Palantir Technologies (NYSE:PLTR) is making bold moves, and investors are eating it up. The stock jumped to a fresh high of $64 on Friday, riding the buzz around its upcoming switch to the Nasdaq Global Select Market on November 26. Why the excitement? Nasdaq 100 inclusion is on the table, which could trigger a flood of buying from funds tracking the tech-heavy index. Combine that with Palantir's AI-powered momentum and recent entry into the S&P 500, and you've got a stock that's been on fireup a jaw-dropping nearly 270% this year. By market cap, Palantir would slide into the 31st spot in the Nasdaq 100, leapfrogging some big names like Intel (NASDAQ:INTC) and Starbucks (NASDAQ:SBUX)

• Warning! GuruFocus has detected 6 Warning Signs with PLTR.

Institutional investors are catching on, too. The buzz is backed by numbers: Q3 revenue popped nearly 30% year-over-year, hitting $725.52 million. For the full year, Palantir raised its revenue guidance to as high as $2.809 billion, with adjusted free cash flow expected to top $1 billion. Wall Street's AI cheerleaders are hypedWedbush analyst Dan Ives calls Palantir the Messi of AI, predicting it'll dominate as the AI revolution rolls on. Plus, its low exposure to China shields it from trade tensions, a perk in today's geopolitical chess game.

But let's not ignore the elephant in the room: that nosebleed valuation. At more than 130 times forward earnings, the stock isn't cheap, and analysts are divided. Some see consolidationor even a pullbackas inevitable. Still, Palantir's subscription-based business model, fat profit margins, and AI leadership make it a tempting play for investors willing to ride the ups and downs. Whether you're bullish on AI or wary of short-term volatility, Palantir's story is one you can't afford to overlook.

This article first appeared on GuruFocus.