Palpatine genuinely believed Plagueis to be powerful and deserving of the title "Wise." That said, Plagueis underestimated Palpatine, leading to his own demise at the hands of his apprentice who surpassed his master's wisdom. Darth Sidious' betrayal marked the passing of the torch according to the Rule of Two, with Palpatine finally surpassing his master's power.

There's a reason why Darth Plagueis was known as "The Wise" in the Star Wars canon. Having been referenced in Revenge of the Sith as the powerful Sith master of Darth Sidious himself, the origins of Palpatine's teacher and his legendary abilities have largely been left a mystery in the established canon, with Plagueis only recently making his first live-action debut in the finale episode of The Acolyte. However, the non-canon Legends confirmed that Plagueis received his title from Palpatine himself.

In the non-canonical Legends novel Darth Plagueis by James Luceno, the origins of Palpatine are revealed.