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FCA Defends Palantir Contract Before Lawmakers

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Britain’s Financial Conduct Authority defended its decision to award a contract to Palantir for artificial intelligence tools, after lawmakers raised concerns about the company’s growing presence across public institutions.

The contract covers a 12-week project to analyze the FCA’s internal data to help fight financial crime. During questioning in parliament, officials said Palantir would not gain access to sensitive regulatory intelligence in a way that would compromise oversight or control.

Lawmakers expressed concern about dependence on a U.S. technology provider, especially one that already holds contracts with other major British public bodies. They also raised questions about whether such firms could become too dominant in government systems.

FCA officials said the procurement process was conducted without knowing the winning bidder in advance and argued that tackling money laundering and financial crime requires stronger data analysis tools. They maintained that the regulator needs advanced technology to improve enforcement capabilities.

Palantir said it is restricted by contract from using or commercializing customer data and can only process information according to the client’s instructions.

Exclusive: Palantir Inks HD Hyundai Deal Worth Hundreds of Millions, CEO Bullish on Korea

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U.S. data analytics firm Palantir has signed an expanded software agreement with South Korea’s HD Hyundai, a deal worth hundreds of millions of dollars over several years, according to a person familiar with the matter.

The agreement deepens a partnership that began in 2021 and strengthens Palantir’s presence in heavy industry in South Korea. The companies held a signing ceremony during the World Economic Forum in Davos, where Palantir set up temporary offices. While Palantir declined to disclose financial terms, the deal broadens earlier collaboration into an enterprise-wide arrangement.

Palantir’s software integrates data from across operations and uses automation and artificial intelligence to guide decision-making. With HD Hyundai, the technology has been applied to shipbuilding, construction equipment and energy-related operations. The companies have said HD Hyundai is now building ships around 30% faster by using Palantir tools to better manage materials, machinery, planning and schedules.

Palantir chief executive Alex Karp said he is “very bullish” on South Korea, calling it an innovative and dynamic market. He added that while Palantir remains primarily focused on the United States, Korea stands out as a key international opportunity as global demand for the company’s software continues to grow.

C3 AI Reportedly Exploring Sale After Founder-CEO Thomas Siebel Steps Down

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C3 AI, a California-based enterprise artificial intelligence software company, is reportedly exploring a potential sale following the recent departure of its founder and long-time CEO Thomas Siebel due to health concerns, according to sources familiar with the matter.

The process is said to be in its early stages, with C3 AI also considering other strategic options, including raising private capital, the sources told Reuters. The company, headquartered in Redwood City, provides a platform used by clients such as Shell and the U.S. Air Force to build and operate large-scale AI applications. Its software is widely used across energy, manufacturing, and government sectors, positioning it as a smaller competitor to Palantir Technologies.

C3 AI currently has a market value of around $2.15 billion, but its shares have dropped over 54% this year amid financial struggles and uncertainty surrounding leadership changes.

In its most recent quarterly report, the company disclosed a net loss of $116.8 million (or $0.86 per share) for the fiscal quarter ending July 31, alongside a 19% revenue drop to $70.3 million. C3 AI also withdrew its full-year forecast in September, citing management transitions and a restructuring of its sales and service operations.

The company’s leadership transition saw Salesforce veteran Stephen Ehikian assume the CEO role on September 1, succeeding Siebel, who has moved to the position of executive chairman after revealing an autoimmune disease causing severe visual impairment.

Siebel, a renowned Silicon Valley entrepreneur, is best known for founding Siebel Systems, which he sold to Oracle in 2005 for $5.85 billion.

C3 AI’s board includes several prominent figures, such as former U.S. Secretary of State Condoleezza Rice, Fortune CEO Alan Murray, and former Apple general counsel Bruce Sewell.