Palantir (PLTR.US) shares reached a record high before its latest earnings report, which will be released after the close of trading on Monday.

Palantir Technologies (PLTR.US) shares reached a record high on Friday, buoyed by a broad tech rally as the market awaited the company's upcoming fourth-quarter earnings report.

Palantir's shares surged as much as 4.9% to a record high of $85.22 during the session, before closing up 1.56% at $82.49, a fresh record close of $82.38. The gains were partly fueled by Apple's (AAPL.US) strong earnings report, which saw the tech giant beat Wall Street's expectations for quarterly profit and provide an upbeat revenue growth outlook, driving a broader tech rally.

Palantir is set to report its fourth-quarter and full-year 2023 earnings after the close of trading on Monday. Analysts expect fourth-quarter earnings per share of 11 cents and revenue of $776 million, while the full-year EPS is estimated at 38 cents and revenue at $2.8 billion. Palantir has performed strongly in 2024, with its shares up more than 300% year-to-date, making it one of the best-performing tech stocks of the year.

Wedbush recently raised its price target on Palantir to $90 from $75 and maintained an "outperform" rating. The analyst said the company is benefiting from "unprecedented demand" for its AI products and expects global AI spending to reach trillions of dollars in the coming years, positioning Palantir to lead the trend. As Palantir prepares to report earnings, investors will closely watch for updates on its AI business and management's outlook for future growth.