Palantir Stock Moves Higher On L3Harris Partnership: What You Need To Know

Palantir Technologies Inc PLTR shares are moving higher in Wednesday’s after-hours session after the company and L3Harris Technologies Inc LHX announced a partnership to accelerate advanced technology development.

What Happened: Palantir and defense contractor L3Harris entered into a strategic partnership focused on combining L3Harris’ sensors and software-defined systems with Palantir’s Artificial Intelligence Platform (AIP) to expand and improve the U.S. Department of Defense’s joint-all-domain network.

“Palantir exists to support the West’s most important institutions. We’re partnering with L3Harris to ensure that the U.S. and its allies combine the West’s two greatest assets — AI dominance and cutting-edge hardware — on the battlefield,” said Alex Karp, co-founder and CEO of Palantir.

The strategic partnership includes collaboration on U.S. Army programs and development efforts with sensors, radios and other advanced technologies. L3Harris will also leverage Palantir’s AIP internally for enterprise-wide digital transformation initiatives.

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Palantir and L3Harris noted that the companies recently integrated L3Harris’ WESCAM MX-20 EO/IR system with Palantir’s Sensor Inference Platform (SIP). The integration provided edge AI for improved target detection and delineation during a live fly test by improving situational awareness, automatic target identification and communication for the operator.

“As the industry’s Trusted Disruptor, we are committed to collaborating with innovative partners to deliver unmatched value to our global customers,” said Christopher Kubasik, chair and CEO of L3Harris.

“Our work to date has demonstrated the meaningful impact of integrating our capabilities, and we will build upon these efforts to enhance performance across domains.”

L3Harris shares were up about 0.5% in extended trading at last check, according to Benzinga Pro.

PLTR Price Action: Palantir shares were up 0.80% after-hours, trading at $42.93 at the time of publication Wednesday, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.