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Palantir Technologies shares climbed 16% after the company reported blowout second-quarter earnings, with commercial revenue drawing a description of "otherworldly" from management.
Co-founder and Chief Executive Alex Karp said the demand reflects enterprise customers choosing Palantir over direct reliance on AI model providers.
Karp's explanation for the beat Karp put the quarter in competitive terms. "Our customers have declined to become vassal states of the language labs," he said following the second-quarter results.
"Language labs," in Karp's phrasing, refers to the large AI model developers.
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