Investor Confidence Boosts Tech Sector: Palantir, Micron, and Reddit Experience Growth During Intraday Trading

On Monday, tech stocks experienced gains during intraday trading, with the S&P 500 tech sector increasing by over 1% as of 11:45 a.m. ET. The overall S&P 500 saw a 0.6% rise, while the Nasdaq, which has a significant tech component, rose by 0.7%.

Shares of Palantir (PLTR) were on the rise ahead of the company’s earnings report scheduled for later in the day. Similarly, Micron Technology (MU) shares saw an increase after receiving an upgrade from Baird. Reddit (RDDT) shares also experienced a boost as Bank of America raised its price target for the stock.

Palantir shares surged by over 6% to $24.74 during intraday trading leading up to the company’s first-quarter earnings report, which was set to be released after the bell. Analysts anticipated that Palantir’s earnings would show year-over-year growth driven by demand from government and commercial customers for its artificial intelligence platform.

Micron Technology shares were trading 4.5% higher at $120 after analysts at Baird upgraded the stock to “outperform” from “neutral” and raised their price target to $150 from $115. The upgrade was based on an optimistic outlook for memory over the next 12-18 months. Micron is a significant partner for AI leaders like Nvidia, with plans to begin mass production of high-bandwidth memory chips for Nvidia’s AI GPUs.

Reddit shares saw a 6% increase to $49.62 after Bank of America analysts raised their price target to $50 from $46. This boost was due to the analysts’ anticipation of a positive first quarter with increased advertising and data licensing revenue for the social media company.

In addition, several other tech companies reported strong earnings results on Monday, driving gains in their share prices throughout the day.

Apple (AAPL) shares finished flat but were up around 3% during premarket trading before falling back down slightly throughout the day.

Nvidia (NVDA) reported strong fourth-quarter earnings results late Monday evening, sending its share price up over 6%. The company beat expectations on both revenue and profits.

Microsoft (MSFT) also reported solid fourth-quarter earnings results on Monday evening, with net income coming in at $23 billion or $9 per share compared to expectations of $8 per share.

Overall, it was a positive day for tech stocks across the board, with many companies reporting strong earnings and experiencing gains in their share prices throughout the day.