Palantir Stock Is On Fire This Week, Outpacing Broader Markets: What's Going On?

Palantir Technologies Inc PLTR shares are rising on Tuesday despite a pullback in broader markets. The stock appears to be moving on continued momentum after the company announced that NATO acquired one of its AI-powered military systems.

What Happened: Palantir shares surged on Monday after the company said in a social media post that it entered into a new partnership with NATO Allied Command Operations (ACO) to provide AI-enabled warfighting technology.

The company’s Maven Smart System is expected to empower warfighters to leverage AI in core military operations through a wide range of AI applications.

“It will enhance intelligence fusion and targeting, battlespace awareness and planning, and accelerated decision-making,” the company said.

“Palantir is proud to equip NATO with cutting edge, AI-enabled technology that will help to safeguard the peace and security of the West.”

Check This Out: Palantir Goes Bullish After NATO’s AI Buy: Is This The Future Of War, Wall Street?

Wedbush’s Dan Ives weighed in on Palantir following the announcement, noting that the company remains one of the firm’s “top names to own.”

He called it a “major win” for Palantir that further validates the company’s technology. Ives also said that Palantir continues to generate “unprecedented” traction for its entire portfolio of products across both government and commercial markets.

Palantir also scheduled its upcoming earnings report this week. The company is now set to report first-quarter earnings after the market close on May 5. Analysts currently expect Palantir to report earnings of 13 cents per share and revenue of $863.94 million, per Benzinga Pro estimates.

Last quarter, shares jumped to new all-time highs after Palantir smashed earnings estimates driven by strong U.S. revenue growth of 52% year-over-year.

Palantir's customer count grew 43% year-over-year after closing 129 deals worth over $1 million during the quarter and 58 deals worth at least $5 million.

"We are still in the earliest stages, the beginning of the first act, of a revolution that will play out over years and decades," Palantir CEO Alex Karp said in a letter to shareholders in January.

PLTR Price Action: Palantir shares are up close to 29% year-to-date, and have rallied nearly 25% over the past five trading sessions. At publication time on Tuesday, the stock was trading at $98.63, last up about 6.48%, according to Benzinga Pro.

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