Palantir (NYSE:PLTR) stock is in the news for a couple of reasons on Tuesday, and investors are reacting positively to them.
The first bit of news concerning Palantir that traders need to know about is its artificial intelligence (AI) plans. The company has created an AI model for C&A Modas S.A. using its Palantir Foundry platform. This will focus on helping the fashion and retail chain with its purchase and inventory restocking processes.
Bruno Ferreira, Planning and Business Intelligence Director for C&A Brazil, praised Palantir’s AI in the following statement:
“The flow developed allowed us to optimize and speed up the entire purchase process: from the initial planning, to sending the products to the stores. Among the significant gains, I’d highlight the increase of sales of products that were in stock and the reduction of unnecessary overstock.”
Palantir Layoffs Incoming
Next, we have to talk about Palantir’s plans to lay off employees at its London location. Recent reports claim that PLTR is cutting around 75 jobs in London, which represents 8% of its U.K. workers.
The source behind these reports also claims that Palantir is reconsidering plans to open a second location in the country. It was reportedly planning for a second facility north of England but may no longer move forward with these plans.
PLTR stock is up 9.6% as of Tuesday morning.
Investors looking for more of the most recent stock market news will want to stick around!
There’s plenty more news that traders will want to read about on Tuesday! Luckily we’ve got everything happening with shares of Chevron (NYSE:CVX), Yelp (NYSE:YELP), and Nio (NYSE:NIO) stock today. All of that news can be read about at the links below!
More Stock Market News For Tuesday
- CVX Stock Price Prediction: Is Chevron Really Worth $189?
- YELP Stock Alert: Can an Activist Investor Save Yelp?
- Dear NIO Stock Fans, Mark Your Calendars for May 24
On the date of publication, William White 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.