Here's Why Palantir Technologies Inc pltr Stock Plunges Today

Here’s Why Palantir Technologies Inc. (PLTR) Stock Plunges Today

Shares of Palantir Technologies Inc. (NYSE: PLTR) slumped more than 4% on Wednesday. This decline comes as a surprise, considering the company’s recent announcement of a partnership with Panasonic Energy.

Palantir Technologies Inc (PLTR) has just announced a significant partnership with Panasonic (TYO:6752) (OTC: PCRFY), a leading Japanese conglomerate. In a statement released on Monday, Palantir revealed that it has secured a multi-year deal to provide its data analytics platform to a unit of Panasonic.

Under this agreement, battery-maker Panasonic Energy of North America (PENA) will utilize Palantir’s advanced technology to integrate edge sensors and implement “automated efficiencies” at its factory located in Nevada. Furthermore, PENA plans to expand the use of Palantir’s platform to a new facility in Kansas, starting in 2025.

Palantir highlighted that the deal expands its signature platform, incorporating artificial intelligence and edge capabilities specifically tailored for the manufacturing sector.

“The agreement expands Palantir’s signature platform including artificial intelligence and edge capabilities in the manufacturing space,” the company noted.

This announcement follows Palantir’s recent contract with the U.S. Special Operations Command, further strengthening its ties with American government agencies. In addition, the company also made headlines on Tuesday by announcing the launch of a manufacturing-focused version of its data analytics platform on Amazon Web Services, the cloud computing subsidiary of tech giant Amazon (NASDAQ: AMZN).