Palantir Technologies Inc (PLTR) received a significant boost on Thursday, as it was named a leader in artificial intelligence (AI) and machine learning (ML) platforms by research and advisory firm Forrester. This recognition comes as part of Forrester’s “The Forrester Wave: AI/ML Platforms, Q3 2024” report, where Palantir was highlighted for its strong current offering, receiving the highest ranking in that category.
Forrester’s report praises Palantir’s AIP (Artificial Intelligence Platform) as “one of the strongest offerings” in the market. It suggests that Palantir is quietly becoming a major player in the AI space. Akshay Krishnaswamy, Palantir’s chief architect, emphasized the company’s focus on connecting AI directly into real-world operations. “Palantir AIP powers the most demanding use-cases across the public and private sector, and is uniquely designed to connect AI directly into frontline operations,” said Krishnaswamy. “We believe that being named a Leader in this Forrester Wave evaluation validates our investments across model-agnostic Generative AI infrastructure, multimodal guardrails for human-AI teaming, the decision-centric Ontology — and the full range of other capabilities needed to take enterprises from AI prototype to production.”
Palantir shares also experienced volatility on Thursday, mirroring the fluctuations in Nvidia’s stock price following the release of its second-quarter earnings report. While Nvidia’s earnings beat analysts’ expectations in terms of revenue and adjusted earnings per share, the company’s margins declined, causing a dip in its stock price. This dip spilled over into the after-hours trading session for Palantir as well.
However, the positive sentiment surrounding Palantir’s recognition as a leader in AI/ML platforms, coupled with a broader recovery in AI stocks following Nvidia’s earnings, propelled Palantir shares upward on Thursday morning. Several analysts raised price targets on Nvidia after its report, potentially contributing to the rebound in Nvidia and AI-related stocks.
At the time of publication, Palantir shares were up 4.27% at $31.66.
