Palantir Technologies stock hit a record intraday high Friday as part of a broader rally in tech stocks, days before the company is scheduled to report fourth-quarter earnings. The stock set an all-time intraday high Friday of $85.

The Zacks Consensus Estimate for earnings is pegged at 11 cents, implying 37.5% growth from the year-ago reported quarter. Top-line growth and operating margin expansion are likely to have driven the bottom line.

Palantir stock price has done well and is one of the best performers on Wall Street, helped by the ongoing artificial intelligence tailwinds. It has jumped by over 400% in the last 12 months, transforming it into a company valued at almost $200 billion.

Palantir also continues to introduce new products, including a visual navigation AI that can guide autonomous drones in areas without GPS. As a business, Palantir looks solid. It has an impressive set of competitive advantages, given its focus on defense tech and experience in data mining and analytics.

In terms of performance, Palantir Technologies (NASDAQ: PLTR) was one of the hottest stocks of 2024. Palantir originally made its mark as a data gathering and analytics vendor primarily serving the U.

Palantir's stock is detached from reality as it trades at an irrationally exuberant price. Find out why we have recently opened a short position in PLTR.