Ken Griffin of Citadel sold 5.1 million shares of Palantir, reducing his stake by 91%. Meanwhile, he bought 4.7 million shares of Nvidia, increasing his stake by 194%. Nvidia is the second largest position in Citadel's portfolio, excluding options contracts and index funds.

Artificial intelligence (AI) has defined the investment narrative of 2024, and Palantir Technologies Inc. (PLTR) has emerged as a massive beneficiary of this transformative trend thanks to its cutting-edge Artificial Intelligence Platform (AIP),

Palantir Technologies stock (NASDAQ: PLTR) has had a solid run, rising by almost 4x since the beginning of the year to about $66 presently.

While it is undeniable that Palantir is a high-quality data mining stock with robust AI-powered tailwinds, the company's sky-high valuation -- a price-to-sales ratio near 60 -- requires investors to exercise caution. Here's what astute investors should know about Palantir.