Why Palantir Stock Skyrocketed This Past Week
Written by Joe Tenebruso for The Motley Fool -> Palantir is helping its customers reap the benefits of AI without sacrificing control over their data. Management says its fast-growing U.S. commerci…
Palantir is helping its customers reap the benefits of AI without sacrificing control over their data.
Management says its fast-growing U.S. commercial business has plenty of room for further expansion.
Shares of Palantir Technologies (NASDAQ: PLTR) rose nearly 40% last week after the data analytics leader reported stunning artificial intelligence (AI)-fueled growth metrics.
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Palantir's second-quarter revenue soared 93% year over year to $1.9 billion. The gains were driven by a 90% jump in U.S. government revenue to $809 million and a 149% surge in U.S. commercial revenue to $764 million.
"Such an achievement would be cause for astonishment in any business; for one of our size, scale, and consequence, it is simply staggering," CEO Alex Karp said.
Karp said that Palantir serves as a safer alternative to working directly with AI model developers such as OpenAI and Anthropic.
"Our customers trust us to provide them with maximal control over their operations, data, and decisions," Karp said. "Their competitive advantage should never become the training data for future models."
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