Palantir Technologies Inc (NYSE:PLTR) shares are trading higher Wednesday. Here's a look at what's going on.
What To Know: Palantir shares appear to be getting a lift from a Barron's report suggesting Palantir co-founder and chairman Peter Thiel has completed selling the maximum number of shares under a trading plan he adopted in May.
Thiel reportedly sold 12.412 million Palantir shares at an average price of $36.85 per share from Sept. 27 through Oct. 1 under the 10b5-1 trading plan. The shares were sold through Rivendell 7 LLC, which now has approximately 34.26 million shares of Palantir remaining.
The report indicates that Thiel had until Dec. 31, 2025 to execute the sales under the plan, but has now exhausted the number of shares he was set to sell.
Palantir shares popped shortly after the report surfaced. It's worth noting that Barron's released a similar article on Nvidia Corp (NASDAQ:NVDA) CEO Jensen Huang last month, showing that the Nvidia CEO had completed selling the maximum number of shares under his 10b5-1 trading plan several months early. Nvidia shares surged approximately 4% on the report.
What Else: Palantir on Wednesday announced a multi-year strategic partnership with Edgescale AI to operationalize artificial intelligence (AI) in manufacturing, utilities and other industrial environments.
"The next phase of AI is operating on real-world data. We've reimagined and reinvented the cloud to encompass physical devices, where data comes from and actions have real-world impact," said Brian Mengwasser, co-founder and CEO of Edgescale AI.
"We eliminate the friction for our customers to deploy the latest AI capabilities anywhere. We're proud to launch this breakthrough first with Palantir, the category leader in production-grade AI."
By extending Palantir software on Edgescale, Live Edge is expected to provide direct access to hard-to-reach operational data and help close the loop to automate physical processes.
PLTR Price Action: Palantir shares were up 2.28% at $37.29 at the time of publication, according to Benzinga Pro.
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