Investing.com -- Palantir has surged to new all-time highs, prompting former JPMorgan (NYSE:JPM) strategist Marko Kolanovic to label it a “meme mega cap” stock.
In a tweet, Kolanovic questioned Palantir’s valuation, writing, “No matter how one looks at valuations, doesn’t make lot of sense. Congrats to US exceptionalism, now there is a meme Mega cap (+bonus creepy earnings calls).”
Palantir (NASDAQ:PLTR) shares soared 24% on Tuesday, followed by a further 9.8% gain on Thursday and a 0.5% increase in premarket trading so far on Friday.
The rally has pushed the company’s market capitalization above $250 billion, a milestone that places it firmly in the ranks of the largest publicly traded U.S. companies.
Kolanovic’s comment references the stock’s rapid ascent, which has been fueled by investor enthusiasm for artificial intelligence and government contracts. Palantir, once considered a niche defense and analytics firm, has seen its valuation balloon amid speculation over its long-term AI potential.
Despite the skepticism, bullish investors continue to back the stock. Palantir remains a focal point of debate between those who see it as an AI leader and those who, like Kolanovic, view its rise as excessive.