Shares of Palantir Technologies Inc. (NASDAQ:PLTR) rallied nearly 25% during Tuesday morning trading, putting the AI software company on track for its strongest session since February 2024.
The rally followed another blowout quarter. Palantir reported second-quarter revenue of $1.94 billion, above Wall Street expectations of roughly $1.80 billion, while adjusted earnings per share reached $0.41 versus $0.35 expected. U.S. commercial revenue jumped 149% year over year to $764 million.
The bigger signal: Palantir raised its full-year revenue outlook, reinforcing that its AI demand boom is still accelerating.
Only nine sessions since Palantir’s 2020 market debut have topped 20%.
QUICK CONTEXT: Palantir CEO Discusses AI Market Shift
During the August 3, 2026 earnings call, CEO Alex Karp focused on broader industry dynamics, noting that organizations globally are increasingly recognizing the risks of ceding institutional control to external language model creators.
Karp explained that companies are looking to maintain control over their proprietary data and workflows rather than handing over operational oversight to third-party tech providers.
He also set an internal target to sustain business expansion at or above current domestic commercial paces over the next eighteen months.
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