Palantir Technologies Inc. (NYSE: PLTR), which has gained 340% this year, has positioned itself as a pioneer in applied artificial intelligence solutions for governments, the military, and enterprises.

Palantir Technologies stock (NASDAQ: PLTR) has had a solid run, rising by about 37% over the past month, and remains up by about 4x since the beginning of the year,

With its stock up 2,500% in the past five years, it's perhaps not surprising that investors are looking for the next Nvidia (NASDAQ: NVDA). The company has been the biggest winner from the artificial intelligence (AI) boom and as a result has become one of the largest companies in the world.

Government contracts offer revenue potential to key contractors, with defense spending alone projected to reach $1 trillion by 2031. Read how Palantir fits into this contract mix.