Palantir's stock surged toward a 17-month high after launching an AI-powered data integration offering for manufacturers

Shares of Palantir Technologies Inc. (PLTR) powered up 6.6% in premarket trading Tuesday, putting them on track to reach a 17-month high. The software company announced earlier the launch of Palantir Foundry for Manufacturing on Amazon Web Services (AWS), which Palantir said helps manufacturers address challenges of fragmented data systems with high barriers to access data, by allowing users to merge industrial data, decisions and operations. "In an era of increasing demands on the manufacturing sector and historic staffing shortages, it's more important than ever to help manufacturing clients unlock the power of their sensor data and AI to optimize operations," said Gabby Rojas, head of manufacturing at Palantir. The company has been caught up in the recent artificial-intelligence (AI) craze, with its stock soaring 89.8% in May. On Monday, the stock jumped 5.0% after the company said it was awarded a multiyear contract of up to $463 million from the U.S. Special Operations Command, or USSOCOM. The stock has rocketed 126.2% year to date through Monday, while the SPDR S&P Software & Services exchange-traded fund (XSW) has climbed 18.2% and the S&P 500 has advanced 11.3%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

06-06-23 0759ET

Copyright (c) 2023 Dow Jones & Company, Inc.