Palantir TechnologiesNYSE: PLTR

Virtus Investment Partners‘ Joe Terranova is eyeing a couple of big data companies as the artificial intelligence (AI) story begins to tilt toward software.

Palantir provides mission-critical software solutions to government agencies. It's now leveraging that experience to expand into the commercial segment.

Generative artificial intelligence (AI) is growing by leaps and bounds, and while hardware is the initial beneficiary, software will dominate the next wave of AI adoption. Estimates suggest the generative AI software market could soar 18,647% by 2032, according to Bloomberg Intelligence.

Palantir sells analytical software to governments and corporations. Revenue growth is accelerating, and margins are expanding.

Palantir is a leader in the booming AI and data analytics industry. The company's recent results are taking the wind out of some of the most common bearish arguments against its stock.

Palantir Technologies (PLTR) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.

The value of Palantir's relationship with the U.S. government is immense. The company is expanding its enterprise business rapidly.

Founded in 2003 by Peter Thiel, Nathan Gettings, Joe Lonsdale, Stephen Cohen and Alex Karp (who remains CEO), Palantir Technologies Inc. (PLTR, Financial) is a data analytics and software development company based in Palo Alto, California.

Palantir's AI products are popular with commercial and government customers. Palantir must maintain its strong growth rates for multiple years to justify its valuation.