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Palantir Sees a New High
AI For You
September 22, 2024
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Before we start, we hope you know that Palantir is a company (not a person) and ‘high’ refers to a surge in stock prices and not what you might’ve assumed :) Now let’s get started! Palantir is another one of the many global companies that has received limelight for its role in the AI space. For those unaware, Palantir is a data-oriented company that primarily allows intelligence agencies to derive insights from multitudes of data. While that sure sounds interesting enough to earn Palantir a mention on our page, it is not the only reason.
A couple of months ago, Palantir signed a contract worth $480 million with the US Army for its prototype of the Maven Smart System, which uses AI to study enemy systems and collates data from multiple surveillance systems. It also enables the use of AI for target identification, among other niche defense techniques that might be too elaborate to cover in this article. (If you want a separate article on AI in Defense Systems, do let us know here!) Right after the news came into the public eye, Palantir’s shares surged a whopping 11%.
You might think that this is a lot, but just a few weeks ago, Palantir saw another high. Interestingly, this was driven by the decision to include Palantir in the S&P 500 list starting from September 23. While supporters applaud the work being done by Palantir for boosting the effectiveness of intelligence and counterterrorism agencies, several critics point out the risks of reducing human judgment in the crucial areas of defense and terrorism. While we at AI For You do not polarize ourselves on either side yet, we actively encourage you to keep reading our updates and decide for yourself!