Will Palantir Be a 2023 Breakout Stock?
2022 has been a disaster for Palantir Technologies' (NYSE: PLTR) stock -- it's down 61% this year. However, the business kept chugging along. Despite solid revenue growth, Palantir is still unprofitable, which is a red flag for many investors in times of macroeconomic uncertainty.
With 2023 around the corner, could it be the year investors take notice of Palantir's stock? Or will it be shunned due to its unprofitable business?
Palantir's artificial intelligence (AI) software is geared toward processing massive amounts of data and spitting out actionable insights. At first, it was developed for governments and was utilized to uncover Bernie Madoff's Ponzi scheme and allegedly helped find Osama bin Laden's hideout. While government customers remain a large part of Palantir's business, it has extended its offering to the private sector to pinpoint supply chain issues before they happen and help companies become more energy efficient.
Source Fool.com
