S&P 500 Best-Performing Stock Palantir Surges 396% In 2024

Business Today · Dec 27, 2024 10:09

The S&P 500 constituent Palantir Technologies has largely benefitted from the AI rally to gain 396% in stock value this year, reported Bloomberg on Dec 27.

Palantir specialises in AI-powered data analytics. On its website, the company says it builds platforms for integrating, managing, and securing data on top of which layer of applications can fully support human-driven, machine-assisted analysis, resulting in the best user experience as users are empowered to ask complex questions to get answers.

Notably, Palantir was included as an S&P 500 component stock in September, therefore most of the surge has taken place during the last quarter.

Following the surge in its stock price, Palantir's market capitalisation has reached an astounding US$180 billion, marking a growth of 900% from its Initial Public Offering (IPO) share capital in 2020 estimated to be at US$20 billion.

Outside of the S&P component stocks pile, Palantir ranked third after distribution solutions provider Applovin which has rallied 756% this year, and bitcoin strategy firm MicroStrategy which has risen 477%.

On Dec 22, Reuters reported based on a Financial Times article that Palantir sought to collaborate with defense tech firm Anduril Industries and dozens of others to form a consortium that will jointly bid for US government work. The consortium which will be formed as early as January is expected to include SpaceX, OpenAI, and Scale AI.

S&P 500 Best-Performing Stock Palantir Surges 396% In 2024

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