Palantir Climbs 11% on Army AI Contract that Excites Options Trades
$Palantir (PLTR.US)$ climbed 11% Wednesday after it announced the award of a contract from the Army to develop the Tactical Intelligence Targeting Node (TITAN) ground station system. The army described the system as an AI "deep-sensing capability." The contract covers $178.4 million to develop 10 TITAN prototypes.
The project is a ground based targeting system that uses AI and ML to decrese the time it takes to identify and engage with incoming threats, the press relase said. On the news, the stcok jump cuased a simular jump in options volume, sending Palantir to the top four equities inthe options market by contract trading volume. Near the current strike price, call options launched +1,000% in value. The call:put ratio is 84:16.
"This award demonstrates the Army's leadership in acquiring and fielding the emerging technologies needed to bolster U.S. defense in this era of software-defined warfare. Building on Palantir's years of experience bringing AI-enabled capabilities to warfighters, Palantir is now proud to deliver the Army's first AI-defined vehicle," Akash Jain, President of Palantir USG said in a release.
"Soldiers deserve best-in-class technology that gives them the tactical advantage on the battlefield, allowing for real-time decisions at critical speeds. Palantir is honored to support this program, to continue its partnership with the Army, and to lead a team of innovative partners to build the next generation of capabilities."
The company said TITAN will integrate components from across the defense sector, including $Northrop Grumman(NOC.US$, Anduril Industries, L3Harris Technologies, Pacific Defense, SNC, Strategic Technology Consulting, and World Wide Technology.
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BelleWeather : Spoiler: They’ve created systems like this before and have abandoned them after wasting billions. This is may be short term bullish for Palantir, but in the long-view is more Silicon Valley plus War Machine hand waving.