Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Palantir (NYSE: PLTR) are trading higher premarket after it was announced that the American software company has entered into a six-year strategic partnership with Faurecia, an automotive technology company.
Palantir’s share price is up 4.24% at $25.80 following the announcement.
Palantir will help the company to accelerate its digital transformation and ambition to be CO2 neutral.
Faurecia will use Palantir's Foundry software to gain further insight into its data across the company, from manufacturing to purchasing, from engineering to finances.
“Palantir Foundry will allow Faurecia to reduce raw material consumption, improve R&D competitiveness, secure purchasing excellence and track and measure overall CO2 neutrality efforts,” sated Palantir.
The partnership marks Palantir's first engagement with a French automotive supplier and expands its history of work in the automotive and manufacturing sectors.
“The range of uses for Foundry across Faurecia shows the breadth of practical applications for our software in the manufacturing and automotive sectors,” said Palantir COO Shyam Sankar.
“We are proud to partner with Faurecia in its mission to improve the efficiency of its products as well as its environmental footprint,” Sankar added.
Should you invest in Palantir shares? Tech stocks offer some of the best growth potential, but time and time again, traders and investors ask us “what are the best tech stocks to buy?” You've probably seen shares of companies such as Amazon and Netflix achieve monumental rises in the past few years, but there are still several tech stocks with room for significant gains. Here is our analysts view on the best tech stocks to buy right now…
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage . 75 % of retail investor accounts lose money when trading CFDs with this provider . You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money .