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Palantir Technologies Inc. (NYSE:PLTR)
Number of Hedge Fund Holders: 44
Palantir Technologies Inc. (NYSE:PLTR) builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations. The firm recently beat market expectations on earnings and guidance, as a strategy that focuses on AI and the commercial side of the business appeared to pay off for management. This was evident by the 55% year-on-year growth in US commercial revenue during the second quarter. Palantir customers are flocking towards the software offerings of the firm that have seamless AI integration. The firm closed the quarter with $1 billion in new contracts.
Jordan Berger, an analyst at Third Bridge, lauded Palantir Technologies Inc. (NYSE:PLTR) for their AI initiatives. In a recent investor note, the analyst detailed that Q2 2024 US commercial performance showed that the value proposition for AI and generative AI solutions that the firm markets has continued to resonate with customers despite a crowded and opaque market landscape. The analyst further added that the introduction of AIP and the Bootcamp sales model appeared to be successfully facilitating the transition from Foundry.
Overall PLTR ranks 7th on our list of the AI stocks that could go parabolic according to financial media. While we acknowledge the potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than PLTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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