- Palantir wins $250 million contract with US Army unit from Aberdeen Proving Ground.
- The contract will last three years through September 2026.
- Palantir’s contract is for R&D work on AI and machine learning topics.
- S&P 500 and NASDAQ 100 futures have risen in Wednesday’s premarket.
Palantir (PLTR) stock has advanced 1% to $14.10 in Wednesday’s premarket after the artificial intelligence-inflected (AI) data miner won a $250 million, three-year contract with a unit from the US Army.
US equity futures are higher in Wednesday’s premarket after losing substantial ground this week. S&P 500 and NASDAQ 100 futures are both ahead by more than 0.4% at the time of writing.
Palantir stock news: Research contract given to Palantir for Maryland Army unit
Early Wednesday, the Army Contracting Command attached to the Aberdeen Proving Ground in Maryland approved Palantir for a $250 million contract to provide research related to AI and machine learning.
The “firm-fixed-price” contract runs through September 25, 2026. As is the norm, the Army did not provide much in the way of details on the specific contract other than to say it involved R&D.
The announcement comes one week after Palantir’s Software for Government Summit. US government revenue still constitutes Palantir’s largest revenue source. For the second quarter of this year, US government revenue rose 10% YoY to $225 million, and a large share of it stems directly from various units of the US military.
Of the US-based revenue in the second quarter, more than 68% came from its government operations. Still, Palantir has been rolling out its Artificial Intelligence Platform (AIP) at a quick pace so far in the third quarter. The company has announced contracts and partnerships with Houston investment manager CAZ Investments, UK-based defense firm Babcock International Group and Italian research hospital Policlinico Gemelli all in the last month.
Palantir stock forecast
Palantir stock has been using the $13.50 to $14 support range as a crutch going back to late June. This is now the fourth period in which this range has come in handy. Any close below $13.50 will spell a sell signal as the next historical support comes 24% lower at $10.25.
The Relative Strength Index (RSI) is now at 38, which still puts it above the oversold signal that coincides with a reading of 30 or below. Palantir has rarely traded into oversold territory on the daily chart however. The last time this happened in any extended fashion was in May 2022. Palantir’s May 2023 rally began when PLTR shares ranged down to an RSI reading of 34.
Palantir will be back on a more attractive footing once it climbs above the 21-day Simple Moving Average (SMA), which is currently at $15.10. The US equity market has been trending lower since July, and this pressure has been felt by Palantir as well. The S&P 500 is down 3.6% over the past month and 2.1% over the past five sessions.
PLTR daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD extends slide under 1.0900, hits one-week lows

EUR/USD dropped further during the American session and reached a one-week low under 1.0900. The pair has turned negative for the week, with the US Dollar recovering further despite mixed US data and risk appetite.
GBP/USD extends slide towards 1.2600 as Dollar strengthens

GBP/USD slid towards the 1.2600 region, retreating almost a hundred pips from daily highs. The pair weakened further after the release of US consumer inflation and Jobless Claims data. The US Dollar gained momentum boosted by higher Treasury yields.
Gold eases as investors rush away from safety

Financial markets turned optimistic after US inflation eased further in November. Speculative interest increases bets of a shift in central banks' monetary policy. XAU/USD is in a bearish corrective decline in the near term, slide should remain limited.
Kyber exploiter asks for complete control of all assets after nearly $50 million exploit

Kyber Network, a cross-chain decentralized exchange and aggregator, was hit by an exploit that drained nearly $50 million in cryptocurrencies from its liquidity pools. The exploiter contacted the team, asking them to await a statement concerning a “potential treaty.”
Salesforce rally helps Dow Jones outpace NASDAQ, S&P 500 on Thursday

Salesforce (CRM) is the main story on Thursday. The enterprise software company utilized artificial-intelligence-based (AI) integrations in its product suite to grow profits and revenue for the third quarter.