What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares are trading higher Thursday, adding to gains of approximately 4% over the last week. Here's a look at what's going on. 

What To Know: Palantir shares have soared in 2023. The stock is up approximately 178% year-to-date. Shares came under pressure at the beginning of December after the stock hit 52-week highs and investors began to lock in profits. Several AI-related names also traded lower last week following C3.ai's second-quarter financial results. 

Check This Out: Palantir Stock Holds Above Lower Gap As AI Companies Continue To Trend Lower: A Technical Analysis

On Tuesday, Palantir announced a strategic collaboration with PlasCred Circular Innovations focused on integrating advanced AI technology into PlasCred's environmental efforts. Palantir will be particularly focused on refining supply chain logistics for plastic waste feedstock and optimizing operational processes.

On Wednesday, Palantir announced a renewed partnership with UniCredit. The company will deploy Palantir Foundry to accelerate its digital transformation and help increase revenue and mitigate risks.

"Palantir has long been a proud partner to some of the world's top financial institutions. We're honored that UniCredit has placed its confidence in Palantir once again and look forward to furthering the bank's digital transformation," said Palantir executive Josh Harris.

Palantir may also be moving higher alongside the broader market after the Federal Reserve on Wednesday kept rates unchanged and set the stage for potential interest rate cuts next year.

PLTR Price Action: Palantir shares were up 1.85% at $18.18 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.