Shares of popular software stocks Palantir (NYSE: PLTR), Snowflake (NYSE: SNOW), and Datadog (NASDAQ: DDOG) plunged today, falling 4.4%, 5.6%, and 6.2%, respectively, as of 2:23 p.m. ET.

While the tech-heavy Nasdaq was also down a big 3.3% on the day at that time, these high-growth software-as-a-service (SaaS) stocks fell by even more. That has been a constant theme through 2022, as the Federal Reserve's unprecedented interest rate-hiking cycle has decimated expensive, unprofitable growth stocks -- even if they are posting solid top-line growth.

Thursday saw the release of some GDP data that pointed to continued rate increases, dashing hopes of investors who had thought the inflation monster had been slayed. These three names were just a few of the many victims in the tech space.

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Source Fool.com