Palantir Technologies is doing a pretty good job of convincing at least one Wall Streeter that businesses will keep adopting its enterprise software-mostly its AI platform-and, in turn, that it will keep growing. Whether the stock will move on the momentum is another question.

Not even two weeks into September, shares are down 11%. Friday was looking better: the stock was up 0.6% at $166.27-and on track to snap a four-day losing streak.

Palantir used its 11th customer forum on Thursday to showcase how it's moving its AI development into production. It made an impression.

Rosenblatt analyst John McPeake, came away from the conference with a bullish view of Palantir's business prospects.

On Friday, McPeake reiterated his Buy rating on the stock and his $225 price target, which represents at 36% from Thursday's closing price of $165.86.

"Doing checks, and a proprietary analysis of the customer base, we think Palantir's strong commercial momentum should continue for the rest of 3Q, into 4Q, and beyond," McPeake wrote.

At the forum, Nvidia described its Palantir-developed supply chain intelligence command center, which is designed to run and optimize AI infrastructure.

Earlier this week, the Army also moved its Palantir-developed next-generation targeting system from prototype to production.

For McPeake, Palantir is in a good place with the deal.

"While penciling in at just 1% of revenue, we think this deal is indicative of momentum in the U.S. armed forces and agencies," the analyst noted.

Long before Palantir's conference, Morgan Stanley's Sanjit Singh was sold on the software maker's strong growth. Singh wrote last month that revenue has accelerated and that the worry of AI disrupting the company's business was overstated.

Still, the stock hasn't been able to shake off the jitters about AI despite the Palantir's growth. It did have a great August, surging more than 51% to become an S&P 500 top performer for the month.

Palantir's blowout second-quarter earnings on Aug. 3, which showcased a spike in customer demand that included U.S. sales more than doubling, triggered the run.

For the year, though, the stock is off 6.7%; it's down 20% from its record closing high of $207.18 on Nov. 3, 2025.

Back to the question about whether shares can harness the momentum to power up. It's a classic Wall Street conundrum-the excitement of AI and all it can do or the fear of all it might be able to do and what Big Tech is spending to develop it.