Key Takeaways:
- PLTR, the Palantir stock, shot up 150% year-to-date.
- The company’s Q1 earnings report spurred the rally by another 90%.
- Palantir plans to take on the AI sector with its “AI Platform,” or AIP.
YEREVAN (CoinChapter.com) – Stock of Palantir (PLTR), the Colorado-based big-data analytics company with a forward AI strategy, has soared 92% month-to-date and reached $14.7 in presale on May 31.
Notably, the stock rallied under the radar as the tech community was focused on Nvidia, a leading chip producer in the AI field. Moreover, the recent rally brought PLTR’s year-to-date gains to 150%.
Palantir Q1 earnings report spurred the latest leg up
The bullish Q1 earning report, published on May 8, also increased investor appetites, boasting total revenue growth of 18% year-over-year to $525 million. According to the report, the company also drew in $17 million in net income, calculated using Generally Accepted Accounting Principles (GAAP).
The customer count grew 41% year-over-year and 7% quarter-over-quarter, testifying to the heightened demand for AI-related products.
The potential admission of Palantir into the S&P 500 index would be another boon for the stock. In a letter to shareholders, Alex Karp, the founder, and CEO, announced that the S&P 500 Index Fund and its committee had decided that Palantir could be eligible for the index.
We were profitable again this quarter… And we now anticipate that we will remain profitable each quarter through the end of the year. The depth of engagement with and demand for our new Artificial Intelligence Platform (AIP) is without precedent.
said Karp in the letter.
Meanwhile, the recent PLTR growth was not only spurred by the “AI optimism” on the market. The quarterly report estimates pinned the Q2 target revenue between $528-532 million. The adjusted income from operations estimations stood at $118-122 million.
Karp has plans to take over the AI market
Palantir was founded in 2003 and has since launched a series of AI-related products such as Gotham, Foundry, Edge AI, Apollo, and MetaConstellation.
Palantir is a solid choice for companies who have heavy data requirements and want to mix classical ML techniques with deep learning ML techniques to build complex AI solutions.
assessed Forrester, a research and advisory company, in 2022.
International Data Corporation (IDC) also poised the company as the net big name in AI.
IDC noted that software providers that can “continually innovate and drive success for their clients” are more important than ever. Additionally, the Corporation underscored Palantir’s “leadership in AI on a global scale” and predicted a bullish “trajectory” for the company.
We predict that the growth of the AI sector is nowhere near slowing down and we’re excited to see how Palantir continues to separate itself from the competition by solving the toughest business challenges out there with their platforms.
said IDC representative.
Also read: Nvidia vs. Coinbase — Did Cathie Wood Miss Out On The Milking Cow?
With the recent deployment of “AI Platform,” or “AIP,” which is Palantir’s proprietary generative AI solution currently available to select customers, the company has successfully brought investors’ attention back to its leadership in the disruptive technology front and away from the business’ broader susceptibility to lingering macroeconomic challenges.
AIP caters to both military and commercial applications, addressing requirements spanning “battlefield intelligence” and industry supply chain management. The company has put “safe and secure” deployment AIP as a priority.
