Why Palantir Stock Led the S&P 500 Higher Today

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Why Palantir Stock Led the S&P 500 Higher Today

Patrick T. Fallon / AFP

" bad-src="https://s.yimg.com/ny/api/res/1.2/za_2EMh7GMZ9CqJTpJuX8g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/investopedia_245/521dd932d9b843c1f0434c0b85b657cb" fifu-data-src="https://s.yimg.com/ny/api/res/1.2/za_2EMh7GMZ9CqJTpJuX8g--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTY0MA--/https://media.zenfs.com/en/investopedia_245/521dd932d9b843c1f0434c0b85b657cb">Key Takeaways

Palantir Technologies shares surged on Tuesday after Ark Capital said software companies could have more room to benefit from the AI *****.

A managing director from Ark indicated that data analytics and software firms like Palantir are poised to take AI market share from the mega-capitalization tech giants.

Palantir shares are up more than 140% year-to-date after Tuesday’s gains.

Shares of data analytics software firm Palantir Technologies (PLTR) were Tuesday’s biggest gainers in the S&P 500 after after asset management firm Ark Invest spotlighted software as an area with more room to benefit from

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trends.

In an interview with CNBC, Rahul Bhushan, managing director of Ark Invest Europe, said data analytics and software firms like

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could be poised to take

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from mega-capitalization tech companies like

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(MSFT),

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(AMZN), and Alphabet (GOOGL), whose

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platforms have been a focal point in the emerging AI *****.

More ‘Asymmetrical Opportunities’ in Software

According to Bhushan,

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and infrastructure have accounted for 80% of the value that has accrued over the past two and a half years as investors pour money into shares of AI-related companies. Ark Invest is “finding far more asymmetrical opportunities today” in companies operating further down the “AI stack”—including those providing software-as-a-service and platform-as-a-service products—Bhushan said.

Data analytics providers like Palantir can provide customized data and AI services that are tailored to the needs of specific clients, Bhushan said.

Palantir shares rose more than 6% on Tuesday, leaving them up some 140% in 2024.

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#Palantir #Stock #Led #Higher #Today

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