Goldman Sachs’ Top Growth Investors: 34 Stocks With The Highest Investment For Growth

27. Palantir Technologies Inc. (NYSE:PLTR)

Growth Investment Ratio: 82%

Number of Hedge Fund Holders: 44

Palantir Technologies Inc. (NYSE:PLTR) has shaped up to be one of the most important stocks in today’s AI-driven technology industry. It provides a variety of software products and solutions that enable customers to deploy software, analyze intelligence data, and centralize data management. Palantir Technologies Inc. (NYSE:PLTR) has been one of the best-performing stocks of 2024 as the shares are up 266% year to date. This optimism has been driven by the firm’s unique suitability towards artificial intelligence. Palantir Technologies Inc. (NYSE:PLTR) differs from most other software companies by providing customers the ability to deploy custom models. It does so by assigning teams to gauge customer-specific needs and then tailoring its products to them. This has enabled Palantir Technologies Inc. (NYSE:PLTR) to grow its presence in the US private sector. The firm’s US commercial revenue grew by 70% during Q2, and it kept up the growth pace in Q3. Following Palantir Technologies Inc. (NYSE:PLTR)’s Q3 earnings, the stock soared by 47% over the next week or so. The results saw the firm’s commercial revenue jump by 54% as it indicated strong demand for its AI code evaluation platform.

Palantir Technologies Inc. (NYSE:PLTR)’s management mentioned AI during its Q3 2024 earnings call. Here is what they said:

“We’re witnessing the commoditization of cognition with the rapid advancement of AI models. Almost all investment in the AI space has been focused on supplying and improving these models. What will differentiate the AI haves from the have nots, is the ability to maximally leverage these models in production by capitalizing upon the rich context within the enterprise. This is Palantir’s focus. We see this in the results we’re delivering for our customers. Those who embrace quantified exceptionalism through AIP are able to take advantage of the commoditized cognition in a levered way to advance their differentiation. In this winner take all AI economy, the divide is widening between those who are leveraging AIP and those who are not. At a leading global insurance organization, AIP has helped automate key underwriting workflows, reducing the typical underwriting response time from over two weeks to 3 hours.”