Shares of Palantir Technologies took off this year and delivered impressive gains of 38% as of this writing, and artificial intelligence (AI) has played a central role in the stock's surge.

The company, which provides software solutions to both government and commercial customers, delivered better-than-expected fourth-quarter 2023 results last month, which led to a big jump in its stock price. Palantir, however, is not the only company that's benefiting from the growing demand for AI software, as C3.ai (NYSE: AI) showed with its latest quarterly results that it is set to capitalize on this market as well.

Let's take a closer look at C3.ai's latest results and see why it could turn out to be a solid choice for investors looking for an alternative to the richly valued Palantir.

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Source Fool.com