New York, June 2, 2026, 06:02 EDT
- Palantir ended Monday at $160.65, rising 2.63%. Early premarket quotes had the stock near $155.24.
- Nasdaq plans to run its normal 9:30 a.m. to 4 p.m. Eastern session. June 2 doesn’t appear on the 2026 U.S. market holiday list.
- Software stocks moved up after gains linked to Snowflake and Dell. But worries about valuation and competition still weigh on the sector.
Palantir Technologies Inc. shares slipped in early trading Tuesday, easing after a rally that had brought the AI software stock back into the spotlight. The stock ended Monday at $160.65, up 2.63%. MarketScreener listed a premarket price of $155.24 at 6:02 a.m. EDT, down 3.37%.
Software stocks are back in focus as investors come off a period of worry that new generative artificial intelligence—AI that can produce text, code, and analysis from prompts—might hurt demand for older business software models. Palantir, with its AI and data-analysis software for governments and companies, sits at the center of this change. The company’s growth is quick, but its stock price already bakes in a lot.
Nasdaq says Tuesday is a regular trading day, with normal hours from 9:30 a.m. to 4 p.m. Eastern and premarket running 4 a.m. to 9:30 a.m. Premarket trading happens before the main session and can see more volatility as there are typically fewer shares changing hands.
Software stocks rallied again Monday, with Palantir up, according to Investor’s Business Daily. The sector got another boost after strong showings from Snowflake and Dell Technologies. Investors have looked to these two as barometers for demand in data platforms, AI servers and business tech spending.
Palantir’s numbers put bulls in the driver’s seat. First-quarter revenue jumped 85% to $1.633 billion, the company said. Revenue out of the U.S. surged 104% to $1.282 billion. U.S. commercial revenue climbed 133%. U.S. government revenue was up 84%.
The company lifted its full-year 2026 revenue forecast to between $7.650 billion and $7.662 billion. For the second quarter, it now sees revenue at $1.797 billion to $1.801 billion. Adjusted earnings per share came to 33 cents.
Palantir CEO Alex Karp put the focus on U.S. demand, writing in a shareholder letter, “The United States remains the center, the constant core, of our business,” according to Reuters. CFO David Glazer said expenses will go up in 2026 as Palantir puts more money into products and tech employees. Reuters
Wall Street is still divided. MarketScreener’s logs show Citi and Rosenblatt bumped their targets to $225 after the latest numbers, but DA Davidson took its target down to $165, and HSBC lowered its rating to Hold with a $151 target. HSBC’s Stephen Bersey pointed to new competitive risks to Palantir’s model when making the downgrade, according to TradingView.
But there’s a catch for the trade. Palantir carries a growth premium, while both rivals and customers are stepping up their AI push. Government contracts attract political and data-security questions. In the UK, the Guardian reported more criticism of Palantir’s work in government systems spanning NHS, police and regulators. The story shows that government spending can stir controversy, not just sales.
Next signal hits after the bell. If buyers keep the stock around Monday’s close even with the early drop, traders will take that as another sign the software bounce can go on. If morning weakness gets worse, Palantir could again be where investors decide how much they want in on AI growth.
