As Palantir drops 15%, tech bull Dan Ives calls the selloff a healthy buying opportunity and sees massive long-term upside for the AI leader.

Palantir stock (NASDAQ: PLTR) took a sharp hit on Wednesday, falling about 7% as high-valuation tech stocks pulled back across the market. The AI and data analytics company had hit record highs earlier in the month,

Palantir Technologies was the worst performer in the S&P 500 on Tuesday, with the stock continuing to surrender gains following a blowout earnings report earlier this month.

Tech stocks were under pressure this week as Wall Street’s AI enthusiasm slowed and investors adjusted portfolios after a strong summer rally.

Palantir's growth continues to be led by U.S. commercial customers adopting its Artificial Intelligence Platform (AIP). The company once again credited AIP's ontology, saying it is "pure understanding," and that without it, large language models (LLMs) cannot actually work in the real world

Palantir Technologies on Monday raised its annual revenue forecast for the second time this year, expecting sustained demand for its AI-linked services from businesses and governments.

Wall Street fell further from its records. The S&P 500 lost 0.6% Tuesday, its third straight loss after setting its all-time high last week.

Palantir shares have fallen nearly 20% over the past two days following a large post Q2 earnings rally earlier this month. Learn more on PLTR stock here.