Artwise Trading Limited - Army Data Management Contract Extended One Year for Palantir

Palantir Technologies Inc. (PLTR) stock rose on Friday after the data analytics and artificial intelligence (AI) software company obtained a one-year extension of its existing four-year US Army deal for up to $115.04 million.
QUARRY BAY, Hong Kong - Dec. 18, 2023 - PRLog -- The business stated that it will continue to work on the Army Vantage data management program in order to assist the Army's "objective to institute a longstanding Army Data Platform capability."

It had already agreed to a $458 million contract.

According to Palantir, it would equip Army Vantage with "new AI-enabled capabilities and open platform infrastructure." The initiative was described as "a cornerstone in the U.S. Army's transformative efforts to leverage data as a strategic asset."

The cooperation has provided the Army "a decisive edge in data-driven decision-making," according to Akash Jain, president of Palantir's USG business, and the extension "is evidence of the value we bring to the nation's defense."

Palantir's stock has quadrupled in value this year.

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