Palantir edges up as several enterprise software stocks rebound

Palantir Technologies (NASDAQ:PLTR) edged up 5% during Monday afternoon market action, leading enterprise software stocks that were mostly mixed.

It's a mild rebound for the Denver-based artificial intelligence and data analysis company, whose shares have declined about 40% since reaching an all-time high of $124 in mid-February.

"Unlike many AI peers that are still burning through cash, Palantir is scaling up revenue and cash flow at an incredibly fast rate," said Seeking Alpha analyst Simple Investment Ideas, in a recent analysis. "If Palantir can sustain its exponentially improving data flywheel loop, the company offers investors a rare chance to own a foundational piece of the next era of AI-enabled infrastructure."

The iShares Expanded Tech-Software Sector ETF (BATS:IGV) was up and down before leveling off. It was up this morning before seesawing back down after an unconfirmed report of a 90-day pause in implementation of tariffs, excluding China, was eventually denied by the White House. It then declined about 2% before leveling off by mid-afternoon. It is down about 18% year to date.

Salesforce (NYSE:CRM) and ServiceNow (NYSE:NOW) were each up about 1%. Microsoft (MSFT) and Oracle (ORCL) both slipped less than 1%, while Atlassian (TEAM) was up 0.8%. SAP (SAP) shares had dipped 1.2%. Adobe (NASDAQ:ADBE) had declined nearly 2.5%.

Akamai (NASDAQ:AKAM), which helps enterprises deliver content and improve website performance, had dropped 3%. It is currently trading at its lowest value since March 2023.

However, enterprise hardware providers, such as Hewlett Packard Enterprise (NYSE:HPE) and Dell Technologies (NYSE:DELL) jumped 4% and 4.6%, respectively, by afternoon trading. Cisco Systems (CSCO) was mostly static.