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Palantir Technologies (PLTR) has been the top-performing S&P 500 Index ($SPX) stock over the past year. Shares of this AI software company have risen over 92% year-to-date. Moreover, shares have gained 490% in the past year. Palantir’s perceived leadership in artificial intelligence (AI) and machine learning (ML) platforms, its accelerating financial performance led by momentum in its commercial business, significant strategic contracts with the U.S. government, and focus on product innovation have led to a rally in PLTR stock.
Plus, Palantir’s remarkable stock surge has occurred even as the company continues to hold an excessively high valuation.