Shares of Palantir Technologies Inc. PLTR, +5.87% shot up 10.9% in premarket trading Monday, after the big-data software company announced a partnership with International Business Machines Corp. IBM, +1.49% on open artificial intelligence applications for business. IBM’s stock gained 0.9% ahead of the open.
The companies will use IBM’s hybrid cloud data platform and Palantir’s operations platform for building applications to launch the Palantir for IBM Cloud Pak for Data, which will be available in March 2021. Palantir’s stock rally comes after it fell 3.2% last week, to snap a four-week streak of gains in which the stock shot up 49.4%. The stock has rocketed 146.2% over the past three months through Friday, while IBM shares have gained 6.8% and the S&P 500 SPX, +0.74% has advanced 10.8%.