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Here's your afternoon T&B Tech Minute for Monday, August 4th. I'm Julie Chang for the Wall Street Journal.

In earnings, Palantir Technologies' second quarter results blew past Wall Street expectations,

and company management is expecting even more growth ahead, boosting its full-year outlook.

Palantir sells AI software to manage and analyze

large amounts of data. In a first for the company, it reported revenue of $1 billion last quarter,

up 48% from the previous year. Palantir CEO said the company's revenue growth was mostly driven

by its U.S. business and demand for its

artificial intelligence platform. The U.S. and China have released competing plans in the

artificial intelligence race. They're pitching their strategies to Asian countries attending a 21

nation-Asia-Pacific Economic Cooperation Meeting in South Korea, which began today.

American officials say the goal is to explain why U.S. chips and software are best for deploying

AI in sectors such as health care and to make inroads against China. Meanwhile, Chinese officials

say their AI products will improve thanks to the government's deep pockets

and open models. Shares of electric vehicle maker Tesla rose more than 2% today after its

board approved a compensation package for CEO Elon Musk valued at nearly $24 billion. Earlier pay

deals were struck down by a Delaware judge.

And Spotify is increasing its premium subscription prices for users in several parts of the world,

including the Middle East, Africa, Europe, Latin America, and the Asia-Pacific region.

The company said premium subscription costs would go up by a euro to

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