Oracle has announced that Palantir’s Foundry Platform and Artificial Intelligence Platform (AIP) will now be available in all of its distributed cloud deployment options, including Oracle Cloud Infrastructure (OCI). This move is seen as a significant step for both companies in expanding their dominance in artificial intelligence. Palantir’s stock has been on the rise, with shares up 20% in a banner month. The implementation of Palantir technology on Oracle’s platforms is expected to further boost its momentum.
Investors are optimistic about the potential benefits for both Oracle and Palantir in the growing demand for AI. Oracle Vice President Rand Waldron highlighted the synergy between Oracle’s cloud infrastructure and Palantir’s decision acceleration platforms, emphasizing the ability to rapidly scale AI capabilities while ensuring data security and sovereignty.
Palantir’s stock has already reached new highs this year, with shares up about 70% in 2024. The announcement of the collaboration with Oracle comes at a time when AI stocks are in the spotlight and the demand for cloud computing technology is on the rise. Gartner data suggests that end-user spending on cloud services will increase to $675.4 billion by 2024, highlighting the significant market potential for AI and cloud computing technology.
The deployment of Palantir technology on Oracle platforms signifies a strategic move for Palantir, leveraging Oracle’s wide reach across industries to further expand its presence in the market. Analysts expect Palantir’s stock momentum to continue in the coming months as it gains more popularity and recognition in the AI sector.
On a final note, the author of the article, Samuel O’Brient, does not hold any positions in the securities mentioned, and the opinions expressed are his own and subject to the publication guidelines of InvestorPlace.com. O’Brient covers financial markets, global economic trends, and public policy, providing insights on recent political news that may impact investors.
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https://investorplace.com/2024/07/pltr-stock-palantir-and-oracle-double-down-on-cloud-ai-innovations/
