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Palantir Technologies Surges Amid AI Revolution
Palantir Technologies (NASDAQ: PLTR) has experienced a surge of nearly 2,800% in its share price since the beginning of 2023, adding over $400 billion in market value. This growth positions the company as the 20th-largest publicly traded entity in the U.S. as of October 24, 2023. The significant increase is largely attributed to the rise of artificial intelligence (AI), which is projected to contribute $15.7 trillion to the global economy by 2030, according to PwC analysts.
Palantir’s upcoming third-quarter operating results, scheduled for November 3, 2023, are highly anticipated. Historically, the company has surpassed analysts’ earnings per share (EPS) expectations, but there are concerns it may face challenges this time, particularly due to its high price-to-sales (P/S) ratio nearing 136. The reliance on its AI-powered Gotham software and potential impacts from the U.S. federal government shutdown are critical factors that investors will be monitoring closely.
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