Palantir Technologies has been a standout performer, with its stock surging 340% in 2024, making it the top-performing stock in the S&P 500. This impressive performance has been driven by the company's strong financial results and strategic partnerships, which have bolstered investor confidence. As a result, Palantir's shares have become increasingly expensive, reflecting the market's optimistic outlook on its future growth prospects. The tech sector, particularly megacap technology stocks, has been a significant contributor to the broader market gains over the past two years, further supporting Palantir's upward trajectory.
The GraniteShares 2x Long PLTR Daily ETF (PTIR) rose to $107.81, up 3.48% as of 10:00 AM ET on January 16th.