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$Palantir Technologies Inc.(PLTR)$ Palantir (NYSE:PLTR) is a big-data specialist that could emerge as one of the next decade's most influential software providers. The company is an early mover in its corner of the data analytics industry, and its category-leading technology looks primed to benefit from AI-powered advances and surging demand.

Think about the lasting competitive advantage Alphabet's Google division managed to build by being an early leader in search and digital advertising. Google's machine-learning-powered software has grown and evolved with each new query, and its market-leading position has meant its technologies have had more opportunities to learn and improve than any of its competitors. Palantir appears to be in the early stages of benefiting from a similar dynamic.

The company's Gotham analytics software has already been scoring big wins with government contractors, which is a great sign as public-sector contracts tend to be long-term agreements that help provide a stable baseline for the business. For Palantir customers, including the FBI, CIA, Army, and Navy, strong data-analytics services can make a difference in situations with life-or-death implications.

Most of the company's revenue currently comes from public-sector contracts, but the company's Foundry analytics platform is also seeing rapid adoption in the commercial market. Sales from U.S. business customers surged 90% year over year in the second quarter, helping to power overall revenue 49% higher.

While investors' appetite for growth-dependent tech stocks has fluctuated in 2021, Palantir is putting up performance that suggests the business has what it takes to deliver huge wins over the long term. But shares have recently seen some weakness -- the stock
trades 45% below its all-time high -- presenting risk-tolerant investors with an attractive entry point.

With a market capitalization of roughly $48 billion and shares trading at 32 times this year's expected sales, the company still has a highly growth-dependent valuation, but it looks like the business is on track to deliver in some big ways.