Shares of Palantir Technologies Inc. ($PLTR) have surged to historic levels, trading above $75 for the first time and nearing $76. This represents a year-to-date gain of 345%, driven by strong revenue growth of 30% year-over-year as of Q3. However, the stock's valuation has raised concerns, with metrics such as 68x price-to-sales, 420x trailing EBITDA, and 150x 2025 earnings estimates suggesting overvaluation. Analysts have noted that achieving sustainable growth may require aggressive assumptions, including a 35% compound annual revenue growth rate and 50% net margins to justify current levels. Meanwhile, AppLovin Corp. ($APP) has also seen a meteoric rise, trading at $400, up from $166 just a month ago and marking a 929% year-to-date gain. The stock has grown 50x in two years, with revenue growth of 38% year-over-year as of Q3. Over the past four months, $APP has risen from $60 to $400, leaving RSI traders puzzled. Both stocks reflect the broader trend of momentum-driven valuations in the current market environment.