Palantir (NASDAQ:PLTR) stock is rising this morning after announcing its Foundry product is now available on the Amazon (NASDAQ:AMZN) AWS cloud.

The value of Palantir has more than doubled over the last month as the company’s database-driven machine-learning systems have taken the label “artificial intelligence.” At the time of writing, PLTR stock is trading near $15.30 per share, representing a market cap of $32.3 billion. Amazon is also up slightly this morning.

PLTR Stock: Is This AI?

Palantir has made its money in government contracts, especially for the military. Typical is a recent five-year, $463 million contract with the U.S. Special Operations command. The contract envisions Palantir software being used to reduce the mental load of commanders and soldiers in war. It’s the renewal of an existing contract, but at $20 million more per year, indicating the military is satisfied with the software’s performance.

Palantir’s military work also gives it a strategic relationship with Microsoft (NASDAQ:MSFT). But the agreement with Amazon will help manufacturers, with Amazon pitching Palantir’s Foundry as part of its “industrial data fabric.”

What Happens Next?

Palantir stock has been on fire since reporting earnings of $17 million, or 1 cent per share, on revenue of $525 million on May 8. It was the company’s second-straight quarter of profits under GAAP.

Bulls are pounding the table for Palantir, with one calling its AI efforts “a match made in heaven.” Another calls it a top buy-and-hold candidate for the next decade, expecting growth to accelerate. Bears concerned with its fast run-up, however, urge profit-taking.

Palantir is still projecting growth of just over 10% in 2022, with revenue of about $2.2 billion. Those rushing into the stock expecting mega-growth are likely to be disappointed.

At the time of publication, Dana Blankenhorn held a LONG position in MSFT and AMZN. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.