One the most polarizing stocks on Wall Street is Palantir (NYSE: PLTR). The Denver-based company has developed a series of software platforms that specialize in big data analytics and artificial intelligence (AI). While this may be exciting to some investors, others may not be totally sold on Palantir's position in the AI market relative to its Big Tech peers such as Microsoft, Alphabet, and Amazon.

Moreover, shortly after its initial public offering in 2020, the company become a frequent talking point of Ark Invest CEO Cathie Wood. Many retail investors poured into the stock following Wood's bullish commentary, propelling it upward to stratospheric levels. Unsurprisingly, Palantir's status as a meme stock was short-lived and it cratered in spectacular fashion.

While the stock has enjoyed some new life in 2023, primarily driven by the euphoria surrounding AI, there are several reasons to believe it's just getting started. After an eye-popping third-quarter earnings report, Palantir looks poised to dominate in AI.

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Source Fool.com