Palantir Technologies Inc. (NYSE: PLTR) stock saw a modest uptick in the extended trading Thursday as the Fed held interest rates steady and hinted at potential cuts later in the year. The shares also might have benefited from strong earnings posted by Micron.
Palantir (PLTR) and several other tech stocks rose in after-hours trading on Thursday amid the positive sentiment following the Fed’s decision to leave rates unchanged and signal potential rate cuts later this year. When interest rates are low, it becomes easier for companies to borrow money, potentially boosting their earnings and spurring economic growth.
Palantir stock received an additional boost from robust earnings reported by Micron, a leading semiconductor manufacturer. Micron beat analyst estimates in both revenue and profit, provided optimistic guidance, and emphasized the significant opportunity presented by artificial intelligence (AI) technologies.
Micron also noted strong demand for its AI servers, leading to price increases in memory and storage components.
Palantir is recognized as an early leader in the AI race and stands to benefit from the broader trend toward increased adoption of AI-driven solutions. PLTR stock has surged nearly 200% over the past year.
Palantir (NYSE: PLTR) Stock Price Action
PLTR stock dipped 0.33% to close at $24.49 on Thursday. The traders had exchanged hands with 36,823,543 (36.82 million) shares compared to the average daily trading volume of 71.23 million.
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