Palantir Technologies Inc (PLTR) stocks are currently trading higher, following an upward trend that has seen the stock increase by 16% over the past month. After breaking through and closing above Resistance around the $27 level, the stock appears to be moving even higher.
On Tuesday, Palantir and Oracle Corporation (ORCL) announced the general availability and certification of Palantir platforms on Oracle Cloud Infrastructure. This partnership aims to help enterprises and governments accelerate their AI initiatives by combining Oracle’s distributed cloud, AI infrastructure, and sovereign AI capabilities with Palantir’s leading AI and decision acceleration platforms.
Rand Waldron, Oracle vice president, highlighted that the combination of Oracle’s cloud infrastructure with Palantir’s decision acceleration platforms will allow customers to rapidly scale their AI capabilities while meeting data sovereignty and security standards. This collaboration has resulted in Palantir’s AI platform and Foundry being certified on Oracle Cloud Infrastructure, jointly supported, and available in distributed cloud offerings.
Palantir has seen its stock rise by more than 60% so far this year, benefiting from the growing importance of AI. BofA Securities recently added Palantir to its list of top 10 U.S. ideas, suggesting that there is still room for the stock to rise in the near term.
Although Palantir is not set to report earnings until early August, analysts are anticipating earnings of 8 cents per share on revenue of $652.141 billion. In the previous quarter, Palantir exceeded analyst expectations with a 21% year-over-year revenue growth and achieved its sixth consecutive quarter of GAAP profitability. Despite this positive performance, the stock initially traded lower but has since recovered, reaching new 52-week highs this week as software and artificial intelligence continue to be strong themes in the market.
As of Monday’s close, Palantir shares were up 0.65% at $27.88. The stock continued to trend upwards on Tuesday morning, trading at $27.89 at the time of publication. The continued growth of Palantir Technologies Inc reflects the increasing demand for AI capabilities in various sectors and the successful partnership with Oracle Corporation to provide innovative solutions for customers.
Article Source
https://www.benzinga.com/news/24/07/39689067/palantir-stock-is-moving-higher-tuesday-whats-going-on