Why Palantir Technologies Shares Are Soaring Wednesday

Palantir Technologies Inc. PLTR shares are trading higher on Wednesday in the premarket session.

The Army Contracting Command – Aberdeen Proving Ground (ACC-APG) has awarded Palantir USG, Inc. a prime contract worth $178.4 million for developing and delivering the Tactical Intelligence Targeting Access Node (TITAN) ground station system. 

TITAN, enabled by Artificial intelligence (AI) and machine learning (ML), represents the Army’s next-gen deep-sensing capability.

TITAN integrates systems, technologies, and software from a team of traditional and non-traditional partners.

Palantir’s TITAN solution prioritizes Soldier usability, integrating feedback from Soldier touchpoints throughout development. Palantir will provide the critical foundation to correlate, fuse, and integrate sensor data. 

Overall, the TITAN system will provide real-time actionable intelligence using AI/ML modeling to process increasing volume, velocity and variety of data that will be implemented at the tactical edge.

In a separate press release, Palantir announced that more than 60 customers will showcase their work in Palantir’s Artificial Intelligence Platform (AIP) at its upcoming AIPCon, including the unveiling of 20+ new customers & partners.

The conference will be live streamed on Palantir’s YouTube channel on Thursday, March 7, 2024.

Palantir introduced AIP in mid-2023. Since launching, nearly 850 AIP Bootcamps have been completed in the United States and around the world.

Earlier this week, Palantir announced a new partnership with the Ministry of Economy of Ukraine. 

Price Action: PLTR shares are trading higher by 9.45% to $26.06 premarket on the last check Wednesday. 

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