This is a multi-year contract worth $463 million that will see Palantir providing USSOCOM with technology solutions that support enterprise capabilities. That includes software capabilities to break down petabytes of data to enable informed decision-making.
Akash Jain, president of Palantir USG, said the following about the new contract:
“Our partnership is an example of converting software innovation into real battlefield advantage. USSOCOM is at the forefront of adopting leading edge technology. Just as they are the pointy end of the spear on the battlefield, they often find themselves playing that same role in innovation.”
Palantir has been focusing on developing its artificial intelligence () to provide customers with real-time data. It believes that large language models (LLMs) will aid both warfighters and commanders by giving them up-to-date information in the field.
PLTR Stock Movement on Monday
Despite the positive contract news today, PLTR stock isn’t seeing much in the way of trading activity. As of this writing, around 5 million shares of the big data company’s stock have changed hands. That’s well below its daily average trading volume of about 53 million shares.
PLTR stock is up roughly 1% as of Monday morning and is up 129.4% since the start of the year.
Investors seeking out even more of the most recent stock market news are going to want to keep reading!
We have all of the latest stock market stories that traders need to know about on Monday! A few examples include Palo Alto Networks (NASDAQ:PANW) being added to the S&P 500, as well as what’s moving shares of oil stocks, and the latest news concerning Bellerophon Therapeutics (NASDAQ:BLPH) stock. You can read up on all of this news at the links below!
More Stock Market News For Monday
- PANW Stock Alert: S&P 500 Gives Palo Alto a HUGE Boost
- Why Are Oil Stocks Up Today?
- Why Is Bellerophon Therapeutics (BLPH) Stock Down 79% 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.