Tag: palantir

Palantir Starts Accepting Bitcoin as Payment Method and Considers Adding Crypto to Its Balance Sheet

Palantir Technologies Inc. has announced that it will now accept Bitcoin as a payment method for its customers and is also considering having crypto on its balance sheet.

When asked about cryptocurrency by media reporters, David Glazer, the chief financial officer at Palantir, stated in the firm’s first-quarter earnings report that Bitcoin was “definitely on the table.” He added that the company was also thinking about holding other crypto assets on its balance sheet.

Glazer further revealed that the company already accepts Bitcoin as a method of payment from customers. 

Palantir is a software firm that provides analytics tools to large corporations and to the defence industry. The publicly-traded company was co-founded by Peter Thiel, a pro-Bitcoin and pro-crypto maximalist, who recently warned that Bitcoin threatens the US dollar. He went on to back a Bitcoin mining facility in Texas.

Palantir generated a revenue of $341 million, versus analyst expectations of $332.2 million in the first quarter, while adjusted earnings per share climbed to $0.04, matching analyst estimates.

Palantir also said that it expects annual revenue growth of more than 30% for the next four years.

Corporates Embracing Crypto

With its skyrocketing value, Bitcoin has garnered mainstream attention by firms willing to add it to their corporate balance sheet. Large companies from MicroStrategy business intelligence firm to carmaker Tesla have adopted Bitcoin as a payment method and added the crypto on their balance sheet.

In August 2020, MicroStrategy started spending existing cash on its balance sheet to purchase huge quantities of Bitcoin. Its initial Bitcoin purchase of $250 million has been increased, and as of early 2021, the company’s Bitcoin investment reached $2.2 billion.

Other firms such as Square, Voyager Digital, Hut 8 Mining, and Tesla have followed MicroStrategy’s lead by adding Bitcoin to their balance sheets. 

Last month, Coinbase went public through a direct listing, further legitimizing cryptocurrencies and signalling pent-up institutional enthusiasm.

Of course, there are numerous reasons why companies are adding crypto to their balance sheet, whether it is due to them seeing it as a natural hedge against fluctuating fiat currencies or whether it is due to them seeking the asymmetric risk-return witnessed over previous years. Others have also adopted it as part of a corporate strategy to embrace modern, open technologies, or as a way to complement operational strategies that include accepting crypto as payment.  

Biden-Harris Administration Secures AI Commitments from Major Tech Companies

In today’s press release from the White House, the Biden-Harris Administration announced that it has secured voluntary commitments from eight more artificial intelligence (AI) companies to manage the risks associated with AI. This move builds upon the commitments from seven AI companies obtained in July.

Companies Involved

The latest round of commitments includes major tech players such as Adobe, Cohere, IBM, Nvidia, Palantir, Salesforce, Scale AI, and Stability. These companies have pledged to drive the safe, secure, and trustworthy development of AI technology.

Nature of Commitments: The commitments emphasize three core principles for AI’s future: safety, security, and trust. The companies have agreed to:

Ensure AI products undergo both internal and external security testing before public release.
Share information on managing AI risks with the industry, governments, civil society, and academia.
Prioritize cybersecurity and protect proprietary AI system components.
Develop mechanisms to inform users when content is AI-generated, such as watermarking.
Publicly report on their AI systems’ capabilities, limitations, and areas of use.
Prioritize research on societal risks posed by AI, including bias, discrimination, and privacy concerns.
Develop AI systems to address societal challenges, ranging from cancer prevention to climate change mitigation.

Government Action

These voluntary commitments are seen as a bridge to forthcoming government action. The Biden-Harris Administration is in the process of developing an Executive Order on AI to ensure the rights and safety of Americans. The Administration is also pursuing bipartisan legislation to position America as a leader in responsible AI development.

International Collaboration: The Administration has consulted with numerous countries, including Australia, Brazil, Canada, France, Germany, India, Japan, and the UK, among others, in developing these commitments. This international collaboration complements initiatives like Japan’s G-7 Hiroshima Process and the United Kingdom’s Summit on AI Safety.

Previous Initiatives

The Biden-Harris Administration has been proactive in addressing AI’s challenges and opportunities. Notable actions include:

Launching the “AI Cyber Challenge” in August to use AI in protecting crucial US software.
Meetings with consumer protection, labor, and civil rights leaders to discuss AI risks.
Engagements with top AI experts and CEOs from companies like Google, Microsoft, and OpenAI.
Publishing a Blueprint for an AI Bill of Rights and ramping up efforts to protect Americans from AI risks, including algorithmic bias.
Investing $140 million to establish seven new National AI Research Institutes.

The Administration’s consistent efforts underscore its commitment to ensuring that AI is developed safely and responsibly, safeguarding Americans’ rights and safety, and protecting them from potential harm and discrimination.

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