O ne of the top artificial intelligence (AI) stocks to own this year has been Palantir Technologies (NYSE: PLTR). Its new AI platform, AIP, has unlocked major opportunities for th

Palantir Technologies Inc. hit a new 52-week high, surpassing its previous peak of $40.29, which the company reached on October 4th.

Data is at the core of artificial intelligence (AI) technology. AI helps people understand and analyze data like never before, and these powerful models depend on data to learn and train. Two hot data stocks stand at the forefront of AI: Palantir Technologies (NYSE: PLTR) and Snowflake (NYSE: SNOW).

In short, over the next five years (and longer), organizations will continue to implement AI-powered solutions to help improve their operations and save money. Palantir stands to benefit, and that's why its stock is up 129% year to date and could rise much higher over the next five years.

Palantir (PLTR) has been one of the best-performing large-cap stocks in 2024, registering a stellar gain of about 138.5% year-to-date, far exceeding the S&P 500 Index's ($SPX) gain of 20.1%. Palantir’s meteoric rise is largely fueled by soaring demand for its Artificial Intelligence Platform (AIP).