Jim Cramer on Palantir: “I Believe There’ll Be Many More Pentagon Contracts Coming”

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the stocks Jim Cramer highlighted in light of the Fed rate cut. Cramer noted that the company “makes a lot of money,” as he remarked:

“Now, I’d emphasize going after the ones that are already winning for this year. How about this one? I’m thinking of the stock of Palantir. Even when it’s already up so much, it makes a lot of money. It’s not a flier. It just got into the US Navy with a terrific contract helping to build submarines more efficiently… and much less expensively. I believe there’ll be many more Pentagon contracts coming, think surface ships, fighter planes… weapons, munitions. It wouldn’t surprise me if the whole arsenal of freedom goes to Palantir. It’s precisely the kind of stock that works in this market, the ultimate high flier that’s up huge, that you can buy it right now if you’re a money manager and show your investors that you, too, own Palantir.”

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

Palantir Technologies Inc. (NASDAQ:PLTR) develops data analytics and AI software platforms, including Gotham, Foundry, Apollo, and Palantir Artificial Intelligence Platform, that help organizations integrate, analyze, and act on complex data.

While we acknowledge the risk and potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLTR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.