Palantir has become the embodiment of every FDE’s envy: branded a 'contractor' for a decade and mocked relentlessly—yet its stock surged 29% in a single day.

On August 3, after U.S. market hours, Palantir released its Q2 2026 earnings report. CEO Alex Karp, speaking to CNBC, delivered a characteristically bold statement: “Forget consensus. To my knowledge, no company of our scale has ever grown at even half our pace.” The tone was audacious—but this time, it was hard to refute. In Q2 alone, Palantir generated $1.935 billion in revenue, up 93% year-on-year; U.S. commercial revenue reached $764 million, surging 149%; adjusted EPS came in at $0.41—17% above expectations; and the company raised its full-year revenue guidance from approximately $7.66 billion to $8.15 billion—an upward revision of nearly $500 million, roughly equivalent to the annual revenue of a mid-sized publicly traded SaaS company. The next day, its stock closed up 29.45%, at $162.66, adding roughly $90 billion to its market capitalization overnight—just shy of its all-time best single-day performance. Yet just weeks earlier, the situation had been the exact opposite: ahead of the earnings release, Palantir’s stock had fallen 29% year-to-date, while the Nasdaq Index rose 14% over the same period. In late June, its share price plunged to $106.37—nearly halved from its all-time high of $207.52 in November 2025. A stock dubbed an “AI faith play” had underperformed the broader market by over 40 percentage points during a year marked by strong AI-related momentum. Even more paradoxically, not a single quarter over those past nine months had missed earnings expectations. Including this latest report, Palantir has now exceeded analyst forecasts for nine consecutive quarters. Its revenue growth rate accelerated steadily—from around 20% at the end of 2023, to 48%, 63%, 70%, 85%, and finally 93%—each quarter faster than the last. Performance accelerated, yet the stock price nearly halved—both occurring simultaneously. So before explaining this surge, let’s first examine why it fell so sharply beforehand. Strong fundamentals—but bearish valuation The downturn began with symbolic timing. On November 3, 2025—the day Palantir reported its Q3 results—it hit an intraday all-time high of $207.52. Though both revenue and profit once again beat expectations, the stock reversed course that very day. The reason was widely understood: Palantir’s forward P/E ratio had briefly soared to 233x—the highest among major software stocks. Short sellers entered almost immediately. On November 4, Michael Burry—the real-life inspiration behind *The Big Short*—disclosed put options on Palantir with a notional value of approximately $912 million, alongside a separate short position in NVIDIA. Karp responded on CNBC the same day, calling the short bets on chips and Ontology “absurdly insane” (Ontology is Palantir’s core architecture, used to model enterprise assets—devices, orders, customers—and their interrelationships into a unified digital business framework). “He’s shorting the two companies that are literally taking all the money—that’s deeply bizarre.”

Financial news as of April 23, 2026

1. Tesla released its Q1 2026 financial results: revenue totaled $22.387 billion, up 16% year-on-year—the highest growth rate in three years; net income stood at $477 million; and free cash flow turned positive unexpectedly at $1.4 billion. 2. At its 2026 Google Cloud Next conference, Google unveiled its eighth-generation Tensor Processing Units (TPUs), comprising two variants: the TPU 8t, optimized for training, and the TPU 8i, designed for inference—both delivering an 80% improvement in cost-performance ratio. 3. TSMC’s Co-CEO stated the company currently has no plans to adopt ASML’s latest high-numerical-aperture extreme ultraviolet (EUV) lithography systems, each priced at over €350 million. 4. SK Hynix reported Q1 net income of ₩40 trillion—significantly surpassing the market expectation of ₩29 trillion. 5. Boeing reported Q1 2026 revenue of $22.2 billion, up 14% year-on-year; net loss narrowed to $7 million; and commercial aircraft deliveries rose 10%. 6. The U.S. Department of Defense plans to request over $54 billion in its FY2027 budget to fund the newly established “Defense Autonomous Operations Group”—a 24,000% increase compared to last year. 7. According to the World Gold Council, global physical gold ETFs experienced approximately $12 billion in outflows in March—the largest monthly outflow on record. 8. The European Commission has drafted a fourth extension proposal aimed at shielding European banks from the full impact of the Basel III final rules. 9. Bank of England Deputy Governor Sarah Breeden warned that the private credit market faces risks resembling the post-financial-crisis banking credit crunch. 10. Japan’s March export value rose 11.7% year-on-year, with exports to China up 17.7% and exports to the U.S. rising 3.4%—the first positive growth in four months. 11. The UK’s March CPI rose 3.3% year-on-year and 0.7% month-on-month—the largest monthly increase since April 2025. 12. The German government slashed its 2026 GDP growth forecast from 1% to 0.5%, and lowered its 2027 forecast to 0.9%. 13. The Nikkei 225 Index breached the 60,000-point threshold for the first time, setting a new record high; it has risen 18.37% year-to-date in 2026. 14. South Korea’s KOSPI Composite Index hit an all-time high, gaining 52.29% year-to-date. 15. The Nasdaq Composite surged 1.64% to close at 24,657.57—a new record high; the S&P 500 rose 1.05% to 7,137.90. 16. U.S. Treasury Secretary Janet Yellen revealed that several Persian Gulf and Asian oil-producing allies—impacted by economic turbulence stemming from the Iran conflict—have requested U.S. dollar swap arrangements.

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