We recently compiled a list of the 10 Trending AI News Updates on Investors’ Radar. In this article, we are going to take a look at where Palantir Technologies Inc. (NASDAQ:PLTR) stands against the other trending AI stocks.
President Xi Jinping recently held a rare meeting at Beijing’s Great Hall of the People with some of the biggest names in China’s technology sector. Four years back, tech regulations in China and the government’s approach toward the tech sector were quite different than what it is shaping up to be today. Jack Ma, in particular, was once a high-profile target of Chinese regulators, disappearing from public view for several months after his criticizing speech against Xi in 2020.
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According to analysts, this change implies how policymakers are now concerned about slowing growth and the US’s efforts to limit China’s technological development. Meeting with tech leaders such as Alibaba’s Jack Ma, Jinping strongly urged them to “show their talent” and remain confident in the power of China’s model and market.
“The line-up of entrepreneurs suggests that Xi’s priority for the private sector is for it to support his goals of achieving technological self-reliance and supply-chain security”
– Neil Thomas, a fellow on Chinese politics at the Asia Society Policy Institute’s Center for China Analysis.
Gathering business leaders has been a pro-move by the President that underscores the importance of private sector innovation and the role it is playing in the global AI arms race. In light of this, Jinping has noted that private businesses have “broad prospects and great promise” to create wealth and opportunity. There is an inherent advantage in developing new industries with China’s governance and the scale of its market.
“It is the right time for the majority of private business and entrepreneurs to show their talent”.
-President Xi Jinping
Analysts note how gaining ground in technology is crucial for China as it races against the US for AI supremacy.
“It’s a tacit acknowledgement that the Chinese government needs private-sector firms for its tech rivalry with the United States. The government has no choice but to support them if it wants to compete with the United States.”
-Christopher Beddor, deputy China research director at Gavekal Dragonomics in Hong Kong.
For this article, we selected AI stocks by going through news articles, stock analysis, and press releases. These stocks are also popular among hedge funds. The hedge fund data is as of Q3 2024.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
A software engineer manipulating a vast network of code on virtual monitors.
Palantir Technologies Inc. (NASDAQ:PLTR)
Number of Hedge Fund Holders: 43
Palantir Technologies Inc. (NASDAQ:PLTR) is a leading provider of artificial intelligence systems. On February 19, the company announced that it had entered into a multi-year strategic partnership with SAUR Group, an innovator and leader in the global water sector. The partnership aims to revolutionize contract management processes through Palantir Foundry’s advanced Generative AI capabilities.
SAUR will be leveraging both Palantir’s Foundry, the company’s central platform for data-driven decision-making and situational intelligence, and the Artificial Intelligence Platform (AIP), enhancing its ability to analyze and navigate complex contracts, as well as convert vast amounts of data into structured, accessible insights. This implementation has already been deployed to over 300 users, enabling a step forward to responsive, transparent, and streamlined contract management.
“The potential of Foundry and AIP has been harnessed thanks to years of foundational work on data mastery at SAUR—defining a standard language, establishing pragmatic governance for continuous data quality improvement, and centralizing our data to ensure secure and efficient access. This partnership with Palantir allows us to transform contract management by turning vast and complex datasets into clear, actionable intelligence. It represents a major step in our AI-driven transformation, reinforcing our ability to enhance compliance, streamline operations, and better serve our customers”.
-Rony Bejjani, Chief Information Officer at SAUR.
Overall PLTR ranks 8th on our list of the AI stocks on investors’ radar. While we acknowledge the 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 timeframe. If you are looking for an AI stock that is more promising than PLTR but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
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