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.

In today's session, PLTR is trading more than 14% higher ahead of the bell, as Wall Street cheers the company's third-quarter (Q3) earnings report. In fact, outspoken CEO Alex Karp kicked off the company's earnings call by saying, “Given how strong our results are, I almost feel like we should just go home.”