Palantir Technologies Inc. ( PLTR ) is seeing its stock surge Friday. Here’s what you need to know.

What To Know: Palantir’s shares have been gaining traction this week, following the company's strong second-quarter earnings report released on Monday. The company posted better-than-expected financial results, with total revenue increasing by 27% year-over-year, bolstered by a 55% surge in U.S. commercial revenue. Additionally, Palantir’s customer base grew by 41% year-over-year.

CEO Alex Karp expressed optimism about the company's future, noting that the growth of the business has been steadily re-accelerating, with significant opportunities ahead. This positive outlook was further reinforced by analysts, many of whom raised their price targets on Palantir ( PLTR ) stock.

What Else: The momentum continued midweek with Palantir ( PLTR ) announcing key strategic partnerships. On Wednesday, Palantir ( PLTR ) revealed a collaboration with Wendy's Quality Supply Chain Co-op (QSCC) to enhance digital transformation, AI adoption and operational decision-making. The partnership will see Wendy's utilizing Palantir's ( PLTR ) Artificial Intelligence Platform (AIP) for supply chain management and waste prevention.

On Thursday, Palantir ( PLTR ) also announced an expanded partnership with Microsoft Corp. ( MSFT ) , aimed at deploying AI tools for U.S. government agencies. This collaboration will integrate Palantir's ( PLTR ) AIP with Microsoft's ( MSFT ) Large Language Models (LLMs) via Azure OpenAI Service, targeting the U.S. Defense and Intelligence Community.

PLTR Price Action: Palantir ( PLTR ) shares were up by 2.96% at $30.15 according to Benzinga Pro.

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Image via press release.