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Palantir Stock Is Cratering, but the Reason Why May Surprise You (Hint: It's Not Because of Artificial Intelligence Competition)

TheMotleyFool

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Palantir Stock Is Cratering, but the Reason Why May Surprise You (Hint: It's Not Because of Artificial Intelligence Competition): https://g.foolcdn.com/editorial/images/778471/gettyimages-1522425869.jpg

The excitement around artificial intelligence (AI) can't be understated. Technology stocks in particular soared in 2023, helping propel the Nasdaq Composite by 43%.

Last year, a small cohort of megacap technology companies collectively referred to as the "Magnificent Seven" played a major role in pushing the markets. However, a number of other opportunities are emerging outside of big tech as the AI revolution charges onward.

Shares of Palantir Technologies (NYSE: PLTR) soared 167% last year. Moreover, Palantir stock was up 36% this year prior to publishing first-quarter earnings on May 6.

Source Fool.com

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