and its stock went sideways, it would still be in bubble territory. The other significant worry for Palantir is Gotham. Though this segment is primarily responsible for lifting Palantir to recurring profitability, there's a very limited pool of federal governments that can access this platform. Further, it's unclear if government spending on defense will remain robust beyond President Donald Trump's second term. Palantir is priced for perfection amid a growth trend that's anything but perfect. Tesla Whereas I view Palantir Technologies as a phenomenal business with an unsightly valuation, I struggle to find many redeeming qualities for electric-vehicle (EV) maker Tesla (NASDAQ: TSLA), whose EVs and full self-driving (FSD) software rely on AI and technology to safely navigate obstacles. Tesla became one of Wall Street's most-influential businesses by riding its first-mover competitive advantages in the EV space. Under the leadership and vision of CEO Elon Musk, it expanded production and deliveries to approximately 1.8 million EVs in each of the last two years. More importantly, Tesla has been profitable on a recurring basis for five consecutive years, with Musk overseeing the expansion of its energy generation and storage operations. This segment has the potential to minimize the cyclical ebbs-and-flows associated with Tesla's auto industry operations. The issues I have with Tesla are threefold. To begin with, EV growth has completely stalled. The selling price of its four primary models (3, S, X, and Y) were slashed on more than a half-dozen occasions due to increasing EV competition and rising inventory levels. This has wreaked havoc on Tesla's vehicle margin. Secondly, Tesla's earnings quality is poor. Though the company remains decisively profitable, more than half of its pre-tax income has consistently come from automotive regulatory credits given to it for free by governments and net interest income earned on its cash. President Donald Trump's One Big, Beautiful Bill removes these U.S. regulatory credits, and the Federal Reserve is currently in a rate-easing cycle, which threatens to lower future interest income-earning potential. In other words, non-innovative channels are driving Tesla's profits. Lastly, I view Musk as more of a lability than an asset to Tesla. His habit of overpromising and underdelivering on innovations has grown stale. Tesla's robotaxi launch was underwhelming; its FSD software hasn't reached Level 5 autonomy as promised more than a decade ago; and Cybertruck sales have come in well below expectations. If these unfulfilled promises are backed out of Tesla's market cap, its stock would fall far more than 50%. Nvidia I know it's Wall Street blasphemy to say this, but the third AI stock that can eventually plunge 50% or more is the face of this technological revolution, Nvidia (NASDAQ: NVDA). Nvidia gets lumped in with Palantir in the sense that I recognize it's a phenomenal business, but its valuation (when combined with other headwinds) makes absolutely no sense. Nvidia's claim to fame is that its Hopper and Blackwell graphics processing units (GPUs) are the clear top options by businesses operating AI-accelerated data centers. With supply chains unable to keep pace with overwhelming demand for AI hardware, Nvidia has been able to sell more of its chips each quarter, as well as charge a triple-digit premium for its hardware, relative to its direct external competitors. Additionally, Nvidia should be able to sustain its compute advantages. CEO Jensen Huang expects to bring a new advanced AI chip to market annually, with Blackwell Ultra (2025), Vera Rubin (2026), and Vera Rubin Ultra (2027) following Hopper and Blackwell. It's unlikely that any external competitors come close to the compute capabilities of Nvidia's hardware. But as I pointed out earlier, there hasn't been a next-big-thing technology in decades that's avoided an early stage bubble-bursting event. Investors consistently overshoot when it comes to early adoption rates and utility for new innovations -- and AI is unlikely to be the exception. If an AI bubble forms and bursts, arguably no stock would be hit harder than Nvidia. Competition is another clear issue for Nvidia. Despite maintaining its compute advantages, Nvidia can still lose out on valuable data center real estate. The biggest threat just might be that many of its largest customers by net sales are internally developing AI-GPUs to use in their data centers. These chips are less costly and more readily available than Nvidia's often-backlogged hardware. Rounding things out, Nvidia is nearing a P/S ratio of almost 29, which borders on the aforementioned bubble territory I discussed earlier. Should you buy stock in Palantir Technologies right now? Before you buy stock in Palantir Technologies, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Palantir Technologies wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $652,133!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,056,790!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 21, 2025 Sean Williams has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nvidia, Palantir Technologies, and Tesla. The Motley Fool has a disclosure policy. Prediction: These 3 Market-Leading Artificial Intelligence (AI) Stocks Will Eventually Plunge 50% (or More) was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Eater
21-07-2025
- Automotive
- Eater
The Full Tesla Diner Menu, Revealed
In advance of its opening at 4:20 p.m. today, July 21, Eater LA got a hold of the full menu at Elon Musk's Los Angeles Tesla diner. As expected, the retro-futuristic diner is set to serve run-of-the-mill diner classics, like hamburgers and hot dogs, alongside all-day breakfast. According to Bill Chait, lead operator and longtime LA restaurateur, Musk said that everything on the menu has to be 'epic,' or it doesn't make the cut. What he considers an 'epic' Greek yogurt parfait is yet to be seen. The menu kicks off with a burger and sandwich section comprised of a Tesla Burger, hot dog, Diner Club, tuna melt, fried chicken and waffles (which is not a sandwich), and grilled cheese. All-day breakfast options include an egg sandwich, avocado toast, a Greek yogurt parfait, breakfast tacos, biscuits and gravy, and a house-made cinnamon roll. Sides like fries, hash brown bites, a wagyu beef chili cup, a buttermilk waffle, a market salad, and of course, 'epic' bacon can be added on. A kids menu, desserts, coffee, tea, and sodas are also available. A note on the bottom of the menu says that the majority of ingredients used at the diner are 'responsibly sourced' and 'sustainable local products' from within the range of a full charge of a Tesla. It does not indicate which Tesla's range is used as reference, as distances vary vastly between models. The kitchen is being led by Eric Greenspan, previously of the Foundry, Greenspan's Grilled Cheese, and numerous other restaurants. He is also the founder of New School American Cheese. Ordering at the new Tesla diner will go live at 4:20 p.m. to coincide with the opening. Tesla drivers will be able to order from their cars for pick-up or car delivery through the in-car app. Once they enter within 15 minutes of the restaurant, the diner's geofence will be triggered, and a notification will be sent to the driver and the cooks to begin preparing the order. Ordering will also be available on-site, and the interior is rumored to include humanoid robots serving popcorn. Additional reporting by Matthew Kang. Tesla diner. Matthew Kang Tesla menu. Eater LA All your essential food and restaurant intel delivered to you Email (required) Sign Up By submitting your email, you agree to our Terms and Privacy Notice . This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
