Shares of Palantir Technologies ( PLTR 8.01%) are surging on Thursday. The artificial intelligence (AI)-powered data analytics company's stock gained 8.1% as of 1 p.m. ET and was up as much as 9% earlier in the day. The jump comes as the S&P 500 ( ^GSPC 0.58%) gained 1.5% and the Nasdaq Composite ( ^IXIC 1.07%) rose 2%.

Palantir shares have advanced 550% since January 2024, which makes it the best performing stock in the S&P 500 and the second best in the Nasdaq-100. Louie DiPalma at William Blair Research says Palantir shares could decline 70% and it would still be the most expensive software stock on the market.

Palantir Technologies Inc.’s stock is falling more than 13% on Tuesday, despite the company’s solid first-quarter earnings and better-than-expected guidance.