Palantir Technologies Inc (PLTR) shares are on the rise due to a major partnership announcement with Ukraine’s Ministry of Digital Transformation last Thursday. The objective is to facilitate defense and reconstruction initiatives in the aftermath of the Russian invasion.
Palantir, being the key actor in digitally-led reconstruction, will focus on damage assessment, infrastructure cataloging, software implementation to streamline reconstruction, and reinforcing electronic public services.
Furthermore, the company plans to consolidate Ukraine’s digital innovation projects and enhance its digital capabilities to aid international market integration. Meanwhile, Palantir also shows staunch support for fortifying Ukraine’s defense capabilities and will work alongside the Armed Forces of Ukraine.
This partnership came after Palantir CEO Alex Karp’s visit to Ukrainian President Volodymyr Zelenskyy after the war started. Ever since then, Palantir employees have been helping Ukraine’s government in its ongoing battle with Russian troops.
The stock has seen a surge of over 115% YTD, and last week, Cathie Wood’s Ark Invest bought an additional 1.26 million shares worth $13 million. Palantir shares are currently up almost 8% to $13.85.
Price action: Palantir Technologies Inc shares are trading higher at $13.85.