In his latest "Lightning Round" segment, Jim Cramer has given a strong buy recommendation for Palantir Technologies Inc (NYSE:PLTR).
What Happened: Cramer, the host of CNBC's "Mad Money," expressed his bullish stance on Palantir during the show on Wednesday, reported CNBC.
When asked about Palantir, Cramer's response was straightforward: "I think it goes higher."
Why It Matters: This isn't the first time Cramer has voiced his support for Palantir. In February, he called Palantir a 'buy, buy, buy.' This recommendation came after a significant rally in the company's stock price, following better-than-expected fourth-quarter earnings and the CEO's remarks during the earnings call.
Palantir has been making significant strides in the AI and defense sectors. The company recently secured a prime contractor role for the U.S. Army's Titan program. This development was hailed as another example of AI's impact on modern warfare by Palantir's CTO, Shyam Sankar.
Palantir's AI platform has also seen substantial adoption, with over 20 new customers and partners, including OpenAI, showcasing their work on the platform at the recent AIPCon.
Despite initial reservations about Palantir, Cramer's confidence in the company has grown, especially after its Q4 earnings call, where CEO, Alex Karp's "insanity" and the company's narrative were deemed compelling.
The image was generated using AI on MidJourney