Palantir CEO Warns: AI Race With China Will Have Only One Winner
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June 6 - Palantir Technologies (NASDAQ:PLTR) CEO Alex Karp said the global race in artificial intelligence between the U.S. and China is likely to have just one winner, urging Western governments to move faster and adopt a more entrepreneurial mindset.
Speaking on CNBC Thursday, Karp noted that U.S. corporate leaders are uniquely equipped to drive AI development, citing their adaptability and deep industry roots. He said European allies and others in the West should take cues from this approach, especially as AI becomes a defining geopolitical issue.
Shares of Palantir fell 8% to close at $119.9 Thursday. The drop followed Republican concerns over the company's past federal contracts under the Trump administration.
Karp dismissed reports that Palantir was involved in unauthorized surveillance of U.S. citizens, calling them unfounded. The company's work with the U.S. government has expanded in recent years, including a $795 million Department of Defense contract and $113 million in other agreements.
Despite recent political scrutiny, Palantir stock has jumped more than 430% over the past year, boosted by growing interest in its government and AI-related services.
This article first appeared on GuruFocus.