Palantir has its second-quarter earnings call scheduled on Aug. 4, after the market's closing bell. If it can maintain its growth momentum, its stock will continue to soar. However, a slowdown in growth could be devastating and let the air out of the Palantir balloon.

What Happened? Shares of data-mining and analytics company Palantir (NYSE:PLTR) jumped 6.9% in the afternoon session after the company reported record second-quarter revenue and raised its full-year forecast due to surging demand for its AI platform.

Palantir landed a significant 10-year, $10 billion U.S. Army framework agreement that consolidated 75 contracts into one. The U.S. Space Force also awarded a $218 million delivery order and raised the spending ceiling for Palantir's Maven Smart System to $795 million.