PLTR News: Palantir Technologies rides higher on Foundry for Builders announcement

  • NYSE:PLTR gained 2.97% amidst a broader market rebound from Monday’s sell off.
  • Palantir announces Foundry for Builders, a program to help start up companies.
  • Palantir gets a shout out during IBM’s earnings call.

NYSE:PLTR extended its winning streak to two days to start the week as the broader markets rallied and investors shrugged off rising COVID-19 delta variant concerns. Shares of Palantir added 2.97% on Tuesday to close the session at $22.18. Palantir had declined into oversold territory as its RSI dipped below 30 for the first time since May, after which the stock went on a bullish breakout for the next few weeks. All three major indices ripped higher on Tuesday, as most of Monday’s losses were quickly recovered during the morning, with the DOW jumping by nearly 550 basis points. 

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Palantir turned some heads before the markets opened on Tuesday as the company unveiled its Foundry for Builders program. Palantir is aiming to help support small businesses and early-stage companies by providing the Foundry data analytics platform to support future growth. The initial plan is for a subscription service that will target companies that are connected to Palantir alumni, and then eventually a full rollout to any early-stage companies. It is an interesting change from Palantir’s usual course of targeting large enterprises and government agencies, but adding in growing businesses should help keep those companies within the Palantir ecosystem for the long term. 

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Palantir also got a nice shout out during the IBM (NYSE:IBM) earnings call this morning, as IBM CEO Arvind Krishna singled out Palantir’s work on IBM’s Cloud Paks. With over 3,200 customers using the hybrid cloud platform, and over half of those using the Cloud Paks, Palantir stands to gain from increasing its customer base within IBM, as well as with other potential companies moving forward. 

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