AI is all the rage, and the tech industry is full of endless opportunities to create new products. As tech stocks are soaring with this rising popularity of AI, companies are increasingly devoting resources to the development of AI. Palantir (NYSE:PLTR), a big data analytics company, is working to become one of the top companies in the AI game.
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Palantir recently released its AI platform, AIP, which is creating a path for the company to emerge as a leader in the AI space. Palantir’s CEO, Alex Karp, recently made a statement regarding AIP and described how the company is adapting its existing products to enhance AIP. Karp mentioned that this platform will use its technology, which was previously used for military and industrial products, and adapt it for government and commercial users. PLTR has the resources to be a leader in the AI industry by utilizing existing technology in a new way.
New Partnerships
Palantir has many plans to take the company to the next level. For one, it recently signed a contract with the United States Special Operations Command for $463 Million. Additionally, Palantir has formed a deal with Amazon (AMZN), which will make Foundry, one of Palantir’s key products, accessible on the AWS cloud for manufacturers. Lastly, Palantir has formed a strong partnership with Panasonic (PCRFY) to provide data services and operations to improve manufacturing of their batteries. This relationship has the potential to create exposure to Tesla (TSLA), as Panasonic sells its batteries to Tesla.
Overall, these various partnerships have the potential to drive long term business for Palantir due to its magnitude and ability to potentially develop other business relationships. Previously, PLTR focused on conducting business with military and government service. These new deals with Amazon and Panasonic will open the door for further business opportunities with other large corporate companies.
Is PLTR a Buy?
In the past six months, PLTR rose 132.33%, while other similar stocks have not shown returns like this. Nio (NIO) is down 16.5% in the past six months, Roblox (RBLX) is up 48.92%, and fuboTV (FUBO) is up 6.47%. Despite being down 2.24% in the past five days, Palantir is experiencing extremely high returns. In the past three months 12 analysts have rated this stock and overall top analysts are rating PLTR a Hold.
Conclusion
Between varied analyst ratings and endless opportunities to grow with the rise of AI, data processing needs, and other technological developments, PLTR is a stock to watch. When looking at blogger sentiment for PLTR, blogger consensus is 74% bullish while the sector average is 65% bullish. Additionally, the stock has already received 100% overall positive sentiment on Reddit and a 60% increase in mentions on the platform in the past 24 hours. Moreover, PLTR is a stock to watch as media sources and top analysts are all sharing their opinions on this stock.
