Palantir Technologies experiencing "unprecedented" demand for AIP tool: Here's why
What's the story
US-based Palantir Technologies is witnessing strong demand for its upcoming generative AI tool, AIP.
While the analytics software firm spoke of this, its stocks also surged. The shares were up 15% to $8.89 - the highest ever since mid-February.
"The depth of engagement and demand for our new AI Platform is without precedent," said CEO Alex Karp, who believes this year will be profitable.
Context
Why does this story matter?
Palantir Technologies has topped its earnings expectations for Q1 2023, and hopes to generate a good amount of revenue every quarter this year.
Two weeks ago, the company unveiled its generative AI platform, which is based on the same technology as ChatGPT.
Now, it is betting on interest in its new tool, which is helping in sending its shares soaring higher than ever.
Details
What does the AI tool do?
Palantir Technologies claims that AIP will allow military, commercial, and other organizations to securely run Large Language Models (LLMs) in their private networks to make decisions regarding logistics and more.
It will help in battlefield intel and decision-making.
"If you wheel the technologies correctly, safely, and securely, you have a weapon that'll allow you to win and scare your competitors/adversaries," said Karp.
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How it will benefit organizations?
Palantir Technologies has put up a demo video on its official website that showcases how AIP can display/analyze intel on enemy targets, spot potentially hostile situations, suggest battle plans, and then forward plans to the commanding officers for implementation.
The AI tool also offers civilian applications. It could be used by manufacturing companies to prepare and assess operations in case of natural calamities.
About
Palantir Technologies has worked with the CIA
Palantir Technologies specializes in big data analytics. It helps intelligence agencies meet their most difficult operational goals by enabling them to securely extract useful insights from sensitive data.
The software maker is known for its collaborative work with the Central Intelligence Agency. Palantir continues to invest in focus areas like AI while remaining bullish on the need for its products in the US.
Information
The AI tool will be accessible starting this month
In a letter to shareholders, Karp stated that the first iteration of the AI platform will be available to select customers starting this month. The list of customers includes some well-known insurance companies across the world, and supply chain and security organizations.