Palantir Technologies shares are rising in premarket trading Friday after the analytics software provider said it is shifting its listing to the Nasdaq from the New York Stock Exchange.

Palantir is a leader in AI software. Palantir's competition is far more intense than what Nvidia. The expectations built into the stock are too lofty. But the biggest reason why Palantir is soaring is that many artificial intelligence (AI) investors are flocking to what they see as the software version of Nvidia,

The change positions Palantir for entry into the Nasdaq 100 index, after it joined the S&P 500 several months back.