Last week, during an appearance at the Aspen Ideas Festival, Palantir Technologies (NYSE:P.L.T.R.) Co-founder Peter Thiel shared insights on artificial intelligence. NVIDIA Corporation (NASDAQ:NVDA)and ChatGPT's parent OpenAI.
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what happened: During the festival, Thiel compared the current state of AI to the dot-com bubble of 1999, saying the peak of the bubble was also a peak of clarity, when people realised that the internet was going to replace the old economy.
Thiel highlighted the difficulty of making specific investments during the dot-com bubble with the example of Amazon.com Inc. Even though Amazon shares were considered a “no-brainer” investment, it took 10 years for them to return to their 1999 highs, Thiel noted.
He went on to say that currently, 80-85% of revenue in the AI sector is generated by one company, Nvidia. He described this as a “very strange” situation, saying that the majority of the profits are generated at the hardware layer and that “Silicon Valley barely knows anything about that sector anymore.”
🔮 $PLTR Co-founder Peter Thiel has a degree in AI, a Master of Laws, $NVDAOpenAI vs. the Dot-Com Bubble 🫧
“… '99 was both. The peak of the bubble was also in some ways the peak of clarity. People realized that the new economy was replacing the old economy. The Internet… pic.twitter.com/m2aG6A3DPh
— Jaun (@jawwwn_) June 28, 2024
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Why is this important: Last week, it was reported that Palantir was partnering with Voyager Space to bolster Voyager's defense division by using AI to analyze and improve flight and test data from its solid-fuel thrusters.
Meanwhile, NVIDIA briefly became the most valuable company on the planet in June, when its market cap hit $3.46 trillion. As of this writing, the semiconductor giant ranks third on the list of the world's most valuable companies with a market cap of $3.38 trillion.
Wedbush Securities analyst Dan Ives previously predicted that Nvidia's market cap could soar to $4 trillion, and he called Palantir “the most pure AI company in the market in terms of use cases.”
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The article Palantir's Peter Thiel Says It's 'Very Strange' That Only One Company Makes the Most Profit in AI Originally appeared on Benzinga.com
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