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Brian Statland of Equity Armor Investments said one stock is a “promising AI investment” that is poised to become a “serious player” in that corner of the space. That company is Palantir, known for its government contract work in the defense and intelligence fields. “They’re doing more than just cybersecurity for governments. They’re starting to get very creative in the AI world,” Statland, the company’s portfolio manager, told CNBC’s “Street Signs Asia” last week. he said. In February, Palantir CEO Alex Karp told shareholders that demand for large-scale language models in the United States “continues unabated.” Palantir is expanding its artificial intelligence platform (AIP), and Karp said the company conducted nearly 600 pilots using the technology last year. “Although we are still in the early stages, various types of artificial intelligence are being developed, from object identification in the military field to all kinds of artificial intelligence that can help improve security and improve military power.” Statland added. Palantir’s stock price soared nearly 10% on March 6 after Palantir announced that its tactical intelligence target access node had been selected by the US military. TITAN uses artificial intelligence to provide missile targeting information. Palantir generates most of its revenue through government contracts. The government sector accounts for nearly 56% of his total sales. The remaining sales are for commercial use. “They’re here to stay and become a serious player in this space,” he said of the company’s efforts to develop AI applications for military and defense. Mr. Statlund runs the Rational Equity Armor fund, which has been one of the top performers so far this year and ranks in the top 5% of option-trading funds, according to Morningstar. He set a price target of $37, suggesting an upside of 57%. Palantir stock is up about 41% since the beginning of the year. Last week, Wedbush Wedbush Securities technology analyst Dan Ives raised his price target on Palantir to $35 from $30 and maintained an outperform rating on the stock. “Our recent checks on Palantir on the ground have become progressively more bullish,” he said. [Artificial Intelligence Platform] He called AIP a “game changer.” “With a strong portfolio of AI-aligned products, PLTR expects to capture a significant share of AI use cases.” In a hurry, we believe we will become a $1 trillion AI global TAM,” Ives added. — CNBC’s Ashley Capoot and Keris Lahiff contributed to this report.
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