The Nasdaq 100 index recently completed its latest rebalancing. Two popular stocks, Palantir Technologies and MicroStrategy, were the big notable additions. They have been among the hottest buys of 2024 as retail investors remain bullish on their futures.

We recently published a list of Wall Street Is Focusing on These 10 AI Stocks as New Year Begins. In this article, we are going to take a look at where Palantir Technologies Inc. (NASDAQ:PLTR) stands against other stocks Wall Street is focusing on as the new year begins.

Wall Street expects Shopify's adjusted earnings to increase at 25% annually through 2025. That makes the current valuation of 94 times adjusted earnings look rather expensive, but patient investors comfortable with volatility can still purchase a small position today. Shopify has reported above-consensus earnings for eight straight quarters.

Palantir Technologies has been one of the hottest stocks on the market over the past couple of years, clocking eye-popping gains of more than 1,100% as of this writing thanks to its accelerating growth that's being driven by the booming demand for artificial intelligence (AI) enterprise software.

Tuesday’s rally in Palantir shares moved the stock above its top Bollinger Band. This signals that the stock is engaging in a new Volatility Rally. These rallies often result in a short, fast and aggressive move higher of 10-15%. Palantir maintains a bullish rating with a price target of $125.

Palantir Technologies (PLTR) stock is extending its pullback from all-time highs after its Nasdaq-100 (NDX) debut