Shares of Palantir Technologies (NYSE: PLTR) popped on Monday after the data analytics company announced a partnership with IBM (NYSE: IBM). As of 2:30 p.m. EST, Palantir’s stock price was up more than 7% after rising as much as 15.2% earlier in the day.
Palantir will integrate its application-building tools with IBM’s hybrid cloud platform. The collaboration is intended to help companies more easily create and implement artificial intelligence (AI)-powered apps that can help them make better use of their data. Palantir and IBM plan to launch the product in March.