Palantir CEO Alex Karp discusses AI and the company's 'vital role' in warfare.

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At AIPCon, a special invitation-only event hosted by Palantir Technologies ( PLTR ), CEO Alex Karp explained how the company can use lessons learned in the wake of war to drive business and productivity growth.

Karp emphasized that his relationship with the US government continues: the US Department of Defense recently disclosed a $480 million, five-year contract with Palantir for a project known as Maven. is to work on to develop a smart system that will provide faster and faster access to warfighters and intelligence analysts. More accurate information on the battlefield for tasks such as identifying enemy targets.

“This country is focused on using AI to gain a structural advantage in how we deploy and understand the battlefield,” Karp told Yahoo Finance (video above) at AIPCon in downtown Palo Alto, Calif. And Palantir plays an important role in this field. “

Palantir Technologies CEO Alex Karp speaks at a forum on AI security on May 1, 2024 in Washington, DC. (Tassos Katopodis via Getty Images)

Hundreds of people gathered Thursday to participate in an event highlighting the data analytics firm's Artificial Intelligence Platform, or AIP.

More than 70 customers are scheduled to speak to the crowd about how they are integrating and leveraging Palantir's artificial intelligence tools in their businesses. At the same time, Palantir engineers spent time sitting alongside customers, collaborating on what they could build with the software.

Some of the participating companies include United Airlines ( UAL ), Lear ( LEA ) and Wendy's ( WEN ).

“I'm not paying them to present,” Karp said, referring to those customers who spoke at AIPCon. “The reason they're giving is, 'Wow, I really didn't believe this could work. And now it's working great.'”

The Denver-based software company has hosted more than 1,300 of these conferences in the US and around the world. The events boosted Palantir's U.S. commercial revenue, which rose 40% year-over-year to $150 million in the first quarter.

Palantir Technologies is an American software company specializing in big data analytics. (Hapapapa via Getty Images)

John Corris, president and CEO of Florida Health Sciences Center, which includes Tampa General Hospital, attended the conference Thursday, as his hospital recently entered into a partnership with Palantir to leverage its AI software. Announced the agreement.

Specifically, the hospital will deploy Palantir's AIP to build a new care coordination operating system, allowing hospital staff to improve clinical outcomes for patients as well as expedite bed placement and staffing. It will help in making decisions.

“It will absolutely improve care, clinical outcomes, the patient experience,” Koris said. “It's going to do that by making our doctors more efficient and effective, our nurses and allied health professionals more efficient and effective, and it's going to make our managers lead their organizations in a very different way.” There will be help.”

Palantir has gained momentum with commercial clients, but initially, the company became known for its work with Washington and the US intelligence community, including the CIA.

The company was co-founded in 2004 by Karp, billionaire Peter Thiel, and 8VC managing partner Joe Lonsdale. It is named after the magical crystal ball described in JRR Tolkien's novel “The Lord of the Rings”.

Palantir engineers created software that allows users to import volumes of data from images to spreadsheets into a central system where it can then be securely analyzed and interpreted with maps and charts.

“We're making it possible through our software to allow other software and hardware companies to operate from our platform,” Karp added of the company's work with the US government. “So this isn't just a win for Palantir … it's a win, quite frankly, for the tech ecosystem that powers this nation.”

While Palantir is best known for selling software to the U.S. government and its allies, it's the traction the company is seeing on the enterprise front that has won over some investors and financial analysts on Wall Street.

Jefferies analyst Brent Thill said he was encouraged by Palantir's improving fundamentals and business, particularly strength in its AI business.

“I think these mini-bootcamps that they're doing are getting them more right off the bat,” Thill said of AIPCon, “meaning, now they're getting more customer engagements because of these mini-bootcamps.” are [software] installs and this translates into higher deal velocity for the company.

Thill currently maintains a hold recommendation on the stock due to valuation concerns.

“It's one of the most expensive names we cover,” he said.

Some argue that AI now represents a historic shift for the tech sector and the economy at large – a new megatrend that will sustain and redefine business and economic growth. For example, Nvidia (NVDA) CEO Jensen Huang recently said that “the next industrial revolution has begun.”

Corp is clearly confident about his company's role and leadership in this AI moment.

“Come talk to 70 of our customers,” he said, referring to today's conference attendees. “They think they're winning.”

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