During BigBear.ai's second-quarter earnings call, CEO Kevin McAleenan acknowledged that the company has "seen disruptions in federal contracts from efficiency efforts this quarter, most notably in programs that support the U.S. Army, as they seek to consolidate and modernize their data architecture."

While the operational momentum is clearly solid, investors should pay closer attention to the risks. History shows Palantir stock can fall hard as sentiment shifts.

There's a big hurdle standing in the way of continued increases in the stock price. If you bought $10,000 of Palantir (NASDAQ: PLTR) stock in 2020 when shares first hit the public market, you'd have close to $187,