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Within the final three months of Dec. 2023, Palantir, a knowledge administration software program firm, which caters to army and intelligence businesses in addition to international firms, generated revenue of $608 million, up 9% from the identical interval final yr. The corporate had hit one other file revenue within the fourth quarter, probably the most worthwhile within the firm’s two-decade historical past.
Palantir’s inventory is up 30%, signaling that buyers are glad to see firms generate income on AI.
In a shareholder letter, Palantir CEO Alex Karp stated that the income bump is pushed by “surging demand,” which is being seen throughout industries and sectors, for AI platforms, together with large-language fashions, and are able to being built-in with current firm’s knowledge infrastructure.
“The demand for big language fashions from industrial establishments in the US continues to be unrelenting,” he stated.
Palantir is banking on generative AI as its future
Karp stated that the corporate’s newest generative AI-driven platform, merely referred to as “AIP” for “synthetic intelligence platform,” is bringing new income and clients. Knowledge integration used to take weeks and months, however the newest platform may be up and operating in as little as just a few hours, he boasts.
Karp stated that proliferation and curiosity in LLMs “imply little with out an efficient method of permitting these programs to work together with a company’s underlying and proprietary knowledge.” And Palantir needs to ship on that. Business specialists have stated earlier than that generative AI merchandise are most helpful when it’s mixed with proprietary knowledge. Karp famous in his letter that generative AI-driven merchandise would be the way forward for its firm. Traders appeared to agree.
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