Palantir Technologies Inc. (NYSE:PLTR) inked a multi-year, multi-million-dollar extension of an earlier deal with APA Corporation (NASDAQ:APA).
This deal extension builds on three years of collaboration across oil and gas company APA’s global portfolio and introduces new AI capabilities through Palantir’s Artificial Intelligence Platform (AIP) software.
Over the past three years, Palantir has partnered with APA to deploy its software for operational planning, supply chain, maintenance, production optimization, and contract management.
Palantir’s AIP software has helped APA seize opportunities, improve equipment reliability with real-time monitoring, optimize logistics, and detect anomalies in contracts and invoices.
Travis Osborne, APA’s Vice President, Chief Information Officer said,”Our existing partnership has enabled improved operational efficiency and business visibility across our global portfolio. We are excited to expand the use of Palantir AI capabilities to build on this foundation and accelerate performance and cost management even further.”
This month, Palantir’s new $99.8 million contract expanded Maven Smart System access to all military branches, enhancing interoperability and readiness.
The contract allows military services to leverage existing innovations from the Office of Secretary of Defense and NGA for integration.
According to Benzinga Pro, PLTR stock has gained around 159% in the past year. Investors can gain exposure to the stock via REX AI Equity Premium Income ETF (NASDAQ:AIPI) and Global X Funds Global X Defense Tech ETF (NYSE:SHLD).
Price Action: PLTR shares are down 0.33% at $36.78 premarket at the last check Wednesday.
Photo by Spyro the Dragon on Shutterstock
Read Next:
Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market.
Get the latest stock analysis from Benzinga?
This article Palantir And APA Amp Up AI Alliance: Multi-Million Dollar Deal To Transform Oil & Gas Operations originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.