Palantir Technologies Stock Hits A New All-Time High: What's Going On?

Palantir Technologies Inc (NASDAQ:PLTR) stock hit a new all-time high Wednesday morning, continuing a powerful rally that has pushed the stock up over 150% year-to-date. The recent momentum is fueled by a string of contract wins and strategic validation from industry leaders. PLTR is in a favorable position. See what is driving the move here. What To Know: A major catalyst for Wednesday’s momentum is a newly announced partnership with AI chip leader Nvidia Corp. The collaboration is set to operationalize AI for enterprise clients by integrating Palantir’s data management platform, Foundry, with Nvidia’s DGX systems and AI software stack. The collaboration also aims to help businesses transform their enterprise data into decision intelligence, allowing them to build and deploy custom, large-scale AI applications more effectively.What Else: The data analytics firm also recently announced a major deal with Poland's Ministry of National Defense, deepening its AI footprint on NATO's eastern flank. This geopolitical win was complemented by a new multi-million dollar partnership with Lumen Technologies, which Palantir's CEO claimed could make AI data processing "200x faster" and was the "holy grail for businesses."Further bolstering investor confidence, Oracle's Larry Ellison recently affirmed Palantir's core business model, stating that AI needs private data, not just public web data, to reach its "peak value."With the stock at record levels, Wall Street is now keenly focused on the company’s upcoming third-quarter earnings report. Palantir is scheduled to report after the market closes on Nov. 3, where it will likely need to post strong results to justify its high valuation. Analysts expect earnings of 15 cents per share on revenue of $1.09 billion.Benzinga Edge Rankings: According to Benzinga Edge stock rankings, Palantir scores an exceptional 97.26 out of 100 for momentum, reflecting its powerful price trend.PLTR Price Action: Palantir Technologies shares were up 3.66% at $196.48 at the time of publication on Wednesday. The stock climbed as high as $197.93 before puling back slightly, according to Benzinga Pro data.Read Also: Palantir Could Be Nvidia’s Fastest Route To $500 Billion In AI Software — Cathie Wood Saw It ComingHow To Buy PLTR StockBy now you're likely curious about how to participate in the market for Palantir Technologies – be it to purchase shares, or even attempt to bet against the company.Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.If you're looking to bet against a company, the process is more complex. You'll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.Image: Shutterstock