Millennium Management Increases Stakes in Palantir and Astera Labs

Millennium Management significantly expanded its holdings in the artificial intelligence sector during the second quarter. The hedge fund, led by Israel Englander, quadrupled its stake in Palantir Technologies and doubled its position in Astera Labs.

Palantir Technologies, a provider of AI platforms and data analytics, reported second-quarter revenue of $1.9 billion. Its shares have risen 405% over the last two years. Astera Labs, which specializes in connectivity infrastructure for AI data centers, reported second-quarter revenue of $392 million and saw its shares increase 575% during the same period.

While both companies currently trade at high valuations relative to adjusted earnings, some Wall Street analysts maintain that the firms remain undervalued.