FILE - Alex Karp, CEO of the software firm Palantir Technologies, takes his seat ahead of a closed-door gathering of leading tech CEOs to discuss the priorities and risks surrounding artificial intelligence and how it should be regulated, at the Capitol in Washington, Wednesday, Sept. 13, 2023.
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Palantir gets a boost from blockbuster earnings
Palantir’s share price jumped nearly 8 percent Tuesday after the software analytics firm reported massive revenue growth last quarter.
The company posted a 48 percent year-over-year increase in revenue for the three-month period between April and June, crossing $1 billion for the first time.
“As usual, I’ve been cautioned to be a little modest about our bombastic numbers, but honestly there’s no authentic way to be anything but have enormous pride and gratefulness about these extraordinary numbers,” Palantir CEO Alex Karp said on a Monday evening earnings call.
U.S. commercial revenue nearly doubled, rising 93 percent to $306 million, while U.S. government revenue ticked up a strong 53 percent to $426 million. In the U.S. overall, the company saw 68 percent year-over-year growth.
“This is a perfect time for a revolution in the United States of America,” Karp added. “We are very, very bullish on America. We have some really crucial and important clients internationally … but this is an American revolution.”
Palantir expects another $1 billion in revenue next quarter for an anticipated $4.1 billion in revenue for the full year.
The strong earnings call marks the latest in a series of wins for the company, which recently scored a contract with the U.S. Army worth $10 billion over the next decade.
How policy will be impacting the tech sector now and in the future:
Duffy confirms fast-track plan to build nuclear reactor on the moon
Transportation Secretary and interim NASA Administrator Sean Duffy outlined the space agency’s fast-track plan to build a nuclear reactor on the moon on Tuesday. “We’re in a race to the moon, in a race with China to the moon. And to have a base on the moon, we need energy. And some of the key locations on the moon, we’re going to get solar power, but this fission technology is critically important, and so …
Trump administration ends use of Musk-era ‘5 things’ email
The Trump administration has ended the practice of asking federal workers to outline what they accomplished over the last week in five bullet points, which was started at the direction of former special adviser Elon Musk. The Office of Personnel Management (OPM) had overseen the responses, which have largely been phased out at various agencies, since February before fully nixing the idea on Tuesday. “We communicated with agency …
Former X CEO Linda Yaccarino said Tuesday she has taken on a new role leading a digital health platform, less than a month after announcing her departure from Elon Musk’s social media platform. Yaccarino is joining eMed Population Health, which provides support for patients on GLP-1 medications, as CEO. “Our mission is revolutionizing how people receive safe, effective care for chronic condition management through …
OpenAI, Google, Anthropic AI models added to government purchasing system
Artificial intelligence (AI) models from OpenAI, Google and Anthropic have been added to a government purchasing system, allowing federal agencies to buy and use the AI products. The General Services Administration (GSA) announced Tuesday that ChatGPT, Gemini and Claude had been added to the agency’s Multiple Award Schedule for purchase. “America’s global leadership in AI is paramount, and the Trump Administration …
President Trump revived allegations Tuesday that his supporters face discrimination at the hands of large banks, as he reportedly prepares to sign an executive order punishing those companies.
Trump insisted banks do discriminate in a CNBC interview, saying he himself had been turned away from JPMorgan Chase after banking with the company for about 40 years.
“I’ll give you me as an example,” he said. “I had hundreds of millions. I had many, many accounts loaded up with cash, loaded up with cash, and they told me, ‘I’m sorry sir, we can’t have you. You have 20 days to get out.’”
He also said he would call Bank of America CEO Brian Moynihan “routinely” and that he was “kissing my a‑‑ when I was president” but then turned him away after his first term, causing him to turn to smaller banks to deposit his money.
“When I called him after I was president to deposit a billion dollars plus, and a lot of other things, more importantly to open accounts … he said, ‘We can’t do it,’” Trump said, referring to Moynihan.
JPMorgan Chase underscored that it does not close accounts for political reasons. Both it and Bank of America said they are hoping to work with the administration on the issue.
Trump’s latest comments came as The Wall Street Journal reported the White House is taking aim at banks for perceived discrimination against conservatives and the crypto industry.
The administration has drafted an executive order directing regulators to investigate financial institutions for violations of the Equal Credit Opportunity Act, antitrust laws or consumer financial protection laws, according to the Journal.
The crypto industry has long argued that it was unfairly targeted by debanking — the closure of bank accounts considered risky, with little or no explanation.
It has often pointed the finger at banking regulators, specifically in the Biden administration, for discouraging banks from working with crypto-related firms and individuals.
Fox Corp. sets launch date, pricing for direct-to-consumer streaming app
Fox Corp. has announced a launch date and pricing plan for its soon-to-be rolled out direct-to-consumer streaming application. Fox One, the company’s new wholly-owned streaming service, will launch Aug. 21 and cost $19.99 per month or $199.99 annually. Customers with a subscription will gain access to Fox News Channel, Fox Business Network, Fox Weather, Fox Sports, FS1, FS2, Fox Deportes, Big Ten Network, Fox local stations …
