Topline Palantir’s stock skyrocketed by nearly 30% on Tuesday after reporting “otherworldly” revenue growth through its latest quarter, reversing course for the enterprise software firm, whose shares have plunged so far this year amid broader concerns about the AI market. The AI revolution “makes us very optimistic about the future,” billionaire co-founder Alex Karp said. Getty ImagesKey FactsShares of Palantir surged 29.8% as of Tuesday afternoon, pacing the stock’s largest single-day gain since Feb. 6, 2024 (up 30.8%). forbes valuationKarp’s net worth rose $3.1 billion to $15.3 billion amid Palantir’s stock growth on Tuesday, moving him up 67 spots in Forbes’ billionaire ranks to place him as the 199th-richest person in the world, according to Forbes’ estimates . Karp himself has criticized the broader AI market, calling the industry “effing insane” in a heated interview last month while accusing leading AI firms of overcharging, exploiting customer data and jeopardizing U.S. national security.