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By Marty Shtrubel, TipRanks
As GenAI continues to advance, concerns are mounting that many jobs may be at risk, as this revolutionary technology offers a more efficient and cost-effective way to perform tasks traditionally handled by humans.
However, one prominent Wall Street figure doesn’t share this gloomy outlook. Citadel founder and CEO Ken Griffin remains skeptical that AI will outperform humans in many areas.
“Some are convinced that within three years almost everything we do as humans will be done in one form or another by LLMs and other AI tools,” said Griffin, who boasts a net worth of $37.3 billion. “For a number of reasons, I am not convinced that these models will achieve that type of breakthrough in the near future.”
Certain scenarios are just not suitable for machine learning models, says Griffin, such as cars driving through the snow or adjusting to a “world where regimes shift.”
Meanwhile, Griffin has also been taking a contrasting approach to some of the biggest names associated with AI. During Q2, he decided to offload a huge chunk of his Nvidia (NASDAQ:NVDA) holdings, but at the same time loaded up on Palantir (NASDAQ:PLTR) shares.
So, let’s take a closer look at these names and see what’s behind Griffin’s latest moves. With help from the TipRanks database, we can also find out how the Street’s analyst community feels about his choices.
Nvidia
Talk to any market watcher about the AI-fueled rally that has been driving the current bull market and the conversation will naturally turn to Nvidia. For a company once known primarily as the maker of GPUs for gamers, in recent years the semi giant has established itself as the undisputed AI chip king. And the reason for that is a fairly simple one: Nvidia’s chips are the best out there.
Such has been its success, for a brief period earlier this year, Nvidia became the most valuable company in the world. A look at its most recent quarterly results is symptomatic of a consistent recent trend of outperformance.
In its fiscal first quarter (April quarter), revenue climbed by 262.2% year-over-year to $26 billion, beating the Street’s call by $1.45 billion. The bottom-line performance was just as impressive, with adj. EPS of $6.12 coming in $0.54 ahead of expectations. And looking ahead, as has become the norm for the chipmaker in recent times, the guide exceeded expectations again, with Nvidia calling for FQ2 revenue of $28.0 billion, plus or minus 2%, vs. the Street at $26.84 billion.
But Griffin doesn’t appear to be waiting around to see if Nvidia delivers another stellar report at the end of the month (August 28). During Q2, he slashed his position by 80%, selling 2,421,072 shares.
Maybe Griffin’s move is a prescient one with the billionaire thinking the shares have peaked and the road ahead might not be as smooth as it has been for the past year and a half. In fact, the company has encountered some issues recently after the shipping of its new Blackwell AI chip was delayed due to a design fault.
Investors should keep an eye on how this situation develops, says D.A. Davidson analyst Gil Luria. “We believe the reported delays in Blackwell deliveries are likely to be short-lived and have limited impact, but they do add a twist to the NVIDIA story,” Luria explained. “Our approach has been to expect record results for the rest of the year given the substantial increases communicated by mega cap customers, with a more cautious approach to subsequent years, especially CY26, where consensus expectations appear to imply NVDIA’s mega cap customers will forever forgo margin expansion. The delay in Blackwell shipments may create a shorter term blip which we will have to carefully assess in order to not mistake it for the inevitable cycle turn.”
Luria takes a cautious approach too, rating NVDA shares as Neutral, while his $90 price target implies the stock will shed 27% of its value over the next year.
Griffin and Luria’s takes, however, are not ones shared by most on the Street. The stock claims a Strong Buy consensus rating, based on a mix of 37 Buys vs. 4 Holds. At $144.17, the average target suggests shares will climb another 17% from here.
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Palantir
From one big AI name to another. Palantir is also a name associated with the current hot trend and its stock has benefited immensely from all the hype – the shares have more than doubled in value over the past year.
Known as a big data analytics firm, Palantir provides software platforms to help organizations integrate, manage, and analyze vast amounts of data. Since being founded in 2003, Palantir’s products have been primarily used by government agencies, including intelligence and defense, but the company has been trying to make a concerted push into the commercial sector.
And this is where AI enters the game. Last year, Palantir launched its Artificial Intelligence Platform (AIP), a suite of tools and technologies designed to streamline the development, deployment, and management of AI models and applications. It integrates various AI functionalities, such as machine learning, natural language processing, and data analysis, into a platform that allows organizations to efficiently harness AI capabilities.
And the product has been gaining traction, as was evident in its recent Q2 report. With US commercial revenue notching 55% YoY growth, well ahead of its 45% guide, total revenue reached $678.13 million, amounting to overall growth of 27.2% and outpacing expectations by $25.71 million. At the other end of the scale, adj. EPS of $0.09 edged ahead of the analysts’ forecast by $0.01. Moving forward, for Q3, the company expects revenue in the range between $697 – $701 million, above the $680.2 million consensus estimate.
Griffin must have liked all of that. In Q2, he purchased 5,680,767 PLTR shares. These are currently worth more than $176.1 million.
The company also has a big fan in Wedbush analyst Daniel Ives, who applauds the latest set of results. He says, “While the company has seen many skeptics from the Street, this was a ‘prove me’ quarter to prove its expanding partner ecosystem as more use cases for its products lead to rising demand across the landscape for enterprise-scale generative AI solutions while gaining share with the AI Revolution now hitting the 2nd/3rd/4th derivatives. This was a major validation quarter/outlook for Palantir and the broader AI Revolution thesis.”
In fact, Ives is the Street’s most prominent PLTR bull, rating the stock as Outperform (i.e., Buy), while his $38 price target implies shares will appreciate by ~22% over the next 12 months.
Griffin and Ives, however, are in the minority here. The stock only claims a Hold consensus rating, based on a mix of 5 Holds, 6 Sells and 3 Buys. Moreover, the $22.42 average target readies investors for a 28% decline in the year ahead.
Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.
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