After a 7.85% post earnings pop on Tuesday, Palantir (PLTR) looks to be holding onto gains pre-market despite mixed results out of Advanced Micro Devices (AMD) last night.

It’s going to be hard to shake the Palantir bulls in the near-term. Palantir had the type of shocking quarter than ignited the Nvidia trade more than a year ago. Factor in the potential for a rate cut at the September Fed meeting that could fuel momentum stocks, and the setup on Palantir looks bright…until it doesn’t.

“We believe in the next few years Palantir has the potential to be a trillion dollar market cap as the AI Revolution takes hold,” said Wedbush analyst Dan Ives.

Palantir’s current market cap: $411 billion.