Palantir (PLTR) news that moved the stock

What happened

The Nasdaq-100 closed more than 10% below its all-time closing high on Monday, Nov. 2, 2026, formally confirming that the tech-heavy index has entered a correction, as investors grow wary of Big Tech's soaring AI spending with little evidence of adequate returns, Reuters reported Tuesday morning. The Nasdaq composite had already fallen 1.07% Monday to extend Friday's selloff, and Tuesday premarket showed defensive de-risking ahead of the midterm elections — Dow futures down ~0.8% while the Nasdaq attempted a tentative relief bounce (+0.3%) on the back of Monday's Apple and Palantir reports. The 10-year Treasury yield stood at 4.91%, with FedWatch pricing a 72-75% chance of a December Fed rate hike and October nonfarm payrolls due Friday.

What happened

Palantir reported Q3 results after Monday's close: revenue nearly doubled to $2.31B (+96% YoY), beating the ~$2.18B consensus, with adjusted EPS of $0.44 vs $0.41 expected. The milestone: U.S. commercial revenue surged 148% to $984M, overtaking U.S. government revenue ($953M, +96%) for the first time in company history — commercial has more than quintupled in two years. Net income more than doubled to $1.13B (49% net margin). The company raised full-year 2026 revenue guidance to $8.53B (implying ~91% growth) and set Q4 revenue guidance of $2.65B, ~8% above consensus. The stock traded lower in the extended session as investors focused on slower growth in total contract value ($2.92B, +6% YoY).

What happened

Goldman Sachs upgraded Palantir to Buy from Neutral with a $230 price target on Thursday, saying Palantir's total addressable market is poised to grow. The target implies roughly 18% upside from Wednesday's closing price of $194.12, and shares rose 2.5% in Thursday morning trading following the upgrade.

What happened

President Trump and House Speaker Mike Johnson will meet at the White House on Tuesday with the heads of the leading AI companies: Meta CEO Mark Zuckerberg, Google CEO Sundar Pichai, Anthropic CEO Dario Amodei, OpenAI President Greg Brockman, Nvidia CEO Jensen Huang, and Palantir CEO Alex Karp. House Speaker Johnson said on Fox Business Monday the meeting will focus on 'finding a balance between innovation and oversight' — no moratorium, no hyper-regulation ('we'll lose the race to China'), with transparency and some oversight as the asks and DOJ as a backstop. The meeting comes as leading AI labs publicly call for slowing development: Amodei published an essay urging the industry to slow down and committed Anthropic to giving third-party evaluators permanent employee-level system access; OpenAI scrapped the release of its latest AI model over safety concerns. Trump held a private dinner with Amodei on Sunday.