Why Palantir Technologies Stock Rallied on Tuesday

Shares of Palantir Technologies (NYSE: PLTR) charged sharply higher Tuesday, joining the general enthusiasm for anything related to artificial intelligence (AI). The stock jumped as much as 10% but was up 7.8% when the market closed.

There was no company-specific news driving the move higher. Rather, the catalyst that helped the machine-learning software and data-mining specialist gain ground was a flurry of news reports from another purveyor of AI technology -- Nvidia (NASDAQ: NVDA).

Over the weekend, Nvidia CEO Jensen Huang gave the keynote address at the Taipei International Information Technology Show -- also known as Computex. At the event, Huang introduced Nvidia's new DGX GH200 AI Supercomputer. The device features Nvidia's new Grace Hopper Superchips, NVLink interconnect technology, and NVLink Switch System, which combines 256 GH200 superchips, allowing them to perform like a single GPU. 

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Source Fool.com