Shares of data analytics powerhouse Palantir Technologies (NASDAQ: PLTR) soared by 141% this year. For two years running, Palantir is the top-performing stock in the S&P 500, and its momentum doesn't appear to be diminishing in the slightest.

Palantir's growth continues to be led by U.S. commercial customers adopting its Artificial Intelligence Platform (AIP). The company once again credited AIP's ontology, saying it is "pure understanding," and that without it, large language models (LLMs) cannot actually work in the real world

The sudden reversal shows how the hottest AI trade and top-performing stock of the year is colliding with a broader market rotation out of Big Tech.

Palantir (NASDAQ: PLTR) stock appeared to be in a bubble at the start of the year. Investors' expectations were incredibly high, and the valuation looked inflated. Following the hefty sell-off ...

That unbridled success has translated into meteoric growth and a blistering run for the stock. But this could be just the beginning. CEO Alex Karp just announced plans to grow the company's revenue tenfold while reducing Palantir's head count. Let's review what he said and see what this could mean for the stock price.