Pair Trade: Fade Palantir and Buy This Fantastic AI Stock Trading at a Discount
Although there have already been a few obstacles this year, technology and artificial intelligence stocks have been on a tear for nearly 2.5 years. Of this group, few have excelled more than the decision-making AI company Palantir (NASDAQ: PLTR). From its mysterious and exciting work for the Department of Defense to its impressive quarterly earnings results, retail and institutional investors can't buy enough of this stock.Since going public in October of 2020, Palantir is up an incredible 1,105% and trades at a mind-boggling 200 times forward earnings. The company's market cap is now over $250 billion. While the run has been astounding, I think it's time for investors to cash in their winnings.As a pair trade, I'd recommend fading Palantir and buying this fantastic AI stock instead, which trades at a big discount.Continue reading
Although there have already been a few obstacles this year, technology and artificial intelligence stocks have been on a tear for nearly 2.5 years. Of this group, few have excelled more than the decision-making AI company Palantir (NASDAQ: PLTR). From its mysterious and exciting work for the Department of Defense to its impressive quarterly earnings results, retail and institutional investors can't buy enough of this stock.
Since going public in October of 2020, Palantir is up an incredible 1,105% and trades at a mind-boggling 200 times forward earnings. The company's market cap is now over $250 billion. While the run has been astounding, I think it's time for investors to cash in their winnings.
As a pair trade, I'd recommend fading Palantir and buying this fantastic AI stock instead, which trades at a big discount.
