NEW YORK, June 7, 2026, 17:05 (EDT)
Palantir Technologies Inc. shares slipped 4.35% on Friday to close at $135.53, as the Nasdaq finished up trading for the week. The stock lost 13.42% in the past five sessions and is down 23.75% year to date. Investors took in the latest artificial intelligence deal news while software stocks with higher price tags saw renewed selling.
Palantir is in focus after working this week to push its Artificial Intelligence Platform, or AIP, further into big clients. At its AIPCon 10 event on June 4, Palantir rolled out demos from customers like Kirkland & Ellis, McCarthy Building, the U.S. Department of Agriculture, Hertz, Nscale, Accenture, and Parts Town.
Equities came under pressure last week, Barron’s reported, as the Nasdaq slid 4.7% and the S&P 500 dropped 2.6%. Investors are looking ahead to U.S. inflation reports: the Consumer Price Index lands Wednesday, followed by the Producer Price Index Thursday.
Palantir’s headline news was the new Google Cloud partnership. In a release, the company said Palantir will be listed on Google Cloud Marketplace, with two-way integrations between Google’s BigQuery warehouse and Palantir Foundry. It also plans tighter links between Gemini and AIP. Satish Thomas, Google Cloud’s vice president for applied AI and platform ecosystem, said the deal helps turn “raw data into AI-driven insights.” Business Wire
Kirkland & Ellis grew its relationship with Palantir, rolling out a new proprietary AI platform aimed at private-equity fundraising. “Private-equity fundraising has become significantly more complex,” said Erica Berthou, Kirkland partner and global executive committee member. Ryan Taylor, Palantir’s chief legal officer, said the two firms are “disrupting the global fundraising market.” Business Wire
McCarthy Building has struck a multi-year, multi-million-dollar deal to roll out AIP across both office and field operations. “Palantir is the premier platform on the market,” said Justin McFarland, chief digital officer at McCarthy. Palantir’s Tristan Gruska said the builder was putting its AI operating system to work “from design through job site execution.” Business Wire
Palantir is stepping up its commercial push after a big first quarter. The company said in May that revenue jumped 85% from a year ago, with U.S. revenue up 104%. Palantir also hiked its 2026 revenue target to suggest 71% yearly growth and raised its U.S. commercial guidance to 120% growth.
Even so, the stock keeps trading like there’s not much risk. Palantir is showing a market cap around $348 billion and a P/E ratio close to 152, according to market data. That ratio, which measures share price over profit per share, is a basic check on valuation.
Analysts disagree about Palantir. Some like the growth prospects, others flag the price. Oppenheimer’s Param Singh said in April that Palantir’s high valuation “remains a concern,” but said the company was building a strong position in AI deployment for government and business, citing its ontology-based system—a digital map linking data to operations. Investors.com
Competition is in focus. Palantir’s tie-up with Google Cloud brings it nearer Alphabet’s cloud tech and Gemini. Investors are still weighing its AI business against players like OpenAI and Anthropic. Investor’s Business Daily reported analysts called out valuation and rising competitive pressure after Palantir’s latest numbers.
But the risks for Palantir are there: if inflation data sends yields higher again, stocks like Palantir with high multiples could keep sliding. If the AIPCon customer deals don’t show up in revenue soon, Friday’s losses may not be the full reset. Scrutiny around governance and contracts is also in play, since shareholders rejected calls for human-rights reports related to government work. Barron’s pointed out that insiders hold the voting power, so the proposals were always a long shot.
Looking to next week, the stock faces its first hurdle when Nasdaq trading picks up again Monday. Investors want to see if the deals with Google, legal-services, and construction can help the stock in a market that’s getting picky about which AI plays still count as winners.
