Palantir Technologies, Inc. (NASDAQ:PLTR) shares are trading higher Thursday following reports suggesting it will finalize a £750 million five-year deal with the UK Ministry of Defense to expand the use of its AI software.
What To Know: According to Bloomberg, the new agreement will replace a current £75 million, three-year contract that is set to expire. The deal is expected to be finalized by the end of the year.
Palantir also pledged to invest £1.5 billion in the UK by 2030 as part of a broader plan to expand its work across health, policing, defense and other sectors. The initiative is projected to create about 350 jobs, including 200 at Palantir and the rest through partner organizations.
The details of the partnership are expected to be announced Thursday during. President Donald Trump's visit to the region.
PLTR Price Action: At the time of publication, Palantir shares are trading 4.07% higher at $175.15, according to data from Benzinga Pro.
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