Palantir's business growth has certainly been impressive, but most of the gains in the stock price have come from its expanding multiple. The stock now trades at a price-to-sales ratio of 100, which is extraordinary for any stock, especially one that's now one of the most valuable companies in the world.

Move aside Apple, Microsoft, Alphabet and Tesla. There's a new group of Magnificent Seven stocks in the S&P 500.

The artificial intelligence narrative has dominated Wall Street over the past two years, and for good reason. According to a report from Statista, the AI market is forecast to expand at a compounded annual growth rate of 27.