Palantir Technologies (NASDAQ: PLTR) stock was in red-hot form in 2024 as investors showed increasing interest in this software platforms specialist thanks to strong demand for the company’s artificial intelligence (AI)-focused offerings, which led to nice accelerations in its top- and bottom-line growth. With a price-to-sales ratio of 75 and a trailing earnings multiple of 412, Palantir is not an ideal candidate for investors looking to buy an artificial intelligence (AI) stock at a reasonable valuation. Of course, the forward earnings multiple of 217 indicates that the company’s bottom line is expected to improve remarkably in the coming year, but that rich valuation also means that any signs of weakness in Palantir’s growth story could send the stock spiraling downward.