Palantir's price-to-sales ratio of 114 is way above OpenAI's 17. Palantir's success in defense work could block access to growth as enterprise AI payoff remains elusive

Palantir Technologies has created one of the most dramatic stories on Wall Street this year, defying conventional investment narratives. In 2025, it became the top-performing stock in the S&P 500, surging over 106% and at points climbing 144% from the start of the year—outpacing even AI heavyweights like Nvidia.

Nvidia, Palantir and other superstar stocks that had surged in the mania surrounding artificial-intelligence technology are dragging Wall Street lower again on Wednesday. The S&P 500 dropped 1% and was on track for its worst day since the first of the month.