One of the country's largest pension funds has taken a stake in the artificial intelligence (AI) and data mining specialist.

Palantir Technologies (NASDAQ: PLTR) has been a rocket ship since early 2023. In just over 24 months, the stock has gone from under $8 to $115, an incredible 1,700% sprint. It's safe to say that things have gone well for shareholders.

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

Palantir was a business worth more than Wells Fargo, one of the top banks in the entire country. It's also worth more than McDonald's, Walt Disney, and many more top blue-chip companies. Its valuation doesn't make sense, and if it was a speculative buy before this recent rally, it's even more of one now.

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.