Palantir (NYSE:PLTR) stock is a hot topic among traders on Wednesday following its announcement of an expanded partnership with Jacobs (NYSE:J).
According to a press release, this will see the two companies work together to further develop Palantir’s artificial intelligence (AI) capabilities. That includes building on its critical infrastructure, advanced facilities, supply chain management, and other AI abilities.
Bob Pragada, CEO of Jacobs, said the following about the news:
“With Jacobs’ continued focus on data solutions, combined with our deep domain knowledge, we’re enabling AI to create value for our clients. Our expanded partnership with Palantir is a key differentiator in bringing built-in transparency, guardrails and security solutions for our clients on a time horizon measured in weeks, not years.”
PLTR Stock Movement Today
Despite news of this deal, shares of PLTR stock are sliding lower on Wednesday. Investors will keep in mind that this has less to do with the expanded partnership and more to do with PLTR stock coming off a recent rally.
What’s likely happening today is investors selling shares following the recent gains. This has some 57 million shares of PLTR changing hands as of this writing. For the record, that’s already above its daily average trading volume of about 49 million shares.
PLTR stock is down 5.2% as of Wednesday morning but is still up 118.7% since the start of the year!
There’s even more stock market news that traders need to know about below!
We’ve got all of the biggest stock market stories traders need to know about on Wednesday! Our coverage of the market includes why shares of TOP Financial Group (NASDAQ:TOP), SoFi (NASDAQ:SOFI), and C3.ai (NYSE:AI) stock are moving today. All of that news is ready to go with the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
