The data mining and AI specialist announced another expansive partnership.
The data mining and AI specialist announced another expansive partnership.
Palantir Technologies (PLTR +5.10%) stock was sharply higher Monday morning, gaining as much as 5.9%. As of 12:19 p.m. ET, the stock was still up 5.5%.
The catalyst that sent the data-mining and artificial intelligence (AI) software specialist higher was a new partnership that expands the availability of its technology.
More was to access Palantir
In a press release that dropped Monday morning, Palantir announced a new partnership with Knox Systems, one of the world's largest Federal and Department of Defense (DoD) managed cloud providers. The collaboration "ensures mission-critical applications have access to the most secure infrastructure possible, while still being able to deploy their product on their schedule, at the fastest pace possible."
The partnership brings together Palantir's leading data mining and AI platform and Knox's managed federal cloud computing platform. Together, the pair will help customers accelerate their acceptance into the Federal Risk and Authorization Management Program (FedRAMP), "getting the best technology into the hands of the warfighter and the U.S. Government," according to the release.
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Palantir's AI solutions already help consolidate and process battlefield data in real time, identify and track enemy threats, and coordinate responses. FedRAMP and Impact Level 5 are two of the strictest federal certification standards. This partnership helps accelerate software deployments in these environments more quickly, getting the company's solutions to more warfighters more quickly.
Recent concerns about the future of AI adoption have weighed on Palantir, though the stock still appears pricey at 83 times next year's expected earnings. However, thanks to Palantir's triple-digit profit growth, the stock's price/earnings-to-growth (PEG) ratio comes in at 0.5, when any number less than 1 is the standard for an undervalued stock.
Averytin News Financial update.