Palantir Technologies Inc (NYSE:PLTR) shares are trading higher Tuesday, adding to gains of nearly 90% over the last three months.
What To Know: The rally in Palantir shares accelerated in May after the company reported better-than-expected quarterly results and guided for continued profitability in each quarter of 2023, noting that it has been seeing strong demand for its new AI platform.
Several AI-related stocks have rallied significantly since the start of the year. Palantir shares are up more than 150% year-to-date and the stock has seen increased investor attention over that time.
It was among the top trending tickers on Stocktwits at last check and Palantir was among the most searched tickers on Benzinga Pro last month and during the second quarter.
See Also: EXCLUSIVE: Top 10 Most-Searched Tickers On Benzinga Pro In Q2 — Tesla, Nvidia, C3.ai, Meta Platforms, Microsoft And More
Palantir held its first ever AIPCon at the start of June. CEO Alex Karp reiterated that the company has been seeing unprecedented demand for its AI products in recent months. To put the demand in perspective, he said Palantir has received as many calls in one month as it previously received in a year.
It’s estimated that Palantir will report second-quarter earnings sometime in early August, per Benzinga Pro. Investors will be looking for the financials to reflect the increased AI demand the company has highlighted in recent months.
PLTR Price Action: Palantir shares were up 2.02% at $16.64 at the time of publication, according to Benzinga Pro.
Photo: Cory Doctorow from Flickr.
