Palantir Technologies Inc. (NASDAQ:PLTR) is one of the best 52-week high stocks to buy now. On July 21, the stock was a big mover after the company secured a $100 million contract from the US government for the Next-Generation Command and Control (NGC-2) platform prototype.

A data extraction engineer assembling a complex integration and configuration.

In partnership with Anduril, Palantir is tasked with developing the next phase of NGC-2, one of the US Army’s highest-priority projects. Palantir is likely to incorporate its Maven Smart System and Edge Data Mesh into NGC-2.

Research firm William Blair expects $30 million of the total contract value to go to Palantir, with potential to increase to more than $150 million in annual recurring revenue over the next three years. Palantir allegedly secured $135 million in annual recurring revenue across nine different contracts in the second quarter compared to just $27 million in the same period last year.

Palantir Technologies Inc. (NASDAQ:PLTR) is a software company that builds platforms for data integration, analysis, and decision-making. It helps organizations, particularly in government and commercial sectors, make sense of vast amounts of data to solve complex problems. Its platforms, including Gotham, Metropolis, and Foundry, are used for various applications, from national security and law enforcement to financial services and supply chain management.

While we acknowledge the potential of PLTR as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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