Why Palantir Stock Was a Winner on Wednesday

Motley Fool2022-05-26

What happened

Data-mining and analytics specialist Palantir Technologies was a fine stock to own on Wednesday. The company's shares rocketed more than 5% higher on the happy news of a contract with one of the top automakers in the world.

So what

Early that morning, Palantir said it has forged a new deal with Stellantis, the big global auto manufacturer. Under the terms of the arrangement, Stellantis will implement the Palantir Foundry operating system (OS) throughout its business. Palantir Foundry is an OS-designed system to integrate the vast and disparate sources of data from an organization into a single system.

Among carmakers, Stellantis is one of the most sprawling manufacturers. It makes Chrysler, Dodge, Fiat, Ram, and Alfa Romeo vehicles, in addition to other brands. All told, 14 brands are in its portfolio; its peers concentrate on only a handful, at best.

In its press release on the arrangement, Palantir wrote, "[T]his agreement will expand Palantir's previous relationships with Stellantis' founding companies to a global, enterprisewide license across the company's vast ecosystem." It also added that, "Foundry will also help increase Stellantis' insight into parts availability and shift its tooling to meet the needs of customers in a supply driven world."

The company didn't provide any financial details of the latest Stellantis deal.

Now what

Although Stellantis is not a new customer for Palantir, it's a large, busy, and important one. So this expansion of the two companies' partnership is unambiguously a win for the data specialist, even if we don't yet have any details about its financial size and scope.

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Comments

  • w_t1
    2022-05-26
    w_t1
    Thanks
  • SamuelChoo
    2022-05-26
    SamuelChoo
    Good
  • JC888
    2022-05-26
    JC888
    What PLTR lacks is a media-ho, a pax who lives his/her life in front of all media platform n apps almost 24x7. Someone like mister musk, has a knack of talking big, gives opinion when it's not even sough for, unfiltered speech that is always pricking and testing the boundary, - agree?Afterall in the PR world, there is no such thing as bad publicity.. publicity is publicity.. Ha ha ha. Song? You Win Again by the wonderful Bee Gees. Dunno who they are? YouTube it.... 
  • ming22
    2022-05-26
    ming22
    Winner [Smug] 
  • DragonKC
    2022-05-26
    DragonKC
    A desperate news to boost Palantir stock,  later will fall again to no mans land. 
  • ruuderay
    2022-05-26
    ruuderay
    Keep it up please
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