Stocks fell Tuesday, pressured by declines in artificial intelligence-related names like Palantir as investors grow increasingly concerned about valuations in the bull market-leading shares.
The Dow Jones Industrial Average lost 410 points, or 0.9%. The S&P 500 dipped 1.2%, while the Nasdaq Composite lost 1.6%.
Palantir shares shed 6.8% even as the software company beat Wall Street's estimates for the third quarter and gave strong guidance, fueled by growth in its artificial intelligence business. Palantir sees $1.33 billion in revenue for the current period, higher than the $1.19 billion expected by analysts, according to LSEG. Revenue in the prior quarter jumped 63%.
Palantir, which was up 150% this year, trades at more than 200 times forward earnings, so investors in that name and the other AI stocks expect the companies to keep ratcheting up their profit and revenue guidance by a large magnitudes in order to justify continuing to buy the shares. Palantir's current P/E heading into Tuesday's trading was approaching 700.
Source : Cnbc.com
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