Palantir Technologies (NYSE: PLTR) has been on fire in 2023, driven higher by the excitement surrounding artificial intelligence (AI) and a broad rebound in technology stocks. Shares of the data mining and AI specialist are up 159% so far this year, nearly 10 times the 16% gains of the S&P 500. This is in stark contrast to its performance last year, when the stock lost more than 64%. 

There's no question that the soaring demand for all things AI and Palantir's undisputed expertise in the field have been the driving force fueling the stock's rise.

The company's long track record of developing AI tools goes back two decades, long before the current explosion of interest in these next-generation algorithms. Palantir has also delivered consistently improving financial results this year, which suggests the macroeconomic headwinds that weighed on the company last year may finally be easing.

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Source Fool.com