Last week, while participating in the Aspen Ideas festival, Palantir Technologies (NYSE:PLTR) Co-founder Peter Thiel shared his thoughts on artificial intelligence, Nvidia Corp. (NASDAQ:NVDA)and ChatGPT-parent OpenAI.
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What happened: At the festival, Thiel drew parallels between the dot-com bubble of 1999 and the current state of AI, saying that the peak of the bubble was also the peak of clarity, as people realized the internet was going to replace the old economy.
He highlighted the difficulty of making specific investments during the dot-com bubble, using Amazon.com Inc. as an example, noting that while Amazon’s stock was considered an “obvious” investment, it took a decade for it to recover to its 1999 highs.
He then added that currently, 80 to 85 percent of AI profits are made by one company, Nvidia. He called this situation “very strange,” because the majority of profits are made in hardware, an area that “even Silicon Valley doesn’t really know much about anymore.”
🔮 $PLTR co-founder Peter Thiel on AI, LLM, $NVDAOpenAI and how it compares to the dot-com bubble🫧
“…1999 was both. The peak of the bubble was also, in a sense, the peak of clarity. People realized that the new economy was going to replace the old one. The Internet was going to… pic.twitter.com/m2aG6A3DPh
—Jawwwn (@jawwwn_) June 28, 2024
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Why is this important: Last week, it was reported that Palantir had partnered with Voyager Space to bolster Voyager’s defense segment by leveraging AI to analyze and improve solid-fuel rocket flight and test data.
Meanwhile, Nvidia briefly became the most valuable company on the planet when it hit a market cap of $3.46 trillion in June. At the time of writing, the chip giant was ranked third on the list of the world’s most valuable companies with a market cap of $3.038 trillion.
Dan Ives, an analyst at Wedbush Securities, had previously predicted that Nvidia’s market cap could reach $4 trillion. He also described Palantir as the “purest AI name in the market in terms of use cases.”
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This article by Palantir’s Peter Thiel says it’s ‘very strange’ that most of the money in AI is being made by one company originally appeared on Benzinga.com
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