Palantir Technologies (NASDAQ:PLTR) slid more than 9%, while Oracle lost over 5%. Both names have benefited this year fr

Palantir Technologies (NASDAQ:PLTR) earlier this month became one of the hottest stocks on Wall Street after the data analytics software developer reported $1B in quarterly sales for the first time ever,

That unbridled success has translated into meteoric growth and a blistering run for the stock. But this could be just the beginning. CEO Alex Karp just announced plans to grow the company's revenue tenfold while reducing Palantir's head count. Let's review what he said and see what this could mean for the stock price.

Keithen Drury has positions in Alphabet, Meta Platforms, and Tesla. The Motley Fool has positions in and recommends Alphabet, Costco Wholesale, Meta Platforms, Palantir Technologies, and Tesla. The Motley Fool has a disclosure policy.

Palantir's dual-engine model delivers exceptional growth, margins, and defensibility. Click here to see why PLTR stock is a Buy.

Palantir's growth continues to be led by U.S. commercial customers adopting its Artificial Intelligence Platform (AIP). The company once again credited AIP's ontology, saying it is "pure understanding," and that without it, large language models (LLMs) cannot actually work in the real world

Shares of data analytics powerhouse Palantir Technologies (NASDAQ: PLTR) soared by 141% this year. For two years running, Palantir is the top-performing stock in the S&P 500, and its momentum doesn't appear to be diminishing in the slightest.

Demand for Big Data services is increasing. Palantir, a leader in the field, should benefit. Here are the forecasts and price predictions for PLTR stock.