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,

To say that it has been an exceptional year for Palantir Technologies (NASDAQ: PLTR) would be a gross understatement. The company has been added to the S&P 500 and now, with its move to the Nasdaq Stock Exchange complete,

Dubbed the Messi of AI growth, Palantir Technologies Inc. (NASDAQ:PLTR) has had a remarkable couple of years. The stock soared more than 45% this month alone, demonstrating how far it has come from being a government-focused contracting and consulting firm to an AI-driven data analytics software company.

Palantir Technologies faces significant competition in both government and commercial AI markets. See why I reiterate my sell rating on PLTR stock.

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.

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.

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.