Palantir Stock Is Trading Higher Thursday: What's Going On?

Palantir Technologies Inc PLTR shares are trading higher. The company’s fourth AIPCon is set to take place on Thursday.

What To Know: Palantir on Thursday is hosting AIPCon 4, the company’s AI event focused on showcasing how customers are successfully deploying Palantir’s Artificial Intelligence Platform (AIP) in their businesses.

New customers including United Airlines, Nebraska Medicine, AARP, Lear, Wendy’s QSCC, and Edgescale AI will be presenting ways in which they use Palantir software. Specifically, Palantir customers will unveil the products they’ve built and guide other customers through building similar workflows on AIP.

Palantir also said it will be announcing the Palantir Developer Community at AIPCon. The new community aims to bring together global users of Foundry and AIP in a dedicated public forum. Developers can ask and answer questions, make product suggestions and become early adopters for new features, the company said.

Palantir shares appear to be moving higher in anticipation of the event, adding to gains of more than 36% year-to-date. Palantir has been one of the biggest beneficiaries of the AI boom. The data firm's software allows companies and governments to organize and analyze large amounts of data to improve efficiency in decision-making processes.

Palantir reported earnings for the first quarter in early May. Commercial revenue grew 27% year-over-year, driven by a 40% year-over-year increase in U.S. commercial revenue, while government revenue climbed 16% year-over-year. Customer count increased 42% year-over-year and 11% on a quarter-over-quarter basis. 

"Our intention is to make our Artificial Intelligence Platform (AIP) the most dominant infrastructure in the market and power the effective deployment of artificial intelligence and large language models across institutions," CEO Alex Karp said at the time.

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PLTR Price Action: Palantir shares were up 2.29% at $23.49 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.