Rishi Jaluria of RBC Capital Management, a subsidiary of the Royal Bank of Canada, has a $45 price target on Palantir's stock. So the stock still needs to tumble about 70% more to reach his price target. That's a long way to fall for a proven AI leader, but is that a legitimate price target?

U.S. stock indexes ended mixed after Nvidia, Palantir and other superstar stocks pared most of their steep losses from the morning.

The heaviest weight on the market was Nvidia, whose chips are powering much of the move into AI. It sank 3.5%.