Why Archer Aviation Stock Skyrocketed Today

Archer Aviation (NYSE: ACHR) stock posted explosive gains in Tuesday's trading, which saw the market close at 1 p.m. for the Christmas Eve holiday. The company's share price ended the abbreviated daily trading session up 15.1%.

Archer Aviation surged today following some big news in the defense industry. According to a report from The Financial Times, Palantir (NASDAQ: PLTR) is teaming up with defense-tech innovator Anduril to form a new consortium that aims to make big waves in the defense space -- and it could have implications for Archer.

Palantir and Anduril are reportedly aiming to create a new power block in the defense industry. The FT's report says the two companies are talking to businesses including OpenAI, SpaceX, Scale AI, and Saronic to form a defense consortium that aims to challenge industry stalwarts, including RTX, Lockheed Martin, and Boeing.

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Source Fool.com