Palantir Technologies Inc (PLTR) stock has been on a tear, climbing over 10% in the past week and reaching new 52-week highs. The stock’s surge can be attributed to a confluence of positive factors, including strong financial performance, new partnerships, and growing investor optimism.
The stock began its upward trajectory after the company reported better-than-expected second-quarter earnings. Palantir’s total revenue increased 27% year-over-year, driven by a significant jump in U.S. commercial revenue, which soared 55% year-over-year. The company also saw strong customer growth, adding 41% more customers year-over-year and 7% quarter-over-quarter. This robust financial performance led to analysts raising their price targets on the AI data stock, further fueling the stock’s upward momentum.
Palantir’s recent success can be attributed in part to its growing number of partnerships. The company recently announced a strategic alliance with Wendy’s Quality Supply Chain Co-op (QSCC) to accelerate digital transformation, AI adoption, and operational decision-making within the fast-food giant’s supply chain.
Moreover, Palantir has further solidified its partnership with Microsoft (MSFT), allowing the two companies to offer an integrated suite of cloud, AI, and analytics solutions to the U.S. Defense and Intelligence Community. This partnership will enable national security agencies to leverage Microsoft’s advanced Large Language Models (LLMs) via Azure OpenAI Service within Palantir’s AIP platform, enhancing the security and analytical capabilities of these agencies.
The stock’s positive momentum is also evident in its growing popularity on social media platforms. Palantir was recently chosen by Benzinga readers as the most likely non-Mag 7 AI stock to outperform in the coming year. The company also made an appearance on Benzinga’s “Stock Whisper” Index, indicating its potential for continued growth.
With its strong financial performance, growing partnerships, and positive investor sentiment, Palantir appears poised for further gains in the near future. The company’s AI data platform is gaining traction in both the commercial and government sectors, positioning it for continued growth and success.
