Palantir Technologies Inc. (PLTR): Renaissance Technologies Continues Trimming Stake

We just covered the 12 Best Stocks to Invest In According to Jim Simons’ Renaissance Technologies and Palantir Technologies Inc. (NASDAQ:PLTR) ranks 2nd on this list.

Palantir Technologies Inc. (NASDAQ:PLTR) is a relatively recent addition to the 13F portfolio of Renaissance Technologies. The fund first disclosed a stake in the company back in the second quarter of 2021. This position comprised 800,000 shares. The fund steadily built onto this stake in the coming quarters, increasing it to more than 47 million shares by early 2024. Thereafter, it trimmed the holding. Filings for the first quarter of 2026 show that the fund owned just under 7 million shares in the company, down over 20% compared to filings for the previous quarter.

Palantir Technologies Inc. (PLTR): They Are Helping Everything From The Pentagon To Consumer Firms, Says Jim Cramer

The core of the bull case for Palantir Technologies Inc. (NASDAQ:PLTR) relies on the Artificial Intelligence Platform (AIP) and the unique bootcamp go-to-market strategy, which allows enterprises to build operational AI workflows in days rather than months. In Q1 2026, US Commercial revenue jumped by 133% year-over-year to $595 million. Total commercial customers scaled to 1,007 on a trailing basis, growing 31% year-over-year. Trailing 12-month US commercial Total Contract Value (TCV) bookings reached $4.7 billion, a 115% increase compared to the prior 12-month period. US Government revenue grew 84% year-over-year to $687 million in Q1 2026. This represents an acceleration from the 66% growth one quarter prior.

While we acknowledge the risk and potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLTR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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