Billionaires are dumping one of the most popular AI stocks of the year.
The share price of software giant Palantir (NYSE: PLTR) continued its upward momentum, reaching a new all-time high of $45 per share and breaking a market cap of $100 billion for the first time during the last trading session.
Palantir Technologies Inc.(NASDAQ: PLTR) has emerged as one of 2024's standout stocks, with gains exceeding 185% over the past year, driven largely by the rapid expansion of its AI-powered platforms and increasing demand for data analytics solutions.
Both stocks are competing in the artificial intelligence tech race.
The chart is extended in the near term.
One of the Nordic region's largest investors has sold its holdings in Palantir Technologies because of concerns that the U.S. data firm's work for Israel might put the asset manager at risk of violating international humanitarian law and human rights.
Joe Lonsdale, Palantir co-founder and 8VC founding partner, joins 'Squawk Box' to discuss reports of Elon Musk's secret conversations with Vladimir Putin, state of the 2024 election, and more.
This particular AI company has seen "unrelenting" demand for its services.
I see five catalysts for Palantir's accelerated growth, including the launch of Warp Speed, new deals in healthcare and oil & gas, DevCon, and the emergence of a "Palantir Mafia". Palantir's new platform, Warp Speed, is a spin-off from AIP, aimed at manufacturing and supply chains. This expansion shows AIP's scalability and opens new market opportunities. The upcoming DevCon, targeted at technical leaders, could accelerate Palantir's commercial growth by engaging key technical decision-makers in prospective companies.
Palantir (NYSE: PLTR) has been on a tear in 2024, surging over 160% year to date. Still, there are underlying red flags, mainly centered around the software giant's valuation, that could invalidate the bullish momentum in the future.
Palantir is scheduled to release earnings for the third quarter on Nov. 4.
Griffin disposed of the lion's share of his fund's stake in artificial intelligence (AI) colossus Nvidia in favor of an AI company with seemingly insurmountable competitive advantages.