Why Palantir Technologies Stock Rallied on Tuesday
One of the country's largest pension funds has taken a stake in the artificial intelligence (AI) and data mining specialist.
Palantir Technologies (NASDAQ: PLTR) stock continued to run higher on Tuesday, climbing as much as 4.9%. By the time the market closed, the stock was still up 4.6%.
The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was word that one of the country's largest retirement systems is bullish on the stock.
In a regulatory filing that dropped late last week, it was revealed that the Teacher Retirement System of Texas, one of the largest pension funds in the country in terms of fund size, had added Palantir to its portfolio during the fourth quarter. To be clear, it was a modest investment of roughly 521,000 shares, a stake currently worth about $62 million. That pales in comparison to the fund's total holdings of $210 billion as of late last year.
