Palantir pops on heavy volume, leads AI focused stocks higher
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Palantir Technologies (NYSE:PLTR) led artificial intelligence-linked stocks higher on Monday as investors continued to flock to names in the tech sector perceived to benefit from the rise of AI.
Palantir (PLTR) jumped
more than 9% as 92M shares changed hands shortly after 12 p.m. EST, 10M more than a full-trading day. 
Last week, investment firm Wedbush Securities started coverage on the stock with an outperform rating, likening it to soccer superstar Lionel Messi. 
"As we begin the 4th Industrial Revolution, Palantir is engaging in the widespread trend of various industries leveraging recent generative AI innovations to streamline operations and improve expense profiles," analyst Dan Ives wrote in an investor note. 
"Given the company's extensive experience handling customer data, PLTRâs transition to a pure-play AI name will leverage its existing expertise to drive advancements and deliver AI solutions powered by high-quality data."
Other enterprise software stocks with heavy exposure also rose on Monday, including C3.ai (AI) and BigBear.ai Holdings (BBAI), both of which gained 3% or more.
Conversely, SoundHound AI (SOUN) fell nearly 5%.
Nvidia (NASDAQ:NVDA), which has been among the biggest beneficiaries of the AI trend in the market in 2023, saw fractional losses.
Nvidia (NVDA), which sells GPUs and software to companies training large language models, has seen its shares rise more than 220% year-to-date. Last month, the Jensen Huang-led company crossed the $1T market cap level, a valuation held only by Apple, Microsoft, Amazon and Alphabet, the parent company of Google. 
AMD (NASDAQ:AMD), which competes with Nvidia (NVDA) in the GPU space, saw its shares rise 0.5% in mid-day trading.
The Dr. Lisa Su-led company is slated to report second-quarter results tomorrow after the close of trading. A consensus of analysts estimate the company will earn 57 cents per share on $5.32B in revenue.
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