Palantir Technologies Inc. (NASDAQ:PLTR) shares are gaining ground on Wednesday morning. Investors are reacting to reports linking the company to a massive defense initiative.

Golden Dome Defense Collaboration

Palantir and Palmer Luckey's Anduril are reportedly teaming up. They aim to provide software for President Donald Trump's "Golden Dome" missile shield.

This space-based network targets ballistic, cruise, and hypersonic threats. The project's estimated cost has reached $185 billion.

Tech Firms Join Prime Contractors

The initiative attracts a crowded field of tech and defense players. According to a Tuesday report from Reuters, citing a source familiar with the matter, the companies have been interested in the program since its early stages. Palantir joins established giants like Lockheed Martin Corp (NYSE:LMT), RTX Corp (NYSE:RTX) and Northrop Grumman Corp (NYSE:NOC).

Pentagon Solidifies Maven AI Program

Recent momentum also stems from the Pentagon's formal adoption of Palantir's Maven Smart System.

Deputy Secretary of Defense Steve Feinberg issued the directive on March 9. This move secures long-term funding for the AI weapons-targeting platform.

Technical Analysis

Palantir is trading 5.2% above its 20-day simple moving average (SMA) and 4.4% below its 100-day SMA, showing short-term strength but a longer-term trend that still needs repair.

Shares are up 60.39% over the past 12 months and are currently positioned closer to their 52-week highs than lows.

RSI is at 53.68, which sits in neutral territory. Meanwhile, MACD is bullish with the MACD line at 2.3268 above the signal line at 1.3504, keeping the histogram positive at 0.9764.

  • Key Resistance: $161.50
  • Key Support: $148.00

PLTR Price Action: Palantir Technologies shares were up 2.85% at $159.19 at the time of publication on Wednesday, according to Benzinga Pro data.

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