Palantir Falls as Analyst Says It's Overvalued Amid AI Hype
Palantir Technologies shares dropped 6% Thursday after an analyst downgraded the stock, claiming artificial intelligence (AI) hype has left it with an "egregiously rich valuation."Analyst Brian White at Monness, Crespi, Hardt & Co. lowered the stock's rating to "sell" from "neutral," writing it's time to get "back to reality" after Palantir's "meteoric rise on the Gen AI rocket."Despite Thursday's decline, shares of Palantir have gained nearly 39% year to date.