Palantir Technologies Inc (NYSE:PLTR) shares are trading higher Thursday after winning a $480 million Army contract for the Maven Smart System prototype.

The MSS leveraged AI-generated algorithms and memory learning capabilities to identify enemy systems. The stock is up on Thursday.

Recently, CNBC's Jim Cramer snubbed Palantir, citing a lack of transparency regarding the services it provides to the government.

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In May, Palantir reported first-quarter revenue growth of 21% year-over-year to $634.0 million, which beat the analyst consensus estimate of $625.4 million. 

Palantir reported adjusted EPS of $0.08, which was in line with analyst consensus estimates. Analysts cheered Palantir's Artificial Intelligence Platform, citing any modest sell-off post-print ia "a golden buying opportunity."

Recently, it raised its full-year 2024 guidance for revenue and U.S. commercial revenue outlook.

Meanwhile, speculations remain rife over the potential inclusion of Palantir into the S&P 500 index.

Palantir Technologies stock gained over 42% in the last 12 months. Investors can gain exposure to the stock via Global X Funds Global X Defense Tech ETF (NYSE:SHLD) and ARK Innovation ETF (NYSE:ARKK).

Price Action: PLTR shares are up 2.58% at $21.48 premarket at the last check Thursday.

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