The stock has dipped below it's 200D MA and the continued narrative coming out of the Trump admin is broken. Palantir's epic rise is precisely as a govt surveillance tool - not as some advanced AI operating system that would help the U.S. govt run more efficiently.
No one wants to be pitching that surveillance narrative as the midterms are rapidly approaching - that's why $PLTR is down 25% ytd and just keeps on gapping down.
Even at a market cap of $300bn, it's wildly overvalued as a professional services company that builds AI-tailored software for the U.S. government ((with limited commercial exposure).
It terms of comparable businesses, you should look at C3 AI - a Redwood City based software company founded by Tom Seibel - who is trading at a mere $1.5bn.
They do the same work, but apparently $PLTR earns an enormous premium just working for Trump spying on citizens.