Palantir nyse Pltr Stock Rises on Oracle Collaboration News

Palantir (NYSE: PLTR) Stock Rises on Oracle Collaboration News

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.