New York, June 1, 2026, 08:02 EDT
Palantir Technologies climbed around 3.6% in quiet pre-market trade Monday, pushing its recent rally further as AI-related software names found buyers again. Shares traded at $162.14 as of 7:45 a.m. EDT. Palantir closed up 9.21% Friday at $156.54, after gaining 8.17% Thursday to $143.34.
The move took place before the regular Nasdaq hours, which are 9:30 a.m. to 4 p.m. Eastern. Pre-market trading often sees prices shift on lower volume. Monday wasn’t on Nasdaq’s list of 2026 U.S. market holidays.
Palantir did not issue any new filings, but the name has kept climbing as investors stay focused on artificial intelligence. Better results last week from Dell Technologies and Snowflake took the edge off recent fears that AI demand could weigh on software stocks. Investor’s Business Daily said Monday that Palantir was up more than 3% in premarket trade, adding to a nearly 17% gain over two sessions as the move in software names continued after earnings news from Snowflake and Dell.
Nasdaq 100 futures gained 0.32% early Monday, as Nvidia and Microsoft moved higher, offsetting concerns about U.S.-Iran friction and climbing oil prices. The broader market was also firmer. Nvidia CEO Jensen Huang told Reuters the new chip effort tied to Microsoft was to “reinvent the PC” for AI. Reuters
Palantir bulls are sticking with the numbers. The company bumped its 2026 revenue target in May, moving it to $7.65 billion to $7.66 billion, up from $7.18 billion to $7.20 billion. That lift followed an 85% jump in first-quarter revenue to $1.63 billion. “The United States remains the center, the constant core, of our business. And that business is erupting,” CEO Alex Karp wrote in a shareholder letter, according to Reuters. Reuters
Dell is backing that story. The company reported last week its first-quarter revenue jumped 88% to $43.8 billion, with AI server revenue up 757% at $16.1 billion. “The AI opportunity shows no signs of slowing,” COO Jeff Clarke said. Dell now sees its fiscal 2027 AI server revenue target at around $60 billion. Business Wire
That matters for Palantir after it and Dell said in May they would offer an on-prem AI operating system. The product is built for customers that need to keep AI workloads in-house instead of on public cloud, like defense, banks and health firms. Dell said the system combines Palantir’s Foundry and Ontology platforms with Dell AI Factory using Nvidia gear.
Snowflake gave investors another sign from the peer group. The cloud-data firm lifted its forecast for fiscal 2027 product revenue and inked a $6 billion, five-year deal with Amazon Web Services. Gil Luria, managing director at D.A. Davidson, called the Amazon deal “another element to the growth path for Snowflake.” CEO Sridhar Ramaswamy pointed to a “meaningful uplift from AI capabilities.” Reuters
Competitive setup is still unclear. Snowflake’s numbers gave Palantir a lift, as spending on data platforms is holding up. ServiceNow and Salesforce also got a boost along with the broader software group. But the AI push that brings new money to Palantir is also pulling some customers to competitors. Data and model vendors building enterprise products are among those rivals.
Palantir’s Monday rally looks like it’s running on borrowed news. The company didn’t put out new guidance over the weekend. The move hinges on investors linking Dell’s server demand and Snowflake’s data growth to Palantir’s AI potential. If AI budgets drop, government demand lags, or the market cools on software names, Palantir could lose ground and see the gains from late May fade fast.
