New York, June 4, 2026, 14:04 (EDT)
Palantir Technologies shares slipped Thursday, reversing an earlier gain. The data software company had rallied after news at its AIPCon customer event, where Palantir announced a bigger Google Cloud partnership and multiple new commercial deals.
The stock traded at $140.89 in the latest quote, off 0.9%. It started the session at $145.63 and touched $146.81 at its peak. That left it underperforming the SPDR S&P 500 ETF, which gained 0.4%. The Invesco QQQ Trust, which tracks the Nasdaq-100, was down 0.3%.
Palantir’s promise on Wall Street is still about whether its Artificial Intelligence Platform, or AIP, can break out of defense and government and catch on in the corporate world. AIP links company data with AI tools and business decisions. That’s a key pitch for the stock.
Palantir said its products will launch on Google Cloud Marketplace as part of a deal with Google. The companies plan to integrate Google’s BigQuery data warehouse and Gemini AI model with Palantir’s Foundry and AIP software. The deal includes data federation, which allows customers to work with data stored in different systems without shifting everything to a single location.
Google Cloud’s Satish Thomas, VP for applied AI and platform ecosystem, said working with Palantir will help move “raw data into AI-driven insights” for “high-stakes workflows.” Palantir chief architect Akshay Krishnaswamy said customers are asking for “holistic architectures” that tie Google’s data tools with Palantir’s operating software. Business Wire
Palantir is showing off new customers to investors. The company said its AIPCon 10 event will have demos from Kirkland & Ellis, McCarthy Building, the U.S. Department of Agriculture, Hertz, Nscale, Accenture, Parts Town and more.
Kirkland & Ellis and Palantir have rolled out a proprietary private-equity fundraising platform, building on their multiyear partnership. Kirkland partner Erica Berthou, who sits on the firm’s global executive committee, said private-equity fundraising is now “significantly more complex.” Palantir Chief Legal Officer Ryan Taylor called Kirkland a leader in defining the “next generation of professional services.” Business Wire
McCarthy Building said it’s teaming up with Palantir on a multiyear, multimillion-dollar deal to build an AI operating system for construction workflows. Justin McFarland, chief digital officer at McCarthy, called Palantir’s engineering “exceptional.” Palantir’s Tristan Gruska said the collaboration covers everything from design to execution on site. Business Wire
Palantir is stepping up its commercial plans after posting a solid first quarter last month. The company lifted its 2026 revenue outlook to a range of $7.65 billion to $7.66 billion. Revenue for the first quarter jumped 85% to $1.63 billion. U.S. government revenue climbed 84%, while U.S. commercial revenue surged 133%, according to Reuters.
Software shares have seen choppy trading. A Reuters piece said Wednesday that investors were returning to software stocks after selling off hard, with renewed optimism that AI could help the space instead of just upending it. The article also pointed to Snowflake and MongoDB earnings as a lift for sentiment, while Microsoft was flagged as a big software name still seen as a winner from AI.
Still, there are plenty of risks. Palantir’s stock is volatile around valuation questions, government contract reviews and whether companies will choose its AI platform or go for less expensive options from model companies and cloud sellers. Political scrutiny is also rising. On Wednesday, UK lawmakers pressed the government to drop its National Health Service deal with Palantir, citing worries about depending on a U.S. data firm. Palantir’s UK chief Louis Mosley accused the committee of putting “politics” over services. MarketScreener
Shareholder pressure is still there. Palantir investors rejected two human-rights resolutions at the company’s annual meeting Wednesday, according to Barron’s. The proposals called for independent reviews of risks from government contracts, but Barron’s noted passage was unlikely given Palantir’s insider-controlled share setup.
For traders, the next thing to watch is whether Google Cloud deals and new customers turn into solid revenue for Palantir. They want to see growth hold up without Palantir having to ramp up spending to keep pace with what the market has priced in.
