Palantir Technologies and Oracle on Thursday said they will partner to offer artificial intelligence software and services hosted on Oracle's cloud computing platform. Palantir stock initially rose on the news but closed down as the Nasdaq composite fell again.
Denver-based Palantir sells three software platforms. Palantir Gotham is used primarily by government agencies. Also, there's Palantir Metropolis for banks, financial services firms and hedge funds. And Palantir Foundry is used by corporate clients.
As part of the agreement, the data analytics software maker will move Foundry workloads to Oracle's cloud computing platform. Also, Palantir will make its Gotham and AI Platforms deployable across Oracle's distributed cloud.
While Oracle's cloud business is much smaller than those of Amazon.com, Microsoft and Alphabet's Google, it has been gaining traction.
New Artificial Intelligence Platform
On the stock market today, PLTR stock closed down 1% to 22.48. Palantir stock needs to find support at its 50-day moving average. Oracle stock fell 1.6% to 124.19.
As of Wednesday's market close, Palantir stock was up nearly 32% in 2024. But shares have retreated from a high of 27.50 set on March 7.
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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.
New generative AI models process "prompts," such as internet search queries, that describe what a user wants to get. Generative AI technologies create text, images, video and computer programming code on their own.
Palantir Stock Technical Rating
At a customer conference on March 7, Palantir showcased its Artificial Intelligence Platform," rolled out in early 2023. The AI platform has been gaining traction with commercial customers, Palantir said at the conference.
However, Palantir has not disclosed pricing for AI products.
In 2021, Palantir announced a cloud deal with IBM.
Further, PLTR stock holds a Relative Strength Rating of 96 out of a best-possible 99.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on artificial intelligence, cybersecurity and cloud computing.
