Why Palantir Technologies Inc. (PLTR) Surged On Friday

We recently published a list of Investors Rushed Into These 10 Stocks Today. In this article, we are going to take a look at where Palantir Technologies Inc. (NASDAQ:PLTR) stands against other Friday’s best-performing.

Palantir Technologies rose by 7.73 percent on Friday to close at $131.78 apiece following news that it secured additional contracts from the Trump administration, sparking investor optimism about the huge role it plays for the government.

Last week, Palantir Technologies Inc. (NASDAQ:PLTR) clinched a new $795-million deal with the Department of Defense to support the US Army through its Maven Smart System software licenses through 2029. According to The New York Times, this was on top of another $113 million contract with other government agencies.

Why Palantir Technologies Inc. (PLTR) Surged On Friday

A software engineer intently typing code into a laptop with multiple screens in an office.

According to the report, citing six government officials, representatives of Palantir Technologies Inc. (NASDAQ:PLTR) are in talks with the Social Security Administration and the Internal Revenue Service for the potential sale of its technology.

The series of contracts came amid the Trump administration’s cuts in government spending, with the establishment of the Department of Government Efficiency, and recently, the pushing into law of the “One Big, Beautiful Bill Act,” which aims to save trillions of dollars in government spending, among others.

Overall, PLTR ranks 6th on our list of Friday’s best-performing. While we acknowledge the potential of PLTR, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than PLTR and that has 10,000x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.