Shares of Palantir Technologies (PLTR 3.73%) soared out of the gate on Tuesday, spiking as much as 30.7%. As of 10:47 a.m. ET, the stock was still up 24.9%

The catalyst that sent the artificial intelligence (AI) software and data mining specialist higher was the company's quarterly financial report and management's bullish commentary.

It's all about AI

For the fourth quarter, Palantir generated revenue that grew 20% year over year (and 9% quarter over quarter) to $608 million. The results were fueled by strong U.S. commercial revenue, which surged 70%.

This helped the company generate record net income and marked its fifth consecutive quarter of profits according to generally accepted accounting principles (GAAP), with earnings per share (EPS) of $0.04 and adjusted EPS of $0.08.

For context, analysts' consensus estimates were calling for revenue of $602.4 million and adjusted EPS of $0.08, so the results were robust by any measure.

As important as the top- and bottom-line numbers were, there were other metrics that helped illustrate the upward trajectory of the business. For example, strong user metrics helped lay the foundation for the future, as Palantir's commercial customer count jumped 55% and its U.S. commercial total contract value (TCV) soared 107% year over year to $343 million. Not only did Palantir add a host of new customers, but its existing customers also increased spending, as evidenced by its net dollar retention rate of 108%.

The future's so bright I gotta wear shades

While investors certainly cheered the results, management's bullish commentary helped fuel the excitement. CEO Alex Karp said the company's growth and expansion "have never been greater," and demand for AI "continues to be unrelenting."

Furthermore, Palantir's forecast suggests its growth spurt will continue. For 2024, management is guiding for revenue of $2.66 billion at the midpoint, up 20% year over year. This will be driven by U.S. commercial revenue, which management expects to expand at a growth rate of at least 40%.

The ongoing demand for AI and Palantir's decades of experience in the field shows that the company is well positioned to benefit from the ongoing AI gold rush.