Palantir Technologies (NYSE: PLTR) has seen its share price surge 170% since January as investors have become increasingly confident in the company's artificial intelligence (AI) software. That makes Palantir the third-best performing stock in the S&P 500 (SNPINDEX: ^GSPC) year to date.

Palantir Technologies’ latest quarterly earnings further cemented the software company’s status as a winner from the artificial intelligence boom. The issue is whether even that can justify the stock’s astronomical valuation.

Wall Street pointed toward gains early Tuesday as investors awaited the outcome of the U.S. presidential election and other potentially market-rattling events this week. Futures for the S&P 500 and the Dow Jones Industrial Average each rose 0.