Palantir Technologies’ (NYSE:PLTR) stock has been on a tear of late, recently surging more than 10% after the company surpassed analysts’ expectations with strong Q2 2024 results on August 5. The company not only beat forecasts but also raised its full-year guidance. This move has resulted in PLTR stock trading 87% higher on a year-over-year basis, as investors look for top AI stocks to buy as this ongoing rally continues to pick up steam.
Now, I’m going to point out that most value investors will immediately rule out any company with a price/sales ratio of 29-times. But here’s the bull case on why many investors believe Palantir remains the way to play the next leg of the AI rally higher.
This post originally appeared at 24/7 Wall St.