Palantir (NYSE:PLTR) stock is up more than 2% today on news that the company will be entering a new partnership with the likes of fellow data analytics company J.D. Power. Indeed, according to the news release published this morning, the new “industry-first” collaboration will facilitate new insights into the automobile industry.
What do you need to know about Palantir’s latest high-flying deal?
Well, as per the arrangement, Palantir is expected to leverage its generative artificial intelligence (AI) capabilities to produce novel observations into the automotive industry.
J.D Power specializes in the collection and analysis of more than 20 million vehicle transactions per year, earning its reputation off the back of car ratings, reviews and price evaluations. The partnership with Palantir is expected to only enhance the company’s understanding and projective capabilities within the auto market.
“This breakthrough collaboration will fundamentally transform the way the auto industry analyzes its performance and optimizes its go-to-market strategy and product offerings by pairing the world’s most robust automotive databases with the most powerful analytics platforms,” said Dave Habiger, J.D. Power President and CEO. “As a result of our work with Palantir, our clients are now able to create unique insights that were previously impossible.”
PLTR Stock Climbs on J.D. Power Deal
According to the news release, J.D. Power has already begun developing critical solutions using the Palantir Foundry operations platform. This includes repair analytics able to monitor warranty costs and seamlessly flag areas likely to require additional OEM attention as well as electric vehicle (EV) battery health analytics, digital journey optimization and an intelligent alerts system that tracks sales by vehicle in order to develop new market strategies.
“The automotive industry is at a critical inflection point as AI and other forces continue to transform the industry,” said Alexander Karp, co-founder and CEO of Palantir. “J.D. Power sets itself apart as a pioneer in data-driven intelligence and delivering lasting value for its customers.”
PLTR stock is in the midst of a historic year so far, up 161% year-to-date (YTD). Indeed, the Colorado-based company has proven to be one of the big winners of this year’s artificial intelligence (AI) wave pushing equity markets to new highs.
On the date of publication, Shrey Dua did not hold (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.
