While there doesn't appear to have been any major business news behind Palantir's valuation contraction today, the broader market saw moderate selling pressures that seem to have impacted the stock. The stock is now down 10% over the last week of trading and 16% from its all-time high.

Palantir Technologies Inc (NASDAQ: PLTR) has pulled back rather significantly in recent weeks as investors bailed on high-flying artificial intelligence (AI) stocks due to valuation concerns. Despite the retreat,

The tumble stood in stark contrast to the stock's 147% year-to-date ascent up until that point, a rally driven by fervid retail investors and market-wide excitement around the growth potential of AI.