"Palantir Technologies (NASDAQ:PLTR) has been around for many years, but its growth story improved after the launch of its Artificial Intelligence Platform (AIP). The company organized boot camps for users to get an insight into the platform and how it handled data. This increased the adoption rate, and Palantir's revenue soared. Its software helps improve efficiency, reduce downtime, and automate workflows."
"The management has raised the full-year revenue guidance to $4.14-$4.15 billion. An increased capital allocation towards AI and the growing adoption of AIP has helped Palantir see rapid growth. It is benefiting from the expansion in contracts and a rise in consumer count. Its customer count for the second quarter was up 43% year-over-year and it closed a record-setting $2.27 billion of total contract value, up 140% year-over-year."
Artificial intelligence adoption is accelerating, with Nvidia leading the industry but unlikely to repeat its recent rally. Palantir Technologies generated momentum after launching its Artificial Intelligence Platform (AIP), increasing adoption through user boot camps and workflow automation. Palantir reported $1 billion in Q2 revenue (up 48% year over year), net income of $326.7 million (up 144%), and raised full-year revenue guidance to $4.14–$4.15 billion. Customer count rose 43% year over year and total contract value reached $2.27 billion (up 140%). PLTR stock has posted strong recent gains, reflecting growing commercial adoption and increased AI capital allocation.
Read at 24/7 Wall St.
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