Palantir Technologies ( PLTR 1.44%) shares have advanced 550% since January 2024. For context, it was the best performing stock in the S&P 500 ( ^GSPC 0.43%) and the second-best performing stock in the Nasdaq-100 during that period.

With its shares up 58% year to date, Palantir Technologies (NASDAQ: PLTR) embarrassed its naysayers -- it has been repeatedly testing new highs despite calls of overvaluation. Palantir operates at the intersection of two of the market's biggest hype drivers right now: generative AI and President Donald Trump's election.

Palantir Technologies Inc. (PLTR) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.