Where Will Palantir Technologies Stock Be in 5 Years?
Investors have been buying Palantir Technologies (NYSE: PLTR) stock hand over fist in 2024, which is evident from the 67% gains clocked by the company that's known for providing data analysis software platforms to both government and commercial customers. Artificial intelligence (AI) played a central role in Palantir stock's surge this year as the growing adoption of this technology across the globe led to a nice bump in the company's revenue pipeline.
But will Palantir be able to sustain its AI-fueled growth in the long run and deliver solid returns to investors over the next five years? Let's find out.
Precedence Research estimates the market for AI software could increase at an annual rate of 23% through 2032, generating annual revenue of just over $1 trillion at the end of the forecast period. Palantir reported revenue of $2.3 billion in the trailing 12 months, suggesting it has massive room for growth in the long run. AI has already started moving the needle for Palantir. The company's revenue in the first quarter of 2024 increased 21% year over year to $634 million.
Source Fool.com
