Jim Cramer’s Bold Predictions About These 15 Tech Stocks

7. Palantir Technologies Inc. (NYSE:PLTR)

Number of Hedge Fund Holders In Q3 2024: 43

Date of Cramer’s Comments: 10-10-24

Palantir Technologies Inc. (NYSE:PLTR) is one of the hottest stories in the AI-driven market due to several factors. These include its growing US commercial business that works closely with customers to implement AI projects and its close work with the US government to provide it with inroads into government AI use. Here’s what Cramer had to say on Mad Money:

“Okay, the next one may be the craziest stock of the year. It’s called Palantir. It’s a defense contractor, AI kicker. It’s been a very good company, but more important, it’s been a spectacular stock. In a year when the defense stocks and the AI stocks have been incredibly strong, this one is both, with a heavy emphasis on government contracts. Palantir’s become a cold stock at this point though. You need to know that individual investors just they can’t seem to stay away from it. They buy it morning, noon and night. Right after the closing bell, there’s this big burst of buying that makes the stock look even better than it went out in regular trading. The stock’s real expensive but, but it’s gonna stay expensive because Palantir software is apparently beloved by the Pentagon as well as its rapid fans. Would I buy it up 439% in the last two years? No, but I definitely wouldn’t short it.”

Since Cramer’s remarks, Palantir Technologies Inc. (NYSE:PLTR)’s shares have gained a whopping 74.5%, so at least he was right in recommending no shorting. The firm benefited from its earnings report being released a day before the US election. The report, which saw Palantir Technologies Inc. (NYSE:PLTR)’s $726 million in revenue and $0.10 in EPS beat analyst estimates sent the stock soaring by 20%. This was met by another 8.6% gain on election day.