Palantir and L3Harris Form Strategic Partnership to Advance AI-Driven Defense Technologies

Palantir CEO Alex Karp On Partnership With L3Harris: They Are 'Better Networked' And Good At Understanding 'DC Environment' -- Calls For More Lethal Tech To 'Scare' China And Russia - L3Harris Technologies (NYSE:LHX), Palantir Technologies (NYSE:PLTR)

Palantir Technologies Inc PLTR, the secretive data analytics company co-founded by Peter Thiel has formed a strategic partnership with defense contractor L3Harris Technologies Inc LHX, with both companies' CEOs emphasizing the collaboration's potential to advance U.S. military technology. What Happened: Palantir CEO Alex Karp, speaking on CNBC, highlighted the partnership's focus on integrating hardware and software to develop more advanced defense technologies. "Chris is better networked and understands the DC environment in ways that we may never," Karp acknowledged, underlining the significance of L3Harris's established presence in defense circles. Karp emphasized the strategic advantage of combining American software expertise with defense capabilities. "China and Russia are simply not as strong in software, and the integration of both hardware and software allows us to produce more lethal technologies," he stated, adding that both Palantir and L3Harris represent "patriotic commercial companies" rather than traditional defense integrators. "The obvious path is through AI-driven targeting with ethical considerations," Karp said, emphasizing the goal of transitioning from "passive defense to actively scaring our adversaries." See Also: Amazon Vs. Walmart: E-Commerce Giant Offers Gas Savings To Prime Members, EV Charging Discounts In Latest Battle For Subscribers Why It Matters: L3Harris CEO Christopher Kubasik expressed enthusiasm about the partnership following his company's strong third-quarter earnings report. "The hallmark of the strategy is partnerships, so I'm actually more excited to be on stage here with Alex [Karp] to talk about our partnership than I am a great third quarter," Kubasik said. The partnership, announced Wednesday, will combine L3Harris' sensor technologies and software-defined systems with Palantir's Artificial Intelligence Platform (AIP). The collaboration encompasses U.S. Army programs and advanced technology development, with L3Harris also planning to implement Palantir's AIP for internal digital transformation initiatives. The defense contractor reported better-than-expected financial results, with third-quarter revenue reaching $5.3 billion, exceeding analyst estimates of $5.28 billion. Adjusted earnings per share came in at $3.34, surpassing the projected $3.26. Price Action: L3Harris closed at $244.17 on Thursday, down 0.67% during regular trading. However, in after-hours trading, the stock surged 4.45%. Year to date, the stock has risen by 16.39%. Meanwhile, Palantir ended the day at $43.56, up 2.28%. After hours, the stock saw a slight dip, down 0.023%. So far this year, Palantir has skyrocketed by 162.73%, according to data from Benzinga Pro. Read Next: Oil Prices Fall As US, Top Israeli Negotiators Plan Meeting In Doha For Gaza Cease-Fire, Hostage Talks Image Via Shutterstock Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Market News and Data brought to you by Benzinga APIs

Palantir Stock Moves Higher On L3Harris Partnership: What You Need To Know - Palantir Technologies (NYSE:PLTR)

The partnership will combine L3Harris sensors and software-defined systems with Palantir's Artificial Intelligence Platform. Palantir Technologies Inc PLTR shares are moving higher in Wednesday's after-hours session after the company and L3Harris Technologies Inc LHX announced a partnership to accelerate advanced technology development. What Happened: Palantir and defense contractor L3Harris entered into a strategic partnership focused on combining L3Harris' sensors and software-defined systems with Palantir's Artificial Intelligence Platform (AIP) to expand and improve the U.S. Department of Defense's joint-all-domain network. "Palantir exists to support the West's most important institutions. We're partnering with L3Harris to ensure that the U.S. and its allies combine the West's two greatest assets -- AI dominance and cutting-edge hardware -- on the battlefield," said Alex Karp, co-founder and CEO of Palantir. The strategic partnership includes collaboration on U.S. Army programs and development efforts with sensors, radios and other advanced technologies. L3Harris will also leverage Palantir's AIP internally for enterprise-wide digital transformation initiatives. Check This Out: Jim Cramer's Bullish On Palantir, But Is The Stock's Winning Streak Too Hot? Palantir and L3Harris noted that the companies recently integrated L3Harris' WESCAM MX-20 EO/IR system with Palantir's Sensor Inference Platform (SIP). The integration provided edge AI for improved target detection and delineation during a live fly test by improving situational awareness, automatic target identification and communication for the operator. "As the industry's Trusted Disruptor, we are committed to collaborating with innovative partners to deliver unmatched value to our global customers," said Christopher Kubasik, chair and CEO of L3Harris. "Our work to date has demonstrated the meaningful impact of integrating our capabilities, and we will build upon these efforts to enhance performance across domains." L3Harris shares were up about 0.5% in extended trading at last check, according to Benzinga Pro. PLTR Price Action: Palantir shares were up 0.80% after-hours, trading at $42.93 at the time of publication Wednesday, according to Benzinga Pro. Photo: Cory Doctorow from Flickr. Market News and Data brought to you by Benzinga APIs

L3Harris and Palantir forge strategic tech partnershi By Investing.com

MELBOURNE, Fla. - L3Harris Technologies (NYSE: NYSE:LHX) and Palantir Technologies Inc . (NYSE: NYSE:PLTR) have announced a strategic partnership aimed at advancing technology development and expediting L3Harris' digital transformation. This collaboration will integrate L3Harris' expertise in sensors and software-defined systems with Palantir's Artificial Intelligence Platform (AIP), enhancing capabilities and resilient connectivity for joint-all-domain operations. Christopher E. Kubasik, Chair and CEO of L3Harris, emphasized the partnership's commitment to delivering value to global customers through integrated capabilities. Alex Karp, CEO of Palantir, highlighted the collaboration's goal to leverage AI and cutting-edge hardware for the U.S. and its allies. The partnership includes initiatives such as collaboration on U.S. Army programs, internal use of Palantir AIP at L3Harris for digital transformation, and development of advanced technologies like radios and sensors. The companies are investing in solutions to push computing to the far edge, including radios as sensors and orbital processing on satellites, aiming to revolutionize communication and tactical decision-making. A recent demonstration showcased the integration of L3Harris' WESCAM MX-20 EO/IR system with Palantir's Sensor Inference Platform (SIP), which provided edge AI for improved target detection and delineation during a live fly test. The integration of SIP onto the MX-20 resulted in enhanced situational awareness, automatic target identification, and communication, reducing operator workload while increasing effectiveness. This partnership announcement is based on a press release statement and includes forward-looking statements that involve risks and uncertainties. These statements reflect the companies' current expectations and beliefs regarding their cooperation and the potential benefits of their combined platforms and systems. However, there are inherent risks and uncertainties that could affect the realization of these expectations. In other recent news, L3Harris Technologies reported a 9% increase in non-GAAP earnings per share for the second quarter of 2024, alongside a substantial backlog of $32 billion. The company also announced a quarterly cash dividend of $1.16 per common share. L3Harris Technologies secured a potentially lucrative contract with the U.S. Navy, worth $587.4 million, for the provision of new tactical jamming pods over the next five years. Furthermore, L3Harris Technologies unveiled its new autonomous vehicle system, Diamondback (NASDAQ:FANG), designed for reconnaissance and security operations. Truist Securities increased its price target on L3Harris Technologies to $293 from the previous target of $250, while Wolfe Research upgraded its rating from Peerperform to Outperform, setting a price target of $300. However, Morgan Stanley (NYSE:MS) downgraded L3Harris's stock from Overweight to Equalweight. These are the recent developments in the company's trajectory. L3Harris Technologies' strategic partnership with Palantir aligns well with its strong market position and financial performance. According to InvestingPro data, L3Harris boasts a substantial market capitalization of $46.63 billion, reflecting its prominence in the Aerospace & Defense industry. This collaboration could further solidify the company's market standing and drive future growth. The company's revenue growth of 15.44% over the last twelve months and quarterly growth of 12.91% in Q2 2024 demonstrate its ability to expand its business, which may be further accelerated by this new partnership. Additionally, L3Harris' gross profit margin of 26.33% suggests a healthy ability to generate profit from its core business activities. InvestingPro Tips highlight L3Harris' strong dividend history, having raised its dividend for 23 consecutive years and maintained payments for 54 years. This consistent dividend policy, coupled with a current dividend yield of 1.89%, may appeal to income-focused investors looking for stability in the defense sector. The company's stock performance has been robust, with a one-year price total return of 41.51% as of the latest data. Trading near its 52-week high, L3Harris seems to be in a position of strength as it enters this new technological partnership. For investors seeking more comprehensive analysis, InvestingPro offers 12 additional tips for L3Harris Technologies, providing a deeper understanding of the company's financial health and market position.