What's Wrong With Palantir Technologies Stock?
The top tech stock has been crashing this year, and it's now down more than 40% from its 52-week high.
Overview
In the past few years, Palantir Technologies (NASDAQ: PLTR) has been among the hottest tech stocks to own. The rise in generative artificial intelligence (AI) opened up many exciting growth opportunities for the business, with its AI platform being a big hit with government and enterprise customers. The company's CEO, Alex Karp, has often boasted of its success and impressive Rule of 40 score, which, up until recently, has enabled the stock to surge in value despite trading at a sky-high premium.
This year, however, the stock is down 35%, as it's on track for its worst year since 2022, when it declined by 65%, back when the tech sector as a whole struggled due to rising inflation. What is behind the sell-off this year, and can Palantir bounce back?
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Originally published at www.fool.com.