Data analytics firm Palantir Technologies and defense tech company Anduril Industries have partnered to use defense data for artificial intelligence training, the companies said on Friday.
It would be an understatement to say that Palantir Technologies (PLTR 6.22%) stock has been in fine form on the market in 2024, as shares of the software platform specialist have shot up a stunning 290% so far this year as of this writing.
Palantir shares are up 1,100% off their lows, with skeptics voicing concern about the valuation.
The share price of American software giant Palantir (NASDAQ: PLTR) continues to shatter records, hitting a new all-time high in the latest trading session.
A deeper looks shows that despite the growth, some of the software stocks have gotten ahead of analysts' price targets.
Booz Allen Hamilton (BAH 2.27%) stock inched 2.5% higher through 11:15 a.m. Friday, after announcing it will partner with rising defense technology star Palantir Technologies (PLTR 5.56%) to "accelerate defense mission innovation and help the U.S. maintain superiority against its adversaries.
Palantir (PLTR), the stock that keeps rallying, hits yet another new all-time high after announcing its partnership with Booz Allen Hamilton (BAH). Both companies aim to support U.S. defense missions by enhancing data-driven systems.
Palantir Technologies (PLTR 2.89%) has been one of the hottest stocks on the market this year. However, Arista Networks (ANET 1.33%), a company that conducted a 4-for-1 stock split on Dec. 4, has been the better performer over the last four years.
Since the advent of artificial intelligence (AI) early last year, the number of use cases has continued to soar. The ability of these advanced algorithms to streamline processes and increase productivity has companies of all stripes looking for ways to adopt generative AI, integrate it into their businesses, and reap their part of the expected financial windfall.
Shares of Palantir Technologies (PLTR -1.56%) more than tripled over the last 12 months, with most of that gain coming in just the last three months. Since the beginning of September, the stock has rocketed 134% at the time of this writing and commands a rich valuation of 64 times trailing-12-month revenue and 187 times this year's consensus earnings estimate.
Nvidia (NVDA 3.48%) is about to do it again. The chipmaker is only a few weeks away from delivering its fourth gain of over 100% in the last five years.
Last month, investors were overwhelmed with data releases. Between Election Day, earnings season, and monthly economic reports, it would have been easy for something important to fly under the radar.