Palantir Technologies (PLTR) Stock Jumps 7% as Snowflake Results Boost AI Sentiment

TLDR

• PLTR jumped 7.3% after Snowflake reported strong Q1 results, corroborating enterprise AI demand
• Palantir’s own Q1 was strong: total revenue up 85% to $1.633B, US commercial revenue up 133%
• Full-year guidance raised to $7.65–$7.66B, implying 71% growth
• Wall Street’s mean price target for PLTR is $194.81, implying ~36% upside from current levels
• Zacks Consensus Estimate for the current year has risen 12.2% in the past month

Palantir Technologies (PLTR) rose 7.3% on Thursday, May 28, to trade around $142.74, after Snowflake posted first-quarter results that pointed to accelerating enterprise AI adoption.

Palantir Technologies Inc., PLTR

Snowflake’s AI customer count jumped from 9,100 to 13,600 in a single quarter. That kind of growth from a separate corner of the enterprise stack gave investors more confidence that the AI spending wave Palantir has been talking about is real.

The two companies sit in different layers of the same stack. Snowflake handles data storage and governance. Palantir’s AIP platform sits on top of that, turning that data into operational decisions. When both are growing fast at the same time, it tells a consistent story.

Palantir’s own Q1 numbers, reported May 4, were hard to argue with. Total revenue grew 85% year-over-year to $1.633 billion. US revenue grew 104% to $1.282 billion.

US commercial revenue came in at $595 million, up 133%. That’s the number that tends to get the most attention, as it reflects direct enterprise AI deployment rather than government contracts.

Full-Year Guidance Gets a Lift

Management raised full-year guidance by 10 percentage points to $7.65–$7.66 billion, implying 71% annual growth. US commercial guidance was raised to at least 120% growth for the full year.

Some analysts had argued that AI investment was staying at the infrastructure layer — chips, data centers, networking — and not converting into enterprise software revenue. The term “AI Ghost Trade” has been used to describe that concern.

With both Snowflake and Palantir now posting record results, that argument is getting harder to make.

PLTR is still down 15% year-to-date despite Thursday’s move. At $143.34 in the most recent session, it sits 31% below its 52-week high of $207.18, hit in November 2025.

What Analysts Are Saying

Wall Street’s mean price target for PLTR sits at $194.81, based on 26 analyst estimates. That implies roughly 36% upside from current levels.

The range is wide — from a low of $90 to a high of $255. The standard deviation of $34.97 reflects how divided analysts remain on valuation.

Still, the direction of estimate revisions is moving one way. Zacks reports that the consensus EPS estimate for the current year has risen 12.2% over the past month, with 11 upward revisions and zero downward.

PLTR currently holds a Zacks Rank #2 (Buy), placing it in the top 20% of more than 4,000 ranked stocks.

For longer-term context: investors who put $1,000 into Palantir five years ago would be sitting on roughly $6,220 today.

The stock’s volatility remains notable. PLTR has made 28 moves greater than 5% in the past year alone.

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