This article first appeared on GuruFocus.
Palantir Technologies (PLTR, Financials) is expanding its collaboration with Lumen Technologies Inc. through a new multi-year relationship valued around $200 million, according to Bloomberg estimates. On Thursday, the companies stated that the arrangement will make it easier and faster for businesses to use AI on cloud-based systems.
The collaboration connects Palantir’s Foundry and Artificial Intelligence Platform with Lumen’s digital network, known as the Connectivity Fabric. Together, the tools are designed to help enterprises move and use their data more effectively while integrating AI into daily operations.
Lumen CEO Kate Johnson said the companies share a vision for helping businesses unlock their AI ambitions by combining Palantir’s data analytics with Lumen’s networking technology. Palantir CEO Alex Karp said the partnership builds the infrastructure needed for companies to capture real value from AI in the near term.
The deal expands on an earlier agreement reached last month, when Lumen began using Palantir’s software internally. The new phase extends that collaboration to joint customers in multiple industries.
Palantir’s stock edged lower in premarket trading, while Lumen shares moved higher. Investors see the expanded relationship as another step in Palantir’s push to strengthen its enterprise customer base and Lumen’s effort to bring AI services to its network clients.
Both companies are expected to share more details on customer adoption and rollout plans later this year.