Why Palantir Stock Nearly Doubled in May
Palantir Technologies (NYSE: PLTR) has been a momentum stock since it first went public during most of its two and a half years as a public company. In May, the company found itself in the center of the hottest trend in investing, and the stock shot higher.
Shares of Palantir gained 89.8% in May, according to data provided by S&P Global Market Intelligence, as investors flocked toward stocks that are involved in artificial intelligence.
Palantir makes proprietary data analytics tools for government and corporate customers. It debuted on the public markets in 2020 to great fanfare, backed by venture capitalist Peter Thiel and boasting successes that included helping the U.S. government track down Osama bin Laden.
Source Fool.com
