Shares of Palantir Technologies (PLTR -7.07%) ended Oct. 9 at $209.05, their highest close ever. They’ve dipped since. But at around $198 as I write, the stock still sits only about 5% under that high.

It’s easy to see why investors keep paying up. The artificial intelligence (AI) data and analytics specialist grew its second-quarter revenue 93% year over year, and its profits rose even faster.

But at today’s price, investors pay around 170 times earnings for it, going by what Palantir earned in the last year — more than I’m willing to pay.

At what price, then, would the stock become a buy for me?

Image source: The Motley Fool.

Palantir’s profits keep climbing

Highlighting how fast the company is scaling, Palantir’s second-quarter…