Investors should expect that some selling pressure will come in the form of short-term profit-taking before year-end. However, any weakness in Palantir will certainly be met with additional buyers as long-term investors are likely to be waiting for an opportunity to buy Palantir stock on a dip.

The software company also leads the list of stocks that could be added to the Nasdaq 100 at the end of December.

Palantir Technologies ( PLTR 1.56%) has been one of the top-performing stocks this year. The company's strong results led to the stock's inclusion on the S&P 500, and now it has moved to the Nasdaq stock exchange, where it could soon join the even more exclusive Nasdaq 100 index.