Shares of Palantir Technologies Inc. (PLTR) surged 29% on Tuesday, driven by better-than-expected quarterly earnings results. The strong performance boosted the net worth of Chief Executive Officer Alex Karp to $15.3 billion.

The company reported a 93% year-over-year increase in overall revenue. Analysts at Citigroup noted that the results "further weakened the pessimistic narrative regarding intensifying competition in artificial intelligence."

Year-to-date, Palantir shares have experienced only a slight decline of less than 2%, erasing much of the losses accumulated over several months.