Palantir Stock Rises on L3Harris Partnership: What You Need to Know – Palantir Technologies (NYSE:PLTR)

Palantir Technologies Inc PLTR Shares rise in Wednesday’s after-hours session after the company and L3Harris Technologies Inc LHX announced a partnership to accelerate the development of advanced technologies.

What happened: Palantir and defense contractor L3Harris entered into a strategic partnership focused on combining L3Harris’ sensors and software-defined systems with Palantir’s Artificial Intelligence Platform (AIP) to expand and enhance the Department of Defense’s shared cross-domain network.

“Palantir exists to support the West’s most important institutions. “We are working with L3Harris to ensure that the United States and its allies combine the West’s two greatest strengths – AI dominance and cutting-edge hardware – on the battlefield,” he said Alex KarpCo-founder and CEO of Palantir.

The strategic partnership includes collaboration on U.S. Army programs and development efforts involving sensors, radios and other advanced technologies. L3Harris will also use Palantir’s AIP internally for company-wide digital transformation initiatives.

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Palantir and L3Harris noted that the companies recently integrated L3Harris’ WESCAM MX-20 EO/IR system with Palantir’s Sensor Inference Platform (SIP). The integration provided edge AI for improved target detection and delineation during a live flight test by improving situational awareness, automatic target detection and communication for the operator.

“As a trusted industry disruptor, we are committed to working with innovative partners to deliver unmatched value to our global customers,” he said Christopher KubasikChairman and CEO of L3Harris.

“Our work to date has demonstrated the significant impact of integrating our capabilities, and we will build on these efforts to improve performance across all areas.”

According to Benzinga Pro, L3Harris shares were up about 0.5% in extended trading at last check.

PLTR price action: According to Benzinga Pro, Palantir shares rose 0.80% in the after-hours to trade at $42.93 at the time of publication on Wednesday.

Photo: Cory Doctorow from Flickr.