CEO Alex Karp hailed “one of the truly iconic performances” by any company while warning it was putting “enormous political pressure on our institutions.”

Palantir topped Wall Street's fourth-quarter estimates as more businesses and the U.S. government race to buy its artificial intelligence tools.

CEO Alex Karp hailed “one of the truly iconic performances” by any company while warning it was putting “enormous political pressure on our institutions.”

The rise comes on the back of months of decline for the stock.

Companies are reporting capital expenditure plans that suggest AI companies won’t run out of money anytime soon.

Analysts remained overwhelmingly bullish on Palantir, although the company's lofty valuation stood out as a sore spot for some.