Palantir has its second-quarter earnings call scheduled on Aug. 4, after the market's closing bell. If it can maintain its growth momentum, its stock will continue to soar. However, a slowdown in growth could be devastating and let the air out of the Palantir balloon.

In this photo illustration, a smartphone displays the logo of Palantir Technologies Inc. (NYSE: PLTR), an American big data analytics and software company, in front of a screen showing the company's latest stock market chart on July 30,

Palantir is scheduled to report second-quarter earnings in the next week, and expectations are sky high. Is now a good time to invest?