Palantir Technologies shares rose Tuesday after Ark Capital said software companies may have more room to capitalize on the artificial intelligence boom.
A managing director from Ark noted that data analytics and software companies like Palantir are poised to take AI market share from deep-pocketed tech giants.
Palantir shares are up more than 140% year to date after Tuesday’s gains.
Shares of data analysis software company Palantir Technologies (Belter(Tuesday’s biggest gainer was in the S&P 500 after asset manager Ark Invest highlighted software as an area with more room to capitalize Artificial Intelligence (AI) Directions.
In an interview with CNBC, Rahul Bhushan, Managing Director of Ark Invest Europe, said that data analysis and software companies such as… Palantir Could be willing to take market share Of highly capitalized technology companies such as Microsoft (MSFT), Amazon (Amzn), and the alphabet (Google), for whom Cloud computing Platforms have been a focal point in the emerging AI boom.
More “unequal opportunities” in software
According to Bhushan. Devices Infrastructure accounted for 80% of the value that has accumulated over the past two and a half years as investors poured money into shares of companies related to artificial intelligence. Bhushan said Ark Invest “finds unequal opportunities today” in companies that operate more in the “AI stack” — including those offering software-as-a-service and platform-as-a-service products.
Data analytics providers like Palantir can provide custom data and AI services tailored to the needs of specific clients, Bhushan said.
Palantir shares rose more than 6% on Tuesday, putting them up about 140% in 2024.
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