Tech Stocks Surge in Intraday Trading: Palantir, Micron, and Reddit Lead the Way

Tech stocks saw gains in intraday trading on Monday, with the S&P 500 tech sector up over 1% at 11:45 a.m. ET. The broader S&P 500 was also up 0.6%, and the Nasdaq rose 0.7%.

Palantir (PLTR) shares were on the rise as the company prepared to release its earnings report later in the day. Micron Technology (MU) shares also gained after receiving an upgrade from Baird. Additionally, Reddit (RDDT) shares saw an increase after Bank of America raised its price target for the stock.

Ahead of its earnings report, Palantir shares increased by over 6% to reach $24.74 in intraday trading. Analysts are expecting to see year-over-year growth in Palantir’s earnings due to increased demand from government and commercial customers for its artificial intelligence (AI) platform. Micron Technology saw a rise in its shares of 4.5% to $120 after Baird analysts upgraded the stock to “outperform” from “neutral” and raised their price target to $150 from $115. The analysts pointed to an “unprecedented outlook for memory” over the next 12-18 months. Micron is a significant partner for AI leaders like Nvidia (NVDA). Following Bank of America’s increase in price target to $50 from $46, shares of Reddit surged by over 6% to $49.62