Palantir Technologies Inc. saw its shares rise approximately 3.6% in quiet premarket trading on Monday, extending a recent rally that has pushed the stock up nearly 17% over the past two sessions. The move comes as investor enthusiasm for artificial intelligence continues to buoy software names, following strong earnings reports from Dell Technologies and Snowflake last week.
As of 7:45 a.m. EDT, Palantir shares were trading at $162.14, adding to Friday's close of $156.54, which itself was up 9.21%. The premarket activity occurred ahead of regular Nasdaq hours, which run from 9:30 a.m. to 4:00 p.m. Eastern. Monday is not a Nasdaq market holiday in 2026, and trading volumes were relatively light.
No new corporate filings or announcements from Palantir were released over the weekend, but the stock continues to benefit from a broader AI-driven rally. Strong results from Dell and Snowflake last week have alleviated some recent concerns that AI demand could weigh on software stocks. Investor's Business Daily noted that Palantir was up more than 3% in premarket, adding to its two-day surge.
Nasdaq 100 futures gained 0.32% early Monday, with Nvidia and Microsoft moving higher, offsetting geopolitical concerns related to U.S.-Iran tensions and rising oil prices. Nvidia CEO Jensen Huang told Reuters that the company's new chip initiative with Microsoft aims to "reinvent the PC" for AI, further boosting sentiment.
Palantir's bullish narrative remains anchored in its financial outlook. In May, the company raised its 2026 revenue target to a range of $7.65 billion to $7.66 billion, up from a prior forecast of $7.18 billion to $7.20 billion. This followed an 85% surge in first-quarter revenue to $1.63 billion. CEO Alex Karp stated in a shareholder letter that "the United States remains the center, the constant core, of our business. And that business is erupting."
Dell's results reinforced that story. The company reported first-quarter revenue jumped 88% to $43.8 billion, with AI server revenue soaring 757% to $16.1 billion. COO Jeff Clarke commented, "The AI opportunity shows no signs of slowing." Dell now expects its fiscal 2027 AI server revenue to reach approximately $60 billion. This is significant for Palantir, as the two companies jointly announced in May a new on-premise AI operating system, combining Palantir's Foundry and Ontology platforms with Dell's AI Factory powered by Nvidia hardware.
Snowflake also provided a positive read-across for Palantir. The cloud-data firm raised its fiscal 2027 product revenue forecast and secured a $6 billion, five-year deal with Amazon Web Services. Gil Luria, managing director at D.A. Davidson, called the Amazon deal "another element to the growth path for Snowflake." CEO Sridhar Ramaswamy noted a "meaningful uplift from AI capabilities."
However, the competitive landscape remains uncertain. While Snowflake's results boosted Palantir and other software names like ServiceNow and Salesforce, the AI push that brings new business to Palantir also attracts competitors. Data and model vendors building enterprise products are among the rivals vying for customer spending.
Monday's rally appears to be driven by borrowed momentum from peers rather than company-specific news. The move hinges on investors linking Dell's server demand and Snowflake's data growth to Palantir's AI potential. If AI budgets decline, government demand falters, or the broader software market cools, Palantir could quickly give back the gains seen in late May.
