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