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Market researcher IDC forecasts that global AI-related spending could hit $337 billion next year and jump to a whopping $749 billion by 2028. As a result, technology companies selling AI-related hardware and software should ideally witness healthy growth in their businesses next year.

Richards pointed out that the peak multiples for software stocks were significantly higher in late 2021, but current valuations are more attractive, especially as AI begins to play a critical role in driving growth.

The U.S. military is partnering with Palantir to bolster its intelligence-gathering and AI capabilities. The value of these increasingly vital services can be seen in Palantir's U.S. government revenue, which surged by 40% year over year to $320 million in the third quarter.