2 AI Stocks That Didn't Get the Memo That the Bull Market Hit a Speed Bump

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In the tech sector, there are at least two artificial intelligence (AI) stocks still trading near their highs.Let's take a closer look at these two stocks that apparently didn't get the memo to pull back in this uncertain economy.Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both need. Continue »Image source: Getty Images.Given its role in the defense and intelligence segments of the U.S. government, perhaps it should be no surprise that the stock of Palantir Technologies (NASDAQ: PLTR) has rallied to trade near all-time highs, given the current U.S. conflict with Iran. The U.S. government is the company's largest customer, and Palantir is arguably its most important vendor in helping modernize its systems.However, Palantir is far more than just a government defense contractor. The company's largest area of growth has come from the U.S. commercial sector, as its Artificial Intelligence Platform (AIP) has become one of the most important layers in implementing AI. Its platform is able to gather data from a variety of sources and then organize it into an ontology, which it then links to physical assets and workflow processes. This gives AI models the clean, structured data that they need to help avoid costly hallucinations (data that is inaccurate or doesn't make sense), in essence making Palantir's platform an AI operating system.AIP can be used across industries to help customers solve a wealth of problems, which has led the company to see accelerating revenue growth over the past 10 quarters. This was topped off with a 70% increase last quarter.That said, the stock is very expensive, trading at a forward price-to-sales (P/S) multiple of 51 times. I think Palantir can eventually grow into this multiple, but I'm not chasing the stock up at these levels.Another tech stock trading near all-time highs is Sandisk (NASDAQ: SNDK). The stock has been on fire since it was spun off from Western Digital early last year, making its triumphant return to the public markets as a stand-alone company.The company is the only pure-play way to invest in the hot NAND (flash) memory market, which has seen prices skyrocket due to current supply constraints in the market. After the market became oversupplied due to a pull-forward in electronics demand stemming from the pandemic, most big memory makers cut NAND production, which has not returned.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoTrending tickersBTC-USD Bitcoin USD 70,461.22 +596.55 (+0.85%)ETH-USD Ethereum USD 2,149.97 +14.47 (+0.68%)MGM MGM Resorts International 35.37 -1.77 (-4.77%)UAL United Airlines Holdings, Inc. 89.95 -4.20 (-4.46%)XRP-USD XRP USD 1.44 -0.00 (-0.18%)PortfolioSign in to access your portfolioSign inTop gainersPL Planet Labs PBC 33.83 +6.87 (+25.48%)PSNYW Polestar Automotive Holding UK PLC 5.25 +0.88 (+20.14%)YSS York Space Systems, Inc. 21.07 +3.39 (+19.17%)LBTYB Liberty Global Ltd. 14.17 +2.03 (+16.72%)SEDG SolarEdge Technologies, Inc. 51.73 +6.07 (+13.29%)Top losersSMCI Super Micro Computer, Inc. 20.53 -10.26 (-33.32%)AAOI Applied Optoelectronics, Inc. 87.54 -14.38 (-14.11%)VICR Vicor Corporation 164.54 -25.59 (-13.46%)VST Vistra Corp. 146.02 -21.12 (-12.64%)FLOC Flowco Holdings Inc. 21.69 -2.76 (-11.29%)Most activeCMCSA Comcast Corporation 29.02 +0.04 (+0.14%)SMCI Super Micro Computer, Inc. 20.53 -10.26 (-33.32%)NVDA NVIDIA Corporation 172.70 -5.86 (-3.28%)RITM Rithm Capital Corp. 8.77 -0.26 (-2.88%)PLUG Plug Power Inc. 2.2300 -0.1700 (-7.08%)Top economic eventsEarnings eventsMy earnings eventsEarnings events