New York, February 9, 2026, 10:11 ET — Regular session
Palantir Technologies Inc shares rose about 2.8% to $139.71 in morning trade on Monday, after swinging between $134.81 and $140.69 earlier in the session.
The move matters because Palantir sits in the cross-currents of a bigger argument that is now moving prices: whether new AI tools lift software demand, or squeeze the old business model.
A new legal tool built on Anthropic’s Claude large language model — a type of text-based AI system — helped spark last week’s global selloff in software, and traders have not relaxed much since, Reuters reported. The software and services group has lagged the S&P 500 by nearly 24 percentage points over the past three months, while options markets still point to sharp swings, with 30-day implied volatility for the iShares Expanded Tech-Software Sector ETF around 41% — implied volatility is a gauge of expected price moves.
The software-focused IGV ETF was up about 1.1% in morning trade, while Nvidia gained about 3.1% and Oracle jumped nearly 10%.
Palantir last week forecast 2026 revenue of $7.18 billion to $7.20 billion and first-quarter sales of $1.53 billion to $1.54 billion, after fourth-quarter sales climbed to $1.41 billion on a 66% jump in U.S. government revenue to $570 million, Reuters reported. The stock’s 12-month-forward price-to-earnings ratio was about 140 at the time — a valuation measure based on expected profit — and “valuation question marks won’t disappear,” said Zavier Wong, an analyst at eToro. CEO Alex Karp said the company was “supporting in a critical manner” some U.S. government operations, without specifying which. Reuters
But this is still a shaky tape. If investors decide AI will hollow out parts of enterprise software, or if rate fears flare up again, high-multiple names can get sold first and questions asked later.
For company watchers, Palantir’s next earnings release is expected on May 4, according to Zacks.
The nearer test comes Friday, when the U.S. jobs report for January and the January consumer price index are both due at 8:30 a.m. ET — data that can quickly reset rate bets and, in turn, the appetite for pricey growth stocks.
