Palantir's business has been booming as artificial intelligence (AI) elevated the company's offerings, leading to a surge in demand, and multiple quarters of impressive results. But is this tech stock still a no-brainer buy heading into 2025?

Artificial intelligence outfit Palantir Technologies (NASDAQ:PLTR) may be poised to see its stock soar this Friday. Although it has already quadrupled in value in 2024 and has gained over 620% since its 2020 IPO,

Palantir Technologies stock was slipping on Wednesday, the day before it could potentially join the Nasdaq 100. Shares in the company, which develops software platforms that mine data, slid 2.4% to $69.

The Nasdaq-100 is reconstituted annually in December. The additions and deletions are announced after the market closes on the second Friday of the month, and the changes take effect on the first trading day following the third Friday. The relevant dates this year are Dec. 13 and Dec. 23.

Palantir Technologies leads the list of a half dozen companies that could be added to the $26 trillion Nasdaq 100 index at its annual reconstitution due to be announced on Dec. 13Stock Other candidates for inclusion at the reconstitution,

Palantir Technologies Inc. PLTR stock has tripled in a year. Shares have gained a whopping 313% year to date, significantly outperforming the broader technology service industry’s 57.4% return and the Zacks S&P 500 composite’s 27.

Investor enthusiasm about Palantir Technologies has driven the stock to sky-high valuation metrics. At Tuesday’s close, Palantir was trading at 67 times its sales over the last 12 months. The S&P 500 index trades at 3.