It was a cold winter day in New York City when Sarah, a financial analyst, saw her computer screen light up with a notification. Palantir Technologies had just announced their fourth-quarter earnings, exceeding expectations and leading to a surge in their stock price. Sarah smiled as she thought back to a year ago when she first started researching Palantir and had a feeling that their expansion into artificial intelligence would lead to success.
Sarah's hunch was correct, as Palantir and fellow AI company C3.ai have recently experienced significant growth and success. Palantir, a data analytics company that specializes in government contracts and has recently expanded their offerings to commercial customers, saw a 47% increase in revenue in 2020 and their stock price has tripled since its IPO in September 2020. C3.ai, a software company that provides AI applications to companies, saw a 71% increase in revenue in their latest quarter and their stock price has doubled since their December 2020 IPO.
The success of Palantir and C3.ai can be attributed to their push into artificial intelligence and their ability to provide valuable AI applications to customers. For example, Palantir's Gotham platform is used by the US Pentagon for counterterrorism operations, and their Foundry platform is used by companies such as Airbus for supply chain management. C3.ai's AI applications are used by companies such as Shell for predictive maintenance and Raytheon for design optimization.
Beyond their current success, Palantir and C3.ai also have a promising future. It is estimated that the global AI market will grow from $4.9 billion in 2020 to $309.6 billion by 2026, with AI applications being used in industries such as healthcare, finance, and retail. Palantir and C3.ai are well-positioned to capitalize on this growth and continue to expand their offerings to customers.
One example of Palantir's success can be seen in their partnership with the NHS in the UK. Palantir's Foundry platform was used to assist the NHS in managing the COVID-19 pandemic, including tracking the spread of the virus and allocating resources such as personal protective equipment and hospital beds. This partnership has been instrumental in the UK's response to the pandemic and has demonstrated the potential for Palantir's data analytics capabilities to make a real-world impact.
C3.ai's success can also be seen in their partnership with oil and gas company Baker Hughes. C3.ai's AI applications were used by Baker Hughes to improve equipment reliability and optimize drilling operations, resulting in significant cost savings. This partnership demonstrates the potential for AI to be used in traditional industries and showcases C3.ai's ability to provide valuable solutions to customers in these industries.
Curated by Team Akash.Mittal.Blog
Share on Twitter Share on LinkedIn