After posting an impressive revenue beat in its latest Q2 report on August 5, Palantir (NYSE: PLTR) continues to advance its partnerships across various branches of industry, this time with an agreement with a tech giant, Microsoft (NASDAQ: MSFT).
Palantir and Microsoft announced their largest partnership on August 8, integrating Microsoft’s Azure OpenAI large language models with Palantir’s AI platform to build AI-driven operational workloads across defense and intelligence sectors.
In a recently released statement, Palantir highlighted that:
“It’s our mission to deliver this software advantage, and we’re thrilled to be the first industry partner to deploy Microsoft Azure OpenAI Service in classified environments.”
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The news comes just a day after Palantir signed a deal with Wendy’s (NASDAQ: WEN) to manage the fast-food chain’s global supply chain operations. Wendy’s will utilize Palantir’s Artificial Intelligence Platform (AIP) to optimize supply chain management, prevent waste, allocate demand, and streamline its entire supply chain network.
PLTR stock price chart
After posting a negative performance of 2.4% in the latest trading session, PLTR stock is trading at $26.32; the previous five trading days also show a reversal of 2.55% for this artificial intelligence (AI) stock.
However, pre-market gains of 3.91% elevated the price of PLTR shares to $27.35 and erased the losses from previous sessions just before markets opened on August 8.
Technical analysis of PLTR stock
Analysis of short-term technical indicators for PLTR shows that investors have increasingly paid higher prices for Palantir Technologies, with the stock trending upward in a rising channel over the medium to long term.
The stock has slightly broken through the resistance level at $25.90, which now acts as support. Meanwhile, a new resistance zone has emerged at $27.54, which could be easily surpassed in the August 8 trading session if the pre-market gains carry over into regular trading.
Additionally, volume patterns align well with price movements, reinforcing the trend’s strength over the previous period, as the RSI chart closely mimics the price chart of PLTR.
However, the Relative Strength Index (RSI) curve shows a downward trend at 43.70, which means that if the recent trend mimicry continues, it could also signal a price decrease.
The new agreement with Microsoft marks a historical event. Two of only three companies with Impact Level 6 security clearance from the U.S. government are pursuing deeper cooperation to bolster the defense and intelligence sectors.
Furthermore, Wall Street analysts have criticized Palantir’s overreliance on U.S. government deals, and this cooperation with Microsoft and, recently, Wendy’s sends a strong message regarding its diversification efforts.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
