Palantir, Accenture Partner to Implement More AI in Government Work
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Accenture shares have tumbled this year, while Palantir's have hit record highsKey Takeaways
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Palantir and Accenture are partnering to collaborate on their work with the federal government.
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Accenture's federal government-focused employees will be trained on the use of Palantir's artificial intelligence products.
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Palantir shares have surged to a number of record highs this year as its federal government work has expanded, while Accenture's has fallen as its role has decreased.
Palantir (PLTR) shares jumped Monday as the tech company said it was partnering with Accenture (ACN) for its work with the federal government.
"Together, the companies will deploy commercial-grade, AI-powered solutions to address federal agencies’ highest priority operational challenges, from optimizing and orchestrating mission-critical workflows to enhancing decision-making and increasing operational resilience," the companies said.
Accenture's team of 1,000 federal government work-focused employees will be trained to use Palantir's artificial intelligence platform, which the companies said will "establish a premier joint delivery capability of cutting-edge automation for the federal government."
Palantir's stock has been propelled to a number of record highs this year as its work with the federal government has expanded. Meanwhile, certain metrics in Accenture's last two earnings reports have fallen short as the company has said the Trump administration's focus on cutting spending has slowed its sales of government contracts.
"We’re investing in building a scalable capability with Palantir that will deliver AI-enabled decision-making capabilities directly into the fabric of government agencies so leaders can act decisively and deliver greater results faster," Accenture Federal Services CEO Ron Ash said.
Palantir shares were up 4% shortly after markets opened, while Accenture shares rose nearly 1%. Palantir shares have surged more than 80% since the start of the year, while Accenture's have lost 15% of their value.
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