Palantir shares fell 4.31% on May 13, 2026. The decline occurred despite the company reporting strong first-quarter earnings and an upgraded full-year outlook.
Market anxiety centers on the company's high valuation multiples. The stock currently trades at more than 42 times its projected 2026 sales.
Intensifying competition from AI rivals OpenAI and Anthropic threatens Palantir’s market position. Data privacy controversies with the UK National Health Service (NHS) and recent insider selling also weighed on the share price.