10 Best AI Stocks to Buy According to Reddit

2. Palantir Technologies Inc. (NASDAQ:PLTR)

Number of Hedge Fund Holders: 43

Palantir Technologies Inc. (NASDAQ:PLTR) is a leading data analytics and AI company that specializes in providing powerful tools to government agencies. Through AI, it enables these agencies to analyze massive datasets, uncover hidden patterns, and make informed decisions.

Its AI-driven solutions are being used to transform several industries, such as defense, healthcare, and finance. For example, the company’s platform has helped organizations reduce underwriting response times from over two weeks to three hours, increase on-time delivery rates from 40% to 90%, and optimize supply chain operations, which has led to a $30 million impact on the bottom line.

The company’s US business achieved an impressive 44% year-over-year revenue growth in Q3 2024, fueled by increased adoption of AI-powered solutions. The overall revenue improved by 29.98%. It closed 104 deals, each of which was over $1 million, together with a 77% year-over-year increase in customer count. By prioritizing AI integration and delivering tangible results, Palantir Technologies Inc. (NASDAQ:PLTR) is well-positioned to maintain its leadership in the data analytics and AI market.

Carillon Scout Mid Cap Fund stated the following regarding Palantir Technologies Inc. (NYSE:PLTR) in its first quarter 2024 investor letter:

“The top contributor to return for the quarter was Palantir Technologies Inc. (NYSE:PLTR). Sentiment improved on Palantir after it reported stronger than expected commercial customer revenue and free cash flow. U.S. commercial growth was especially encouraging, as U.S. commercial revenue was up by a large percentage year over year for the fourth quarter and U.S. commercial customer count grew nearly as much. We expect Palantir to become one of the premier artificial intelligence (AI) software providers, built on its Foundry and AIP platforms.”