The stock market closed higher on Friday and hit a four-month winning streak. Investors are optimistic that the Federal Reserve will cut interest rates at its September 18 policy meeting.
Overall, S&P 500 rose 1.0% to 5,648, while NASDAQ was up 1.1% to 17,714.
Tweet of the Day
NVIDIA $NVDA profits (EPS) since 2023 Q1:
2023 Q1 $0.11
2023 Q2 $0.27
2023 Q3 $0.40
2023 Q4 $0.522024 Q1 $0.61
2024 Q2 $0.68
2024 Q2 $0.74e (estimate)
2024 Q3 $0.81e2025 Q1 $0.88e
2025 Q2 $0.95e
2025 Q3 $1.05e
2025 Q4 $1.13eNote we look at year-over-year growth.
— David Sharek (@GrowthStockGuy) August 30, 2024
Chart of the Day
Here is the one-year chart of Palantir (PLTR) as of August 6, 2024, when the stock was at $27.
Palantir reported another impressive quarter as management stated that they continue to see the greatest transformation in their US Commercial Business. US commercial revenue jumped 55% last quarter, an accelerated growth from 40% revenue growth 2QtrsAgo. US Commercial Annual Contract Value (ACV) closed was up 44% year-on-year. Deal count in US commercial was nearly twice what it was a year ago. Lastly, US commercial customer count grew 83% year over year. Palantir’s Artificial Intelligence Platform (AIP) is driving new customer conversions and existing customer expansions in the US. These AIP Bootcamps are five-day consultations for the company to understand (1) how to apply AI to its operations, (2) develop use cases, and (3) onboard and train users. Meanwhile, Palantirs revenue from the US Government was accelerating as it climbed 24% last quarter, up from 12% 2QtrsAgo. This the company’s largest operating segment, so delivering solid sales growth of 24% is impressive.
PLTR is currently in our Growth Portfolio.
