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Palantir leaps 15% after revealing partnership with IBM on artificial-intelligence applications



Summary List Placement
  • Palantir soared as much as 15% on Monday after the firm revealed a new partnership with IBM.
  • The companies will collaborate on an artificial intelligence product meant to help businesses leverage large data sets.
  • Palantir has surged through the new year amid strong retail-investor demand and encouraging deal news.
  • Watch Palantir trade live here.

Palantir ripped as much as 15% higher on Monday after the company unveiled a partnership with IBM on a business-focused artificial intelligence product.

The analytics giant plans to pair its app-building platform with IBM's cloud-data service to create an AI tool for businesses, according to a press release. The collaboration is expected to help businesses access and analyze swaths of cloud data without the need for deep technical know-how. The firms aim to roll out the product in March.

Nearly three-quarters of businesses surveyed by IBM said they are experimenting with or implementing AI in their operations, the company said. Yet just 37% of respondents named "limited AI expertise" as a hurdle toward using such applications. Increased data complexities were deemed an obstacle by 31% of businesses.

The product, named Palantir for IBM Cloud Pak for Data, is planned for businesses in retail, financial services, manufacturing, and telecommunications, among other sectors.

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IBM gained 1.8% at intraday highs.

Palantir's climb extends gains made through the end of last week. Shares closed 6.2% higher on Friday after the company announced it would expand its partnership with BP. The "multi-year, multi-million dollar deal" aims to help BP reach net-zero emissions by 2050, according to a press release.

The data giant's stock price has also benefited from strong retail-investor demand in 2021. Members of the r/wallstreetbets forum who drove GameStop, AMC, and other highly shorted stocks higher have also touted Palantir as a favorite pick. Shares sit roughly 49% higher year-to-date.

Palantir traded at $37.60 as of 10:44 a.m. ET Monday. The company has two "buy" ratings, three "hold" ratings, and three "sell" ratings from analysts. 

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