Palantir down4% as Anduril-OpenAI deal sparks competition concerns

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.