Why Is Palantir Trading Higher?

Shares of Palantir Technologies Inc PLTR are continuing their upward trend after announcing a significant partnership with Ukraine’s Ministry of Digital Transformation on Thursday.

The strategic collaboration aims to aid defense and reconstruction initiatives in the aftermath of the Russian invasion.

Palantir will play a key role in digitally-led reconstruction efforts in Ukraine. The partnership will focus on cataloging and assessing damage to infrastructure, utilizing software to streamline reconstruction, and bolstering electronic public services.

The company also plans to consolidate Ukraine’s digital innovation initiatives, aiding its integration into the international market, and enhancing its digital capabilities. Palantir is also committed to supporting projects alongside the Armed Forces of Ukraine in an effort to fortify Ukraine’s defense capabilities,

Palantir’s CEO, Alex Karp, was among the first Western CEOs to visit Ukrainian President Volodymyr Zelenskyy after the war broke out. Palantir employees have since been assisting Ukraine’s government with its ongoing battle against Russian forces.

The stock is up over 115% YTD, and last week, Cathie Wood’s Ark Invest bought an additional 1.26 million shares worth $13 million.

Price action: Shares of Palantir are trading nearly 8% higher to $13.85.

Now Read: Palantir CEO Alex Karp Wants 1 Country To Oversee International AI Standards, And It’s Not The US

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