Palantir Technologies’ shares climbed as much as 4% to an all-time high of $161.15 on Monday, extending a rally that has more than doubled the stock this year. The advance comes hours before the Denver-based data-analytics company releases second-quarter results that investors expect to show further gains from surging demand for artificial-intelligence software. At roughly 229 times projected earnings, Palantir commands the steepest valuation in the S&P 500, a premium that has left many analysts cautious even as retail and momentum buyers continue to accumulate the stock. More than twice as many Wall Street ratings are neutral or negative as positive, underscoring the need for the firm to exceed consensus forecasts. Analysts polled ahead of the report are looking for earnings per share of about 12–14 cents on revenue near $940 million, which would mark year-on-year revenue growth of close to 38%. Options pricing implies a move of roughly 12% once the numbers are posted, while short-dated derivatives tied to Palantir’s August 8 expiry are factoring in a 13.5% swing. Expectations have been buoyed by a recently awarded U.S. Army contract valued at up to $10 billion and by the company’s expanding commercial pipeline for its artificial-intelligence platforms. With the shares already discounting rapid growth, Palantir may need to deliver a "beat-and-raise" quarter to sustain its record valuation.