Jim Cramer’s Best Performers List: Top 10 Picks

6. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders: 44

Palantir Technologies Inc. (NYSE:PLTR) develops and deploys software platforms primarily for the intelligence community. Introducing the company, Cramer said:

“Palantir Technologies is a data analytics company that put up some good numbers but it’s better known as the stock with a huge following among individual investors.”

One of its key offerings, Palantir Gotham, is designed to help users uncover patterns that lie hidden within complex datasets. The company also provides Palantir Foundry, a platform that redefines operational processes for organizations across various sectors.

Another critical tool is Palantir Apollo, which manages software delivery and updates, alongside the Palantir Artificial Intelligence Platform (AIP), which grants users access to a variety of large language models.

Cramer expounded on Palantir (NYSE:PLTR), saying:

“Now, a little more than two weeks ago, the Wall Street Journal published this incredible piece headlined “ The Fanatic Amateur Investors Behind Palantir”, which gave some great insight into the avid fan base that rejoiced when this stock joined the S&P 500 last month. Yeah, they came in on top of the admission and helped the stock soar 46.9% for the quarter.”

Palantir (NYSE:PLTR) has invested considerable time and resources into developing sophisticated AI systems that assist government agencies in navigating vast amounts of data, allowing them to make informed choices.

Although a significant portion of revenue is generated from government contracts, the company has also made strides in extending its AI applications into the commercial sector in recent years. In the second quarter, revenue from U.S. government contracts reached $278 million. Moreover, revenue from the commercial segment surged by 33% during the same period, representing approximately 45% of the company’s total sales.