The bottom line is that the attractiveness of stock prices, like beauty, is in the eye of the beholders. As long as enough investors think that Palantir's share price could continue rising, it will. For a bubble to burst, more investors must think there is a bubble than not. That might not happen with Palantir for a while.

Palantir (NASDAQ:PLTR) has no shortage of grandiose ambitions, as CEO Alex Karp spelled out in clear, black-and-white prose in his letter to