By George Glover
Palantir Technologies stock was giving up some of its recent gains ahead of Thursday's opening bell as the artificial-intelligence rally stalled.
Shares in the analytics software company slipped 2.4% to $127 in premarket trading. Futures tracking the benchmark S&P 500 were down 0.6%.
Palantir stock hit its second record high of the week on Wednesday. It's been surging amid an AI boom, with the White House's pullback on tariffs reigniting the market's enthusiasm for riskier growth stocks.
But the breakneck rally could soon fizzle out. Palantir shares have led the S&P 500 over the past year, skyrocketing 501%, and they now trade at an eye-watering 232-times future earnings. It is near the top of Wall Street's range for the stock, with analyst price targets currently ranging from $40 to $140.
Investors might take the opportunity to lock in their profits unless the Trump administration carries on brokering AI deals.
Write to George Glover at george.glover@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 15, 2025 05:32 ET (09:32 GMT)
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