Here’s What Citi Analysts Are Looking For At Palantir’s AI-Focused Conference By Investing.com

Investing.com — Palantir Technologies’ (NYSE: ) AI-focused conference call on Thursday could provide more insight into the implications of the data analytics company’s recently expanded partnership with oil giant BP (NYSE: ), according to analysts at Citi .

Earlier this week, Palantir and BP announced that they had agreed to a five-year strategic relationship that will give the British energy group the ability to use large language models to automate its on-site data analysis and “accelerate the human decisions”.

The deal extends a decade-long relationship between the companies that they said featured “deep collaboration.” Since 2014, Palantir software has been used by BP to support its oil and gas production operations “from offshore oil platforms in the North Sea and Gulf of Mexico to the Khazzan gas fields in Oman,” the company said. of Colorado in a statement. Monday’s statement.

Palantir added that its latest AI software will lead to “safe and reliable” deployment of emerging technology and protect against “hallucinations” — or an AI-generated response that contains false or misleading information presented as fact .

In a note to clients on Wednesday, Citi analysts said BP could become a “notable reference customer” for Palantir, which “could help drive further adoption” of its AI platform, which is used to test and evaluate scenarios related to AI.

They added that they will be watching Palantir’s AIPCon event on Thursday, which is due for presentations from many of its customers, for an update on how the new deal with BP will “highlight” its AI operations.

A boom in excitement around AI applications has fueled Palantir’s recent results, with the company posting better-than-expected third-quarter sales and its biggest quarterly profit in August. Palantir also raised its full-year sales and revenue outlook twice this year.

Palantir shares are up more than 110% this year.