JPMorgan Chase CEO Jamie Dimon is widely considered one of the most prescient business leaders. From his seat atop the financial services powerhouse, Dimon can see trends developing before most others.
In his annual letter to shareholders released earlier this month, Dimon urged investors to prepare for the coming impact of artificial intelligence (AI).
While we don’t know the full effect or the precise speed at which AI will change our business – or how it will affect society as a whole – we are completely confident that the consequences will be extraordinary and perhaps as transformational as some of the major technological advances. inventions of the last centuries: think of the printing press, the steam engine, electricity, computing and the Internet, among others.
Cautious investors will heed Dimon’s warnings and begin adjusting their investment strategies to account for the potentially profound effects of AI on the global economy. Here are two stocks you can buy today to position your portfolio to take advantage of the next AI revolution.
1. Palantir Technologies
The biggest winners of the AI race will be the companies that help their customers get the most out of their ever-increasing amounts of data. Palantir Technologies (NYSE:PLTR) excels in this increasingly vital field – and business is booming.
Palantir has built its reputation as a valued partner of the U.S. intelligence community. The CIA reportedly used Palantir’s tools during the search for Osama bin Laden.
Palantir continues to provide critical services to the U.S. government and its allies today. The U.S. military awarded Palantir a contract worth $178 million in March to help build next-generation sensors and intelligence collection stations. Palantir is also assisting Ukraine with its humanitarian mine clearance operations, as well as its efforts to provide safe access to in-person learning areas for school-age children.
Companies are also flocking to Palantir for the chance to reap the enormous potential benefits of its new artificial intelligence platform (AIP). By combining its proven machine learning technology with the most advanced AI models and real-time data, Palantir says it can help customers complete tasks up to 10 times faster – and with fewer resources.
The effects of these stunning productivity gains for its customers are just beginning to show in Palantir’s financial results. The data analytics leader’s U.S. commercial revenue soared 70% year over year to $131 million in the fourth quarter, fueled by a 55% increase in customers.
Yet Palantir ended 2023 with just 221 U.S. commercial customers. Investors can expect this figure to continue to grow rapidly in the coming years. Palantir recently formed a new partnership with the cloud software giant Oracle. The deal is expected to make it easier for businesses to access Palantir’s AI-based solutions on Oracle’s fast-growing cloud computing platform, and the two companies will work together to cross-sell their services.
