Palantir Hits Record High as Tariff Relief Boosts AI Stocks

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Samiat

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Nov 12, 2024
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Palantir Hits Record High as Tariff Relief Boosts AI Stocks​

Key Points:

  • Palantir (PLTR) closed at a record high, fueled by optimism over reduced U.S.-China tariffs.
  • The stock gained 8% Tuesday, recovering from losses after last week’s earnings release.
  • Palantir is up over 70% year-to-date and has surged more than 500% in the past year.
Palantir shares soared 8% on Tuesday to close just above $128, marking both an intraday and closing record. The rally comes as investor sentiment improves following a U.S.-China agreement to ease tariffs for the next 90 days, which sparked gains across tech and AI stocks. The Nasdaq Composite rose 1.6% on the day.

The rebound helped erase losses from last week, when Palantir dropped 12% despite posting better-than-expected earnings and raising its full-year guidance. While results were strong, they fell short of some investors’ high expectations.

Palantir's meteoric rise continues in 2025, with the stock now up over 70% year-to-date and more than 500% from a year ago.

On Monday, Bank of America called Palantir a “market definer” in AI, citing its recent NATO contract win as proof of its competitive edge—even as European pressure mounted to source locally. The firm set a $150 price target, well above the current analyst consensus of around $95.
 
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