Shares of data analytics and artificial intelligence firm Palantir Technologies (PLTR) rose approximately 2.3%-2.5% in pre-market trading on Monday, April 13, 2026, reaching around $131.05. This rebound followed a significant selloff, with the stock down 28% year-to-date and over 13% in the prior week alone, pressured by high valuation concerns and fears of rising AI competition.
The pre-market surge was attributed to two key catalysts. First, former President Donald Trump publicly endorsed the company on his Truth Social platform, stating, "Palantir Technologies (PLTR) has proven to have great war fighting capabilities and equipment. Just ask our enemies!!!" This is not the first time Trump's comments have moved the stock.
Second, Cathie Wood's ARK Invest disclosed a major purchase of Palantir shares. The firm's daily trade log for April 11 showed it bought 85,485 PLTR shares across five of its ETFs, with a total value estimated between $10.95 million and $11.15 million. The ARK Innovation ETF (ARKK) led the buying with 46,455 shares. Additional purchases were made via the ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Next Generation Internet ETF (ARKW), ARK Fintech Innovation ETF (ARKF), and ARK Space Exploration & Innovation ETF (ARKX). This move is seen as ARK adding to a long-held conviction position amid the stock's sharp decline.
Despite the positive news, Palantir faces significant headwinds. The stock trades at a lofty 99 times expected earnings for 2026, raising questions about its ability to deliver sufficient growth. Sentiment has also been dampened by competition fears, notably after investor Michael Burry commented (later deleted) that AI firm Anthropic "is eating Palantir's lunch." However, analysts like Wedbush's Dan Ives have pushed back, calling such concerns a "fictional bear narrative."
ARK's activity also included sales, offloading 44,446 shares of Advanced Micro Devices (AMD) worth about $10.52 million and continuing to exit its position in Strata Critical Medical (SRTA). The broader market context was weak, with S&P 500 futures down 0.6% amid geopolitical tensions.
