Palantir Technologies (PLTR) hosted its AIPCon on Thursday, an invitation-only customer conference that has become an important way for the data analytics firm to showcase its AI software. The company has been a huge beneficiary of AI, with the stock up nearly 40% so far in 2024.

In an exclusive interview with Yahoo Finance's Josh Lipton, Palantir CEO Alex Karp explains how the company's AI work is providing value for both customers and investors. "The large language model is much more like a chemistry experiment. The outgrowth of which is something that is useful when refined. And the refinement of that for your enterprise happens in what we call our ontology, which is where we impose the logic of your business on the large language model in the security and intellectual logic of your business. And this is transformative. And what it means for investors and others is there is value in this market."

On the 2024 election, Karp says that, in the past, it hasn't made much of an impact on Palantir who controls the White House. But what has changed is how the US Department of Defense is spending its money. "The DOD wants to move quicker," Karp says, in a bid to stay ahead of adversaries.

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