This Could Give Palantir's Stock a Big Boost This Year
Palantir Technologies (NYSE: PLTR) is a data analytics company that has been one of the hottest investments to own on the market this year. Trading up nearly 130% so far in 2023, the tech stock has soundly beaten the S&P 500 this year, and its top and bottom lines have been showing improvement. And there could soon be a lot more bullishness surrounding the stock.
The top 500 companies traded on U.S. exchanges find their way onto the S&P 500 index (assuming they meet certain other criteria as well), and making it into the top index is a big milestone. Being in the index means more visibility for a stock, more investors adding it to their portfolios, more index funds that track the S&P 500 adding shares, and a potentially higher share price as a result of all this added interest.
Palantir has a market cap of over $30 billion, and it's already a fairly large business. It has been doing well this year due to the growing popularity of artificial intelligence (AI) and data analysis. The company's CEO, Alex Karp, believes that the company may soon become eligible for listing on the S&P 500.
Source Fool.com
