Palantir Technologies, a company known for its powerful data tools, saw its stock prices skyrocket by 34% in just one week. This huge jump happened after the company shared impressive earnings and a positive outlook for the year.
The surge comes at a time when Elon Musk’s new team, called the Department of Government Efficiency (DOGE), is working hard to make government jobs and spending better. Palantir makes AI-driven tools that help with defense and intelligence, and they are now also growing in the commercial market. In their latest report, Palantir said their commercial earnings jumped 64%, while their government revenue increased by 45%.
Bank of America is excited about Palantir too. They raised the stock’s target price from $90 to $125, calling it a “buy.” This means they believe it’s a good investment.
At the same time, DOGE’s young team is doing things differently—they are checking how useful government workers are, even bringing in beds to set up shop! According to Bank of America, if DOGE changes how the government contracts work, it could be a significant chance for Palantir to shine. Analysts think Palantir’s tools are already a great fit for what the government might need.