10 Best Fast Growth Stocks to Buy According to Hedge Funds

7. Palantir Technologies Inc. (NASDAQ:PLTR)

Number of Hedge Fund Holdings: 96

EPS Growth Next 5 Years: 59.78%

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the best fast growth stocks to buy according to hedge funds. On June 22, Palantir Technologies Inc. (NASDAQ:PLTR) announced that the US Army has established the common data layer baseline for its Next Generation Command and Control (NGC2) program, and selected its Foundry platform as the cloud data layer underpinning the entire architecture.

NGC2 is the Army’s highest-priority modernization initiative. Put simply, it is the Army’s effort to replace fragmented legacy command systems with a unified, data-driven infrastructure. This infrastructure will be able to serve commanders and soldiers at every level of the force, and will give them better information and faster.

Within the architecture, Palantir’s Foundry will handle the cloud data layer, while Anduril’s Lattice will be the tactical data layer, that is, the field-facing component that operates closer to where soldiers are deployed. The two platforms form the data backbone on which all future NGC2 applications and AI-enabled mission capabilities will run.

Commenting on the development, Akash Jain, Palantir USG’s President and CTO, said that the underlying architecture is the “most consequential decisions in a program like NGC2.” He added that the Army establishing a common data baseline for NGC2 from the outset enables it to create “the foundation on which future applications and AI-enabled mission capabilities can be built.” Jain stated: “As the cloud data layer, Foundry helps make that foundation durable and extensible..”

Palantir Technologies Inc. (NASDAQ:PLTR) is a software company that builds and operates data integration and analytics platforms. It primarily serves government agencies and commercial enterprises through its Gotham and Foundry platforms.