Sumitomo Corporation will deploy Palantir Technologies' Artificial Intelligence Platform (AIP). The platform manages supply chains for Sumitomo's oil country tubular goods business. Sumitomo and group company Ascend SC will use the technology to accelerate global digital transformation.
The deployment follows a license agreement with Palantir Technologies Japan. Sumitomo plans to expand platform functions progressively. The company will consider sequential rollouts to other regions to increase business competitiveness.
UBS maintained a "buy" rating on Palantir. The analyst increased the stock's price target. UBS cited Palantir's position within artificial intelligence and data spending trends.