Palantir (PLTR) shares are sliding in after-hours trading even after the tech enterprise raised its full-year guidance. RBC Capital Markets Software Equity Analyst Rishi Jaluria joins Yahoo financial to break down Palantir’s first quarter earnings and the sector’s reaction amid an artificial intelligence race.
Palantir topped its first quarter sales expectations yet saw a decrease in US commercial development from 70% to 40%. Jaluria attributes the slow US commercial development to Palantir’s status as an “over-hyped generative AI beneficiary enterprise,” pointing to mixed messaging around its artificial intelligence capabilities and skepticism over its boot camp plan.
“Everyone wants to play the AI game…I just don’t think Palantir is that cutting-edge generative AI enterprise that they claim it to be,” Jaluria warns, pointing to more established tech companies like Microsoft (MSFT) as a stronger option.
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