What's Going On With Palantir Stock?

Palantir Technologies Inc PLTR shares continue to trade higher Tuesday after hitting new 52-week highs on Monday. Here's a look at what's driving the action.

What To Know: Palantir announced a new partnership with SpecterOps Tuesday morning. The company will provide the government sector with SpecterOps' BloodHound Enterprise solution through Palantir's FedStart offering.  

"Our partnership with Palantir will allow BHE to comply with FedRAMP, giving government agencies a tool to protect their Active Directory environments from identity Attack Paths," said David McGuire, CEO at SpecterOps.

Palantir stock is up more than 170% year-to-date. The rally in Palantir shares picked up in May after the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform. 

Palantir held its first ever AIPCon at the start of June and CEO Alex Karp reiterated that the company has continued to experience unprecedented demand for its AI products in recent months.

After the close on Monday, Palantir scheduled its second-quarter financial results for Aug. 7. Investors will be looking for the numbers to reflect the increased AI demand the company has been highlighting. 

Check This Out: Musk's xAI, ChatGPT's Hallucinations, Mission Impossible's Plot And More: A Recap Of This Week's AI Developments

PLTR Price Action: Palantir shares were up 3.11% at $17.93 at the time of publication, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.