New York, February 9, 2026, 10:11 ET — Regular session
Palantir Technologies Inc shares rose about 2.8% to $139.71 in morning trade on Monday, after swinging between $134.81 and $140.69 earlier in the session.
The move matters because Palantir sits in the cross-currents of a bigger argument that is now moving prices: whether new AI tools lift software demand, or squeeze the old business model.
A new legal tool built on Anthropic’s Claude large language model — a type of text-based AI system — helped spark last week’s global selloff in software, and traders have not relaxed much since, Reuters reported. The software and services group has lagged the S&P 500 by nearly 24 percentage points over the past three months, while options markets still point to sharp swings, with 30-day implied volatility for the iShares Expanded Tech-Software Sector ETF around 41% — implied volatility is a gauge of expected price moves. 1
The software-focused IGV ETF was up about 1.1% in morning trade, while Nvidia gained about 3.1% and Oracle jumped nearly 10%.
Palantir last week forecast 2026 revenue of $7.18 billion to $7.20 billion and first-quarter sales of $1.53 billion to $1.54 billion, after fourth-quarter sales climbed to $1.41 billion on a 66% jump in U.S. government revenue to $570 million, Reuters reported. The stock’s 12-month-forward price-to-earnings ratio was about 140 at the time — a valuation measure based on expected profit — and “valuation question marks won’t disappear,” said Zavier Wong, an analyst at eToro. CEO Alex Karp said the company was “supporting in a critical manner” some U.S. government operations, without specifying which. 2
But this is still a shaky tape. If investors decide AI will hollow out parts of enterprise software, or if rate fears flare up again, high-multiple names can get sold first and questions asked later.
For company watchers, Palantir’s next earnings release is expected on May 4, according to Zacks. 3
The nearer test comes Friday, when the U.S. jobs report for January and the January consumer price index are both due at 8:30 a.m. ET — data that can quickly reset rate bets and, in turn, the appetite for pricey growth stocks. 4
