Palantir Technologies (NYSE: PLTR) stock has been in crushing form on the market in the past year with gains of 182%, and artificial intelligence (AI) has played a critical role in powering this red-hot rally.

For instance, in February this year, Palantir stock shot up impressively after posting its fourth-quarter 2023 results. Wall Street appreciated the company's beat-and-raise quarter, which was driven by the growing adoption of its Artificial Intelligence Platform (AIP) by commercial customers. And now, Palantir seems to have taken another solid step to monetize the growing demand for AI software platforms by partnering with cloud computing giant (NYSE: ORCL).

Let's take a closer look at this development and check how this move could be beneficial for Palantir investors in the long run.

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Source Fool.com