Data analytics software maker Palantir Technologies on Wednesday announced it has won a new, $178 million U.S. Army contract for project TITAN, a battlefield system using artificial intelligence. PLTR stock jumped on the news, clearing an aggressive buy point.
The TITAN (Tactical Intelligence Targeting Access Node) battlefield system will aggregate data from space and terrestrial sensors for long-range precision targeting and other battlefield planning.
"This award demonstrates the Army's leadership in acquiring and fielding the emerging technologies needed to bolster U.S. defense in this era of software-defined warfare," said Akash Jain, president of Palantir's U.S. government business in a news release.
Palantir: TITAN System Partners
He added: "Building on Palantir's years of experience bringing AI-enabled capabilities to warfighters, Palantir is now proud to deliver the Army's first AI-defined vehicle."
On the stock market today, PLTR stock soared 9.9% to close at 26.16. With the gain, Palantir stock has jumped 52% in 2024.
From a technical view, PLTR stock is extended from an earlier entry point of 21.85.
But shares are actionable from clearing a short consolidation with an aggressive or add-on entry at 25.52.
The TITAN battlefield system will integrate technologies from Northrop Grumman, Anduril Industries, L3Harris Technologies, Pacific Defense, SNC, Strategic Technology Consulting, and World Wide Technology.
Palantir said it plans to showcase its new AI platform at the AIPCon event on Mar. 7. Management rolled out its "Artificial Intelligence Platform" for commercial customers in early 2023.
Palantir Targets Commercial Market
Founded in 2003, Palantir has already mined the AI opportunity with government customers for intelligence gathering, counterterrorism and military purposes. Now Palantir aims to use generative AI to spur growth in the commercial market. The software maker has expanded into health care, energy and manufacturing.
Palantir's Relative Strength Rating stands at 96 out of a best-possible 99.
PLTR stock holds an Accumulation/Distribution Rating of A-minus. That rating analyzes price and volume changes in a stock over the past 13 weeks of trading. A+ signifies heavy institutional buying; E means heavy selling. Think of a C grade as neutral.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
