Palantir Stock Soars Over Artificial Intelligence Partnership With IBM

Palantir chairman Peter Thiel speaks at the 2016 RNC. Photo courtesy of Shutterstock.

Big data meets artificial intelligence, meets quantum computing. On Monday, data analytics firm Palantir announced a partnership with IBM to help businesses deploy artificial intelligence solutions.

The enterprise, Palantir for IBM Cloud Pak for Data, will “simplify how businesses build and deploy AI-infused applications with IBM Watson.” Users without years of technical expertise in AI will be able to “access, analyze, and take action on the vast amounts of data that is scattered across hybrid cloud environments.”

“Palantir was founded to build software for the world’s most critical institutions,” commented Palantir CEO Alex Karp in a statement. “Our partnership with IBM combines our forces to put our joint solution into the hands of the institutions and people who need it most and will propel the world’s most critical institutions into an unprecedented new digital age. We share IBM’s commitment to the adoption of responsible and ethical AI.”

Palantir for IBM Cloud Pak for Data is expected to become available in March 2021. Anticipated clients could include companies in retail, healthcare, financial services, and telecommunications. Healthcare companies often lack a streamlined way of sharing highly sensitive patient data to the appropriate parties, while retailers face competition in analyzing consumer trends.

Palantir’s stock climbed as high as 15% on Monday ahead of market open. The data analytics company, cofounded by its chairman Peter Thiel, has announced a number of high-profile partnerships following its IPO last fall, including a $44.4 million contract with the Food and Drug Administration (FDA). On Friday, Palantir recommitted itself to its partnership with BP Oil, announcing it would help the energy giant expand into wind farms and solar energy.

Disclosure: The author of this piece owns shares in Palantir.