One of the most anticipated earnings reports for tech companies was just released by the secretive data analytics and artificial intelligence (AI) specialist Palantir Technologies (NYSE: PLTR). Palantir is primarily known for its close ties to the U.S. military and its Western allies as well as being a core pillar of Ark Invest Chief Executive Officer Cathie Wood's portfolio.

Since going public in 2020, Palantir has been no stranger to the headlines. Some investors view Palantir as a glorified consulting operation and have even urged shorting the stock. Meanwhile, the company has seemed to garner a loyal following within the retail investor community -- likely thanks in part to Palantir's eccentric CEO, Alex Karp.

The company's third-quarter earnings report was nothing short of extraordinary. The company is making major strides in AI and is giving big tech stalwarts such as Microsoft, , and Amazon a real run for their money. After posting yet another quarter of growing profitability, Palantir is now officially eligible for inclusion into the S&P 500. Let's explore why this is such a big deal, how the company became eligible, and if the stock is worth buying right now.

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Source Fool.com