Palantir Technologies ( PLTR -2.52%) had an explosive 2024, reporting its highest profit ever, joining the S&P 500, and seeing its shares surge 340%. But the stock may have farther to go, possibly this year but particularly over the long term.

Equity analyst Dan Ives has made a quite a few prescient calls in his career. In the last year alone, he predicted the Nasdaq Composite would hit 20,000, and he remained bullish on Palantir despite widespread skepticism.

Artificial intelligence has been a hot market throughout 2024. AI fueled the surge in share price for companies such as Nvidia, which saw its stock rise nearly 180% over the past year through Dec. 31.

Apple (NASDAQ: AAPL) and Microsoft (NASDAQ: MSFT) are two of the biggest rivals in tech. And today, they're both spending heavily on artificial intelligence (AI) as their rivalry evolves into yet another chapter.