Palantir at highest level from January 2022 after AI deal with Panasonic 🔌

5:21 PM June 7, 2023

Shares of the Big Data analytics, cybersecurity and AI services company Palantir (PLTR.US) are gaining nearly 10% today. Yesterday, shares growth was fueled by news of Palantri Foundy's use of Amazon Web Services, and today investors are reacting to similar inforamation about a deal with another manufacturer, Panasonic. 

  • Panasonic makes lithium-ion batteries, among other things, and today announced a multi-year business agreement with Palantir to modify an AI factory for the Nevada plant. Palantir is to connect and automate all of the factory's production lines. The agreement expands Palantir's AI and IoT services for manufacturing;
  • With the Palantir Foundry platform, the system will guide decision-making at the existing Nevada plant and the new plant in De Soto, Kansas. The agreement with Palantir is expected to increase efficiency and reduce costs.Panasonic indicated a major impact on reducing material waste and increasing production time
  • Panasonic's management indicated that it would 'reduce waste throughout the manufacturing process within months. The market has solidified that Palantir's services truly support data-driven decision-making and can improve ROI for various companies.

Amazon indicated yesterday that Foundry for AWS will be a solution that will help improve industrial efficiency, reduce maintenance costs and better analyze data. With the new major agreements, interest in Palantir's offerings among rival companies could increase supporting the company's revenues and accelerating it's path to profitability - expected later this year.

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Palantir (PLTR.US) shares, D1 interval. RSI is approaching extreme overbought levels at 90 points. Source: xStation5

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