Palantir (PLTR) Stock Bounces Back — Is the Nvidia Deal a Game Changer?

TLDR

• Palantir stock is up ~4.6% to $118.09 Monday after announcing a strategic AI partnership with Nvidia
• The deal pairs Nvidia’s Blackwell Ultra GPUs and Nemotron models with Palantir’s AIP, Foundry, and Apollo platforms
• The offering targets U.S. government agencies needing secure, air-gapped AI deployments
• Palantir had dropped ~25% in June before Friday’s rebound, hitting a 52-week low of $106.37
• Q2 earnings are due August 10, with analyst consensus at $0.34 EPS on ~$1.81B revenue

Palantir Technologies (PLTR) stock is trading up 4.6% at $118.09 Monday, building on a 5.3% gain from Friday that snapped a brutal seven-session losing streak.

Palantir Technologies Inc., PLTR

The bounce follows a new strategic initiative announced with Nvidia (NVDA) to deploy open AI models inside classified and air-gapped government environments.

The two companies are jointly building what they call an “intelligent engine” — pairing Nvidia’s Blackwell Ultra GPUs and Nemotron open models with Palantir’s AIP, Ontology, Foundry, and Apollo platforms.

The target customers are U.S. government agencies and critical infrastructure operators that can’t route sensitive data through commercial cloud providers.

No specific agency names or contract dollar values were disclosed with the announcement.

Software Beats Semis

The Palantir-Nvidia news dropped into a market already rotating from chips toward software names.

On Friday, the iShares Expanded Tech-Software ETF (IGV) and SPDR S&P Software ETF (XSW) each rose nearly 4%, while the VanEck Semiconductor ETF (SMH) fell roughly 4% — one of the widest software-versus-semis spreads of the year. Monday continued that trend, with IGV up 2.9% and XSW up 1.6%, while SMH gained just 0.1%.

Nvidia itself is trading relatively flat on the session, highlighting that investors are directing AI enthusiasm toward software names right now.

Context on the Selloff

Palantir had shed roughly 25% in June heading into Friday’s bounce, hitting a 52-week low of $106.37. The stock is still well off its 52-week high of $207.52.

The June slide came from multiple directions: rising rate expectations, European contract headwinds — including a potential loss of the UK NHS Federated Data Platform contract — and France reportedly shifting toward domestic rival ChapsVision.

Competition from Anthropic in enterprise AI procurement added further pressure.

This is not the first Nvidia collaboration for Palantir. The two companies demonstrated a joint AI stack at Nvidia’s GTC conference in Washington in October 2025 and followed that with the “Chain Reaction” domestic AI infrastructure initiative in December 2025.

Monday’s announcement formalizes that relationship into a product targeting the sovereign AI segment.

Palantir stock currently sits below both its 50-day moving average (around $136) and its 200-day moving average (around $159).

The stock is now trading near a session high of $119.08, with all 19 analyst revisions over the past 90 days pointing upward.

Q2 earnings are scheduled for August 10, 2026. Analyst consensus stands at $0.34 EPS on revenue of approximately $1.81 billion.

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