Palantir Technologies' (NYSE: PLTR) stock rocketed higher after the company released stellar results for the second quarter of 2024 on Aug. 5 that turned out to be better than analysts' expectations.

Shares of the company that's known for providing software platforms to both government and commercial customers shot up more than 10% in a single session as it not only beat the market's expectations but also raised its full-year guidance. With its latest pop, Palantir stock is now up 55% in 2024 and has started recovering from its recent pullback.

This company is getting a nice shot in the arm thanks to the growing adoption of artificial intelligence (AI) software. Does this mean it is too late for investors to buy? Let's find out.

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Source Fool.com