Earlier this month, top executives from South Korea’s shipbuilding conglomerate Hyundai Heavy Industries Group and Palantir Technologies PLTR met to push forward AI-driven shipyard innovation and future defense capabilities.
What Happened: HD Hyundai executive vice Chairman Chung Kisun visited Washington, D.C., to meet with Palantir CEO Alex Karp and discuss the companies’ ongoing collaboration on building an AI-powered shipyard.
The two leaders reviewed the progress of their “Future of Shipyard” (FOS) initiative, launched in 2021, and explored potential defense-related applications of artificial intelligence.
According to HD Hyundai, the companies agreed that AI-based defense solutions could play a pivotal role in national security strategies for both South Korea and the U.S.
Chung's visit comes as part of his U.S. tour to attend CERA Week, the major global energy conference taking place in Houston from March 10–14.
Why It's Important: The FOS project aims to complete the construction of an intelligent, autonomous shipyard by 2030, targeting a 30% boost in productivity and a 30% reduction in construction time.
In addition, the companies are co-developing an unmanned surface vessel (USV) named “TENEBRIS,” and collaborating through HD Hyundai Infracore.
This deepening partnership comes at a time of strong momentum for Palantir. Last month, the company reported fourth-quarter revenue of $827.52 million, beating analyst expectations of $775.91 million.
With this, Palantir has topped analyst projections for six consecutive quarters, with U.S. revenue rising 52% year-over-year. Its U.S. commercial business surged 64%, while government revenue increased 45%.
Meanwhile, on Sunday, VOA reported that the U.S. Navy's fleet is shrinking despite efforts to expand, with more ships being decommissioned than built. Meanwhile, China's fleet is rapidly growing.
Major shipbuilders like BAE Systems and Huntington Ingalls Industries are operating below capacity due to inconsistent Navy contracts and budget delays. Meanwhile, President Donald Trump has vowed to create a new White House office to boost U.S. military and commercial shipbuilding.
Price Action: Palantir shares closed 5.52% higher at $84.90 on Friday but dipped 0.098% in after-hours trading, according to Benzinga Pro.
Image via Shutterstock
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
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