Palantir Technologies Inc. (PLTR) is having a moment. Shares of the AI software company rallied nearly 25% during Tuesday morning trading, putting the stock on track for its strongest session since February 2024. That's not just a good day; it's a statement.
The surge came after another blowout quarter. Palantir reported second-quarter revenue of $1.94 billion, comfortably above Wall Street's expectation of roughly $1.80 billion. Adjusted earnings per share hit $0.41, beating the $0.35 analysts had penciled in. But the real headline was U.S. commercial revenue, which jumped 149% year-over-year to $764 million. That's the kind of growth that makes people sit up and take notice.
The bigger signal, though, was the guidance. Palantir raised its full-year revenue outlook by roughly $500 million, a clear sign that the AI demand boom isn't slowing down. In fact, it's accelerating. For a company that's already been a Wall Street darling, this is the kind of news that can send shares into orbit.
To put Tuesday's move in perspective: only nine sessions since Palantir's 2020 market debut have seen gains of more than 20%. This is rare air, even for a stock that's used to volatility. Whether the momentum holds remains to be seen, but for now, Palantir is riding high on a wave of AI-fueled optimism.
