2023-11-18 11:31:00 ET
Unless you live under a rock, you have probably heard about artificial intelligence (AI) -- a technology megatrend that could add trillions to the global economy by boosting labor productivity and product enhancement. While most of the investor attention has gone to hardware leaders like Nvidia , software and product companies like Palantir Technologies (NYSE: PLTR) and Symbotic (NASDAQ: SYM) could benefit from this opportunity as they implement AI in their fields. Let's discuss why they could make you rich.
Since its direct listing in 2020, Palantir has underperformed the market because of challenges like overvaluation. And while it has fallen around 50% from its all-time high of $39, a forward price-to-earnings (P/E) multiple of 66 means shares still aren't cheap. That said, a pivot to AI could help this unique technology company finally live up to its high price tag.
Palantir is a software company that helps clients analyze and manage their data. AI is well suited to this task because it can automate workflows and turn vast amounts of information into real-time actionable insights. To take advantage of this, Palantir has developed its new Artificial Intelligence Platform (AIP), designed to combine its legacy machine learning tools with large language models (LLMs) -- AI algorithms designed to generate content using large datasets.
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