The Palantir (NYSE: PLTR) stock price has been one of the top performers this week after the company published strong financial results. The shares soared to a high of $19.05, the highest point since August 2nd. It has surged by more than 215% from the lowest point in 2023, giving it a market cap of over $38 billion.

Palantir Technologies share price has been a shining star in the stock market this year. It has done well, helped by the strong artificial intelligence (AI) tailwinds coupled with increased government spending. 

The company is also seeing strong growth in the corporate sector and there are signs that it could be added to the S&P 500 index. Some of the top corporate customers using Palantir are Dish Networks, Fiserv, Navister, Kinder Morgan, and Intuit. As these companies shift to the PLTR, others will likely follow in

Palantir Technologies’s business is doing well. Its net income jumped to $147 million while its commercial revenue jumped by 23% to $403 million. Its adjusted Free Cash Flow (FCF) rose by 24% to $502 million.

Most importantly, Palantir share price is soaring because of AIP, the company’s artificial intelligence solution. In the earnings call, the CEO said that more companies were finding AIP quite useful. Some of the top companies using the product are Cleveland Clinic, Tampa General, and Aramark. The number of customers are over 300.

PLTR stock price soared after rumours emerged that the company said it was now eligible to get listed in the S&P 500 index. In most cases, companies tend to rise ahead of being included in the index.

Further, the company has a strong balance sheet. It has over $3 billion in cash and short-term investments, which is about a tenth of its total market cap. This means that the firm can easily support its share buyback.

The biggest risk for Palantir Technologies is that it is not cheap. However, as companies like Nvidia and Microsoft have demonstrated, it is possible for a company to maintain an expensive valuation for a while.

The daily chart shows that the PLTR share price has made a strong rebound in the past few months. It has moved above the important resistance point at $17.18, the highest swing in June this year. It has also jumped above the 50-day and 25-day Exponential Moving Averages (EMA).

Therefore, the outlook for the stock is mildly bullish, with the next level to watch being at $20.21, the YTD high. A break above this price will see it continue rising as buyers target the resistance at $25. It will also be important since it will invalidate the double-top pattern that is forming.

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