New Delhi, Aug. 6 -- Shares of Palantir Technologies sailed past previous record highs Tuesday after booking its first $1 billion sales quarter and raising its performance expectations for the year.

The stock rose above $170 Tuesday after breaking previous records four times this year in the global artificial intelligence race. The previous closing high for the stock was set this week at $160.66.

Since going public in 2020 when it posted a $1.17 billion annual loss, the artificial intelligence software company has swung swiftly to a profit and sales are booming. Profit rose 33% to $327 million in the second quarter.

Its $1 billion quarterly revenue haul was fueled by a 53% spike in government sales, despite massive spending cuts under ...