Palantir Technologies Inc ( PLTR ) shares are trading higher. Here’s a look at what’s going on.

What To Know: Palantir ( PLTR ) shares have been trending higher, adding 16% over the last month. The stock now appears to be breaking out to the upside after it broke through and closed above resistance around the $27 level.

Palantir ( PLTR ) and Oracle Corp ( ORCL ) announced general availability and platform certification of Palantir ( PLTR ) platforms on Oracle Cloud infrastructure on Tuesday. The companies aim to help businesses and governments accelerate their AI initiatives by combining Oracle’s distributed cloud, AI infrastructure and sovereign AI capabilities with Palantir’s leading AI and decision acceleration platforms.

“Oracle’s powerful and flexible cloud infrastructure, combined with Palantir’s decision acceleration platforms, helps customers rapidly scale AI capabilities across its operations,” said Rand Waldron, vice president, Oracle. “This will enable customers to get the most value out of their data, while meeting their sovereignty and security standards.”

Palantir’s Foundry and Artificial Intelligence Platform are certified on Oracle Cloud Infrastructure, jointly supported and available across distributed cloud offerings.

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Palantir ( PLTR ) has been a beneficiary of the AI boom and has seen its stock rally more than 60% year-to-date. Palantir ( PLTR ) has experienced above-average volumes in recent trading sessions as the AI story begins to tilt toward software. BofA Securities added Palantir ( PLTR ) to its top 10 best U.S. ideas list last week as the firm sees more room for shares to run in the near term.

Palantir ( PLTR ) is not due to report earnings until early August. Analysts expect the company to report earnings of 8 cents per share on revenue of $652.141 million, according to Benzinga Pro.

Last quarter, Palantir ( PLTR ) beat analyst estimates as revenue grew 21% year-over-year and the company delivered its sixth straight quarter of GAAP profitability. Despite beating estimates and raising its full-year guidance, the stock traded lower, but it has since recovered, hitting new 52-week highs this week, as software and AI continue to be strong themes for the market.

PLTR Price Action: Palantir shares closed Monday up 0.65% at $27.88. The stock was up 0.69% at $27.89 Tuesday morning at the time of publication, according to Benzinga Pro.