Palantir Technologies Inc. (PLTR, Financial) rose 5% today, following its steady climb after joining the Nasdaq Composite on November 26. Its admission comes after it was recently added to the S&P 500 list, making it one of only eleven companies to be featured in both lists this year. Such actions signal that the board is confident about the firm's performance and, more so, its renewed focus on artificial intelligence (AI).
Nonetheless, Palantir's stock has already been up 930% since the advent of generative AI last year, boosted by the firm's deep knowledge of applying AI to government and enterprise customers. Its Artificial Intelligence Platform (AIP) has made a great impact in the sense that it has helped businesses gain deeper perception and efficient operations. This growth, according to the analysts, is due to the increased interest in AI solutions and the company's ability to generate revenue from its technologies.
There are mixed feelings on Wall Street. While some analysts believe this remains a major worry regarding Palantir's valuation, others predict it will continue to move forward. Daniel Ives of Wedbush, who has been bullish on Palantir for years, says that continued emphasis on releasing AI-specific solutions for companies and governmental entities will create a multi-year growth cycle for Palantir.
On the other hand, the Nasdaq Composite Benchmark, which tracks more than 3,000 tech stocks, has pulled back marginally after hitting a record high in the year. While market pundits discuss the longevity of the larger technology boom, Palantir has remained one of the best-performing larger stocks.
