Palantir Technologies (PLTR) saw its stock jump 21% to $102 in early trading on Monday after the company released its fourth-quarter earnings report. During the earnings call, Chief Technology Officer Shyam Sankar likened the US-China competition in artificial intelligence to an “AI arms race” and a “war”.
Sankar stated that this war began in 2001 with China’s rise to the World Trade Organization, citing significant intellectual property theft and wealth transfer. He also pointed out the impact of China on opioid-related deaths, as well as its influence through the Belt and Road Initiative, which amounts to essentially indentured servitude for other countries.
The US aims to stay ahead in developing Artificial General Intelligence (AGI), a level considered the highest form of AI with human-like cognitive capabilities. The trend has focused mainly on large language models that require significant data to train. As open-source models improve rapidly, prices are falling rapidly for software developers renting AI models via cloud computing services.
Palantir’s adjusted earnings for Q4 were 14 cents per share, up 75% from a year earlier, with revenue climbing 36% to $828 million. US commercial revenue grew 64% year-over-year, and government revenue saw a 45% increase to $343 million. Analysts had predicted earnings of 11 cents per share on revenue of $776 million.
Source: https://www.investors.com/news/technology/palantir-stock-chief-technology-officer-declares-us-china-ai-arms-race