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Why Is Palantir (PLTR) Stock Up 8% Today?


  • Palantir (PLTR) stock is joining the artificial intelligence (AI) rally on Tuesday!
  • This continues a rally that the company’s stock underwent last week.
  • This movement comes as news from Nvidia (NVDA) continues to lift shares higher.
PLTR Stock - Why Is Palantir (PLTR) Stock Up 8% Today?

Source: Spyro the Dragon / Shutterstock.com

Palantir (NYSE:PLTR) stock is on the rise Tuesday as the company’s shares pick up where they left off on a Friday rally!

Palantir is among the companies that have been rallying lately due to artificial intelligence (AI) news. The company is making its own strides with AI recently, but PLTR stock isn’t climbing higher just because of those actions.

Instead, traders can look to Nvidia (NASDAQ:NVDA) as the reason behind the recent AI rally. Nvidia released earnings last week, exciting investors by speaking about a positive outlook for AI. Additionally, the company announced more products connected to AI today. All of this news has continued to fuel the recent rally.

When Will the PLTR Stock Rally End?

The rally in AI stocks could continue this week, as there are potential positive catalysts on the way. That includes C3.ai (NYSE:AI) preparing to release its latest earnings report tomorrow. If the firm’s results are positive, investors will likely see AI stocks continue to climb higher in sympathy.

As for PLTR stock, shares are also experiencing incredibly heavy trading on Tuesday. As of this writing, more than 50 million shares have changed hands. That’s already above its daily average trading volume of about 47.8 million shares.

PLTR stock is up 7.5% as of Tuesday morning and up 130.4% since the shares of the year.

Investors looking for more of the most recent stock market news will want to keep reading!

InvestorPlace has all of the biggest stock market stories that traders need to know about on Tuesday! A few examples include the latest details concerning NVDA, ChargePoint (NYSE:CHPT) and Plug Power (NASDAQ:PLUG) stock today. You can catch up on all of this news with the following links!

More Tuesday Stock Market News

On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/05/why-is-palantir-pltr-stock-up-8-today/.

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