>>> Palantir scores an AI contract -- Shares of Palantir Technologies, however, got a slightly bigger pop early Tuesday, rising about 3%. The data integration and management platform specialist said that it had expanded a key partnership that should provide more momentum in Palantir's efforts to build out its artificial intelligence and machine learning capabilities.
Palantir announced that the U.S. Army has awarded it a new contract for up to three years. The contract supports the Army's armed services, special forces, combatant commands, and intelligence community in their joint efforts to test, utilize, and scale up their use of AI and machine learning capabilities. Payments under the contract could amount to up to $250 million.
The Army has a long-standing relationship with Palantir. With the need to coordinate information in order to work together effectively, the various armed services members, special operations forces, and command personnel have sought the data integration, management, and AI model training that Palantir has brought to the table.
Palantir has dramatically expanded its AI efforts recently, but it also faces heavy competition. Winning contracts like these is instrumental in demonstrating the effectiveness of its research and development work. Shareholders recognize that success and how important it is for Palantir's long-term prospects.
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