Palantir Technologies (PLTR 3.45%) stock has advanced 1,880% since the introduction of ChatGPT in late 2022, an event that jump-started the artificial intelligence (AI) boom. But the stock has also fallen 17% from its high because of valuation concerns and a recent rotation away from software stocks.

Bulls argue the company provides indispensable analytics and artificial intelligence tools that help commercial enterprises and government agencies make data-driven decisions. Bears argue shares trade at an absurdly expensive valuation because hype (rather than strong fundamentals) has been the primary catalyst for price appreciation.

Palantir currently…