Palantir Technologies’ latest quarterly earnings further cemented the software company’s status as a winner from the artificial intelligence boom. The issue is whether even that can justify the stock’s astronomical valuation.

Palantir and Alphabet are cashing in on artificial intelligence, but Wall Street expects one of the stocks to decline sharply.

Palantir Technologies Inc. (NYSE:PLTR) will release earnings results for its third quarter, after the closing bell on Monday, Nov. 4. Analysts expect the Denver, Colorado-based company to report quarterly earnings at 9 cents per share,

Wedbush analyst Dan Ives is out with an early reaction to Palantir's "eye-popping" results, featuring beats across the board.

Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry, with a host of contracts with domestic and international agencies that focus on its data analytics and AI technologies.

Palantir shares jumped in extended trading on Monday after the analytics software provider topped third-quarter earnings estimates and lifted its full-year revenue outlook amid robust demand for its AI offerings.

Shares in Palantir Technologies Inc. were up over 12% in late trading today after the big data analytics company reported stronger-than-expected earnings and revenue in its fiscal third quarter and revised its full-year outlook upwards.