Today, Palantir (NYSE:PLTR) is once again shooting higher. Indeed, over the past month, PLTR stock has been an excellent performer. Over this time frame, PLTR stock has appreciated approximately 15%.
There are a number of reasons for this.
Of course, many investors are aware of Palantir’s status among retail investors. This is a stock that remains highly touted by retail investors and traders, due in part to the company’s founder Peter Thiel. This is a stock that many speculators have continued to view as a battleground stock in the “meme wars” taking place between retail investors and hedge funds.
Additionally, this is a company with a rather unique business model that many long-term fundamental investors like. Using big data, Palantir attempts to provide its customers with actionable insights. This company’s client list spans a wide range, from various government agencies to corporations seeking a competitive advantage.
Today, Palantir investors appear to like a specific piece of news on this front. Let’s dive into what investors in PLTR stock are looking at right now.
PLTR Stock Surges on Commentary Regarding Key Customer
Mining behemoth Rio Tinto (NYSE:RIO) finds itself on Palantir’s corporate client list. And given some recent breakthroughs Rio Tinto has made in tunnel boring, Palantir saw it fit to capitalize on this news.
Palantir recently released commentary on Rio Tinto’s Kemano tunnel boring project. Palantir has pointed out that a key breakthrough, allowing for a 150% productivity improvement, is a direct result of the company’s Foundry platform.
Palantir’s Foundry platform is one of the key big data technologies the company markets to corporate clientele. Indeed, being able to digest large data sets into meaningful actions is a big deal. For Rio Tinto, the Foundry platform appears to have added some real value.
Today, investors seem to like the real-world use case underpinning Palantir’s business model. Much of what Palantir does is (necessarily) carried out behind closed doors. However, having a look at what sort of good this company can do happens to be a positive for PLTR stock, as it should be.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.