Shares of Palantir (NASDAQ: PLTR) are falling once again. The stock is down 5% so far on Wednesday after falling nearly 8% yesterday. The drop comes as the S&P 500 lost 0.5% and the Nasdaq Composite lost 1.2%.
The AI-powered company is seeing its share slide as part of a larger sell-off in tech, as concerns over the health of the economy mount. Given its sky-high valuation, Palantir’s stock is getting hit especially hard.
Among the companies that actually take artificial intelligence (AI) and apply it in the real world, Palantir has been a notable standout, delivering massive revenue and earnings growth while rivals like C3.ai and BigBear.ai are still operating deep in the red and seeing their sales stagnate.