Nasdaq futures climbed Wednesday after Palantir Technologies and ON Semiconductor reported earnings that showed corporations are pouring money into AI without hesitation. Palantir's Q2 revenue hit $1.94 billion, nearly double the year-ago figure with 93% growth. The company also raised full-year guidance to $8.15-8.16 billion from around $7.65-7.66 billion. Shares jumped 13% to 29% in after-hours trading.
ON Semiconductor, the chipmaker onsemi, posted $1.60 billion in Q2 revenue, up 9% year-over-year, and beat earnings estimates with $0.74 non-GAAP per share versus expectations of $0.71. The outperformance came straight from strength in AI data center chips. Both results painted the same picture, one that matters for the entire market: enterprise customers are still writing checks for artificial intelligence infrastructure.
What this means for crypto
The crypto angle here is murky. Earlier in 2026, skeptics questioned whether AI spending would cool off. These numbers suggest otherwise on the software and hardware side. But AI-focused tokens that claim to build decentralized networks and on-chain machine learning have traded as proxies for mainstream AI enthusiasm before, and that relationship has always been unreliable. Corporate spending on Palantir's software or onsemi's semiconductors does not automatically create demand for decentralized AI protocols.
What matters most right now is Palantir's guidance bump. A company raising its full-year outlook by roughly $500 million is signaling confidence that this spending cycle has legs. Investors watching the sector should pay attention to whether other software and infrastructure plays follow suit.
This article is informational only and does not constitute financial advice. Always conduct your own research before making investment decisions.
