Why Palantir Technologies Stock Rallied on Wednesday
Shares of Palantir Technologies (NYSE: PLTR) charged sharply higher Wednesday, defying the broader market downturn and spiking as much as 11%. As of 11:30 a.m. ET, the stock was still up 3.2%.
The catalyst that sent the artificial intelligence (AI) and data mining specialist higher was the company's latest deal, which marks the third such announcement this week.
Palantir announced a new multi-year partnership to bring "smart factory" technology to 's (OTC: PCRFY) manufacturing facility in Nevada. Panasonic Energy North America will deploy Palantir's Foundry technology to upgrade its factory, installing edge sensors on its assembly lines, and integrating more efficient automation strategies -- which will increase line uptime and decrease defects and waste. The company will also deploy this technology at its new plant in Kansas in 2025.
Source Fool.com
