Tech defense juggernaut Palantir Technologies (NASDAQ: PLTR) has been a tour de force over the past 12 months. The company's shares have skyrocketed by a staggering 368% during this period, outpacing both the benchmark S&P 500 and artificial intelligence (AI) titan Nvidia.

Move aside Apple, Microsoft, Alphabet and Tesla. There's a new group of Magnificent Seven stocks in the S&P 500.

The artificial intelligence narrative has dominated Wall Street over the past two years, and for good reason. According to a report from Statista, the AI market is forecast to expand at a compounded annual growth rate of 27.