Palantir Stock Dips Amid Concerns Over Alphabet AI Threat

Palantir Technologies Inc.'s stock is experiencing a downturn following a strong post-earnings rally in August, according to Michael Monaghan, a portfolio manager at Founders ETFs.

The launch of Google Gemini 3.8 Flash and Flash Cyber by Alphabet Inc. has raised concerns among some investors that it may pose a direct threat to Palantir's government business.

Prior to the current decline, Palantir's stock had recovered from a 52-week low of $106.37 in late June after reporting strong second-quarter earnings in August.

The company reported an impressive second-quarter revenue of $1.94 billion, surpassing analyst estimates of $1.80 billion, and adjusted earnings of 41 cents per share for the quarter, beating estimates of 35 cents per share.