What happened
Actions of Palantir Technologies (NYSE: PLTR) emerged on Monday after the data analytics company announced a partnership with IBM (NYSE: IBM). As of 2:30 pm EST, Palantir’s share price rose more than 7%, after rising 15.2% earlier in the day.
And
Palantir will integrate its application building tools with IBM’s hybrid cloud platform. The collaboration aims to help companies 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 are joining forces to bring the power of AI to more organizations. Image source: Getty Images.
Approximately three out of four companies are already implementing AI in their operations or are evaluating how to do it, according to a recent survey sponsored by IBM. Still, 37% of those companies noted that their limited AI resources are delaying the adoption of revolutionary technology. The new solutions from Palantir and IBM are designed to meet this growing need for application development tools that can be used by customers with minimal programming knowledge.
“Our customers provide products and services while operating in some of the most complex and rapidly changing sectors in the world,” said Rob Thomas, senior vice president at IBM, in a press release. “Together, IBM and Palantir aim to make it easier than ever for companies to put AI to work and become data driven in all of their operations.”
What now
Palantir’s agreement with IBM comes on the heels of its expanded partnership with BP (NYSE: BP). Palantir will help BP accelerate its digitization initiatives while striving to achieve zero net emissions by 2050.
“We started this company to work on the most difficult problems,” said Palantir’s chief operating officer, Shyam Sankar, in a press release announcing the deal. “Helping to deliver energy more safely and efficiently in a turbulent market, while supporting the transformation of a business of the size and scale of bp, is exactly what we built to make this platform.”
With Palantir stepping up its efforts to expand further into the private sector, investors should expect the data analyst to announce more partnerships in the coming weeks and months.