PLTR is trading at $129.09 (-5.08%) as reports of increasing competition from AI rivals OpenAI and Anthropic spark concerns over the company's high valuation.
- The sell-off occurs despite Palantir's recent Q1 earnings beat and raised 2026 guidance provided on May 4.
- The stock's decline contrasts with broader market strength, as the Nasdaq (+1.27%) and S&P 500 (+0.71%) both trend higher during intraday trading.