Palantir down4% as Anduril-OpenAI deal sparks competition concerns

Investing.comDec 5, 2024 12:51 AM

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Investing.com -- Data analytics company Palantir Technologies Inc (NASDAQ:PLTR) shares fell more than 4% at $68.61 in midday trading on Wednesday.

Stock has gained roughly 300% year to date, driven by its increased demand for its AI platform, used for tasks like testing, debugging code, and evaluating AI-driven scenarios.

The company’s tools also include software that government uses to visualizes army positions.

Earlier today, rival Anduril Industries announced a partnership with OpenAI, the creator of ChatGPT, to develop and deploy advanced artificial intelligence solutions for national security missions.

Palantir shares gained ~7% in Tuesday trading.

Reviewed byTony

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