Palantir (NYSE:PLTR) stock is trending on social media today after announcing that CAZ Investments, a Texas-based investing advisory firm, has chosen Palantir to power its artificial intelligence (AI) system.

A developer of data analysis systems, Palantir, earlier this year, launched a new Artificial Intelligence Platform (AIP).

More About the Deal

Under the terms of the five-year deal, CAZ will utilize Palantir’s AI tools to add new customers more quickly and enhance the performance of its investment advisors.

Additionally, according to Palantir, its AI tools will enable CAZ to hold onto more of its customers by providing them with better service. Moreover, CAZ stated that Palantir’s tools would enable it to expand as it experiences “exponential growth.”

According to CAZ’s website,

the company has “20+ years of thematic investment experience.”

The companies did not disclose the value of the deal.

Additional Information About PLTR

In the wake of the company’s recent “AIP conference,” a number of banks expressed bullishness about the company’s AI offerings.

Wedbush Securities reported that it was “impressed” at the number of sectors utilizing AIP and stated that PLTR’s AI offerings allow companies to become meaningfully more productive.

Bank of America wrote that AIP enables Palantir’s customers to expand more effectively and efficiently.

Less optimistic on Aug. 31 was Morgan Stanley, which cut its rating on the name to “underweight,” citing valuation concerns.

The Recent Price Action of PLTR Stock

PLTR stock is retreating about 4% in early trading, and it has slumped 14% since Aug. 31. The shares have tumbled about 30% below their 52-week high of $20.24.

On the date of publication, Larry Ramer 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.