Palantir shares up 11 per cent thanks to a fascination with artificial intelligence technology

Palantir shares rose 11% on Monday as the company continues to capitalise on investor hopes for its artificial intelligence software.

Here's What We Know

Palantir specialises in data analytics and is known for its work with US defence and intelligence agencies. The company offers a range of artificial intelligence-based services to public and private sector organisations.

CEO Alex Karp said in the company's first-quarter earnings report that demand for Palantir's new AI platform is "unprecedented". The company's stock is up more than 206% year-to-date.

Earlier, Karp acknowledged concerns about artificial intelligence. He called for greater co-operation between government and the technology sector.

At the same time, Karp spoke out against the slowdown in research and innovation that many tech leaders are calling for. He warned that if the U.S. doesn't invest in AI, other countries will.

Palantir will release its new quarterly report on 7 August.

Source: CNBC