Palantir (NYSE:PLTR) stock is getting a boost on Wednesday after the Big Data company announced a partnership with Panasonic (OTCMKTS:PCRFY).
This partnership has Palantir agreeing to help with the creation of a Smart Factory for Panasonic Energy of North America. That includes the addition of edge sensors across factory lines, automated efficiencies, and connected operations.
Palantir will be making these upgrades to Panasonic Energy of North America’s factory in Sparks, Nevada. Additionally, the same setup will be used for the company’s new facility in De Soto, Kansas., beginning in 2025.
Shyam Sankar, Chief Technology Officer of Palantir, said the following about the agreement:
“Foundry now serves as the foundation of PENA’s Smart Factory initiative, and we are already seeing meaningful impact on reducing material scrap and increasing line uptime, thereby improving the quality and volume of production outputs.”
PLTR Stock Movement Today
With this latest partnership, shares of PLTR stock are getting an 8.4% boost as of Wednesday morning. With that comes some 32.8 million shares of the company’s stock changing hands. To put that in perspective, the daily average trading volume for PLTR is around 55 million shares.
Today’s news also builds on strong gains for PLTR stock throughout 2023. This has the company’s stock up 162.4% since the start of the year.
Investors searching for even more of the most recent stock market news will want to keep reading!
We have all of the biggest stock market stories traders need to know about on Wednesday! That includes a new deal boosting Plug Power (NASDAQ:PLUG) stock, as well as the news hitting shares of Vaxart (NASDAQ:VXRT) and Recruiter.com (NASDAQ:RCRT) stock today. You can catch up on all of this news at the following links!
More Stock Market News For Wednesday
- PLUG Stock Alert: Plug Power Announces New Hydrogen Deal
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- Why Is Recruiter.Com (RCRT) Stock Down 22% Today?
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.
