Palantir Technologies

Data analytics are a perfect application for AI, and Palantir Technologies thought so too, launching its new Artificial Intelligence Platform (AIP) a few months ago. Already it’s having an impact as the big data stock reported its fourth consecutive quarter of GAAP profits. It’s the first time in its history it’s been profitable on a trailing 12-month basis. It credited AIP with helping to drive that growth.

The platform is opening new possibilities for existing customers while bringing in new ones. Commercial customers grew 37% to 181, raising revenue by 23% year over year. Government revenue grew 12% from last year.

Palantir is deemed the best way to profit from AI’s potential. Wedbush Securities analyst Dan Ives calls it “the best pure-play AI name” while global marketing intelligence firm IDC ranked Palantir as the No. 1 AI software platform. Mario Gabelli of Gabelli Asset Management certainly thinks so, as well. He was busy buying more shares $Palantir (PLTR.US)$ of Palantir. He increased his stake by 26% to 95,000 shares.

Palantir Technologies stock also tripled in value this year yet appears to have plenty more room to expand. Joining in with the gurus buying this stock isn’t a bad strategy at all.