DeepSeek has new competition and it's 'Michael Jordan of AI stocks'
Palantir shares rallied over 18 per cent in premarket trading after it forecast upbeat annual revenue fueled by strong demand for its software and data analytics services from businesses racing to adopt generative AI, as per a report.
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Palantir, which provides services to governments such as software that visualizes army positions, is set to gain about $35 billion in market capitalization, at current share price levels of $99.31, Reuters reported.
«It's yet another company to be riding the AI wave, benefiting from multiple industries pressing the button on big investment to improve their technological capabilities,» said Russ Mould, Investment Director at AJ Bell.
Co-founded by tech billionaire Peter Thiel, Palantir's platform AIP, which is used to test, debug code and evaluate AI-related scenarios, has benefited from businesses that are looking to deploy generative AI technology.
«Palantir is the Michael Jordan of AI stocks right now, not only capturing investors' imagination but delivering game-winning shots when it counts,» said Matt Britzman, Senior Equity Analyst at Hargreaves Lansdown.
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