Palantir shares surged 11% on Monday amid optimism from the investor community for the potential of its artificial intelligence software. Dan Ives, managing director of equity research at Wedbush Securities, compared Palantir to Lionel Messi as "the Messi of AI" in a discussion with CNBC Friday. CEO Alex Karp disclosed that demand for the company's new AI platform is unprecedented, an assertion that will be given further assessment when Palantir releases its second-quarter earnings on Aug. 7.
Shares of Palantir had a 11% jump on Monday, as the firm keeps capitalizing on investors’ faith in its AI-based program prior to the release of its financial results for the week. Palantir is a data analytics company that is most renowned for its collaboration with the U.S. government's intelligence and defense agencies. It offers a variety of AI-supported services for public and private institutions. CEO Alex Karp stated during Palantir's Q1 financials that the demand for the company's most recent AI-platform is "unlike anything before", and the stock of Palantir has grown over 206% in the present year.
Monday saw analysts issue diverse calls on Apple, Nvidia, Tesla, Amazon, Chevron, Walmart, Adobe and other companies. Bank of America upgraded Hasbro, citing increased earnings due to new Magic: The Gathering cards. Morgan Stanley also upgraded Adobe, pointing to acceleration in Artificial Intelligence (AI) technology.
Wedbush Securities' Dan Ives referred to Palantir as "the Messi of AI" in an interview with CNBC, and the firm issued an outperform rating and $25 price target on Palantir stock. The stock closed at $19.84 per share that day. Wedbush analysts mentioned that Palantir has built an "AI fortress" and is capable of capitalizing on the expanding use of AI in the next six to twelve months.
Palantir CEO Alex Karp wrote an opinion piece in The New York Times Tuesday, in which he called for collaboration between the government and the tech sector regarding A.I. He urged against a slowdown in research and innovation, and warned that the U.S. could risk lagging behind other nations if they don't invest in AI. Karp asserted that to prevail, nations need to both appeal to moral values and also invest in software.
William Blair increased second-quarter revenue estimates for Palantir on Monday, citing the company's likely gain of pull-forward from SPAC customers that have filed for bankruptcy. Palantir is due to report its second-quarter results on Aug. 7 after market close.
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