New York, May 16, 2026, 07:35 EDT
- Palantir closed at $133.99 on Friday, rising 0.2%. The stock was lower for the week, giving back gains after a midweek selloff.
- Nasdaq is shut for the weekend. U.S. markets reopen Monday, May 18.
- Traders head into the open watching AI demand, valuation risk, and what’s next from Nvidia’s results.
Palantir Technologies edged higher for the week, recovering after several sessions of losses on concerns over AI stock valuations. Investors head into Monday with a more stable setup.
The stock ended Friday at $133.99, up 0.19%. Shares traded from $132.29 to $135.64. For the week, shares dropped 2.8% after closing at $137.80 on May 8. The stock saw its biggest slide Wednesday, falling 4.37%.
U.S. stock markets are closed for the weekend, but it’s not a holiday. Nasdaq holds to its standard hours of 9:30 a.m. to 4 p.m. Eastern, Monday through Friday. The next planned closure in 2026 is Memorial Day, May 25.
S&P 500 fell 1.2% Friday, while the Dow lost 1.1%. The Nasdaq Composite slid 1.5% as tech and AI stocks retreated after a strong stretch. The Nasdaq was down 0.1% for the week, the Associated Press said.
Palantir held up better than chip names Friday. Nvidia lost 4.4%. Advanced Micro Devices ended down 5.7%. Snowflake, though, rose 4.5%. Traders often watch Snowflake as an AI software peer.
Palantir is chasing more growth. First-quarter revenue came in at $1.63 billion, up 85% from a year ago. The company bumped up its 2026 revenue goal to a range of $7.65 billion to $7.66 billion due to rising demand for its Artificial Intelligence Platform, which lets users work with AI on their own data. CEO Alex Karp said the U.S. business is “erupting.” Investopedia
The update didn’t stop the drop. Traders still treat Palantir as an enterprise AI proxy, not a normal software play. Any growth has to justify the stock’s pricey multiple. Palantir’s price-earnings ratio hovered near 150 in the latest data.
AI stocks saw some caution late this week. Danni Hewson at AJ Bell said there’s “a lot riding on” U.S.-China talks about AI chip sales, with Nvidia’s earnings up next week. Investopedia
Thursday’s rally shifted the debate. Robert Pavlik, senior portfolio manager at Dakota Wealth, told Reuters investors are now asking how long the rally will last. “You have to be in it to win it,” Pavlik said. Michael Monaghan at Founder ETFs said the U.S.-China talks are “very high stakes.” Reuters
Palantir is keeping its focus on government and defense. Reuters reported Tuesday that CEO Alex Karp met with Ukrainian President Volodymyr Zelenskiy, while Ukraine steps up its AI efforts in the war with Russia. Defence Minister Mykhailo Fedorov said tech, AI and data analysis have a “direct impact” on results at the front. Reuters
Market risk for Palantir is that investors may shift focus from future growth to worries about valuation. Higher bond yields or weak numbers from Nvidia could send Palantir back toward last week’s $128.75 low. Breaking below that level would weigh on the chart short term. Bulls need a move above the $136-$138 level to show buyers are holding the post-earnings range.
Palantir outpaced the Nasdaq on Friday, but shares still couldn’t break above last week’s close and are locked in a range, trading below that level. Monday’s tone stays cautious, not bearish. Buyers now need to defend $132 early as the market tests just how long AI software stocks keep their premium.
