Why Palantir Technologies Popped 12% This Week
Shares of Palantir Technologies (NYSE: PLTR) are up 11.9% this week as of 3:40 p.m. ET Thursday, according to data provided by S&P Global Market Intelligence, after the U.S. Army awarded the company a new $250 million contract focused on AI and machine learning.
According to an article published on Tuesday, Sept. 26, 2023 by the U.S. Department of Defense (DoD), Palantir was awarded the $250 million firm-fixed-price contract "to conduct research and development services in the area of artificial intelligence and machine learning."
Palantir did not disclose additional details surrounding the award -- which shouldn't come as a surprise given the secretive nature of its military technology -- but a company spokesperson did state that it will build upon work being done at the Army Research Lab (ARL) under a $229 million contract extension awarded to Palantir almost a year ago. That contract was an extension of a relationship Palantir has maintained with the ARL since 2018.
Source Fool.com
