Shares of Palantir Technologies (PLTR 2.29%) have more than quadrupled year to date over unrelenting demand for the company's new artificial intelligence platform. However, the me

Two main catalysts are driving Palantir's stock higher. First, it expects its revenue to rise 26% in 2024. It attributes that reacceleration to the robust growth of its U.S. commercial business, new government contracts, and the rollout of new generative artificial intelligence ( AI) services for streamlining its data mining services.

Palantir Technologies stock was slipping on Wednesday, the day before it could potentially join the Nasdaq 100. Shares in the company, which develops software platforms that mine data, slid 2.4% to $69.

Investor enthusiasm about Palantir Technologies has driven the stock to sky-high valuation metrics. At Tuesday’s close, Palantir was trading at 67 times its sales over the last 12 months. The S&P 500 index trades at 3.

Palantir Technologies Inc. PLTR stock has tripled in a year. Shares have gained a whopping 313% year to date, significantly outperforming the broader technology service industry’s 57.4% return and the Zacks S&P 500 composite’s 27.

Artificial intelligence outfit Palantir Technologies (NASDAQ:PLTR) may be poised to see its stock soar this Friday. Although it has already quadrupled in value in 2024 and has gained over 620% since its 2020 IPO,