Palantir Technologies (NASDAQ: PLTR) is a data analytics company that experienced significant revenue growth due to artificial intelligence (AI). It has been on a tear over the past 12 months, soaring around 270% during that time.

Planned cuts to defense spending sparked a sell-off for Palantir stock that has continued into this week. Shares have tumbled after touching records.

Palantir’s stock losses are accelerating, with the equity sliding below the critical $100 support level, a key anchor to its record high.