Palantir (NYSE:PLTR) stock is up 3% today after the company announced a new deal with Panasonic’s (OTCMKTS:PCRFY) Panasonic Energy — specifically Panasonic Energy of North America (PENA).
What’s behind Palantir’s latest stock catalyst?
This morning, the Denver, Colorado-based company announced a multi-year partnership with Panasonic Energy to deliver a “Smart Factory” for the battery maker. The “Smart Factory” will be delivered at its facility in Sparks, Nevada and will include many of the operational efficiencies Palantir is known for, including automation and even artificial intelligence (AI) and edge capabilities.
Based on the press release, Palantir’s “Smart Factory” will “guide operational decision-making in [Panasonic Energy’s] existing Nevada factory as well as the new facility in De Soto, Kansas starting in 2025.” This partnership should also create some synergistic cost-cutting, once the “Smart Factory” is implemented into Panasonic’s infrastructure.
Justin Herman, Chief Information Officer of PENA, said the following about the news:
“We engaged Palantir to assist on our journey towards a connected factory by addressing the challenges of disparate data systems and manual work arounds leading to inaccurate data analysis […] Within Foundry, we were able to operationalize our data and, within months, reduce waste throughout our manufacturing process. Over multiple use-cases across functional groups, Foundry is assisting in driving operational excellence for PENA, empowering our people through accurate data-driven decision making and delivering significant ROI per year. And we are just getting started.”
PLTR Stock Continues 2023 Rally on New Deal
Palantir’s Panasonic-fueled jump today only adds to the company’s wins so far this year. Indeed, PLTR stock is up a jaw-dropping 150% year-to-date (YTD). Most of its gains have come in just the past month.
Indeed, a flurry of promising announcements lately continue to boost this high-profile data analytics company. Just this week, Palantir revealed that it won a special ops contract worth up to $463 million from the U.S. Special Operations Command (USSOCOM). In addition, the company announced on Tuesday that it plans to launch Palantir Foundry for Manufacturing on Amazon Web Services (AWS), which allows manufacturers access to merged “industrial data, decisions and operations.”
“In an era of increasing demands on the manufacturing sector and historic staffing shortages, it’s more important than ever to help manufacturing clients unlock the power of their sensor data and AI to optimize operations,” said Gabby Rojas, Head of Manufacturing at Palantir, about the company’s AWS integration.
PLTR stock has been on a practically vertical trajectory this year, in no small part due to the AI wave taking the markets by storm. Indeed, Palantir’s constantly-expanding AI and machine learning platforms are pushing shares toward their highest value since December 2021. With PLTR currently trading just under $16 per share, investors have plenty to be optimistic about as the company continues to ride the AI wave.
On the date of publication, Shrey Dua did not hold (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.
