"Recently, Palantir a tech corporation that boasts no fewer than five billionaire executives announced its Q2 earnings: over a billion dollars generated in a single quarter. Forty-eight per cent growth in its business compared with the same quarter last year, including 93% growth in its US commercial business. These elephantine numbers are maddening and, in large part, a result of the company fully embracing AI."
"As ex-ante reward for all these cost-cutting layoffs, the fortunes of AI entrepreneurs have ballooned beyond all comprehension. So far, if the AI revolution has succeeded in anything, it is in making very rich people even more rich. Rallies on Wall Street have seen AI stocks surge at a record pace for hundreds of so-called unicorns the nearly 500 AI startups that are valued at more than $1bn each."
Palantir reported Q2 earnings exceeding one billion dollars, with 48% year-over-year growth and 93% growth in its US commercial business. The company credits much of this expansion to full adoption of AI. AI promises efficiency gains, reduced errors, scientific advances, and potential broad economic growth. Advanced AI capabilities are contributing to job displacement among skilled workers, while automation threatens low-end service and warehouse roles at major retailers and food chains. Market rallies around AI have dramatically increased valuations, producing nearly 500 AI unicorns and creating dozens of newly minted billionaires among founders and investors.
Read at www.theguardian.com
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