By Emily Barry
Palantir’s stock was soaring toward a third straight session of gains
Shares of Palantir Technologies rose 9.7% in Tuesday’s market rally, fueling the company’s best month in two-and-a-half years.
Palantir’s stock price (PLTR) is up 90.6% so far in May, poised to record its biggest monthly gain since November 2020, when it surged 167.6%, according to Dow Jones Market Data. The stock was in the midst of a three-session rally, with the stock gaining 20.8%.
Palantir is one of the technology names seen capitalizing on the artificial intelligence boom, with the term appearing 58 times in Palantir’s May 8 earnings call.
“We believe artificial intelligence, including large-scale language models, will be transformative for our business and enterprises in government and commercial contexts,” Chief Financial Officer David Glazer said on a conference call. . “To that end, we are rebalancing our efforts and investments to take advantage of these developments.”
The company has since announced that it will live stream the June 1st AIPCon customer conference focused on its artificial intelligence platform.
See also: Palantir shares soar as company announces new deal with Ukraine
Wolf Research analyst Alex Zukin said in a note to clients on Friday that Palantir, C3.ai Inc. (AI) and Twilio Inc. (TWLO) stocks were each up at least 15% last week, so there’s a “squeeze.”・The factor was very high.” period.
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Still, Palantir’s ability to monetize AI isn’t everything.
“We remain skeptical about whether Palantir is truly an AI company (we see Palantir as a data processing platform with advanced professional services) and believe in GAI. [generative AI] It will show the limits of Palantir technology,” Rishi Jaluria, an analyst at RBC Capital Markets, wrote after the company’s last earnings call, maintaining an underweight rating.
– Emily Barry
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(Closed) Dow Jones Correspondence
05/30/23 1257ET
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