PLTR - Will Palantir Stock Join the Magnificent Seven by 2030?
2024-05-22 04:55:00 ET
Palantir Technologies (NYSE: PLTR) is getting its share of hype, and for good reason. The software, artificial intelligence (AI), and analytics platform for enterprises and governments has been growing quickly since going public in 2020. It's also growing a legion of enthusiastic shareholders. Some of that enthusiasm is related to its eccentric CEO, who has done things his own way to disrupt a once stodgy industry (government defense spending).
The growth (and the hype) has some arguing that Palantir is poised to become one of the next big technology stocks. Can the AI upstart join the "Magnificient Seven" by 2030? Let's take a closer look and find out.
Palantir was founded back in 2004 as a big-data and analytics-software platform. Its goal was to sell innovative and modern software solutions to government agencies and the Department of Defense. At the time, many Silicon Valley companies were hesitant to get involved in certain government-related work because it was deemed by some to be politically fraught. Palantir's willingness to work with the government at that time has turned out to be advantageous. There was a huge opportunity to modernize the software and analytics platforms for the United States and its allies. Palantir's government segment now generates $1.27 billion in revenue on an annualized basis.
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Will Palantir Stock Join the "Magnificent Seven" by 2030?