Palantir Technologies’ latest quarterly earnings further cemented the software company’s status as a winner from the artificial intelligence boom. The issue is whether even that can justify the stock’s astronomical valuation.

Wall Street pointed toward gains early Tuesday as investors awaited the outcome of the U.S. presidential election and other potentially market-rattling events this week. Futures for the S&P 500 and the Dow Jones Industrial Average each rose 0.

Palantir Technologies shares rocketed higher Tuesday after earnings results comfortably beat expectations. Many analysts are wary the analytics software provider is overvalued.

Shares of Palantir ( PLTR 23.47%) were soaring today after the artificial intelligence (AI)-focused software stock posted better-than-expected results in its third-quarter earnings report last night, as revenue growth accelerated for the fifth quarter in a row. It posted strong margin expansion as well.

Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir  (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry,