what happened
Shares of Palantir Technologies (NYSE: PLTR) Monday appeared after the data analytics company partnered with IBM (NYSE: IBM). As of 14:30 EST, Palantir’s share price rose more than 7% after rising 15.2% earlier in the day.
Approximately
Palantir will integrate its application building tools with IBM’s hybrid cloud platform. The collaboration is intended to help businesses create and implement artificial intelligence (AI) applications that can help them make better use of their data. Palantir and IBM plan to launch the product in March.
Palantir and IBM join forces to bring the power of AI to more organizations. Image Source: Getty Images.
About three in four companies are already implementing AI in their operations or evaluating how to do so, according to a recent survey sponsored by IBM. Yet 37% of these companies have noticed that their limited AI capabilities are slowing down the use of game-changing technology. Palantir and IBM’s new solutions are designed to meet this growing need for application development tools that can be used by customers with minimal programming knowledge.
“Our customers deliver products and services while working in some of the most complex, rapidly changing industries in the world,” IBM senior vice president Rob Thomas said in a press release. “Together, IBM and Palantir aim to make it easier than ever for businesses to put AI to work and become data-driven during their operations.”
Now what
Palantir’s agreement with IBM comes on the heels of its extensive partnership with BP (NYSE: BP). Palantir will help BP accelerate its digitization initiatives as it aims to achieve net release by 2050.
“We have started this company working on the most difficult issues,” Shyam Sankar, chief operating officer of Palantir, said in a press release announcing the deal. “To help deliver energy more securely and efficiently in a disrupted market, while supporting the transformation of an enterprise in the size and scope of bp, is exactly what we built this platform for.”
With Palantir’s efforts to expand further into the private sector, investors should expect the data analytics specialist to announce more partnerships in the coming weeks and months.