Palantir shares soar 25% as AI technology firm boosts sales to US allies

Clients include engineering firm Jacobs, Ferrari, and the United Nations’ World Food Programme

Co-founded by chief executive Alex Karp and billionaire investor Peter Thiel in 2003, Palantir sells artificial intelligence-powered software used by both commercial clients and governments that are allied with the US. 

Palantir Technologies said that demand for its artificial intelligence products was driving sales, and gave a higher-than-expected profit outlook for 2024. 

The company’s shares soared 25% on Tuesday, a day after it released its earnings.