Finito World looks at Palantir, the Denver-based company which is defining the trend towards AI technologies, and careers in that space
Palantir’s exceptional growth is dominating business headlines this week as the demand for AI continues. There will be no imminent slowdown in the trend which has defined the past few years.
Monday’s results were a clear sign of AI’s resilience in general, and Palantir‘s strength in particular. While the naysayers will no doubt continue to urge caution, AI isn’t going away any time soon. These technologies are defining the careers of the future.
The Denver-based company released its results and revenues were impressive. In the third quarter, its revenue climbed 30 per cent to $725.5m. This was a significant increase on the $703.7m predicted by analysts. Net income accordingly rose to a record $144m.
This is not the only Denver success story with companies as varied as the Gates Corporation, Accenture, Walmart and IBM having operations there.
So why is Denver so appealing? There are several reasons why it’s become a hub, and why young people might think of making their base there.
It didn’t use to be this way. It was the American writer Emma Goldman who wrote: “Denver is not unlike a prison. Its inhabitants, too, have been sent there “to do time.” That which makes the position of the prisoner preferable, is the consolation that the State will feed him and that some day his time will expire.”
That’s a bleak outlook but things have changed. And as they change, technology careers are on the rise.
First of all, it’s a centralised time location which makes communication and business operations easier. Denver is a good location to do business in both the East and West Coast while managing to keep civilised sleeping hours.
Added to that it has excellent infrastructure including a major international airport in the shape of Denver International Airport.
Palantir takes advantage of Denver’s excellent transport links
Its sector strengths are varied and include technology, aerospace, telecommunications, energy (particularly renewable energy), healthcare, and financial services. This diversification makes it resilient to economic downturns and attractive to businesses in various sectors.
It’s also clearly a part of the future with Denver becoming a key tech hub, attracting startups and large tech companies, especially in software development, fintech, and cybersecurity.
A Question of Tax
The city has a growing reputation for innovation, bolstered by a strong talent pool and support from venture capital.
This is in part due to an attractive tax regime. Colorado has a relatively low corporate income tax rate compared to many other states, and local governments in Denver often provide incentives to attract businesses, including tax credits, grants, and job training programs.
America is moving fast and it’s not just Palantir which is part of that journey: Denver is too.
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