Palantir Technologies’ stock extended its torrid advance, trading just below $180 and valuing the data-analytics company at about $423 billion. The shares have climbed roughly 400% since the third quarter of 2024, far outpacing the company’s growth in sales, which totaled about $3.4 billion over the same period. CNBC host Jim Cramer called the stock “dramatically undervalued” and said it could reach $200, comments that coincided with fresh bullish activity in the options market. Traders purchased about 1,500 January $250 calls at premiums of $7.70 to $8.00, wagering on further gains. Skeptics counter that Palantir’s valuation has become detached from fundamentals. With annualized revenue of roughly $4 billion, the shares trade at around 117 times sales and about 595 times trailing earnings, levels critics describe as bubble territory. One commentator labeled the company’s $423 billion capitalization “the biggest bubble of all time.” Adding to the debate, co-founder and Chief Executive Officer Alex Karp has sold an estimated $1.16 billion of stock since the third quarter of 2024. The split between bullish price targets and lofty valuation metrics underscores the stark divide among investors over how much future growth Palantir can deliver.