Palantir Technologies (NYSE:PLTR) stock is enjoying an excellent week, with impressive fourth-quarter earnings showing new highs for both profit and sales. The big data analytics firm is now trending for another positive reason: signing a memorandum of understanding (MOU) with space exploration leader Voyager Space.
This teaming agreement allows Palantir to bring its artificial intelligence (AI) and machine learning (ML) technology into the commercial space domain, providing an edge that could help strengthen national security capabilities.
Palantir’s dynamic reach across multiple tech markets has made it a winner among AI stocks. Now, it is venturing into even more lucrative areas, giving investors more reason to bet on PLTR stock. The company appears to be strategically placing itself to offer investors exposure to another booming market.
PLTR stock has shot up 50% in value in just five days. This growth is due mostly to the Q4 earnings smash, but partnering with Voyager Space is also an important step for multiple reasons.
Firstly, the commercial space markets are skyrocketing in more ways than one. Recent data indicates that the space tourism market is expected to expand at a compound annual growth rate (CAGR) of almost 50% between 2024 and 2032. Space stocks that can secure a share of the lucrative and fast-growing space markets will likely have tremendous growth potential. By joining forces with Voyager, Palantir could establish itself as a space stock, attracting even more interest from investors.
Palantir already has a demonstrated history of using its technology to enhance national security measures. In June 2023 alone, it received three separate contracts to provide data-as-a-service capabilities to the U.S. Air Force. Now, Palantir will be able to help enhance “national security capabilities in the commercial space domain” through the use of its AI technology at a time when AI and ML are quickly transforming the industry. This partnership could make Voyager a leader in its sector, thereby boosting PLTR stock as it grows.
2024 is looking like an excellent year for both AI stocks and space stocks, with Palantir taking a place at the forefront of both of these sectors. If the company continues expanding its reach across these industries, it may even double investors’ money, as InvestorPlace contributor Vandita Jadeja predicts.
In conclusion, Palantir’s venture further into the space domain is fitting, and PLTR stock looks like it could be headed for the moon.
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