Shares of software company Palantir Technologies, Inc. (PLTR) are on fire thanks to AI-related revenue growth.
Given the recent surge in Palantir (PLTR) shares, we evaluate the stock's current position to determine whether it presents a good investment opportunity at this time.
Today, Oracle (NYSE: ORCL ) announced that the Foundry Platform and Artificial Intelligence Platform (AIP) made by Palantir (NYSE: PLTR ) are available across all its distributed cloud deployment options. That includes its popular Oracle Cloud Infrastructure (OCI).
Palantir stock has surged over 60% year to date, driven by AI enthusiasm and US government business growth. Though the stock is trading at over 20x current year revenue, I recommend continuing to hold for further upside. The company is re-accelerating its government business, which continues to deliver more than half of Palantir's revenue.
C3.ai invested heavily in the AI industry since 2009. The AI software company reported 20% revenue growth in the recent quarter.
Stocks are moving broadly higher today, with many high-growth artificial intelligence (AI) names leading the charge. Among today's top movers is Palantir (NYSE: PLTR ) stock, which is up 2.3% in early afternoon trading, hitting a fresh 52-week high in today's session.
Just last week, five of the Magnificent 7 members touched new all-time highs.
Billionaire Israel Englander sold Nvidia stock during the first quarter, while purchasing shares of Palantir and Super Micro Computer. Palantir is a recognized leader among AI/ML platform vendors, and Wall Street expects the company to grow earnings per share at 22% annually through 2026.
Palantir's growth is accelerating again, but its stock is richly valued. Supermicro still looks surprisingly cheap relative to its growth.
Artificial intelligence (AI) has dominated the tech landscape in 2024, with investors increasingly bullish on its transformative potential. Major tech companies are investing billions into the sector, driving remarkable growth and innovation.
Palantir (NYSE: PLTR) was up more than 5% on Friday as enthusiasm around its AI efforts to swell.
Palantir is seeing robust growth in the U.S. commercial business. It's also experiencing a reacceleration in its government business.