Artificial intelligence behemoths Microsoft and Nvidia remain near all-time highs. Riding that wave, fellow AI stock Palantir has just launched a breakout. Rising over 3% Wednesday, Palantir stock is on pace to post a seventh-straight up week.
Palantir Returns, Microsoft Leads, Nvidia Goes AWOL
After a brief absence in June, Palantir stock bounced back onto July's list of new buys by the best mutual funds. The AI, defense and intelligence firm has now made this stock screen every month this year except June. Industry peer Parsons maintained its perfect record by earning a spot once again this month.
Nvidia, on the other hand, disappeared from this monthly screen in July. Microsoft stepped in to swat away Nvidia and grab the crown.
As Palantir rockets back onto this screen and into a new buy zone, it also earns a spot alongside Parsons on this week's update to the IBD Breakout Stocks Index.
That added to Palantir's impressive momentum. Last week, Palantir spearheaded a brigade of breakout stocks in this column.
See Who Joins Palantir On The IBD Breakout Stocks Index
Palantir Stock Soars Past Another Buy Point
After clearing an early trendline entry last month, Palantir popped past a 26.57 buy point in a cup with handle on Friday. Looking to keep fueling an extended run, Palantir stock has climbed just beyond the very top of its buy range, which extends to 27.90. With more than a 3% gain Wednesday, Palantir closed at 28.32 per share.
Palantir stock remains well below the all-time high it hit in January 2021 following its 2020 initial public offering. But it notched a 52-week high this month as it continues to soar after bouncing off an all-time low reached at the end of 2022.
Meanwhile, Parsons continues to craft a cup with handle showing an 83.17 entry. The fellow AI stock continues to hold support at its 50-day moving average.
Magnificent Seven stocks keep rising in this tech-driven bull market. After hitting a record high on Friday, Microsoft has eased off that mark but rose again Wednesday putting that record high back in focus.
Having now shaken off a spat of selling toward the end of last month, Nvidia just posted its fourth gain in five sessions, consolidating support above its 21-day exponential moving average.
IBD Breakout Opportunities ETF
The IBD Breakout Opportunities ETF from Innovator Capital Management tracks the IBD Breakout Stocks Index. As with other index ETFs, this fund allows you to invest in the entire index in addition to, or rather than, buying individual issues such as Palantir stock. Learn more here about the ETF and Innovator.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
