Palantir Technologies (PLTR +5.66%) has been a non-stop thrill ride for investors over the past few years. The company debuted its Artificial Intelligence Platform (AIP) in early 2023, providing an artificial intelligence (AI) tool that solved real-world business problems. Since then, the company’s growth has been stellar, but its stock price has been volatile. For example, the stock soared 2,350% over the next two-and-a-half years, but has since shed 48% of its value (as of this writing).

You might be tempted to think the business has suffered, but quite the opposite is true. So how do we explain the apparent disparity? Palantir bulls argue the company’s AI tools have no direct competitors, while bears say the stock is overpriced….