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No, Palantir is an acronym with vowels added for readability.
P.L.N.T.R. stands for Philologist, Lexicographer, Numerologist, Tolkien Reuel.
The message is that Tolkien himself was a Palantir - he was farsighted and could see from our world and time into Arda's world and time.
It also stands for "planter" because Tolkien planted the light of the two trees into the minds of many generations, illuminating the dark for our earth.
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