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Palantir Technologies (NYSE:PLTR) is a highly active company that has recently struck deals with private businesses and a government entity. These agreements involve artificial intelligence, and PLTR stock seems to have caught a bid because of this.
It’s possible that the stock has rallied too quickly, though, so prospective investors should reflect on their strategies.
Based in Colorado, Palantir Technologies is a well-known provider of data analytics, cybersecurity and intelligence software. Many technology companies have emphasized their AI connections in 2023, and Palantir is doing this as well.
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Overall, Palantir Technologies is worth a look even if some traders might choose to wait for a share-price pullback.
| Palantir Technologies | $15.86 |
PLTR Stock Gains Momentum on AI
PLTR stock doubled in price from early May to early June, and surely that’s not just happenstance. Most likely, a contributing factor has been Palantir Technologies’ press releases that involve AI connections.
For instance, Palantir Technologies recently agreed to expand its partnership with Jacobs Solutions (NYSE:J), a technical and professional services firm. Together, the two companies will leverage “Palantir’s AI capabilities to commercialize new AI solutions spanning critical infrastructure, advanced facilities, supply chain management and more.”
The press release uses the deployment of AI to improve water and sewage systems as an example. It’s a promising partnership, and it’s not the only one that Palantir Technologies has announced this month.
Recently, Palantir disclosed it has a “multi-year partnership” with Panasonic (OTCMKTS:PCRFY) subsidiary Panasonic Energy of North America.
Palantir Technologies’ Foundry will make several upgrades to PENA’s facility in Sparks, Nevada.
And of course, Palantir made sure to mention the AI connection, specifying, “The agreement expands Palantir’s signature platform including artificial intelligence and edge capabilities in the manufacturing space.”
Palantir Secures a Public-Sector Contract
There’s one more AI-connected agreement worth mentioning today, and this one’s between Palantir Technologies and the U.S. government. It probably goes without saying that public sector deals are highly coveted and can be quite lucrative.
Palantir Technologies signed a multi-year contract, valued at up to $463 million, with the U.S. Special Operations Command. Palantir will “deliver technology solutions to support enterprise capabilities” for USSOCOM, potentially including tech-heavy services like parsing the “petabytes of data emanating from today’s environments.”