Billionaires Ken Griffin and David Shaw run the most successful hedge funds in history, and both bought Nvidia and sold Palantir in the third quarter. Nvidia shares currently trade at a reasonable price,

"We could go back to quarters where the stock sells off, bears come out of hibernation mode, stock goes to $100, then all of a sudden, two months later, back up to all-time highs," Ives continued. "These knee-jerk reactions, it’s easy to get scared by them because they don’t say anything about near-term demand."

PLTR stock jumped 340% in 2024 with much of the gain coming after Trump's election win amid views government AI automation will rise.

Palantir Technologies (NASDAQ:PLTR) has been described as the best pure-play stock in artificial intelligence. The market agrees, sending shares of PLTR stock some 342% higher over the past year, far better than Nvidia (NASDAQ:NVDA),