Palantir Stock Is Surging: What's Going On?

Palantir Technologies Inc PLTR shares are trading higher Wednesday after the company announced a multi-year partnership with Panasonic Energy.

What Happened: Palantir announced an agreement with Panasonic Energy of North America ("PENA") to deliver a "Smart Factory" for one of the company's facilities in Nevada.

Panasonic Energy will use Palantir's Foundry platform to integrate edge sensors, introduce automated efficiencies and enable users to leverage connected operations, which is expected to generate meaningful cost savings and increase return on investment.

"We engaged Palantir to assist on our journey towards a connected factory by addressing the challenges of disparate data systems and manual work arounds leading to inaccurate data analysis. Within Foundry, we were able to operationalize our data and, within months, reduce waste throughout our manufacturing process," said Justin Herman, chief information officer of PENA.

See Also: Palantir Secures $463M Contract From US Special Operations Command

Palantir shares have more than doubled since the start of the year, largely driven by the company's positioning in the artificial intelligence space.

Palantir held its first ever AIPCon last week. CEO Alex Karp noted that the company has seen unprecedented demand for its AI products in recent months. To put the demand in perspective, he said the company has received as many calls in one month that it previously received in a year.

From Last Week: Palantir CEO Responds To Short Report Calling Company An 'AI Imposter,' Alex Karp Says Go 'Ask The Russians'

PLTR Price Action: Palantir shares were up 9.09% at $16.87 at the time of writing, per Benzinga Pro.

Photo: Cory Doctorow from Flickr.