33 Most Important AI Companies You Should Pay Attention To

10. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 45  

YTD Return as of August 1: 69%

Palantir Technologies Inc. (NYSE:PLTR) builds and deploys software platforms for the intelligence community to assist in counterterrorism investigations and operations. The firm is aggressively marketing the Artificial Intelligence Platform (AIP), a comprehensive AI product designed to seamlessly integrate with other software offerings of the firm. The firm hopes to grow the commercial side of the business with AIP, which currently accounts for around 25% of the total revenue. In the second quarter of 2024, the firm signed more than 27 deals worth $10 million or more, and closed nearly $1 billion in technology cross ventures. Most of this business came due to the rise in demand for AIP.

Ryan Taylor, the chief revenue officer of Palantir Technologies Inc. (NYSE:PLTR), highlighted during the second quarter earnings call that the revenue expectations from AI infrastructure build-out have grown from $200 billion to $600 billion per year in just nine months, noting that his firm was uniquely positioned to take advantage of this as it delivered enterprise AI solutions on a scale unlike any other firm, most of whom were still testing AI prototypes and had not started large-scale production of products, a significant barrier to entry in the AI universe.