The AI spending story just got a fresh data point, and the market liked what it saw. Stock index futures moved higher on Wednesday after earnings from Palantir Technologies and ON Semiconductor painted a picture of a corporate world that is not slowing down its artificial intelligence investment, not even a little.
Palantir reported Q2 2026 revenue of $1.94 billion, nearly double its result from the same period a year earlier, representing 93% year-over-year growth. The company also lifted its full-year revenue guidance to a range of $8.15 to $8.16 billion, up from a prior outlook of roughly $7.65 to $7.66 billion.
Two companies, one very clear message
Shares surged between 13% and 29% during after-hours trading following the results.
ON Semiconductor, the chipmaker better known as onsemi, added a quieter but equally important data point. The company posted Q2 2026 revenue of $1.60 billion, a 9% increase year-over-year, and reported a non-GAAP earnings per share of $0.74, beating expectations by $0.03. The outperformance was tied directly to strength in the AI data center segment.
