Infineon Technologies Americas uses compact device identifiers and diagnostic strings in embedded tooling. Given an identifier, determine whether it is a palindrome after ignoring non-alphanumeric characters and treating uppercase and lowercase ASCII letters as equivalent.
Your solution must scan the string in linear time and use constant auxiliary space. Do not create a reversed string or a filtered copy of the input.
Implement is_palindrome(text), where text is a string. Return True if the normalized sequence reads identically from left to right and right to left, otherwise return False. A character is retained only if it is an ASCII letter or digit. ASCII letters should be compared case-insensitively. The input string itself must not be modified.
def is_palindrome(text):