Palantir stock posts best week since 2024 as AI demand rises

Palantir Technologies just reminded Wall Street why betting against AI demand was a bad idea. The company’s second-quarter 2026 earnings landed like a grenade in the market, with revenue hitting $1.94 billion, a 93% jump from the same period last year. Shares surged nearly 30% on August 4, marking the stock’s best single-day performance since February 2024. CEO Alex Karp called the results “otherworldly.” But in this case, the numbers back up the hyperbole. The numbers behind the hype The star of the show was US commercial revenue, which exploded 149% year-over-year to $764 million. That’s the segment where Palantir sells its AI tools to private companies rather than government agencies, and it’s been the company’s growth engine for the past several quarters. Total US revenue climbed 115% to $1.57 billion, suggesting that government contracts, long the company’s bread and butter, are still pulling their weight even as the commercial side sprints ahead. Palantir closed 220 deals worth $1 million or more during the quarter. Management responded by jacking up the full-year 2026 revenue guidance to between $8.15 billion and $8.16 billion. That implies roughly 82% growth for the year. T...