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Well into the third quarter of 2024, the artificial intelligence (AI) industry is still a key driver of the action on Wall Street, as tech giants and startups compete for dominance in this rapidly evolving field. The global AI market is projected to reach $184 billion in 2024, and potentially contribute around $15.7 trillion to the global economy by 2030. AI adoption has more than doubled since 2017, and projections that 34.8% of businesses — over 1.3 million — will be using AI by 2040 to drive innovation suggest a significant new phase in enterprise technology has emerged.
Palantir Technologies (PLTR), a key player in enterprise software and security since 2003, has grabbed headlines following its collaboration with Microsoft (MSFT), announced shortly after PLTR's latest quarterly earnings in early August. This partnership has fueled major investor optimism, boosting Palantir's stock by more than 6% over the past week alone.
