For months, Wall Street analysts have been treating Palantir's CEO, Alex Karp and his rocket scientist hairdo, like he's the crazy uncle at the tech family reunion. They’ve called his company’s valuation wild and his ambitions even wilder. But with the latest news, it looks like a lot of those analysts are going to be feasting on a big ol' buffet of humble pie at the next Silicon Valley cookout.

This morning, Palantir Technologies (PLTR) is riding high with a 9% bump in stock value after raising its annual revenue and profit forecast for the second time this year. Yep, you heard that right—second time.

As of 10:17 AM EDT, Palantir's shares were up to $26.49, marking a 9% increase. For a company that’s already seen a 39% rise this year, thanks to the AI hype train that continues to chug along, this is just icing on the already towering cake.

In a letter to shareholders, Karp revealed that Palantir not only beat expectations but did so with a swagger. The company reported its largest-ever quarterly profit from April to June and forecasted third-quarter sales that would make even the most skeptical analyst secretly buy shares, as they continue to bash the stock publicly. Their AI platform has become the go-to for companies wanting to test, debug, and evaluate AI scenarios.

(Source: Markets Insider)

Palantir is now expecting to rake in annual revenue between $2.74 billion and $2.75 billion, up from their previous guess of $2.68 billion to $2.69 billion. That's right, they’re blowing past the $2.70 billion mark that analysts had in mind. It's like Peter Thiel asked for a small yacht and ended up with a cruise ship.

They also upped their adjusted income from operations forecast to between $966 million and $974 million, far surpassing their earlier prediction of $868 million to $880 million. These robust numbers have eased some investor yips, especially after a dip last week when Big Tech earnings suggested that the AI jackpot might take longer to hit than my golf clubs are taking to ship from China. 

Chief Revenue Officer Ryan Taylor shared that Palantir is helping companies clear the "huge bottleneck" between AI prototypes and fully deployed products. Their U.S. commercial business saw a 55% growth to $159 million, and enterprise customers are increasingly turning to Palantir for help.

So, while Wall Street analysts might have thought Karp was off his rocker, it turns out he’s playing 4D chess while everyone else is playing checkers.

Stock.News does not have positions in companies mentioned.