Palantir Technologies Stock Pulls Back After Setting All-Time High | Global News Avenue

Palantir Technology (PLTR) shares fell back on Monday after hitting their latest all-time high earlier in the session.

On Friday, the company announced the formation of a new consortium with defense technology contractor Anduril “to ensure that the U.S. government remains a world leader in artificial intelligence,” after which shares closed at $76.34, another all-time closing high. The stock opened Monday at a record high of $80.91 before reversing course and was last down about 4% at $73.14.

Sales are booming at the maker of software for business and government systems, which set a quarterly revenue record in the third quarter and posted its sixth straight quarter of revenue growth.

Chief Executive Officer (CEO) Alexander Karp wrote to shareholders last month that business was accelerating and “our financial results exceeded expectations as we met solid demand for state-of-the-art technology.” AI technology”.

“A powerful force is emerging,” Karp said of Palantir.

Despite today’s drop, Palantir Technology shares are still up about 320% year to date.