In addition, a government procurement arm, FedRAMP, has approved the Palantir cloud service using Microsoft’s Azure cloud infrastructure.
“This milestone expands Palantir and Microsoft’s strategic partnership from the private sector to the public sector, bringing the best in class cloud components to the federal marketplace,” said a Palantir news release.
PLTR Stock: Big Government Provider
Palantir gets nearly 60% of revenue from government agencies. They use Palantir software for intelligence gathering, counterterrorism and military purposes. Palantir uses artificial intelligence tools in some products.
Further, PLTR aims to grow its commercial business. The software maker is looking to expand into the health care, energy, automotive and manufacturing sectors.
Also, Palantir’s big government business remains key as some large U.S. government contracts are coming up for renewal.
Meanwhile, PLTR stock holds a Relative Strength Rating of 52 out of a best-possible 99, according to IBD Stock checkup.
Follow Reinhardt Krause on Twitter @reinhardtk_tech for updates on 5G wireless, artificial intelligence, cybersecurity and cloud computing.
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