Palantir Technologies (NASDAQ: PLTR) is a data analytics company that experienced significant revenue growth due to artificial intelligence (AI). It has been on a tear over the past 12 months, soaring around 270% during that time.

Palantir Technologies is suffering a serious selloff. The shares recently traded at $81.60, down about 1.3% on the day, but off earlier lows. They have crashed more than a third since hitting an all-time closing record of $124.

Planned cuts to defense spending sparked a sell-off for Palantir stock that has continued into this week. Shares have tumbled after touching records.