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We just covered the 12 Best Stocks to Invest In According to Jim Simons’ Renaissance Technologies and Palantir Technologies Inc. (NASDAQ:PLTR) ranks 2nd on this list.

Palantir Technologies Inc. (NASDAQ:PLTR) is a relatively recent addition to the 13F portfolio of Renaissance Technologies. The fund first disclosed a stake in the company back in the second quarter of 2021. This position comprised 800,000 shares. The fund steadily built onto this stake in the coming quarters, increasing it to more than 47 million shares by early 2024. Thereafter, it trimmed the holding. Filings for the first quarter of 2026 show that the fund owned just under 7 million shares in the company, down over 20% compared to filings for the previous quarter.

The core of the bull case for Palantir Technologies Inc. (NASDAQ:PLTR) relies on the Artificial Intelligence Platform (AIP) and the unique bootcamp go-to-market strategy, which allows enterprises to build operational AI workflows in days rather than months. In Q1 2026, US Commercial revenue jumped by 133% year-over-year to $595 million. Total commercial customers scaled to 1,007 on a trailing basis, growing 31% year-over-year. Trailing 12-month US commercial Total Contract Value (TCV) bookings reached $4.7 billion, a 115% increase compared to the prior 12-month period. US Government revenue grew 84% year-over-year to $687 million in Q1 2026. This represents an acceleration from the 66% growth one quarter prior.

While we acknowledge the potential of PLTR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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