On this episode of Stock Movers:

- Palantir (PLTR) raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, citing “accelerating and otherworldly” growth for its artificial intelligence and data analytics products. Palantir shares gained as much as 7% in after-hours trading following the report, before giving up most of those gains. Investors had high expectations for the company and had sent shares up more than 150% thus far this year. The stock was priced at 85-times sales expected over the next 12 months, as of Friday, making it by far the most expensive in the S&P 500 Index. 

- Amazon (AMZN)'s cloud unit has signed a $38 billion deal to supply a slice of OpenAI’s bottomless demand for computing power. Amazon shares jumped. The ChatGPT maker will pay Amazon Web Services for access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal, the companies announced on Monday. Amazon is the world’s largest seller of rented computing power. But until Monday, AWS had been an outlier, having watched as just about every other significant cloud-computing company in the US joined the ranks of those building or retrofitting data centers to back OpenAI. 

- Ares Management (ARES) posted a surge in earnings tied to its secondaries business as institutional investors continue to offload their exposure to private equity in an effort to shore up liquidity. The alternative asset manager reported $74 million of fee-related earnings for its secondaries unit in the third quarter, up 167% from the same period last year, according to a statement Monday. The vast share of new commitments were dedicated to private equity secondaries. Shares of Ares rose more than 5% on the news. 

On this episode of Stock Movers: - Palantir (PLTR) raised its annual revenue outlook to $4.4 billion and outpaced analyst estimates for third-quarter sales, citing &ldquo;accelerating and otherworldly&rdquo; growth for its artificial intelligence and data analytics products. Palantir shares gained as much as 7% in after-hours trading following the report, before giving up most of those gains. Investors had high expectations for the company and had sent shares up more than 150% thus far this year. The stock was priced at 85-times sales expected over the next 12 months, as of Friday, making it by far the most expensive in the S&amp;P 500 Index. - Amazon (AMZN)'s cloud unit has signed a $38 billion deal to supply a slice of OpenAI&rsquo;s bottomless demand for computing power. Amazon shares jumped. The ChatGPT maker will pay Amazon Web Services for access to hundreds of thousands of Nvidia Corp. graphics processing units as part of a seven-year deal, the companies announced on Monday. Amazon is the world&rsquo;s largest seller of rented computing power. But until Monday, AWS had been an outlier, having watched as just about every other significant cloud-computing company in the US joined the ranks of those building or retrofitting data centers to back OpenAI. - Ares Management (ARES) posted a surge in earnings tied to its secondaries business as institutional investors continue to offload their exposure to private equity in an effort to shore up liquidity. The alternative asset manager reported $74 million of fee-related earnings for its secondaries unit in the third quarter, up 167% from the same period last year, according to a statement Monday. The vast share of new commitments were dedicated to private equity secondaries. Shares of Ares rose more than 5% on the news.

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Stock Movers

Palantir Hikes Sales Forecasts, Amazon Surges on AI Deal, Ares Rallies

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