Stock Market Today, March 23: Palantir Rises After the Pentagon Designates Maven Program of Record

Palantir Technologies (PLTR +6.77%) closed at $160.9, up 6.78%. The stock rose after the Pentagon confirmed its Maven AI platform as a program of record and news broke of a UK regulator trial contract, with investors watching for sustained government AI revenue.

The company’s trading volume reached 56 million shares, which is nearly 17% above compared with its three-month average of 47.8 million shares. Palantir Technologies went public in 2020 and has grown 1594% since its IPO.

How the markets moved today

The S&P 500 (^GSPC +1.15%) rose 1.15% to 6,581, while the Nasdaq Composite (^IXIC +1.38%) gained 1.38% to finish at 21,946.76. Within the software – infrastructure industry, Microsoft closed at $383.00 (+0.30%) and Oracle finished at $154.34 (+3.11%), reflecting continued investor enthusiasm for AI-driven platforms in the sector.

What this means for investors

Palantir Technologies rose after the U.S. Department of Defense designated its Maven AI platform as a program of record, a classification that typically signals long-term funding and integration into defense budgets. That shift indicates Palantir’s software is becoming embedded in government operations rather than tied to shorter-term pilot programs, supporting more durable revenue visibility from these contracts.

The company also announced a trial engagement with the U.K.’s Financial Conduct Authority, pointing to potential expansion beyond defense into regulatory and financial crime applications. Investors will be watching whether Palantir can translate these developments into sustained government contract growth and broader adoption across commercial and regulated industries.

Eric Trie has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Microsoft, Oracle, and Palantir Technologies. The Motley Fool has a disclosure policy.