The stock has climbed 2.5x since early January and now trades at around $185 per share. After such a rapid ascent, should investors holding sizable gains cash out?

If one had bought Palantir on Aug. 8, 2022, a $1,000 investment would be worth about $15,700 today. Three years ago, a dramatic pullback from the highs of the 2021 bull market left Palantir trading below $10 per share, the approximate level where it sold on its first day of trading on Sept. 30, 2020.

Palantir ($PLTR) has become one of the market’s most explosive AI plays, surging after a record-breaking quarter that saw revenue climb past $1

Cardinal shares tumbled 6% in early morning action, while Circle stock jumped 6.5%. On stock surged 12%, as Sea shares climbed nearly 9%. Finally, Tencent Music shares rallied 4.5% in premarket trading. The Labor Department's July CPI inflation data is due out at 8:30 a.m. ET.

Follow along to markets on a day when the latest consumer price index will be released.

Stocks rose sharply Tuesday after highly anticipated inflation numbers came in largely as expected and reinforced expectations that the Federal Reserve will cut interest rates soon.