Enthusiasm about artificial intelligence (AI) has pushed the S&P 500 (SNPINDEX: ^GSPC) to dozens of record highs in 2024. Palantir Technologies (NYSE: PLTR) and Arm Holdings (NASDAQ: ARM) have benefited greatly from that momentum, notching year-to-date gains of 61% and 145%, respectively.

However, some Wall Street analysts think the stocks have gotten ahead of themselves. Their 12-month price targets imply substantial downside for shareholders.

Should investors sell these high-flying AI stocks?

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Source Fool.com