Palantir and SoundHound power enterprise AI rally on earnings beats, SOXX +2.0%

SoundHound AI and Palantir Technologies posted the session's biggest percentage moves in the universe of top AI stocks, gaining 13.3% and 10.3% respectively, as a weaker-than-expected July payrolls report signaled the Federal Reserve has little reason to raise rates this autumn. The S&P 500 closed up 0.6% to 7,757, the Nasdaq rose 1.3% to 26,691, and the SOXX semiconductor ETF gained 2.0% to $543.27, leaving chips solidly positive for the week.

Top AI stocks today: August 7, 2026

SoundHound AI surges 13% after crushing Q2 revenue targets

SoundHound AI Inc. (NASDAQ: SOUN) closed at $8.02, up 13.3%, extending post-earnings momentum from the company's August 5 report. Q2 revenue came in at $61.9 million, up 45% year-over-year and roughly 18% above the Wall Street consensus of approximately $52.4 million. The bottom-line loss narrowed to $0.02 per share against a $0.05 consensus loss estimate. Management raised its full-year 2026 revenue outlook to $230 million to $260 million, signaling confidence in voice AI demand across automotive, restaurant, and enterprise verticals. The stock's five-day gain stands at 31.5%, putting it among the top AI stocks by momentum for the week.

Palantir extends earnings rally as government and commercial AI spending surges

Palantir Technologies Inc. (NYSE: PLTR) climbed 10.3% to $172.01, continuing the re-rating that followed its August 3 Q2 report. Revenue reached $1.94 billion, beating the $1.80 billion consensus by 8% and growing 93% year-over-year. U.S. commercial revenue surged 149% to $764 million; U.S. government revenue grew 90% to $809 million, per CNBC. Net income hit $1.07 billion, or $0.41 per share, versus $0.33 expected. The company raised its 2026 revenue guidance to $7.65 to $7.66 billion and its adjusted free-cash-flow target to $4.2 to $4.4 billion. Among the top 2026 AI stocks, Palantir has become the clearest evidence that enterprise and government AI deployment has moved from pilot to production. StartupHub.ai data shows 1,754 enterprise AI and agentic-workflow companies in our global database, consistent with the structural demand tailwinds Palantir cited in its Q2 results.

MongoDB climbs 7.8% on analyst target raises ahead of August earnings

MongoDB Inc. (NASDAQ: MDB) gained 7.8% to $398.80, with the move driven by a cluster of analyst upgrades. Tigress Financial raised its price target to $515 from $430 and kept a Buy rating; Citigroup lifted its target to $425; Bank of America maintained its Buy stance. Analysts project EPS of $1.60 and revenue of $733.6 million for the fiscal Q2 report due August 27. MongoDB is among the best AI stocks to buy ahead of the August earnings wave, given its positioning in the developer-cloud data layer that underpins retrieval-augmented generation and vector-search workloads.

ServiceNow leads enterprise AI workflow re-rating

ServiceNow Inc. (NYSE: NOW) added 6.4% to $124.88, leading a re-rating in enterprise AI workflow names that swept through the session. Palantir's Q2 results validated the thesis that large enterprises are deploying AI agents at production scale - a narrative that directly underpins ServiceNow's Workflow AI platform, making NOW one of the AI stocks to watch as agent monetization accelerates into year-end. monday.com Ltd. (NASDAQ: MNDY) gained 6.4% to $93.13 on the same read-through. AI infrastructure stocks also participated: CoreWeave Inc. (NASDAQ: CRWV) added 6.3% to $90.67 and Super Micro Computer Inc. (NASDAQ: SMCI) gained 6.0% to $31.13, lifted by sustained hyperscaler AI capital expenditure.

Notable but quieter

NVIDIA Corp. (NASDAQ: NVDA) gained 2.3% to $223.96 on heavy volume ahead of its August 26 earnings print, the most closely watched event in the AI chip stocks calendar this quarter. Broadcom Inc. (NASDAQ: AVGO) added 1.7% to $427.76. Salesforce Inc. (NYSE: CRM) rose 3.2% to $192.74; Agentforce monetization remains the thesis. Dell Technologies Inc. (NYSE: DELL) climbed 3.7% to $453.77 on AI-server demand read-through from SMCI. Cloudflare Inc. (NYSE: NET) gained 5.6% to $300.27. Snowflake Inc. (NYSE: SNOW) added 3.9% to $330.49, with analyst sentiment broadly constructive ahead of its earnings. On the downside, Ouster Inc. (NASDAQ: OUST) fell 4.8% to $43.40 on no specific catalyst; ARM Holdings plc (NASDAQ: ARM) slid 1.4% to $282.57; Advanced Micro Devices Inc. (NASDAQ: AMD) lost 1.2% to $483.36, consolidating last week's post-earnings pop; Alphabet Inc. (NASDAQ: GOOGL), one of the Magnificent 7 AI stocks, dipped 1.0% to $354.30 on no material news.

What are the top AI stocks to buy in August 2026?

Across hardware, hyperscale cloud, and enterprise SaaS, the consensus top AI stocks in August 2026 include NVIDIA Corp. (NVDA), Super Micro Computer (SMCI), and Broadcom (AVGO) on the AI chip and infrastructure side; Amazon.com (AMZN) for hyperscale AI infrastructure; and ServiceNow (NOW) for enterprise AI software. Wall Street's 2026 focus has shifted from training-cluster buildout to inference and AI-agent monetization, which drove Palantir's 93% revenue growth and is now lifting enterprise software valuations to multi-month highs.

Core watchlist

Chips

NVIDIA (NVDA): +2.3% on heavy volume. August 26 earnings are the next catalyst; consensus expects data-center revenue above $40B, making this the defining print for top 2026 AI stocks sentiment.
AMD (AMD): -1.2% on average volume. Consolidating after last week's earnings pop; MI300X GPU ramp narrative intact, near-term positioning soft.
Broadcom (AVGO): +1.7% on light volume. Custom ASIC demand from hyperscalers is the multi-year thesis; next earnings in September.
Taiwan Semiconductor Mfg. (TSM): +0.4% on light volume. CoWoS packaging capacity expansion is the structural read-through for every AI chip customer; holding above $420.

Hyperscalers

Microsoft Corp. (MSFT): +0.03% on light volume. Near-flat session; Copilot monetization and Azure AI revenue are the metrics that drive the stock at the October print.
Alphabet (GOOGL): -1.0% on average volume. Dipping with no specific catalyst; lagging the enterprise-AI re-rating that lifted software peers this week.
Meta Platforms Inc. (META): +0.4% on light volume. Llama AI rollout and ad-targeting efficiency underpin the thesis; flat session reflects steady positioning.
Amazon.com (AMZN): +0.8% on average volume. AWS AI revenue acceleration is the key metric to watch at the October Q3 report.

Enterprise SaaS

Oracle Corp. (NYSE: ORCL): +2.5% on average volume. GPU cloud and AI-database positioning gaining credibility with enterprise buyers; next earnings mid-September.
Salesforce (CRM): +3.2% on average volume. Agentforce monetization is the entire thesis; covered above in Notable movers.

Vol / retail

Palantir (PLTR): covered in depth above.
Tesla Inc. (NASDAQ: TSLA): +2.8% on average volume. Riding the broad tech rally; Full Self-Driving and robotaxi timelines are the AI-adjacent catalysts to watch in H2.
Snowflake (SNOW): +3.9% on average volume. AI data-cloud demand lifting the stock; analyst sentiment broadly constructive with earnings approaching.

What to watch next week

The week of August 10 carries three catalysts for the best AI stocks August 2026 watchlist. Baidu Inc. (NASDAQ: BIDU) reports Q2 results on August 18, giving markets their first read on China AI monetization from a major platform. NVIDIA's earnings land on August 26 alongside Marvell Technology results on August 27; MongoDB reports fiscal Q2 the same day. The NVIDIA print is the single most-watched event in the AI chip stocks calendar for Q3: consensus expects data-center revenue above $40 billion, with inference-workload demand replacing training-cluster buildout as the primary growth driver. Any guide above $44 billion would likely reaccelerate the entire semiconductor and AI infrastructure stocks group.

Not investment advice.