Palantir’s stock surged by 11% following the announcement of a collaboration with Microsoft to provide artificial intelligence solutions to U.S. defense and intelligence agencies.
Editor Thenews24.net
1 min read
In a recent development, Palantir Technologies Inc. saw its stock rise by 11% on Thursday following the announcement of a new collaboration with Microsoft. This partnership aims to deliver secure cloud services, analytics, and artificial intelligence solutions to U.S. defense and intelligence agencies.
Palantir, known for its government-focused software that helps visualize military positions among other functions, will integrate its products—Gotham, Foundry, Apollo, and AIP—into Microsoft’s cloud offerings for governmental use. Earlier in the week, Palantir had updated its annual revenue forecast to a range of $2.74 billion to $2.75 billion, surpassing the previous estimate of $2.68 billion to $2.69 billion and exceeding the $2.7 billion forecast by LSEG.
CEO Alex Karp highlighted in a letter to shareholders that the company’s revenue from its U.S. government business, which includes defense and intelligence sectors, exceeded $1 billion over the past 12 months for the first time. During the second quarter, 54% of Palantir’s revenue came from government clients.
Microsoft stated that this partnership would enable U.S. defense and intelligence agencies to develop AI tools for planning and logistics. Palantir, co-founded by billionaire Peter Thiel, will also offer trial services and training sessions as part of this collaboration.
Year to date, Palantir’s shares have increased by approximately 70%.
For more insights, CNBC PRO offers analysis on stock movements, including potential impacts of Federal Reserve rate cuts and technical sell-off warnings for Nvidia. Subscribe to CNBC on YouTube for additional updates.