Wall Street on Thursday was off to the races after President Donald Trump exhorted traders to "go out and buy stock now." Read more here.

Palantir's forward price-to-sales (PS) ratio is more than three times higher than the next closest software company, which happens to be CrowdStrike. To put that in context, Palantir's share price could plunge 70% and Palantir would still be the most expensive software stock on the market, according to Louie DiPalma at William Blair Research.

For much of the last two-and-a-half years, the evolution of artificial intelligence (AI) has dominated the discussion on Wall Street. Investors almost always have a next-big-thing trend to captivate their attention, and AI has certainly fit the bill since late 2022.