What's Going On With Palantir Technologies Stock?

Palantir Technologies, Inc. PLTR shares are trading higher Wednesday. The company was awarded a $250 million contract from the U.S. Department of Defense on Tuesday.

What To Know:

The U.S. Department of Defense awarded Palantir a $250 million firm-fixed-price contract to perform research and development services in the areas of artificial intelligence and machine learning. 

The contract has an estimated completion date of Sept. 25, 2026 and work locations and funding are to be determined with each order. 

Palantir Technologies' CEO Alex Karp has been vocal with his opinion that tech companies should be willing collaborators with the U.S. government regarding AI development and potential AI regulations. 

Referring to other AI technology developers on CNBC's "Squawk On The Street," Karp said, "The Silicon Valley motto has been 'I get rich, you get nothing,' and they obviously often have extended that to the U.S. government."

Read more on Palantir CEO Alex Karp's concerns about AI here. 

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PLTR Price Action: According to Benzinga Pro, Palantir shares are up nearly 7% at $14.92 at the time of publication.

Image: Pete Linforth from Pixabay