Shares of Palantir Technologies (NYSE: PLTR) charged out of the gate on Thursday, surging as much as 11.6%. As of 2:47 p.m. ET, the stock was still up 10.3%.

The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was the announcement that it would collaborate with software titan (NASDAQ: MSFT) to advance U.S. government AI systems.

In a press release on Thursday, Palantir announced a significant expansion of its existing partnership with Microsoft to develop advanced AI systems for U.S. government agencies. The announcement said the pair will "bring some of the most sophisticated and secure cloud, AI, and analytics capabilities to the U.S. Defense and Intelligence Community."

Continue reading

Source Fool.com