The AI Trade Has a New Leader

Palantir reports tonight. Here is what the numbers need to show. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  

The AI Trade Has a New Leader

By the Numbers

• The S&P 500 gained 10.42% in April. Best month since November 2023.
• Apple posted $111.2B in Q2 revenue. Up 16.6% from last year. The company announced a $100 billion buyback. Stock closed at $280.25 on May 1.
• Alphabet jumped 7.2% after earnings. Meta dropped 7% even after reporting 33% revenue growth.
• Palantir (PLTR) reports Q1 2026 earnings tonight at 5pm ET. Analysts expect $1.54B in revenue and $0.28 EPS.
• The April jobs report lands Friday May 8. Economists forecast 73,000 new jobs, down from 178,000 in March.

The Brief

April was the best month for the S&P 500 since November 2023. The index gained 10.42%. Then earnings season started, and things got complicated. Apple posted $111.2 billion in revenue and bought back $100 billion of its own stock. Alphabet jumped 7.2% after reporting strong cloud numbers. Meta reported 33% revenue growth and still dropped 7%. Investors want AI spending to turn into profit. Right now, not every company can prove that. This week, Palantir steps up. The company reports Q1 earnings tonight at 5pm ET. Analysts expect $1.54 billion in revenue, up 74% from last year. This is the most important AI software print of the season. And while the market watches Palantir, the jobs report lands Friday. Economists expect 73,000 new jobs in April. That number will tell us a lot about where the economy heads next.

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Stock of the Week

Palantir Technologies (PLTR)

Palantir reports Q1 2026 earnings after the close today at 5pm ET. The stock closed Friday at $144.07. Analysts expect $1.54 billion in revenue, up 74% from last year, and $0.28 EPS. Over the past two years, the company became the go-to AI platform for the U.S. military and federal agencies. Now its commercial business is catching up. U.S. commercial revenue grew 54% in Q4 2025. The bull case: Palantir's AIP platform is live at 100-plus enterprise clients, federal AI spending is growing, and S&P 500 inclusion brought in big institutional money. The risk: PLTR trades around 85x forward earnings. One bad guidance number sends it down fast. Watch what CEO Alex Karp says about federal AI contracts tonight.

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