PLTR Stock: Palantir and Oracle Double Down on Cloud, AI Innovations

  • Palantir Technologies (PLTR) is in the spotlight today on news of collaboration with Oracle (ORCL).
  • Its technology is going to be used across Oracle’s cloud platforms.
  • This is great news for both companies as the artificial intelligence arms race heats up.
PLTR stock - PLTR Stock: Palantir and Oracle Double Down on Cloud, AI Innovations

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Today, Oracle (NYSE:ORCL) announced that the Foundry Platform and Artificial Intelligence Platform (AIP) made by Palantir (NYSE:PLTR) are available across all its distributed cloud deployment options. That includes its popular Oracle Cloud Infrastructure (OCI). Both ORCL and PLTR stock are on watch today on news of this important development — a step they are each taking to further their artificial intelligence dominance.

It has been an excellent month for Palantir, with shares up 20%, but now there is even more cause to believe that its winning streak will continue.

What’s Happening With PLTR Stock

Investors are likely taking the news today as a sign that both Palantir and Oracle are in excellent positions to benefit from expanding demand for AI. As Rand Waldron, a vice president at Oracle, stated today:

Oracle’s powerful and flexible cloud infrastructure, combined with Palantir’s decision acceleration platforms, helps customers rapidly scale AI capabilities across its operations. This will enable customers to get the most value out of their data, while meeting their sovereignty and security standards.

This comes as AI stocks are already in the spotlight and continuing to heat up.

Yesterday, PLTR stock reached a new high for the year, with shares now up about 70% in 2024. That came even before Oracle announced its decision to deploy Palantir’s technology across its platforms.

Plus, demand for cloud computing technology is surging. According to data from management consulting company Gartner, user-end spending on cloud services will reach $675.4 billion in 2024 after hitting $561 billion last year. Other reports predict that the market will be worth $1.44 trillion by 2029.

Why It Matters

Having its technology deployed across Oracle’s platforms is excellent for Palantir. The tech giant has a reach that spans many industries, helping it rise steadily over the past year. Now PLTR stock’s momentum is likely to continue throughout the coming months as its popularity continues to grow.

On the date of publication, Samuel O’Brient 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.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Samuel O’Brient is a Reporter for InvestorPlace, where his work focuses primarily on financial markets, global economic trends, and public policy. O’Brient writes a weekly column on recent political news that investors should be following.


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