Palantir Technologies (NYSE: PLTR) had a monster year in 2023, with its share price rising by more than 170%. The data analytics company has been thriving due to the emergence of artificial intelligence (AI) and businesses looking to do more computing in the cloud.

But just because Palantir is coming off a great year doesn't mean the stock's rally has to end. Here's a closer look at why the stock could continue to do well in 2024.

There was a lot of hype surrounding AI in 2023, but the reality is that many businesses are still only beginning to incorporate AI into their operations. According to a recent survey from CNBC, 55% of technology officers (across many sectors in the economy, not just tech) said that their companies would be investing in generative AI software within the next six months.

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Source Fool.com