Palantir Technologies (NYSE: PLTR) stock gained over 2% in the early trading hours of Thursday amid news of a partnership with Oracle (NYSE: ORCL) for secure cloud and AI solutions.
Palantir (PLTR) and Oracle (ORCL) have announced a strategic partnership aimed at delivering cutting-edge cloud and artificial intelligence (AI) solutions tailored to the needs of businesses and governmental entities worldwide.
This collaboration will leverage Oracle’s extensive cloud infrastructure and AI capabilities with Palantir’s advanced AI and data analysis platforms to empower organizations to leverage their data more effectively.
Per the agreement, Palantir will migrate its Foundry workloads to Oracle Cloud Infrastructure. In addition, Oracle’s extensive cloud infrastructure, including public cloud regions, dedicated regions, and specialized government and defense areas, will now support Palantir’s Gotham and AI Platforms.
Rand Waldron, vice president of Oracle, emphasized the significance of the partnership, stating,
“Oracle is the only hyper-scale capable of delivering its entire AI and cloud suite to any business or government anywhere in the world.”
He added,
“By combining the performance, scalability, and flexibility of Oracle Cloud Infrastructure with Palantir’s leading data and AI platforms, we will help our customers win in any industry or environment.”
Palantir (NYSE: PLTR) Stock Performance
PLTR stock jumped 2.46% to close at $23.10 in the early trading hours of Friday. The traders have exchanged hands with 5,636,773 (5.63 million) shares compared to the average daily trading volume of 71.45 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
