Jim Cramer on Palantir: “One-of-a-Kind Juggernaut Meme Stock That Can’t Be Stopped”

Palantir Technologies Inc. (NASDAQ:PLTR) is one of the stocks Jim Cramer recently shed light on. Cramer called the company “incredible,” as he commented:

“By now, we all know about Palantir, the one-of-a-kind juggernaut meme stock that can’t be stopped. It’s part sledgehammer, part laser, part nuclear bomb, and part Saquon Barkley. I mean, this thing’s incredible. Now, some of that’s because CEO Alex Karp just keeps delivering, not just with great contracts but with revenue growth and incredible margins. This guy is crushing it like no other.

Let me give you the dirty little secret of the success of Palantir. His name is Shane. So I’m at lunch today, and Shane wants a picture… I asked Shane what he’s up to now in the stock market… Shane said, you know what I’m doing? I’m buying put options. I said, oh, and what are you buying put options on? Palantir. There you go, Palantir.

The path to Palantir riches is being paved on the backs of the put buyers, those who use options to bet against it. I told him he needed to focus… If he was betting against Palantir, he wasn’t focusing at all. Fortunately, he limited his risk with puts and not outright shorting. He wouldn’t have been at lunch if he were short. He wouldn’t even be able to go out in public. Believe me…”

Jim Cramer on Palantir: "One-of-a-Kind Juggernaut Meme Stock That Can’t Be Stopped"

Stock market data showing an upward trajectory. Photo by Burak The Weekender on Pexels

Palantir Technologies Inc. (NASDAQ:PLTR) develops platforms that help users interpret complex data for intelligence, operations, and enterprise use. The company’s platforms include Gotham, Foundry, Apollo, and an AI platform.

While we acknowledge the risk and potential of PLTR as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than PLTR and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.