Palantir Stock Is Hitting 52-Week Highs: What's Going On?

Palantir Technologies Inc PLTR shares are trading higher Monday, adding to gains of more than 95% over the last three months. Here's a look at what's been driving the action.

What Happened: Palantir stock is up nearly 175% year-to-date alongside several other AI-related names that have rallied significantly since the start of the year.

Optimism surrounding the future of AI surged this year after OpenAI's ChatGPT took the world by storm. Several companies are now racing to implement AI into their workflows. 

Nvidia also showed that it has been seeing outsized demand for its AI chips last quarter when the chipmaker guided for second-quarter revenue of $11 billion, plus or minus 2%, which was well above even the highest analyst forecasts.

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. 

Palantir held its first ever AIPCon at the start of June and CEO Alex Karp reiterated that the company has been seeing unprecedented demand for its AI products in recent months.

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 been highlighting. 

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PLTR Price Action: Palantir shares are making new 52-week highs on Monday.

The stock was up 6.51% at $17.47 at the time of writing, according to Benzinga Pro.

Photo: Cory Doctorow from Flickr.