Palantir Technologies (NYSE: PLTR) regained its footing in 2023, fueled by a rebound in technology stocks and recent advances in artificial intelligence (AI). Shares of the data mining and AI specialist gained 167% last year, nearly seven times the 24% gain of the S&P 500.

Furthermore, Palantir stock surged 52% just in the past week in the wake of a strong financial report. These moves were in stark contrast to 2022 when the stock lost more than 64%.

Recent evidence suggests there could be more to come, as Palantir is leveraging its decades-long experience in cultivating AI algorithms. As the demand to implement AI solutions accelerated, the company pivoted quickly to apply its expertise to generative AI -- and the results are telling.

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Source Fool.com