Palantir stock (NASDAQ: PLTR) took a sharp hit on Wednesday, falling about 7% as high-valuation tech stocks pulled back across the market. The AI and data analytics company had hit record highs earlier in the month,

Palantir Technologies Inc (NASDAQ:PLTR) shares are trading lower Wednesday as the stock continues to pull back following a strong run in recent weeks. Here's what you need to know.

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The Dow Jones index dropped Thursday after surprise initial jobless claims. Walmart falls as Palantir seeks direction.

Palantir Technologies shares have has become a focal point of market debate in recent sessions. A new short-seller report clashes with bullish catalysts from government and enterprise sectors.

In recent days, Palantir's stock has been showing signs of slowing down. After hitting a new all-time high of $190 on Aug. 12, it has proceeded to trade lower. By Monday, the AI stock would close at just over $174 -- down 8% from its recent high.

Where will Palantir stock be in 5 years? Analyze trends, predictions, and market factors to see the potential future of PLTR stock.

In the S&P 500, Analog Devices ADI took the lead with a gain of more than 4% while Target TGT weighed on the benchmark index with a loss of nearly 7%. The retailer triggered a sell rule by falling below its 50-day moving average in heavy volume and remained around 60% below its all-time high of 268.98.

This AI infrastructure play has delivered bigger gains than its larger peers since going public earlier this year.