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Palantir partners with Oracle on cloud and AI for enterprises, govt entities; stock up

Published 2024-04-04, 08:28 a/m
© Reuters

Oracle (NYSE:ORCL) and Palantir (NYSE:PLTR) have struck a partnership to deliver enhanced cloud and artificial intelligence (AI) solutions, targeting the needs of both businesses and governmental entities globally.

This collaboration will combine Oracle's cloud and AI capabilities with Palantir's AI and data analysis platforms, aiming to help organizations use their data more effectively, the companies said in a statement.

Palantir shares rose 3.5% on the news in premarket trading Thursday, while ORCL added 0.7%.

Under the terms of the partnership, Palantir will transition its Foundry workloads to the Oracle Cloud Infrastructure.

Moreover, Palantir's Gotham and AI Platforms will be made available across Oracle’s extensive cloud infrastructure, including public cloud regions, dedicated regions, and specialized government and defense areas, among others.

"Oracle is the only hyperscaler capable of delivering its entire AI and cloud suite to any business or government anywhere in the world," said Rand Waldron, vice president of Oracle.

"By combining the performance, scalability, and flexibility of Oracle Cloud Infrastructure with Palantir's leading data and AI platforms, we will help our customers win in any industry or environment."

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