Palantir Technologies (NYSE: PLTR) has been around for about 20 years, but the software-as-a-service company only grabbed the world's attention in recent times. This is thanks to its use of artificial intelligence (AI) to help its customers save time and money -- and how this has translated into major earnings growth.

Share performance has followed, with the stock climbing in the triple digits over the past year. And Palantir stock got an extra boost in recent days with the announcement that it would join the S&P 500 Index later this month. This represents a significant milestone as it shows Palantir is one of the companies powering today's economy.

So, right now, you might be wondering if you should buy this on-the-move stock -- and you may even wonder if a sizable investment, such as $10,000, could make you a millionaire down the road. Let's find out.

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Source Fool.com