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Why Shares of Palantir Are Rising Today

TheMotleyFool

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Shares of Palantir Technologies (NASDAQ: PLTR) traded nearly 3% higher as of 10:55 a.m. ET today. The U.S. Department of Defense (DoD) yesterday announced it has awarded Palantir a contract modification to increase potential spending on work Palantir is currently doing with the Army.

The DoD said it awarded Palantir a $795 million modification for its Maven Smart System software licenses, with an expected completion data of May 28, 2029. According to SpaceNews, the contract for Palantir's Maven Smart System had a ceiling of $480 million one year ago. With the $795 million increase, the Pentagon may spend nearly $1.28 billion on artificial intelligence (AI) for the Army by 2029.

Image source: Getty Images.

Source Fool.com

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