Veteran fund manager raises price targets for Palantir and Nvidia, warning of potential market disappointment.

The S&P 500 dipped 0.1% on July 1 and remained flat on July 2, kicking off the second half of 2025 quietly. ADP’s report revealed a drop of 33,000 jobs in June, contrary to the expected 100,000 job increase, sparking concerns about the U.S. economy.

Wall Street veteran fund manager Chris Versace noted a V-shaped recovery has pushed the S&P 500 and Nasdaq Composite into overbought territory, suggesting investors may have inflated prices beyond their true value. Despite this, the McClellan Oscillator has yet to signal an overbought condition.

Versace raised Palantir’s price target to $160 and Nvidia’s to $185, citing factors like NATO’s defense spending pledge, Trump’s AI Action Day, and Palantir’s expanded government partnership. Palantir shares surged 74% in 2025, reaching a record high close of $144.25 on June 26.

Nvidia’s rally was fueled by positive news, including supplying AI chips to Humain in Saudi Arabia and posting strong fiscal first-quarter results. Versace trimmed the Nvidia position near its all-time high, anticipating potential market trends.

Versace warned of potential market disappointment due to elevated expectations around upcoming catalysts. He is revisiting price targets and panic points for Palantir and Nvidia, adjusting them accordingly for market movements. The story first appeared on TheStreet on July 2, 2025.

Read more at Yahoo Finance: Veteran fund manager sets bold new targets on Palantir, Nvidia stocks