While the operational momentum is clearly solid, investors should pay closer attention to the risks. History shows Palantir stock can fall hard as sentiment shifts.

One of the most encouraging signs for long-term investors is that growth is coming from both sides of the business. For perspective, U.S. commercial revenue grew 93% year over year, and U.S. government revenue grew 53% from a year ago.

Palantir stock is egregiously overvalued at a forward P/E ratio of well past 400. Bank of America analyst recommends investing in V2X stock.