IBM Teams With Palantir On AI Product For Data-Intensive Industries

IBM IBM and Palantir Technologies Inc PLTR are forging a new partnership to expand artificial intelligence applications for industries that manage high volumes of data.

What Happened: Next month, the companies will launch Palantir for IBM Cloud Pak for Data, a new product that incorporates Palantir's operations platform for building applications into IBM's hybrid cloud data platform.

Palantir will adopt IBM's Red Hat OpenShift to enable the product to run a hybrid cloud.

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Why It's Important: According to the companies, Palantir for IBM Cloud Pak for Data is designed to help businesses reduce data silos by integrating data sources across hybrid cloud environments and better coordinating data in the AI lifecycle.

The product will offer a user-friendly "no-code/low-code" environment for building applications that use AI for data-driven decisions, enabling users to build and deploy AI applications with their data, and the product can complement existing enterprise systems.

What's Next: Palantir for IBM Cloud Pak for Data is being marketed to industries that manage higher-than-average quantities of data, including financial services, health care, manufacturing, retail and telecommunications.

"Our clients deliver products and services while operating in some of the most complex, fast-changing industries of the world," said Rob Thomas, senior vice president for the cloud and data Platform at Armonk, New York-headquartered IBM.

"Together, IBM and Palantir aim to make it easier than ever for businesses to put AI to work and become data-driven throughout their operations."

Palantir was founded in order to build software for the most criticial institutions, CEO Alex Karp said in a statement. 

"Our partnership with IBM combines our forces to put our joint solution into the hands of the institutions and people who need it most and will propel the world's most critical institutions into an unprecedented new digital age. We share IBM's commitment to the adoption of responsible and ethical AI."

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IBM, PLTR Price Action: IBM shares were trading 1.01% higher at $123 at last check Monday, while Palantir shares were up 8.58% at $36.94. 

Photo courtesy of IBM and Palantir.