Palantir shares surge, could close at record high
It’s up more than 65% this year and is the second-best performer in the S&P 500, behind NRG Energy.
Palantir is posting one of the best gains in the S&P 500 on Tuesday, with the shares flirting with $129 at last glance, putting the stock on track for its first new high since February 18, just before the market took a header.
There was little fundamental news to credit for the increase, though CEO Alex Karp is slated to participate in a lunch at the Saudi Royal Court, organized as part of President Trump’s visit to the oil-rich state.
Palantir has been seen as a key “Trump trade” stock, one of a number of stocks seen as a having political, ideological, or financial ties to Trump that have surged since his election last year.
Karp’s presence is also a symbolic acknowledgement of Palantir’s emergence as a major player in the American business world. Other CEOs expected to attend the lunch include Tesla’s Elon Musk and Nvidia’s Jensen Huang.
The company, which is a favorite of retail traders, is arguably the most highly valued — or, depending on your view, overvalued — stock in the S&P 500. Its price-to-expected-2025-earnings ratio of nearly 220x is by far the top in the S&P 500.
