Palantir Technologies Inc (NYSE:PLTR) on Thursday announced it was named a leader in artificial intelligence (AI) and machine learning (ML) platforms. Broader AI stocks may also be on watch following Nvidia's earnings report.

What To Know: Research and advisory firm Forrester has recognized Palantir as a leader in AI and ML software platforms and invited the company to participate in "The Forrester Wave: AI/ML Platforms, Q3 2024" report.

Palantir noted that it was given the highest ranking in the Current Offering category. The Forrester report characterizes Palantir's AIP as "one of the strongest offerings" in the space and suggests the company is "quietly" becoming one of the largest players in the AI market.

"Palantir AIP powers the most demanding use-cases across the public and private sector, and is uniquely designed to connect AI directly into frontline operations," said Akshay Krishnaswamy, Palantir's chief architect.

"We believe that being named a Leader in this Forrester Wave evaluation validates our investments across model-agnostic Generative AI infrastructure, multimodal guardrails for human-AI teaming, the decision-centric Ontology — and the full range of other capabilities needed to take enterprises from AI prototype to production."

Palantir shares may also be seeing volatility with Nvidia on Thursday. Palantir shares traded lower in Wednesday's after-hours session alongside Nvidia after the AI chipmaker reported second-quarter earnings. Nvidia shares were down as much as 8% in after-hours trading, with the stock down around 3% at $121.73 at the time of writing.

Nvidia reported second-quarter revenue of $30.04 billion, beating the consensus estimate of $28.684 billion, and adjusted earnings of 68 cents per share, beating analyst estimates of 64 cents per share, but the company's margins showed a sequential decline, which weighed on shares given the lofty expectations heading into the print.

Several analysts raised price targets on Nvidia following the report, which may be helping fuel some of the recovery in Nvidia and AI-related names Thursday morning.

PLTR Price Action: Palantir shares were up 4.27% at $31.66 at the time of publication, according to Benzinga Pro.

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