Palantir's other metrics showed that its AI platform (AIP) is continuing to drive growth and separate it from the competition. Its U.S. commercial remaining deal value, a proxy for its business backlog, jumped 99% to $1.79 billion, and U.S. commercial total contract value jumped 134% to $803 million.

The AI-focused Palantir joins a group of less than 50 public American companies worth at least $200 billion, quite the turn of events for the government contractor worth less than $20 billion two years ago.

Palantir (Nasdaq: PLTR) opened Thursday trading slightly below where it closed yesterday. However, that situation quickly changed and its share price rapidly rose in early morning trading. For most of the afternoon,

On the surface, Palantir looks wildly expensive. However, it appears to have a competitive advantage in enabling companies to implement AI. That advantage may not be easily copied. In response, Palantir's stock rallied another 24% on Tuesday,

Palantir executives welcomed the advent of low-cost artificial intelligence. Other software stocks could also see benefits from cheaper AI.

Palantir Technologies recently reported stellar fourth-quarter financial results that propelled its market value to $230 billion. But some Wall Street analysts think Advanced Micro Devices ( AMD -6.27%) and ServiceNow ( NOW 1.