What Happened?

Shares of data analytics company Palantir Technologies (NASDAQ: PLTR) jumped 2.6% in the afternoon session after a series of positive developments, including a major new deal and an analyst upgrade, fueled investor optimism ahead of its earnings report. 

The company reportedly secured a significant deal with South Korea's Hyundai, estimated to be worth in the ballpark of “hundreds of millions.” Palantir also entered a collaboration for work on data centers across Europe, the Middle East, and Africa. Adding to the positive business news, the company received a stock upgrade from Citi. This string of good news built momentum for the company, which has historically seen its stock rise after reporting earnings that beat Wall Street's expectations.

After the initial pop the shares cooled down to $169.61, up 2.5% from previous close.

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What Is The Market Telling Us

Palantir Technologies’s shares are extremely volatile and have had 42 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 17 days ago when the stock gained 2.9% on the news that a broader market rally drove investor optimism in artificial intelligence and big tech stocks. 

The S&P 500, Dow Jones, and Nasdaq all pushed higher, approaching record levels set late last year. Much of the positive momentum was linked to the technology sector, with a particular focus on companies advancing artificial intelligence, a key theme at the annual CES trade show in Las Vegas. This continued a powerful trend from 2025, when AI-related developments were a primary catalyst for the market's bull run. The upbeat sentiment was further supported by hopes for easier monetary policy from the Federal Reserve following a weaker-than-expected US Services PMI reading.

Palantir Technologies is up 1% since the beginning of the year, but at $169.61 per share, it is still trading 18.1% below its 52-week high of $207.18 from November 2025. Investors who bought $1,000 worth of Palantir Technologies’s shares 5 years ago would now be looking at an investment worth $4,681.

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