Palantir Hits Record as AI Software Stocks Extend Gains

Palantir Technologies reached a record high Oct. 12 as U.S.-listed artificial intelligence software stocks advanced, with the AI investment narrative shifting toward applications.

Palantir shares were up more than 1%. ServiceNow, Shopify and Salesforce each gained more than 3%, while SAP, Snap and Workday rose more than 1%.

Bank of America Securities upgraded Salesforce from underperform to buy and raised its price target to $285 from $160. The bank said artificial intelligence-related revenue remains a small part of Salesforce’s business while maintaining a positive view of its long-term enterprise AI prospects.

The AI investment narrative is shifting from semiconductor capital spending toward AI applications, including the inference economy and personal intelligent agents.