Palantir Technologies shares powered firmly higher in early Tuesday trading Palantir (PLTR) , which was added to the S&P 500 last month, has established itself as key player in the defense industry, with a host of contracts with domestic and international agencies that focus on its data analytics and AI technologies.

Wedbush analyst Dan Ives is out with an early reaction to Palantir's "eye-popping" results, featuring beats across the board.

Palantir Technologies reported strong Q3 earnings, but high valuation and potential risks raise concerns. Click here for my PLTR stock update and a look ahead.