Palantir Technologies Inc. Chief Technology Officer Shyam Sankar emphasized the importance of artificial intelligence in national defense during an appearance on CNBC's "Closing Bell Overtime" on December 9, 2024. Sankar outlined the company's vision for revitalizing America's industrial base, noting that historically, only 6% of defense spending was allocated to defense specialists, with the majority going to dual-purpose companies until 1990.
He stated, "We need to rally together as a country to organize around this problem," referencing global issues such as North Korea's actions in Ukraine and Iran's nuclear advancements. Sankar identified AI as a crucial factor for maintaining technological superiority.
The company's market influence is growing, with its value recently reaching $173 billion, surpassing traditional defense contractor Lockheed Martin Corp. Palantir's partnerships, including a collaboration with Booz Allen Hamilton and Amazon Web Services for AI models, reflect the rapid adoption of AI in the commercial sector.
Despite speculation about a potential role at the Pentagon, Sankar reaffirmed his commitment to Palantir, stating, "I'm very happy... I've been here 19 years as the 13th employee. We have an opportunity to build a generational company."
Palantir's stock closed at $76.34 on December 6, up 6.22% for the day, and has surged 360.43% year-to-date. Analysts have a consensus price target of $30.22, with the latest ratings suggesting a potential downside from current levels.