Tech Sector Rises on Monday as Palantir and Micron Gain During Intraday Trading

Palantir and Micron Technology experienced gains during intraday trading on Monday, 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%.

Reddit shares also experienced a boost as Bank of America raised its price target for the stock to $50 from $46. Analysts anticipate increased advertising and data licensing revenue for the social media company in its first quarter earnings report, scheduled for Tuesday after the closing bell.

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 expected Palantir’s earnings to 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 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.

In summary, Palantir and Micron Technology gained during intraday trading on Monday as investors anticipated positive first quarter earnings reports from both companies. Reddit shares also experienced a boost due to increased advertising and data licensing revenue expectations in its first quarterly report scheduled for Tuesday after the closing bell.

Overall, it appears that there was excitement among investors about these tech companies’ potential future growth prospects, leading them to increase their stock prices before their earnings reports were even released.