Data Giants Palantir and Snowflake Face Stock Slumps Despite Strong Growth Trajectories
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Palantir is a leading provider of AI services to corporations and institutions. Its stock price has fallen 57% from 2021 highs, presenting a possible buying opportunity.
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Palantir's revenue has more than tripled from 2018 to 2022. It is profitable on an operating basis and trades at an attractive forward P/E of 45.
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Snowflake's data platform fuels AI by enabling companies to access and analyze wide-ranging valuable information. Its revenue grew 34% last quarter.
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Snowflake operates on a consumption-based model that allows it to grow alongside AI-using customers. It expects $10 billion in revenue by 2029.
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Both Palantir and Snowflake stand out as AI stocks that are down 50%+ from their highs but have big growth opportunities ahead.