US Stocks Hit Record Highs as AI Profits Surge: Palantir Soars 30%
nordicinst · x · 2026-08-05
Driven by mounting AI-related profits and easing oil prices, US stock markets rallied to record highs. The S&P 500 surged 1.8%, the Dow added 907 points (1.7%), and the Nasdaq composite jumped 2.6%.
AI company Palantir led the charge, soaring 29.5% after its CEO reported an "otherworldly" quarter with overall revenue leaping 93%, prompting an increased full-year revenue forecast for 2026. Additionally, heavy-equipment maker Caterpillar saw its quarterly sales top $20 billion for the first time, partly fueled by strong orders for datacenter turbines.
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