Palantir Technologies Inc PLTR has been the toast of Wall Street in 2024, skyrocketing 300% year-to-date. Its AI-driven growth story, fueled by blockbuster demand for its Artificial Intelligence Platform, has investors buzzing.
Palantir Technologies (PLTR) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.
What's the best example of a stock benefiting from the recent election results? Palantir Technologies (PLTR -1.03%) should rank near the top of the list.
The S&P 500 is a powerful representation of today's market, including the 500 companies that fuel the economy. In order to make it into this benchmark, most of a company's shares must be available for trading, market cap should be $18 billion or more, and the company must be profitable.
Palantir Technologies is delivering a banner year for shareholders driven by exceptional growth and accelerating profitability. At the time of this writing, the stock has returned 285% year to date, amid market optimism that this artificial intelligence (AI) innovator is still in the early stages of a global expansion opportunity.
Palantir Technologies (PLTR -1.03%) shareholders have been living the dream, as the stock soared 61% in November, according to data provided by S&P Global Market Intelligence.
So far in 2024, the S&P 500 index has gained an impressive 26% while the tech-heavy Nasdaq Composite has soared roughly 28%. Without a doubt, one of the biggest tailwinds fueling these market returns is artificial intelligence (AI).
In a year defined by the rapid expansion of AI, data infrastructure provider Palantir (NASDAQ: PLTR) is almost unequivocally held to be the biggest success apart from Nvidia (NASDAQ: NVDA).
Some might view Palantir Technologies (PLTR 1.56%) and Tesla (TSLA 3.69%) as "Trump stocks."
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Bridgewater Associates disclosed the portfolio changes in a form it filed with the Securities and Exchange Commission.
You can't deny Palantir's (PLTR 1.56%) monster stock run over the last year. Shares are up 237% in the last 12 months and a whopping 600% since going public back in 2020, making long-term investors a fortune.