Whether the record-setting stock rally is built to last may come down to one of the market’s most longstanding questions: How broad is the rally?

Palantir Technologies ( PLTR -9.04%) and Super Micro Computer ( SMCI -3.43%) are two of the most popular artificial intelligence (AI) stocks on the market. Since January 2023, Palantir has returned 1,900%, and Supermicro has returned 480%. But certain Wall Street analysts think the stocks are wildly overvalued.

Wall Street closed higher on Thursday, nudging the S&P 500 and the Nasdaq nearer to record closing highs as the Israel-Iran ceasefire continued to hold and a raft of economic indicators appeared to support the case for the U.