Two main catalysts are driving Palantir's stock higher. First, it expects its revenue to rise 26% in 2024. It attributes that reacceleration to the robust growth of its U.S. commercial business, new government contracts, and the rollout of new generative artificial intelligence ( AI) services for streamlining its data mining services.

The Nasdaq-100 is reconstituted annually in December. The additions and deletions are announced after the market closes on the second Friday of the month, and the changes take effect on the first trading day following the third Friday. The relevant dates this year are Dec. 13 and Dec. 23.

Palantir Technologies stock was slipping on Wednesday, the day before it could potentially join the Nasdaq 100. Shares in the company, which develops software platforms that mine data, slid 2.4% to $69.