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Thursday, 10/05/2023 10:02:20 AM

Thursday, October 05, 2023 10:02:20 AM

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>>> Palantir secures contract with UK's National Health Service

Yahoo Finance

by Angel Smith and Seana Smith

October 4, 2023

Palantir (PLTR) Co-Founder Peter Thiel has negotiated a service contract with the United Kingdom's National Health Service. The 5-year contract aims to strengthen the NHS's data analysis capabilities with Palantir providing access to its artificial intelligence tools. Yahoo Finance's Brad Smith and Seana Smith break down the details of this contract and the analysts chatter around it.

SEANA SMITH: The Palantir's co-founder Peter Thiel is set to secure a contract with the UK's National Health Service. Now, the controversial five-year contract is valued at more than 480 million, and it's meant to enhance the NHS's data analysis capabilities. Many, though, criticized the NHS's association with the analytics company, citing patient data privacy concerns, something that we know has been top of mind and an issue now for some time.

But when it comes to Palantir, whether or not that's going to materially move the business, we're seeing some excitement around this with shares up just about 2%. But, Brad, Palantir is a company and is a stock that initially at the start of the year was riding a lot of that enthusiasm for AI.

Palantir really saying that they are one of the critical players within AI. Over the last month or two, we've seen some on the street come out question just that and how quickly their business could potentially benefit from AI. Morgan Stanley was one of those on the sell side.

Analyst Keith Weiss coming out saying that stock's valuation fully reflects the AI euphoria, and any tailwind from this trend is going to take some time to materialize. So a deal like this may be offsetting some of those concerns. Year-to-date, we're still up nearly 140%, but we'll see what this deal does to its business.

BRAD SMITH: Yeah. Summer sputtered did not diminish some of those major returns that investors had seen. As you were mentioning, 140% roughly year to date returns for Palantir. And a company that hinges a lot on some of those major government contracts.

Of course, governments trying to figure out where they can deploy some of their own AI research and then additionally, kind of making sure that goes into their own defense mechanisms, so many different instances where Palantir already plays as well. So we'll see how they continue to be a near-term beneficiary, perhaps even further, long term as well.


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