Palantir Faces Stock Dip but Remains Hopeful with New AI Platform

On a positive note, Palantir introduced its Artificial Intelligence Platform (AIP) 10 weeks ago and saw a huge interest from customers. They also gained 38% more customers compared to last year and are focusing more on selling to businesses instead of the government. They even have plans to buy back $1 billion in stock.

But there are still concerns. The money they made grew only 13% in the second quarter, which doesn't look great as the company's stock price is 81 times what they are expected to earn this year. Also, the growth in revenue has slowed down from an 18% rise earlier in the year, and money from contracted revenue is down 20% from last year.

Still, CEO Alex Karp is hopeful. He talked about how over 100 organizations are using AIP and that they are discussing its use with 300 more. The company also did better than expected in the recent quarter and wants to be part of the S&P 500, a major stock market group, which might be possible since they've been profitable for three straight quarters.