On August 6, Palantir Technologies Inc. fell 3.02% in pre-market trading, trading at $153.61/share, with turnover of $292 million. The decline came amid broad-based selling pressure across the application software sector, with peers experiencing significant losses.

Within the Application Software sector, stocks were broadly weak. AppLovin Corporation fell 18.58%, Datadog dropped 15.95%, Salesforce declined 5.17%, IREN Ltd fell 3.06%, and Strategy lost 2.01%. The sector-wide downdraft weighed on Palantir despite the company having surged approximately 29% just one session earlier following a blowout Q2 earnings report. Palantir had reported Q2 revenue of $1.935 billion, up 93% year-over-year and far exceeding consensus estimates of $1.802 billion, while raising full-year revenue guidance to $8.15 billion. Multiple analysts subsequently raised price targets, with Citi lifting to $245, UBS to $220, Mizuho to $215, and DA Davidson to $200.

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