Stock Market Update

[BRIEFING.COM] The major averages are steadily charting session highs at midday.

Palantir Technologies (PLTR 158.65, +33.00, +26.26%) remains the top performing S&P 500 component after its Q2 results significantly exceeded expectations. Adjusted EPS of $0.41 was nicely above, while revenue surged 93% year-over-year to $1.94 billion, its highest growth ever and roughly $136 million above the midpoint of its guidance. The stock continues to accelerate, fueled by its U.S. business, where revenue increased 115% year-over-year, 23% sequentially, to $1.57 billion. U.S. government revenue rose 90% year-over-year to $809 million, while U.S. commercial revenue jumped 149% to $764 million. Demand and customer expansion indicators were also strong. U.S. commercial TCV bookings reached a record $2.13 billion, up 153% yr and 81% sequentially; net dollar retention increased to 157%, and RPO more than doubled to $4.9 billion. The strength across commercial and government customers reflects broader adoption of Palantir's platform to operationalize AI. AIP connects models with proprietary data, security, and workflows, enabling customers to retain control over their data, logic, and actions as AI moves into core operations.

Palantir raised its FY26 revenue guidance by nearly $500 million to $8.15-$8.16 billion and now expects U.S. commercial revenue to exceed $3.42 billion, representing at least 134% growth. Q3 revenue guidance of $2.160-$2.164 billion implies a roughly 12% sequential increase.