Palantir Technologies (NYSE: PLTR) stock fell over 3% in the intraday trading amid reports suggesting the company is exploring inventory and supply chain management collaborations with advertising agencies.
Palantir (PLTR) has reportedly been in discussions with ad agencies, showcasing applications for inventory and supply chain management, automated sales, and campaign enhancement, according to a report by Marketing Brew.
Palantir’s pitch to advertising agencies encompasses a broad scope, leveraging its platform capabilities to uncover efficiencies and extract insights from client data regarding audiences and customers, Marketing Brew reported.
Palantir is considering various applications for its technology, including supply chain operations and customer service, the report said.
The report highlights a case study involving a “leading broadcast network” with its own OTT (Over-The-Top) platform. Palantir collaborated with this network to categorize its audiences into groups and monitor customer journeys. As a result of this collaboration, the network experienced a significant increase in engagement, with a specific target group seeing a 300% surge during a campaign. This success story underscores the potential impact of Palantir’s technology in driving measurable outcomes for advertisers.
Palantir Expands Reach with Strategic Partnerships Amid Market Downturn
Earlier this month, Palantir entered into a strategic partnership with Oracle Corporation (NYSE: ORCL) to provide secure cloud and AI solutions for businesses and governments globally. As part of the agreement, Palantir will migrate its Foundry workloads to Oracle Cloud Infrastructure.
On April 17, the company announced its designation as an ‘Awardable’ vendor. This status was granted by the Chief Digital and Artificial Intelligence Office’s (CDAO) Tradewinds Solutions Marketplace.
Palantir has announced that its AI Mission Command Capability and Predictive Maintenance & Precision Sustainment Suite are now accessible to the Department of Defense via the Marketplace, bolstering support for vital missions.
PLTR stock has declined by over 6.9% in the past five days. Despite this downturn, Palantir received an endorsement from Jim Cramer on April 12. Cathie Wood’s Ark Invest has deepened its investment in AI technology by purchasing more than $475,000 worth of Palantir shares recently.
Palantir (NYSE: PLTR) Stock Reaction
At the time of this report, the price of PLTR stock stands at $20.47, reflecting a 3.12% decrease from the previous trading session. Its value has dropped by 9.70% this week. Trading activity indicates that 39,320,523 (39.32 million) shares have changed hands, which is lower than the average daily volume of 69.75 million.
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