PLTR Stock Alert: Palantir closes new deal with Eaton

Palantir Technologies (NYSE:PLTR) shares hit the headlines on Wednesday after the big data company announced a new deal with the smart energy management company Eaton (NYSE:ETN).

Palantir expands its partnership with Eaton to develop its artificial intelligence platform (AIP) into the company’s operations. This came after a previous deal resolved Eaton’s supply chain issues.

With this new collaboration, Palantir will support the AI ​​innovation process, delivering concrete results for the company’s ideas and should help accelerate value creation for the company’s global operations.

Danny Lutkus, chief commercial officer for industrial companies at Palantir, said the following about the deal.

“Eaton’s reach and scale, with operations in approximately 160 countries, and its position as a leader in the energy transition make the company an ideal partner for Palantir. We are excited to use our software to increase the adoption of AI in Eaton’s operations and accelerate Eaton’s impact on the clean energy and AI revolution.”

PLTR Stock Movement Today

Despite today’s news of a deal with Eaton, there isn’t much movement in PLTR stock. At the time of writing, only 11 million shares have traded. That’s well below the daily average of about 49.6 million shares.

PLTR shares are down 1.4% since Wednesday morning, but up 25.2% since the beginning of the year.

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At the time of publication, William White had no position (either directly or indirectly) in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com Publishing guidelines.