On Monday, Palantir Technologies Inc. PLTR released its second-quarter financial results, after which the CTO of the company spoke about the importance of foundational technologies for enterprise AI.
What Happened: During the earnings call, Palantir CTO Shyam Sankar, underscored the company’s long-term investments in foundational technologies for enterprise AI.
“Our customers have been ahead of investors and markets. Customers choose us not because we’re delivering proofs of concepts but because we deliver proof, years of foundational investments in our infrastructure,” he stated.
Sankar also highlighted the company’s unique investment in creating a product pipeline to harvest economic value from AI.
He said, “The journey to production, as the market is now discovering, is fraught and requires a foundational set of technologies that we have uniquely invested in.”
Sankar further explained that the company’s success is due to its hands-on approach, stating, “We didn’t build those technologies eating berries in San Francisco. We had to be on the factory floor, in the foxhole, eating pain with our customers, seeing the secret truths of what does and doesn’t work and metabolizing it into product.”
The CTO concluded by stating that their platforms have become the fastest place for their customers to develop, refine, and manage not only their models but integrated offerings that deliver business impact.
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Why It Matters: Last year in May, Palantir CEO Alex Karp also spoke about the importance of large language models. He stated that the LLM revolution was one that “will raise ships and sink ships.”
Palantir’s second-quarter earnings report revealed a 27% year-over-year increase in total revenue, with commercial revenue growing 33% year-over-year, driven by a 55% year-over-year increase in U.S. commercial revenue. Government revenue climbed 23% year-over-year.
During this year’s Q2 earnings call, Karp also issued a stark warning about potential conflicts in the Middle East, emphasizing the company's commitment to supporting U.S. interests in the region.
Price Action: Palantir ended Monday’s trading session at $24.09, a decrease of 2.63% for the day. However, in after-hours trading, the stock jumped 12.16% reaching $27.02, according to data from Benzinga Pro.
Photo Courtesy: Flickr.
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