Despite delivering another strong quarterly earnings report, U.S. tech firm Palantir Technologies Inc. failed to sustain its record-breaking rally, with its shares dropping nearly 6% in early Frankfurt trading on Tuesday.
The company has more than doubled its market value this year. On Monday, Palantir projected fourth-quarter revenue above analysts' expectations, driven largely by rapid AI adoption—boosting demand for its data analytics services.
As of 07:05 GMT, Palantir's stock was down 5.8%. Other major tech stocks also declined, with Nasdaq futures signaling a 1.3% drop at the open.
Shares of the "Magnificent Seven" tech giants—Meta, Tesla, Alphabet (Google's parent), Amazon, Nvidia, Apple, and Microsoft—all traded lower in Frankfurt, with losses ranging between 0.9% and 2.6%.
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