The S&P 500 closed at an all-time high for the ninth time this month, while the tech-heavy Nasdaq hit its 13th record July close.

For anybody hunting for parallels between contemporary markets and 1999, BTIG’s Jonathan Krinsky has a chart that might be of interest.

Two companies have recently seen their stock prices head higher on optimism about the future growth in AI spending. Palantir Technologies (NASDAQ: PLTR) shares are up 93% from their April low, as of this writing. Taiwan Semiconductor Manufacturing (NYSE: TSM) is up 67% in that same period.

Palantir (NASDAQ: PLTR) stock saw a massive rally across the first half of 2025's trading. The tech company's share price rose 80.3% across the stretch against the backdrop of a 5.5% gain for the S&P 500 index, according to data from S&P Global Market Intelligence

Yesterday, in a rerunning of its markets-model forecast, it eased up on some of its U.S. optimism, pointing to stretched valuations in U.S. equities. Notably, U.S. growth stocks are now seen growing at a rate barely beating inflation expectations.

Palantir's expansion into commercial markets has boosted its business. The stock has been on a tear since the start of 2024. Palantir's valuation is sky-high.