The artificial intelligence (AI) race is in high gear. Much of the attention is focused on the investing-world darling Nvidia, and for good reason: The chipmaker is growing at lightning speed and reporting massive earnings.

Palantir Technologies (NYSE: PLTR) was representing AI well before it became more or less compulsory for every company in tech. Derived from The Lord of The Rings, the company's name provides a clue as to what it does. A palantir is a magical object that allows a user to see everything happening at once across a vast swath of land -- in other words, magical intelligence gathering.

Just trade magic for AI, and that is essentially what Palantir does. Its software-as-a-service (SaaS) products enhance information-gathering efforts for enterprise clients and, crucially, the U.S. government.

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Source Fool.com