Palantir Technologies Inc. (NASDAQ:PLTR) is trading higher by 3.52% on Thursday. Investors react to the company's latest defense-focused collaboration and a generally constructive tone for big-cap tech, with the Technology sector up 0.8% and the S&P 500 up 0.2%.

• Palantir Technologies stock is showing upward movement. Why is PLTR stock trading higher?

What Is Driving Palantir’s Latest Collaboration?

Palantir said it intends to join the U.S. Army and defense industry partners for a "Right to Integrate" (R2I) hackathon sprint aimed at defense-wide interoperability. It positions the effort as a way to connect best-in-breed tools with legacy systems.

The company framed the event as part of its push to "accelerate and scale interoperability across the Army and DoW [Department of Defense]," with the announcement distributed via Business Wire.

Earnings Snapshot

Last week, Palantir reported first-quarter revenue of $1.63 billion, beating analyst estimates of $1.54 billion. The AI software company reported adjusted earnings of 33 cents per share for the quarter, beating analyst estimates of 28 cents per share, according to Benzinga Pro.

Palantir expects second-quarter revenue to ...