Palantir Technologies (PLTR) stock, priced at $134.37 with a mid target price of ~$880 and a street target of ~$183, has a potential total return of ~560% and an annualized IRR of ~52% per year. The stock is down about 27% year to date and sits roughly 35% below the November 2025 high of $207.52, trading at around 85 times next-twelve-months earnings. On July 1, CEO Alex Karp went on CNBC, arguing that “something has gone completely wrong” with how OpenAI and Anthropic sell AI, describing a wealth tax on American business for token usage. Palantir stock climbed about 8% that day. Two days prior, on June 29, Palantir and Nvidia announced a Sovereign AI Operating System, a full-stack reference architecture running Nvidia’s open Nemotron models on Blackwell Ultra GPUs inside air-gapped environments, layered on Palantir’s AIP. Karp argued enterprises want to own their compute, models, and data rather than rent them, as calling a hosted API means renting intelligence and leaking edge. The most useful explanation came from Chief Technology Officer Shyam Sankar on the Q1 2026 earnings call.