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Palantir shares rose by over 6% to $24.74 in intraday trading ahead of its earnings report, as analysts predicted year-over-year growth in the company’s earnings due to increased demand from government and commercial customers for its artificial intelligence (AI) platform. Meanwhile, Micron Technology’s shares saw a rise of 4.5% to $120 after Baird analysts upgraded the stock to “outperform” from “neutral” and raised their price target to $150 from $115. The analysts pointed to an “unprecedented outlook for memory” over the next 12-18 months.
In other tech news, Reddit shares surged by over 6% to $49.62 following Bank of America’s increase in price target to $50 from $46. Analysts expect positive results in the social media company’s advertising and data licensing revenue for the first quarter, with Reddit scheduled to report its earnings on Tuesday after the closing bell, marking its first quarterly report since its trading debut in March.
Overall, technology stocks saw gains on Monday, with the S&P 500 tech sector up over 1%, while the broader S&P 500 was up 0.6%, and the Nasdaq rose 0.7%.
