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.
Nasdaq futures advanced markedly in response to both sets of results.
Why this matters beyond the obvious
Earlier in 2026, there were genuine questions about whether AI spending cycles would moderate. Palantir’s numbers suggest that at least on the software and applications layer, enterprise customers are voting with their procurement budgets.
For crypto markets specifically, the picture is more complicated. No major crypto tokens were cited in the immediate market analysis surrounding these results. The AI token category, which includes projects claiming to build decentralized inference networks, AI agents, and on-chain machine learning infrastructure, has at times traded as a proxy for AI enthusiasm in traditional markets. But that proxy relationship has been unreliable. Enterprise spending on Palantir’s software or onsemi’s chips does not automatically translate into demand for decentralized AI protocols.
What investors should watch from here
The Palantir guidance raise is the most actionable signal in this earnings cycle. A company raising its full-year outlook by roughly $500 million is saying something definitive about its sales pipeline and contract momentum.
Crypto investors watching from the sidelines should be cautious about assuming that AI equity momentum automatically lifts the digital asset market. The correlation is not reliable enough to trade on.